E2E Networks is a GPU-as-a-Service and AI cloud infrastructure provider riding a steep capacity ramp, with revenue up 334.3% YoY in Q1 FY27. The Q2 print will speak to whether the fleet crosses the 6,000-GPU minimum target for FY27 and how power costs, depreciation and rising finance costs shape margins after Q1's 75.2% EBITDA margin.
| Results date | October 16, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | INR 1,568 Mn |
| Previous quarter PAT | INR 439 Mn |
| Previous quarter EBITDA margin | 75.2% |
| Market cap | Rs. 14,373.11 Cr |
| CMP | Rs. 699.2 |
E2E Networks is scheduled to announce its Q2 FY 2026-2027 financial results on October 16, 2026.
The quarter's central question is whether E2E's capacity ramp converts into revenue at the pace seen in Q1 FY27, when revenue grew 334.3% YoY and 64.0% QoQ to INR 1,568 Mn with a 75.2% EBITDA margin. The binding term sheet of about Rs. 1,000 Cr signed on August 31, 2026 with an India-based Sovereign AI company, valid to June 2029, sits within the quarter, though revenue recognition is expected only as capacity is deployed. The live fleet stood at about 5,100 GPUs at Q1 end with 1,024+ B200 units in deployment, against a minimum target of 6,000 units by FY27, and the monthly revenue run-rate had climbed from INR 374 Mn at Mar-26 to INR 718 Mn at Jun-26. Cost lines are the counterweight: Q1 depreciation was INR 606 Mn and finance cost INR 101 Mn, both above Q4 FY26's INR 513 Mn and INR 37 Mn, with loans of approximately INR 450 Cr reported on the Q1 call and debt expected to rise in the near term. Power costs are a flagged variable, as management has said data-centre electricity costs would fluctuate with usage and could increase as usage rose. The upcoming call is expected to cover GPU count against the 6,000-unit target, exit MRR, debt progression and early updates on the Sovereign AI term sheet.
GPU fleet vs the 6,000-unit FY27 target: Progress against the minimum capacity target set at the Q4 FY26 call.
Blackwell deployment and Sovereign AI term sheet: Deployment status and customer conversion for the newest capacity.
Funding, debt and capex: Debt progression and funding mix for announced GPU lots.
Margin, depreciation and finance cost: Profitability trajectory against rising fixed costs.
MRR, utilization and revenue mix: The key operating data points for the quarter.
Management reported current loans of approximately INR 450 Cr on the Q1 FY27 call and said debt was expected to rise in the near term. Funding for announced GPUs was described as arranged through debt, internal accruals or previous equity raises, with peak debt for the year not quantified.
The Q4 FY26 call set a minimum target of 6,000 GPU units by FY27, and the Q1 FY27 presentation listed about 5,100 live GPUs with an additional 1,024+ B200 units in deployment. The Q2 results call should confirm the fleet count as of September 30, 2026.
Management attributed Q1 FY27 growth to operating leverage and deployment of 1,024 Blackwell GPUs generating revenue at maximal utilization. On the Q1 call, management said it expected major growth to come from capacity additions rather than mainly from price increases.
Management has guided to an EBITDA margin of 'close to 70% plus/minus something' as company-wide guidance, reiterated in Q2 FY26, with around 70% cited as the medium-to-long-term target as volumes grow. Q1 FY27's reported EBITDA margin was 75.2%.
On August 31, 2026, E2E announced a binding term sheet with an India-based Sovereign AI company for NVIDIA Blackwell cloud GPUs and allied services, with an approximate contract value of Rs. 1,000 Cr excluding taxes and validity to June 2029. Implementation and revenue-recognition timelines are updates to watch on the upcoming call.