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E2E Networks
SectorInformation Technology
The Quarter story
The two most recent quarterly results, compared side-by-side.
E2E Networks turns profitable as GPU revenue scales, but debt and depreciation rise.
Monthly Revenue Run-rate grows from ₹160 Cr in Q2 FY26 to ₹751 Cr in Q2 FY27 — demand is scaling
Borrowings rise from ₹1,075 Cr in Q2 FY26 to ₹4,504 Cr in Q2 FY27 — debt funding is rising
EBITDA grows from ₹180 Cr in Q2 FY26 to ₹1,715 Cr in Q2 FY27 — operating profit is scaling faster than revenue
Finance cost rises from ₹20 Cr in Q2 FY26 to ₹103 Cr in Q2 FY27 — interest burden is growing
EBITDA margin expands from 41.1% in Q2 FY26 to 76.6% in Q2 FY27 — operating leverage improves
Depreciation rises from ₹428 Cr in Q2 FY26 to ₹740 Cr in Q2 FY27 — fixed-asset costs are climbing
PAT improves from -₹135 Cr in Q2 FY26 to ₹727 Cr in Q2 FY27 — profitability turns positive
Other current liabilities rise from ₹249 Cr in Q2 FY26 to ₹2,819 Cr in Q2 FY27 — short-term obligations are elevated
GPU count grows from 3,900 in Q2 FY26 to 5,100 in Q2 FY27 — capacity expansion supports revenue
Other non-current liabilities rise from ₹180 Cr in Q2 FY26 to ₹575 Cr in Q2 FY27 — long-term obligations are increasing
Company insights, generated from the most recent coverage.
Utilisation, not demand, is the swing factor: it moved from 35-40% to 60-65% against an 80-90% target, while pricing is renegotiated at every renewal. That combination explains the lumpy quarterly revenue and caps margin visibility.
E2E is hedging its own-asset model with asset-light routes — a non-exclusive L&T memorandum of understanding plus private-credit funding structures. The pure owner-operator distinction versus ESDS is narrowing.
The buy-the-GPU model shows its cost in FY26: capex of ~₹696 Cr drove depreciation up 182% to ₹169.23 Cr, which exceeded EBITDA of ₹126.26 Cr and flipped the company to a ₹15.57 Cr loss from a ₹47.49 Cr profit.
