E2E Networks Ltd

- E2E Networks is actively exploring a variety of private credit asset-light models to rapidly expand GPU capabilities. - There is an ongoing exploratory MOU with L&T for an asset-light partnership to monetize GPU infrastructure, not exclusive and other partnerships are also being considered. - The company is considering multiple structured financing options ranging between pure debt and pure equity involving different types of partners with differing objectives. - The aim is to expand GPU footprint through these partnerships without shutting down existing business models. - No specific fundraising numbers or timelines have been disclosed yet. - As partnerships finalize and deals close, E2E Networks will keep the market informed.

- Planned deployment of 2,048 Blackwell (B200) GPUs starting May FY26, with first lot expected to go live mid-May. - Targeting at least 6,000 GPUs capacity by FY27 end, with possibility for higher upside, though no fixed number is given. - Capital expenditure for FY27 not explicitly guided; previous years capex was around INR600-700 crores. - Entire fixed asset block including B200 GPUs is depreciable over 6 years. - Exploring asset-light partnerships, such as the MOU with L&T to monetize GPU infrastructure they are building, still in exploratory stage. - Open to various financing structures including debt, equity, and partnerships for GPU infrastructure expansion. - No explicit depreciation jump of INR25 crores per quarter for B200; increase to be gradual starting mid-May. - Focus on rapid and judicious expansion of GPU footprint using multiple business models without shutting down existing ones.

- The company expects strong growth in GPU capacity and revenue, aiming to deploy at least 6,000 GPUs by FY27, with potential for more beyond that. - Monthly Recurring Revenue (MRR) guidance is not provided due to rapidly changing market conditions, but growth focus remains strong. - Demand for GPUs is increasing both domestically in India and globally, with prioritization for Indian companies. - The company is diversifying business models, including asset-light partnerships, to expand offerings and revenue streams. - Increasing utilization rates (around 80% currently) and growing sustainable, long-term workloads indicate stable revenue uplift prospects. - Revenue growth demonstrates a mix of short, medium, and long-term contracts, with an emphasis on finding higher value tokens to enhance ROI. - Continued capital deployment and strategic partnerships are designed to accelerate capacity and revenue growth while managing lumpiness in demand.

- E2E Networks expects strong revenue growth driven by rapid scale-up of AI infrastructure, particularly GPU capacity. - EBITDA margins expanded to 60.7% in Q4 FY26, indicating improving operating leverage. - Although FY26 reported a PAT loss due to high depreciation from infrastructure investments, core operations remain cash positive and EBITDA profitable. - Revenue is expected to progressively outpace depreciation as utilization ramps up, improving reported profitability. - The company anticipates medium to long-term sustainability in workloads, reducing lumpiness in revenue. - No specific EPS guidance was provided due to market dynamism, but growth focus remains strong. - Expansion plans include deploying at least 6,000 GPUs by FY27, with potential upside beyond that. - Various financing models (equity, debt, asset-light) are being explored to support rapid GPU capacity growth. - Overall, E2E aims for continued EBITDA growth and a path towards positive net profits as utilization and revenue increase.

- The company has an order of fixed assets worth around INR 1,500 crores, primarily related to the new B200 GPU cluster (Page 16). - Plans include deploying 2,048 B200 GPUs in the current financial year starting from May, with the first lot of 1,024 expected to go live by mid-May (Pages 10, 16). - The minimum visible capacity target is around 6,000 GPUs by FY27, but the company is open to deploying more depending on demand (Page 11). - The company is not putting a limiting number on further deployments and continues to deploy capital judiciously to expand GPU footprint rapidly (Page 11). - There is a focus on expanding through multiple business models including owned GPUs and partnerships, without shutting down existing models (Page 10). - Specific customer deals for the new Blackwell capacity are yet to be closed and will be announced after closure (Pages 15, 9).