Cloud & DevOpsNote
E2E Networks adds 12.8 MW, up 88%, its second capacity jump in 17 days
E2E Networks’ filings of 26 October and 12 November and ICRA’s upgrade of 13 November: how the GPU cloud’s capacity reached 27.4 MW, what it earns and who pays.
E2E Networks, the New Delhi company that rents out NVIDIA GPUs from Indian data centres, told the stock exchanges on 12 November that it had secured about 12.8 MW of additional data-centre capacity. That is 88% more than its existing 14.6 MW, for a total of about 27.4 MW.1 Seventeen days earlier, on 26 October, its existing capacity was about 9.2 MW, and it announced a plan to add 5.4 MW for NVIDIA HGX B300 systems and other Blackwell GPUs.2 On 13 November ICRA upgraded its rating on E2E’s ₹1,000 crore of bank loans to A (Positive), from A- (Stable).3
27.4 MW
data-centre capacity after the 12 November addition, from 9.2 MW on 26 October
E2E filings
₹380.5 cr
revenue in April–September, up 376%; all of last year was ₹245.6 crore
E2E results
~5,100
cloud GPUs live at 30 September, from 3,900 in March
E2E
16.57%
of E2E owned by Larsen & Toubro at 30 September
NSE filing
01What E2E sells, and what it earned
E2E’s customers rent GPUs (NVIDIA’s B200, H200, H100 and older chips) by the hour or on contract, through its own platforms, TIR and Jarvislabs.ai, from data centres in Delhi NCR and Chennai.4 On 2 November it added Blaze, which sells answers from open models such as DeepSeek, Qwen and Sarvam by the token.5 Megawatts matter because every GPU it adds needs power and cooling in a data hall: capacity is the ceiling on how many it can run.
In July–September revenue was ₹223.8 crore, up 411%, and profit was ₹72.7 crore, against a loss of ₹13.5 crore a year earlier. For the half-year, revenue was ₹380.5 crore against ₹79.9 crore, more than the ₹245.6 crore of the whole year to March.6 E2E puts its EBITDA margin at 76.6% for the quarter; depreciation, the cost of wearing out GPUs, was ₹74 crore.4 Its fleet grew from about 1,900 GPUs in March 2025 to 3,900 in March 2026 and about 5,100 by September, 1,024 of them B200s.7 In the quarter it signed a binding term sheet worth about ₹1,000 crore, excluding taxes, with an unnamed “Indian sovereign AI company” for Blackwell GPUs and related services, running to June 2029.4
E2E’s data-centre capacity went from 9.2 MW to 27.4 MW in two filings 17 days apart
Data-centre capacity E2E Networks reported to NSE, megawatts, 26 October to 12 November 2026
Source: E2E Networks, NSE filings of 26 October and 12 November 2026 · as of 12 November 2026 · The filings do not say where the new capacity is or when it comes into use.
02Who pays for it, and what to watch
The 12 November filing does not say where the new capacity is, whether it is leased or built, when it comes into use or what it costs.1 ICRA says E2E will fund its GPU spending from debt and its own cash, and that its board has approved raising up to ₹1,500 crore through a qualified institutional placement or other routes. It counted about ₹735 crore of cash and liquid investments at 30 September, and named the risk: keeping the new GPUs busy.3 E2E does not publish a utilisation figure; on its 16 October call, management called utilisation “a point-in-time number” and said realisation across the whole fleet was the better measure.8
Larsen & Toubro, a partner since November 2024, held 16.57% at 30 September; the founder Tarun Dua’s family, the promoters, held 39.4%.9 ICRA notes that E2E may also use L&T’s data-centre capacity.3 What to watch: where the 12.8 MW sits and when it fills, whether the ₹1,500 crore raise happens, and the October–December results. Another Indian company’s GPU bet, read from its filings, is ESDS’s lease of 8,208 B300 GPUs.
Sources
- E2E Networks, general update: additional data-centre capacity of about 12.8 MW (NSE) — 12 November 2026
- E2E Networks, intimation of capacity addition under Regulation 30, with press release “E2E Networks plans 5.4 MW NVIDIA Blackwell expansion” (NSE) — 26 October 2026
- E2E Networks, intimation of revision in credit rating, enclosing ICRA's rating rationale (NSE) — 13 November 2026
- E2E Networks, press release: Q2 FY'27 results (NSE) — 16 October 2026
- E2E Networks, product launch intimation: Blaze, pay-per-token inference (NSE) — 2 November 2026
- E2E Networks, outcome of board meeting: unaudited standalone and consolidated results for the quarter and half-year to 30 September 2026 (NSE) — 16 October 2026
- E2E Networks, investor presentation, Q2 FY27 (NSE) — 16 October 2026
- E2E Networks, transcript of the Q2 FY27 earnings call of 16 October (NSE) — 21 October 2026
- E2E Networks, shareholding pattern at 30 September 2026 (NSE, XBRL) — 19 October 2026
Disclosure. TechBag is a software reseller: it earns when companies buy through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view.
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