E2E Networks Q1 FY27 Results (NSE: E2E)

21 Jul 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The trajectory remains sharply positive: revenue rose to ₹156.76 Cr, up 334.1% YoY and 63.9% QoQ, as the B200 cluster went live and GPU utilisation improved; authoritative XBRL EBITDA was ₹129.32 Cr and PAT ₹43.88 Cr, but the press release's separate ₹117.9 Cr EBITDA and 75.2% margin versus XBRL's 82.5% must be reconciled before treating the margin arc as fully reliable.

P&L walk

Revenue was ₹156.76 Cr, up 334.1% YoY and 63.9% QoQ, supported by the B200 cluster go-live, higher flagship-GPU utilisation and TIR scale-up; authoritative XBRL EBITDA was ₹129.32 Cr and PAT was ₹43.88 Cr, while depreciation rose to ₹6.06 Cr as new GPU capex went live.

Key positives

• Revenue reached ₹156.76 Cr, increasing 334.1% YoY and 63.9% QoQ as the B200 cluster contributed revenue in its first quarter.
• GPU infrastructure scaled to approximately 5,100 GPUs, while management reported strong utilisation across the fleet.
• PBT was ₹586 Mn versus ₹86 Mn in Q4 FY26, showing a substantial sequential earnings step-up.
• Depreciation increased by ₹93 Mn QoQ to ₹606 Mn as new GPU capex became operational, indicating capacity is moving into service.
• The authoritative XBRL reported EBITDA of ₹129.32 Cr and PAT of ₹43.88 Cr, with earnings quality marked clean because other income and exceptional items were below 20% of PBT.

Key concerns

• The filing has a material EBITDA inconsistency: the press release reports ₹1,179 Mn and a 75.2% margin, while authoritative XBRL reports ₹129.32 Cr and an 82.5% margin; reconciliation is needed for reliable margin tracking.
• The business is pursuing aggressive capacity expansion, but the filing provides no quantified FY27 capex, GPU-addition target or utilisation target to assess capital intensity and returns.

View original filing

Research and educational content only. Not investment advice.