Thank you, Danish, and good morning everyone. We welcome you to E2E Networks Limited Q3 and nine months FY26 earnings conference call.

We have with us on call today Mr. Tarun Dua, the Managing Director, Mr.

Nitin Jain, the CFO, and Mr. Ronit Gaba, the Company Secretary.

I must remind you that the discussion on today's call may include certain forward-looking statements and must be viewed in conjunction with the risk that the company may face. Thank you and over to you, sir.

Thank you, Soumya, and thank you, Danish, and welcome everyone to the Q3 earnings call for the financial year ending March 26. Let me start by reintroducing E2E Networks for the new listeners.

E2E was founded in 2009 and is amongst one of the largest AI/ML cloud GPU players in India currently. We have been a champion of contractless computing since the inception, and many of the current large unicorns have used E2E Networks computing infrastructure when they scaled up themselves from startup to unicorn stage.

Our infrastructure services platform, including TIS for cloud GPU, including our sovereign cloud platform, which can work on-premise as well as remotely. All of that supports majority of the workloads for CPU computing and GPU computing, including training, inference, vector DBs, model endpoint deployment, and allows for scaling up, and a number of other services that are expected from public and private cloud today.

Now today, majority of our workloads belong to the AI/ML domain, and we are working with really scaled-up customers using our platform and the bare-metal platform to essentially allow for high-performance training and high-performance inference workloads, which are scaled up to hundreds of GPUs. Now, some of the latest developments related to E2E that we wanted to cover in the call.

IndiaAI orders, as you are already aware, they have gone into implementation, and majority of those workloads are expected to go live around end of January 2026. The Jarvis Labs acquisition of SF was completed in this quarter.

While we don't expect a very substantial contribution to the revenue in Q4, this is a technology-centric move that rapidly positions us to scale up in the global market. Now there has been substantial progress on the MRR target we set for ourselves for March 26.

I think we are 70-75% or even 80% there, and we continue to hold our target of being able to hit somewhere close to 35 to 40 crores of MRR around March 2026 or thereabouts. Now all our partnerships are going great.

We have continued to strengthen all our partnerships, and we have already seen some progress in terms of actual convergence happening amongst the enterprise customers through one of our largest partnerships with L&T, and we continue to expect more convergence happening in the near and the medium-term future. Now we continue to build more CACEL capacity, as we have announced from time to time, and most of the new capacity is going to operate from our Chennai facility.

Once again, I would like to briefly touch upon our sovereign AI platform. We remain one of the unique businesses in India who have built infrastructure software product sitting here in India, with a team which has the experience of building these products all the way back since 2014 onwards, since when we started the development of our cloud platform.

Once again, I would like to reiterate the levels of sovereignty that we, as a nation, are trying to achieve. Of course, there are a number of government initiatives which intersect with our initiatives on the push towards sovereignty.

One is, of course, the first level of sovereignty that I think we have done a very good job of as a country is localization of all our data in India. Now second part is that, are the physical buildings, the data centers where the data is being stored, do they belong to primarily Indian companies?

We do that checkmark by having partnered with L&T. Third part is that, are you dependent majorly on open source and your own proprietary software built in India, or are you dependent on software which could have compliance implications from outside the country?

Fourth is, of course, that, for cloud providers who are based out of India, especially based out of some of the Western countries, they have to comply with global laws that apply to even to the data that is stored in India on their cloud platforms. Obviously, as a cloud based out of India and headquartered in India, we provide a sovereignty over there to our customers.

Then the other levels of sovereignty are, which obviously there are the quantum mission, the IndiaAI mission within India, semiconductor sovereignty is built with the quantum mission. Overall, we, something that we have been working on without using the word for a long time, and now we have started using the word.

We will continue to do that to expand our services to AI native enterprises, government customers, and AI natives, which are global in nature and spread all across the globe. We continue to deliver on the promise of sovereign AI for all our customers.

With that note, I would like to hand over the call to our CFO, Mr. Nitin Jain, to give some more specific inputs about the progress made in this particular quarter.

Over to you, Nitin.

Thank you, Tarun. Good morning everyone.

