E2E Networks Ltd(E2E)

NSE: E2E

₹ 537.75-5.00%refreshed 26 Oct, 10:00 am ISTMarket cap: ₹ 11,054 crWebsite: www.e2enetworks.comUpdated: 26 Oct 2026

About

E2E Networks Limited is a Delhi-headquartered cloud computing and GPU-as-a-service company. It provides AI infrastructure, GPU cloud, managed cloud services, storage, networking and related technology solutions. In Q2 FY27 its operational revenue was INR 2,238 Mn, up 410.8% year-on-year, after its NVIDIA Blackwell B200 capacity was deployed. About 5,100 GPUs were live in Q2 FY27, and exit monthly recurring revenue reached INR 751 Mn in September 2026.^[1][2]

Business

The company has a single segment as of FY26: cloud computing services. This covers GPU cloud, AI infrastructure, managed cloud, storage, networking and related technology solutions.^[3]
Revenue mix in Q1 FY27: the India AI Mission was about 20-21%, international customers about 37%, and other domestic customers the rest.^[1]
As of Q4 FY26, training workloads made up most of revenue. GPUs were expected to reach 85-90% of monthly recurring revenue in the coming quarters.^[4]

Products and platforms

TIR (The Inference and Research platform) and Jarvislabs form the software platform layer of E2E's sovereign AI stack. This layer sits above the GPU infrastructure and below an agentic framework.^[1]
In Q2 FY27 E2E added VPC Connect private networking to TIR. It also added managed endpoints and pay-per-token APIs for open-source models to Jarvislabs.ai.^[2]
Infrastructure upgrades in Q2 FY27 included InfiniBand H200 clusters and serverless inference.^[2]
Jarvislabs was acquired in Q3 FY26. It brought a mostly international, self-service customer base with lower revenue per user but higher margins.^[5]
The sovereign AI offering is aimed at enterprises that need control over where their data is kept. It runs open-source models on E2E's GPU infrastructure in India.^[1]

GPU infrastructure and capacity

About 5,100 GPUs were live in Q2 FY27, including 1,024 B200s. The fleet was about 3,900 at the end of FY26 and 1,900 at the end of FY25.^[2]
Contracted data centre capacity is about 10 MW (1 MW older plus 9 MW newer), enough to host 8,000-10,000 cloud GPUs. The Chennai facility can hold up to about 20,000 GPUs (as stated in Q2 FY26).^[6]
GPUs are hosted at E2E's own facility and at L&T's data centre in Chennai. In FY26 the co-location purchase limit with L&T was raised from Rs. 30 crore to Rs. 100 crore per year.^[3]

Key operating numbers

Exit monthly recurring revenue was INR 751 Mn in September 2026, compared with INR 718 Mn in June 2026.^[2]
Exit monthly recurring revenue was INR 374 Mn in March 2026, INR 280 Mn in December 2025 and INR 160 Mn in September 2025.^[1]
Monthly recurring revenue grew at a 91.4% compound annual rate over four years, from September 2022 to September 2026.^[2]
Overall capacity utilisation reached about 80% in March 2026. Management described B200 utilisation as 'quite maximal' in Q1 FY27.^[4]
Capex was INR 350 Mn in H1 FY27.^[2]

Customers and contracts

In Q2 FY27 E2E signed a binding term sheet worth about ₹1,000 Cr (excluding taxes) with an India-based sovereign AI company. It covers Blackwell cloud GPUs and related services and runs until June 2029.^[2]
India AI Mission orders totalling Rs. 265 Cr (from Gnani.ai and GAN AI) began phased deployment in December 2025. India AI revenue was about 20-21% of Q1 FY27 revenue.^[5]
International customers contributed about 37% of revenue in Q1 FY27, compared with about 35-37% in Q4 FY26.^[1]
L&T is a key channel and infrastructure partner. In Q3 FY26 E2E won an L&T-sourced enterprise GPU contract worth INR 8.49 Cr for one year, starting January 2026.^[5]
As of Q1 FY27, customers were increasingly contracting capacity for 1-3 year terms to lock in pricing.^[1]

Expansion and capex

As of Q2 FY27, a further 1,024+ B200 GPUs were being deployed.^[2]
As of Q2 FY27, planning was underway for next-generation B300 / Vera Rubin compute. Quantity and timelines have not been disclosed.^[2][1]
The second B200 cluster is partly funded by an INR 450 Cr term loan from Axis and HDFC Bank. Management indicated this loan would grow to fund the next B200 batch.^[5]
The FY26 annual report proposed raising the borrowing limit from Rs. 5,000 crore to Rs. 10,000 crore.^[7]
The company plans to raise up to Rs. 1,500 crore through a QIP, rights issue, FPO or other permitted routes. The money is for capex, debt repayment, working capital and acquisitions.^[7]

Corporate structure and recent developments

On 12 Oct 2026, Ms. Shrimati Ambastha resigned as Non-Executive Non-Independent Director. Larsen & Toubro nominated Mr. Krishnan Mahesh to replace her.^[8]
SovCloud, a wholly-owned subsidiary, was set up to run large-scale GPU infrastructure build-out and the related funding.^[1]
A Delaware (US) entity was incorporated to support international sales, alliance management and presence outside India.^[1]
E2E has a non-exclusive MOU with L&T to monetise GPU infrastructure that L&T is building. As of Q4 FY26 it was at an exploratory stage.^[4]

Market Cap

₹11,054 Cr

High / Low

₹765 / 183

Stock P/E

99.3

Price / Book

6.5

Book Value

₹82

EPS

₹-0.8

No. of Shares

20.56 Cr

ROCE

-0.5%

ROE

-0.9%

OPM

-3.2%

Debt / Equity

0.09

Sales

₹246 Cr

Net Profit

₹-16 Cr

Promoter holding

39.4%

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