• Q4 revenue reached ₹956M, up 186% YoY and 37% QoQ, with MRR growing to ₹374M in March from ₹290M average in prior two months
• Achieved 80%+ overall capacity utilization in March 2025, with GPU revenue expected to reach 85-90% of total revenue in coming quarters
• Successfully demonstrated large-scale GPU cluster operations for LLM training teams, validating full-stack capabilities across all five layers
• First batch of 1,024 Blackwell B200 GPUs expected to go live by mid-May 2025, with another 1,024 planned within couple months thereafter
• Minimum target of 6,000 GPUs by FY27 end, with management emphasizing this as a floor not ceiling for expansion plans
• International revenue comprised 35-37% of Q4 revenue, with company maintaining India-first priority while serving global demand
• Signed MOU with L&T for asset-light partnership model to monetize GPU infrastructure, exploring multiple financing structures beyond pure equity/debt
• GPU spot prices showing 25-30% increase in April 2025, creating positive pricing tailwinds for the company

E2E Networks delivered strong Q4 FY26 results with revenue of ₹956M (up 186% YoY, 37% QoQ) and MRR reaching ₹374M at 80%+ utilization. The company has successfully demonstrated full-stack GPU infrastructure capabilities at scale, with 2,048 Blackwell GPUs expected to go live by mid-May and plans to expand to at least 6,000 GPUs by FY27 end. Management is highly confident about long-term AI infrastructure demand in India, with improving pricing environment and multiple tailwinds supporting growth.

E2E Networks reported Q4 FY26 revenue of ₹956M, representing 186% year-over-year growth and 37% quarter-over-quarter growth. EBITDA reached ₹581M with margin expansion to 60.7%, an improvement of 413 basis points sequentially. The company swung from a Q3 PBT loss of ₹75M to positive PBT of ₹86M in Q4, and PAT of ₹64M, representing a ₹120M sequential improvement. Depreciation increased to ₹513M reflecting ongoing infrastructure investments. For full year FY26, revenue stood at ₹2,456M (up 50% YoY) with EBITDA of ₹1,160M. The company reported a net loss of ₹156M for the year, driven entirely by depreciation on GPU infrastructure investments. Fixed assets stood at approximately ₹1,500 crores with a 6-year depreciation schedule. The core business remains strongly cash positive and operationally profitable at EBITDA level, with management confident that revenue will progressively outpace depreciation as utilization ramps up.

Management displayed high confidence and optimism throughout the call, emphasizing that their AI infrastructure strategy has been validated over multiple quarters. CEO Tarun Dua strongly articulated that "the future is all AI" and this is a "decade-long story," with India positioned to become the "AI factory of the world." Management is focused on positioning E2E as a technology company rather than an asset monetization business, emphasizing their proprietary five-layer technology stack and in-house talent capabilities. They deliberately avoided providing specific guidance for FY27, stating they don't want to create artificial limiters and prefer to explore opportunities week-by-week over 52 weeks. Management emphasized their preference for looking at business through the lens of "token value" rather than traditional metrics like asset turns. The tone was bullish on long-term demand drivers, with management noting GPU demand is strong both in India and globally, and that even H100 and V100 series GPUs continue to see strong demand. They expressed willingness to explore multiple financing structures including private credit and satellite models to accelerate GPU infrastructure expansion.

The company faces several notable challenges. There is inherent lumpiness in revenue due to the relatively small GPU base, though management expects this to decrease as scale increases. The India AI Mission has not ramped up as strongly as anticipated, with only 35-40% of capacity going to domestic/mission workloads versus expectations of higher allocation. Technology advancement risk exists as newer architectures like Rubin could potentially disrupt pricing, though management argues customers face high switching costs and GPU lifecycles are 7-8 years. The company experienced deployment delays with Blackwell GPUs originally planned for earlier quarters now targeting mid-May go-live, attributed to global supply chain issues and component dependencies. There is limited long-term contract visibility, with management maintaining a dynamic mix of hourly, weekly, monthly, and yearly contracts rather than securing multi-year commitments. Customer concentration and workload sustainability remain concerns given the small base. The competitive environment is intensifying with domestic and international players ramping GPU capacity. Capital intensity remains high with ₹1,500 crores in fixed assets and ongoing CapEx requirements, though the company is exploring alternative financing. Management's reluctance to provide specific guidance creates uncertainty around forward projections.

Revenue Outlook: Management explicitly declined to provide specific FY27 revenue guidance, stating they don't want to create artificial limiters and prefer to assess opportunities week-by-week. Emphasized focus on growth at same pace as broader market.

Margin Outlook: EBITDA margins expected to remain strong at 60%+ levels. As utilization continues ramping, revenue will progressively outpace depreciation, improving reported profitability.

Key Targets:

• Minimum 6,000 GPUs by FY27 end (management emphasized this is a floor, not ceiling)
• First 1,024 Blackwell B200 GPUs go-live targeted by mid-May 2025
• Second batch of 1,024 Blackwell GPUs planned within couple months after first deployment
• GPU revenue to reach 85-90% of total revenue in coming quarters
• Continue expanding through equity, debt, private credit, and satellite partnership models

The Q&A session revealed strong analyst interest in understanding revenue sustainability, pricing dynamics, and forward guidance. Multiple analysts probed on the sharp MRR increase from ₹290M to ₹374M, with management attributing this to utilization improvements and indicating sustainability based on current demand. Significant focus was placed on GPU pricing trends, with management confidently stating they see positive tailwinds (25-30% April spot price increases) rather than pressure, contrary to some analyst concerns about technology obsolescence. The most contentious topic was management's refusal to provide FY27 guidance despite having visibility on 2,048+ GPU deployments, with management emphasizing they don't want self-imposed limiters and prefer quarterly assessment. Analysts also sought clarity on long-term contract mix and revenue visibility, but management maintained this is highly dynamic and not something they want to rigidly define at current scale. Questions about India AI Mission underperformance (only 35-40% of capacity) were addressed with management emphasizing their India-first approach but willingness to serve global demand. The L&T partnership structure and margin implications received multiple questions but management provided limited details citing early-stage discussions. Overall, analysts appeared focused on understanding the sustainability and quality of the growth trajectory, while management maintained an optimistic but deliberately vague stance on specific forward metrics.