Q1 FY27: revenue +334% YoYExit MRR ₹71.8 Cr (Mar: ₹37.4)Trailing ROCE −0.5%Promoter −20.3% over 3YP/E 341 (ttm) · 6.3× bookAt 52-week high
Market Cap
₹10,622 Cr
CMP
₹517
ROCE (ttm)
−0.5%
ROE (ttm)
−0.9%
P/E (ttm)
341
Revenue TTM
₹366 Cr
PAT TTM
₹31 Cr
Q1 FY27 PAT
₹44 Cr
D/E
0.09
OPM Q1
75%
A1 · Business Model & Moat
screener.in · company disclosures
NSE-listed AI-focused hyperscale cloud: cloud GPUs (H100/H200/A100, and from Jan-2026 a
1,024-unit Nvidia B200 cluster in Chennai), the TIR AI/ML platform, AI-labs-as-a-service and a
Sovereign Cloud offering. The model: buy accelerators, rent them by the GPU-hour with INR billing and
data-residency — India's sovereign-AI first mover among listed names.
Moat assessment
Efficient scale — moderate: ~5,100 GPUs deployed; first-wave access to Nvidia supply in India.
Switching costs — developing: TIR platform + data gravity once training pipelines are resident.
None on price: hyperscalers (AWS/Azure) and new entrants can compress GPU-hour pricing at will.
Operating leverage is violent in both directions: Q1 FY27 OPM 75% once utilisation caught up.
Nearly debt-free (D/E 0.09) — the ₹1,593 Cr FY25 raise funds the build.
A3 · Opportunity & Recent Developments
cited news
Q1 FY27 inflection: revenue ₹157 Cr (+334% YoY), PAT ₹44 Cr, OPM 75%; exit MRR ₹71.8 Cr
vs ₹37.4 Cr in March — the quarter the GPU fleet started earning its depreciation.
[context]
1,024× Nvidia B200 cluster live in Chennai on TIR (Jan-2026).
[source]
L&T partnership (Feb-2026) to expand India GPU-cloud infrastructure — L&T is also an investor.
[source]
Management targets an AI-supercycle capacity expansion over 2–3 years.
[source]
TAM: India sovereign-AI + GenAI compute demand, with INR billing and residency as the
wedge against hyperscalers. The bet is utilisation staying ahead of the depreciation wave each new
cluster brings.
A5 · Financials — 5-Year Trend
screener.in annual P&L
FY
Sales ₹Cr
YoY
PAT ₹Cr
OPM
FY22
52
—
6
44%
FY23
66
+26.9%
10
50%
FY24
94
+42.4%
22
51%
FY25
164
+74.5%
47
59%
FY26
246
+50.0%
-16
51%
Read FY26's loss correctly: operating profit ₹126 Cr was positive and growing — ₹169 Cr of new-fleet depreciation drove the net loss. TTM: sales ₹366 Cr, PAT ₹31 Cr. The Jun-2026 quarter alone did ₹157 Cr / ₹44 Cr.
A8 · Balance Sheet & Fraud Filter
screener.in · FY26
Item
FY26 ₹Cr
FY25 ₹Cr
Equity + Reserves
1,685
1,593
Borrowings
159
73
Fixed Assets
1,036
389
CWIP
533
636
Total Assets
2,328
2,581
Fraud filter
✅CFO quality — CFO positive every year of the build (₹122 Cr FY26); losses were depreciation, not cash
🔴Promoter holding — down 20.3% over three years into a rising price
✅Leverage — D/E 0.09 — the build is equity-funded
⚠️FCF — −₹1,140 Cr FY26 — deliberate, but leaves no room for a demand air-pocket
✅Receivables — 25 debtor days — customers pay like a utility
A9 · Quarterly Cadence
screener.in · last 6 quarters
Quarter
Sales ₹Cr
YoY
OP ₹Cr
OPM
PAT ₹Cr
Mar-25
33
+13.8%
13
40%
14
Jun-25
36
-12.2%
11
29%
-3
Sep-25
44
-8.3%
18
41%
-13
Dec-25
70
+66.7%
40
57%
-6
Mar-26
96
+190.9%
58
61%
6
Jun-26
157
+336.1%
118
75%
44
Three loss quarters as each GPU tranche landed its depreciation before its revenue — then the crossover. Jun-2026 is the first quarter of the new economics.
A10 · Valuation
screener.in ratios
Metric
Current
Context
P/E (ttm)
341
meaningless on trailing losses rolling off
P/E (Q1 annualised)
~61
on ₹8.5 EPS run-rate — the honest bull framing
P/B
6.3×
book ₹82
EV/Sales (ttm)
~28×
vs global GPU-cloud comps (CoreWeave et al.) at high-single to low-double digits
Everything depends on MRR compounding: at ₹71.8 Cr exit MRR the forward revenue base is ~₹860 Cr annualised — the multiple is paying for that to keep doubling.
