1. Opening Hook
While most Indian tech companies are still explaining what AI might do, E2E Networks is already explaining why depreciation just ate their profits. Q3 FY26 was one of those rare quarters where revenue exploded, EBITDA flexed, but PAT still said “not today”.
The company is sprinting ahead with Blackwell GPUs, sovereign AI rhetoric, and government-backed workloads—while accountants quietly cry in the corner. Management sounds confident, capacity is landing fast, and MRR dreams are getting closer to reality.
But between ₹600+ Cr capex, term loans, and GPUs still warming up, the story is less “AI magic” and more “AI patience.”
Read on. This cloud story is heavy… literally.
2. At a Glance
- Revenue ₹70 Cr (+68% YoY) – GPUs finally found customers, not just dust.
- QoQ growth 60% – When utilization moves, numbers sprint.
- EBITDA margin 56.6% – Infra leverage doing infra things.
- PAT loss ₹5.7 Cr – Depreciation doesn’t care about hype.
- MRR ₹28 Cr (Dec ’25) – March targets sweating slightly less.
3. Management’s Key Commentary
“We are among the largest AI/ML cloud GPU players in India.”
(Translation: Not global hyperscale, but desi heavyweight 😏)
“Majority