Thank you for joining us today and for continuous interest in the E2E Network. I would walk you through our financial performance for Q3 FY26.

Q3 FY26 has been a strong operational quarter for E2E Networks, marked by robust revenue growth, improved operating leverage, and a continuous investment for future scale. Our operational revenue stood at 700 million, registering a growth of 68.3% year-on-year and 59.8% quarter-on-quarter growth.

The growth is driven by higher capacity utilization, increased enterprise workloads, and early traction for strategic and government-led contracts. EBITDA for the quarter stands at 396 million, up by 60.9% year-on-year and 120.2% quarter-on-quarter.

EBITDA margins came at 56.6, reflecting strong operating leverage. From a profitability standpoint, we reported a PAT loss of 57 million.

On a quarter-on-quarter basis, PAT has improved by 58%, indicating we are already trending positive as our revenue scale on the newly added capacity. The primary reason for the loss is on account of higher depreciation, which has increased by 476 million, reflecting commissioning of large GPU deployed in FY25 and 26.

Finance cost increasing as we draw our term loan for the infrastructure expansion. On a cost structure basis, our total expense for the quarter stands at 304 million, which is in line with the business expansion.

We continue to maintain tight control on the cost, and the inherent scalability of our business model allows incremental revenue to flow through at higher margins. Our monthly revenue run rate has touched 218 million in December 2025, with IndiaAI mission contracts already initiated, LNP enterprise engagement gaining traction, we expect a strong revenue momentum to continue.

To summarize, Q3 demonstrates strong top-line growth and operating strength. Our focus remains on maximizing GPU utilization, scaling enterprise and sovereign cloud workloads, and delivering sustainable profitability as our capacity matures.

We are confident that E2E Networks is well positioned to bring a long-term sustainable AI leader from India, supported by strong balance sheet and growing revenue visibility. Now I would hand over to the moderator for question and answer session.

Yeah. Thank you so much for the opportunity and congrats on the good set of numbers.

Sir, could you please help us to understand E2E's approach to the cloud reliability? In terms of any downtime or service disruption, what redundancy measures are in place that we have taken?

How do we typically compensate our customers?

See, we typically compensate our customers in case of any service disruption or downtime due to our reasons based on the SLA. Typically what happens is we have a range of customers.

Where there are customers who implement a full single point of failure, disaster recovery scenarios, test their backups regularly. Ultimately we are a self-service public cloud where obviously we provide to our customers across multiple locations to do a multi-location installation with disaster recovery and no single point of failure.

Then obviously, in case anything happens, our entire team is there to support the customers to the best of their ability. We bring in everything according to how all the public clouds throughout the world do.

Got it, sir. Sir, do we have any update on the software business?

Are there any POCs that are currently running on the software side?

no immediate update in terms of basically, we continue to do what we have been doing, we continue to build our software, we continue to talk to a lot of customers, enterprise customers, and we keep validating the requirements, and then we continue to demonstrate our capabilities. Hopefully in the medium term we'll start seeing some action on the software that is being planned for the sovereign AI cloud, AI cloud platform that we are targeting currently.

We continue to heavily invest into that. Sir,

what is the expected timeline for Blackwell to go live, and from which quarter we can expect the revenue to kick in?

we are expecting hopefully before the end of Q4 we should be able to go live with the Blackwell that we have already procured, and we continue to expand the Blackwell capacity.

Thank you so much, sir. I will join back the queue.

Thanks for the opportunity. Just wanted to understand how is the payment cycle with respect to IndiaAI mission?

How frequently have they started paying in terms of service received by the...

IndiaAI mission has actually recalibrated in the latest documents that they have produced, that the payment cycle we have shifted from a quarterly to a monthly. We hope to see the benefits of that soon.

We are working towards finalizing and figuring out, basically how those payment cycles would eventually work. I believe that, that is inevitable from quarterly to monthly.

This is

good for us.

Got it. When can we expect the next lot of Blackwell GPUs to arrive?

Because I think we are buying in terms

Of... We have already received in our Chennai location 1024 B200 GPUs, and we are in the process of deploying those.

