1. Opening Hook
Just when the world was busy arguing over whose AI model hallucinates the least, Netweb dropped a ₹2,184 crore strategic order flex that made half of Dalal Street spit out their morning chai. As theQuranreminds us, “Allah loves those who strive,” and clearly Netweb is out here speed-running India’s sovereign AI dream while everyone else is still assembling PowerPoints.Sit tight — the fireworks begin once management casually mentions NVIDIA giving them VIP access. Things get spicy later.
2. At a Glance
- Revenue up 21% YoY (Q2)– GPU shipments landed before festive sales, beat Diwali discounts.
- H1 Revenue up 51%– Half-year on steroids; CFO promises no PEDs used.
- EBITDA up 25% (Q2)– Margins held at 15%, despite chip inflation doing Zumba.
- PAT up 20% (Q2)– Profit marching steadily like an IITian going for UPSC.
- Order Book – ₹4,939 Cr organic + ₹21,840 Cr strategic– Basically, backlog = spoilt-for-choice mode.
- Net Cash – ₹2,380 Cr– Company richer than half the startups pitching “AI-enabled chai.”
3. Management’s Key Commentary (Quotes + Translations)
“We secured two large strategic orders worth ₹21,840 million.”(Translation: We caught the biggest fish in the AI ocean. Competitors may cry now.) 😏
“Operating income grew 50% in H1.”(Translation: Yes, we know, it’s absurd. Please relax.)
“AI revenue contribution rose from 14.7% to 25.4%.”(Translation: The GPU gods have blessed us. Bow before NVIDIA.)
“We are India’s largest OEM for high-end computing.”(Translation: We are the final boss; others are mid-level NPCs.)
“These strategic orders need NO CAPEX.”(Translation: Growth without burning cash — rare FMCG-like flex.)
“Margins will be 150–200 bps lower on large orders.”(Translation: Volume is huge, but don’t expect us to do charity.)
“We don’t sell cloud services.”(Translation: Annuitized billing? That’s someone else’s headache.)
“Private Cloud & HPC still contribute 70%+ of business.”(Translation: AI is the celebrity, but old loyal
friends pay the bills.)
“We have a strategic OEM partnership with NVIDIA.”(Translation: We get chips before the rest of India even opens the website.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change Commentary
Operating Income (₹ Cr) 3,037 +21% AI + HPC cocktail
EBITDA (₹ Cr) 454.6 +25% 15% margin flex
PAT (₹ Cr) 314 +20% GPU profits printing
H1 Revenue (₹ Cr) 6,049 +51% Madness level: Extreme
H1 EBITDA (₹ Cr) 903 +60% Scaling beautifully
PAT Margin (Q2) 10.3% — Still double-digit royalty
Organic Order Book (₹ Cr) 4,939 — Strong pipes
Strategic Orders (₹ Cr) 21,840 — This is not a typo
Net Cash (₹ Cr) 2,380 — CFO sleeps on cash pillows
Cash Conversion Cycle 120 days +9 days Blame payables shrinkageShort take:H1 looked like Netweb swallowed a power-up mushroom. Strategic orders turned the entire industry into spectators.
5. Analyst Questions (Short & Savage Translations)
Q: Is 35–40% organic growth intact?A: Yes.(Translation: Don’t ask silly questions.)
Q: More strategic orders coming?A: Definitely.(Translation: Prepare your chakras.)
Q: NVIDIA GPU supply improving?A: We get
