E2E Networks reported record September-quarter growth after securing a multi-year sovereign AI contract for Nvidia Blackwell capacity, while management avoided formal forecasts amid rapid market change.
E2E Networks said revenue surged in the September quarter as demand for advanced graphics processing units, especially Nvidia’s Blackwell chips, continued to reshape its business. The Indian cloud and artificial intelligence infrastructure provider reported revenue of ₹2,238 million for the quarter, a rise of 411% from a year earlier and 43% from the previous quarter, according to reports on its earnings update. The company also said earnings before interest, tax, depreciation and amortisation reached ₹1,750 million, lifting the EBITDA margin to 76.6%, while profit before tax came in at ₹971 million.
The strongest signal in the quarter was a nearly ₹1,000 crore contract with a sovereign artificial intelligence company for Blackwell GPU capacity, which E2E said extends through June 2029. According to the company’s remarks on the call, the deal converts existing B200 capacity from a more transactional model into a longer-term commitment, improving revenue visibility over the next several years. LiveMint reported that the agreement covers Blackwell cloud GPUs and related services, underscoring the shift in the company’s commercial mix towards multi-year contracts rather than short-term usage sales.
Management did not offer guidance for revenue, capital expenditure or monthly recurring revenue, saying the pace of change in the market made forward forecasts unreliable. Tarun Dua, the founder and managing director, said in the call that the company prefers to focus on recent execution rather than set rigid targets. The management team also declined to pin down utilisation and contract-mix metrics, saying those figures can swing sharply from one period to the next as customers, deployments and billing structures change.
E2E also said it has broadened its leadership bench by appointing a new chief revenue officer, a field CTO and a strategic adviser, moves that appear aimed at supporting a larger sales and delivery operation. The company told investors that revenue from IndiaAI Mission customers accounted for about 13% to 15% of the quarter’s business, while international customers contributed roughly 20% to 25%. Dua added that deployment of the next batch of B200 GPUs is expected during the current quarter, though the company stopped short of giving a precise timetable. Reports on the results also noted that profit after tax was ₹727 million and that the PAT margin improved to 32.5%, although the company’s commentary placed greater emphasis on operating performance and long-term capacity build-out than on near-term forecasts.
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