Hopefully in the Q4 itself, we expect to see the deployment completed, and we can start seeing some excellent interaction in terms of orders coming in from various places.

Okay. Can we expect order win could be possible in Q1 FY27 onwards for these 1,000 Blackwell GPUs?

Keeping our fingers crossed. We are hoping as soon...

Okay. Have we ordered the next batch of Blackwell GPUs for further expansion?

So

That's an ongoing process. There are multiple types of GPUs in Blackwell.

We are working on expanding... We will continue to expand the capacity on other GPUs as well.

Got it. Just one last thing with respect to EBITDA margins, if you can just provide some light, when can we touch the 70% EBITDA margin?

If you look on a YOY basis, there has been dip in the EBITDA margins. If you can just highlight what was the reason.

I think, quarter on quarter now, we have expanded the EBITDA margins, and I think it's a matter of establishing the scale, at which point, we will be able to hit the expected number as per the business, which is closer to 70 than closer to 55 or 60 today.

Got it. Would you like to guide for next year MRR figures?

So,

I guess, we'll wait for the next call to do that guidance, I guess.

Got it, fair enough. All the best to the team.

I'll get back in the queue. Thank you.

Hi sir, thank you for the opportunity. I just have a couple of questions.

Firstly, can you line out the CAPEX for, what will our CAPEX and that for 26 and then 27, and then if you could also give us a CAPEX guidance for 28, if possible?

Good. I guess, we'll need to kind of wait for a couple of weeks for us to kind of delineate all these things.

We are kind of working with our very strong partners and suppliers to build up the capacity. We don't want to prematurely announce things today.

Let us wait for a couple of weeks, and we will come up with, basically, what all we are doing.

Any guidance you can give for 26 and 27, a broad guidance also, what we'll end at 26 and what CAPEX?

We don't want to give the guidance today. Hopefully, again, give us a couple of weeks, or maybe by the time we are talking about the next quarter, we'll put together a guidance.

Fair enough. Sir, on the 5,000-plus GPUs that we've mentioned in our PPT, these GPUs that we'll be deploying will be Blackwell.

Do we see orders coming in? Majorly,

majorly, the expansion is from the Blackwell variety of GPUs.

Sir, do we see orders coming also in Q4, or will this roll over into Q1 of FY27 then?

Let me. We'll continue updating everyone as we go into the deployment phase.

We have just received the hardware in the last couple of days. I think, give us some time.

We will update everyone.

All right, and just one last question, in terms of the L&T order that we won in this quarter, are there any other such orders in pipeline for the coming near term?

See, we obviously continue to work on, with a lot of customers through L&T and directly as well. Obviously, as and when the orders fructify, we will inform everyone.

That's the goal.

Sir. Thank you.

That's about it.

Hi, Tarun, could you help me understand how much of IndiaAI mission contribution is happening to our reported MRR, if any? Additionally, with the latest B200 chips, what would be the new peak MRR that we expect to achieve?

Mostly in the last quarter, the IndiaAI mission contribution has been muted. I think, in December it would have been the most value.

We expect obviously Q4 to be massively different as both the customers, one through IndiaAI mission, continue to scale up in January. That MRR percentage number should be much higher.

Yeah. Basically, that's an ongoing process.

Now, second, we don't want to give any kind of guidance today. I think, over the next couple of weeks, in terms of capacity expansion, what we are thinking, and maybe

the peak MRR capacity that you would expect to achieve? No guidance as such, just the peak MRR.

There is no upper limit for us. We don't want to limit ourselves by saying that this is what we are going to only do.

We don't have an upper limit in our mind.

All right. Secondly, on the IndiaAI mission contracts, these are primarily focused on training workloads right now, which we know are typically bursty nature.

The

majority of IndiaAI mission workloads are focused on building the LLM models, sovereign LLM models for India. I think, majority of that workload is going to be training workloads.

That's the main focus of IndiaAI mission as of today.

what is the likelihood that the same LLM developers would also contract with us for inference workloads? Because the implication here is that inference

is a

more stable revenue. Very, very likely.

