The Faridabad Server Company That Just Had a God Quarter

When India’s “AI Infrastructure Play” Is Actually a Server Company From Faridabad

Let’s begin with a disclaimer that is not the legal kind: Netweb Technologies India is a real business, with real customers, real revenue, and real supercomputers. The Kabru supercomputer — India’s second-fastest at the time — was built by these people. PARAM YUVA II, the fastest supercomputer India had ever seen, also these people. IITs, ISRO, Railtel, Zoho, TCS — all customers. This is not a shell company with a ChatGPT API wrapper and a press release. Important to establish this upfront because at 111x P/E, every raised eyebrow is valid.

Incorporated in 1999 as a proprietorship (yes, the AI darling of 2025 started as a small business), Netweb Technologies has spent 25 years quietly building India’s highest-end computing infrastructure. HPC systems. Private cloud servers. AI GPU clusters. The Lodha family — Sanjay, Vivek, Navin, Niraj — have run this business with a 71% promoter holding and zero pledge. Not a single rupee pledged. In an era where promoters have historically pawned their stakes for everything from cricket teams to coconut water startups, that’s almost suspicious in its cleanliness.

The Q3 FY26 result changed the volume dial from “respectable small-cap” to “everyone’s new AI darling” overnight. Revenue jumped 141% YoY, profit 147%, and the management team sat on the concall casually explaining that one ₹450 Cr strategic order landed in December. Business as usual, apparently. Now let’s see if any of this makes sense at current prices.

They Build Supercomputers. For People Who Are Serious About Computing.

Here’s the simple version: Netweb designs, manufactures, and sells high-performance computing (HPC) solutions — think supercomputers, AI GPU systems, private cloud servers, and data centre infrastructure. All assembled in Faridabad. All made-in-India. All certified to OEM standards that most Indian companies can’t touch.

The product mix is delightfully non-boring for a hardware company. Private Cloud and HCI (Hyper-Converged Infrastructure) sits at 34% of revenue. AI Systems and Enterprise Workstations — the hot new category — have exploded from 7% in FY23 to 29% today, and in Q3 FY26 it hit 64% of revenue thanks to that one mega-order. Supercomputing systems, software services, data centre servers, network switches — the full stack. Management is not a “box-pusher,” as they put it. They design the entire AI server: GPU + interconnect + storage + middleware. Then they ship it.

The client list reads like a government gazette mixed with a tech hall of fame: IIT campuses, ISRO, NMDC, Zoho, TCS, Railtel, University of Delhi. Top-5 clients now account for 68% of revenue — concentration risk that deserves a highlight, but also a sign that whoever is buying is buying big. With 71% promoter holding and a manufacturing facility capable of serving up to ₹2,500–3,000 Cr in revenue without major capex, the runway is intact.

Q3 FY26: The Record Quarter (And the Asterisk That Comes With It)