A13 · Risks
sorted by severity
HIGH
Returns on capital still negative (ttm)
ROCE −0.5%: the fleet has to sweat for years to earn its cost; every new cluster resets the clock.
Mitigant: watch utilisation/MRR each quarter
HIGH
Promoter selling
−20.3% over three years into strength — whatever the reason, the insider with the most information reduced.
Mitigant: monitor further SAST disclosures
HIGH
Price competition
hyperscalers and funded entrants can cut GPU-hour pricing; H100-class rates fell globally through 2025-26.
Mitigant: INR billing/sovereign wedge is the partial hedge
MEDIUM
Technology obsolescence
B200 today, next architecture in 18 months — depreciation cycles compress.
Mitigant: Nvidia partnership cadence
MEDIUM
Customer concentration
large AI training deals are lumpy; MRR quality not disclosed by client.
Mitigant: seek disclosure in concalls
LOW
Balance sheet
D/E 0.09 and CFO positive — the funding risk is dilution, not debt.
Mitigant: —
A14 · Milestones to Watch
research tracking signals — not investment signals
Exit MRR trajectory — ₹71.8 Cr must keep stepping; a flat quarter breaks the story.
Q2 FY27 PAT — confirm Jun-2026 was a level-shift, not a one-off burst.
B200 utilisation disclosure and any next-gen (GB300-class) order.
L&T JV structure — capex sharing changes the FCF math entirely.
Promoter stake — any further reduction.
A15 · Ownership
screener.in analysis flags
Shareholding table unavailable from the source this run. Known from screener analysis flags: promoter holding decreased 20.3% over the last three years. L&T holds a strategic stake (via the 2024-25 investment). Refresh next run.
Part B · Technical Posture
All technical levels are Research Reference Levels from the 25-Jul weekly pipeline (TradingView scanner data) — not buy/sell signals. Regime this week: Pullback in Bear, Swing Confidence 0/3 — every setup is WATCH-ONLY by rule.
Stage
Stage 2
S2 Score
5 / 5
RS vs CNX500
97th pct
TV Weekly TA
STRONG BUY
Closed AT its 52-week high (₹517) after +23.0% in a week the market fell; RSI 75 — approaching the 78 harvest line.
₹103 Cr/day turnover — deepest liquidity of this week's five names.
TradingView weekly consensus strong buy (MA score 0.93); daily neutral.
Momentum name discipline: half slot, mechanical stop, no averaging down; any close back inside the prior base invalidates.
📈 Live Chart
TradingView Desktop MCP unavailable at
report generation time. View live chart:
NSE:E2E on TradingView ↗️
⚡ CONSOLIDATED VIEW THESIS
Research Reference Only — Not an Investment Recommendation · Primaegis Research Pipeline
💡 INVESTMENT CASE SUMMARY
E2E is the listed pure-play on Indian sovereign AI compute, and July 2026 is its inflection: after a year in which ₹169 Cr of new-fleet depreciation produced paper losses, the June quarter printed ₹157 Cr revenue, 75% OPM and ₹44 Cr PAT, with exit MRR nearly doubling in three months. The chart closed at a 52-week high on 97th-percentile relative strength. The price — 341× trailing, ~61× the Q1 run-rate, 6.3× book — pays in advance for that inflection to compound, from a company whose promoters have sold a fifth of their stake into the rise.
📊 FUNDAMENTAL PILLARS
MRR inflection
exit MRR ₹37.4 Cr → ₹71.8 Cr in one quarter; Q1 revenue +334% YoY. Source: A3/A9
Cash-generative build
CFO positive every year of the capex wave; losses were depreciation timing. Source: A8
⚠️ This is an internal, unregulated analytical opinion of Primaegis Research for internal pipeline
use only. It does NOT constitute a SEBI-regulated investment recommendation, research report, or
solicitation to buy, sell, or hold any security. Consult a SEBI-registered investment advisor before
making any financial decision.
⚠️ IMPORTANT DISCLAIMER
This document is a research and educational output only, generated by the Primaegis Research
Investment Analysis Pipeline. Neither Ameya Pimpalgaonkar nor any contributor to this report is a
SEBI registered investment advisor or research analyst. Nothing in this report constitutes
investment advice, a research recommendation, or a solicitation to buy, sell, or hold any security,
fund, or financial instrument under SEBI (Research Analyst) Regulations, 2014 or any other
applicable law. All financial data is sourced from publicly available disclosures (screener.in,
NSE/BSE filings, company releases). All technical levels are reference levels for research tracking
only. Always conduct your own due diligence and consult a SEBI registered investment advisor before
making any financial decision. Generated: 2026-07-25 | Primaegis Research · Not for distribution.