Very, very likely. We are already working with the LLM builders to kind of run their inference workloads with us.

Got you. And

some of them are already running their inference workloads with us, and many of the new ones will hopefully, are already working with our customers through our partners for the inference workloads, and we continue to see the acceleration of this trend. So

if someone is contracting for training workloads, there is a very high possibility, rather, that they would also contract for inferencing workloads.

Absolutely.

Absolutely.

Absolutely.

Also, Tarun, in December, we faced a major outage in the Mumbai servers, just wanted to seek some clarification on your end, and if there is any major client loss due to the outage, and what steps have we taken to prevent such prolonged outages in the future.

Sure. There are a couple of points over there.

Basically, our plan was always to kind of migrate the customers from Mumbai, which is a much smaller location than our Delhi NCR and Chennai location. The plan was to definitely migrate those customers out.

Now we are working on the plan to migrate them onto newer and much stabler infrastructure. On the software and operational side, we have made quite a few changes in terms of increasing the investment into site reliability engineering and working with some of the cloud vendors to strengthen our overall infrastructure.

From an impact point of view, I think over a period of time it will become clear what is the impact we are seeing. As I said earlier, this was a substantially smaller location overall for our infrastructure.

We don't see intent. We don't expect to see a material revenue impact over the medium term and the long term.

That being said, we are very, very conscious of working very hard towards making sure that these kind of incidents are completely avoided, and we are able to do better in terms of providing support to our customers before an incident happens in terms of helping build an architecture that will withstand any kind of failure from a single zone for us in the future.

Understood. If I could squeeze one last question, since we spoke in the previous quarter, the AI accelerator industry has witnessed a significant update, with Google's TPUs becoming the centerpiece of conversation for better cost efficiency, and NVIDIA's hardware moat is now being contested, and the broad expectation is that ASICs in general, the adoption would pick up materially.

Now my question to you, as the management of E2E, is: would you be also open to adopting ASICs within your infrastructure if the industry trends towards that direction, or would E2E remain an NVIDIA-exclusive partner? I ask this because both choices have clear implications on business dynamics, including capex, ROICs, and I also understand that it's very premature to state any conclusive comments, but all I seek is your thoughts on the topic.

Okay. One is accelerated computing is here to stay.

Accelerated computing is going to be majority of the workloads going online in the future. Second part is that, what is it that the customers are demanding today?

What is the roadmap of our customers? What is it that our customers are looking at?

I think that is more relevant to basically, what we end up adding to the SDN. In the near future, we again continue to see that, basically NVIDIA will be majority of our portfolio, a vast majority of our portfolio, and that is based on the inputs that we continue to get from our customers.

Understood, but okay, got you.

customer feedback, anytime changes, when customers start demanding that, can you consider X or Y or Z vendors? Like, obviously, we are very, very happy to provide what the customers want.

What we are seeing today, as of today, is what we are focused about.

Thank you very much. I'll get back in the queue.

Hello? Am I audible?

Yeah. My first question was how much capex have we done for the procurement of 1024 Blackwell series, and how have we funded that?

I'll let Nitin answer this question. So

for the Blackwell series, roughly the capex would be in the range of 600 to 650 CR, part of which is funded through a term loan, which we have taken from the Axis and HDFC Bank.

Okay. Sir, last year we had guided that 35 to 40 crores would be the peak MRR for the current 3600 GPUs.

Do we still stick to that guidance?

Yes, more or less.

Answer on that: we had guided that at 35 to 40 crores MRR, 65 to 70 would be the EBITDA margins. Do we expect the next quarter we can hit that?

We are definitely hoping for that.

Okay. One more, what was the utilization rate this quarter?

At December end we are touching the utilization roughly around 60 to 65 percent.

Okay. Sir, the per hour rent for Blackwell series would be much higher than the current.

How much could that be? Any ballpark number on that?

Broadly what we are seeing in the international market today is anywhere between three dollars to four dollars, approximately for slightly longer-term contracts. We are also hoping to kind of achieve those kind of numbers.

Okay. Sir, any further guide?

Thank you.

Hi, sir. Am I audible?

Yes, please go ahead.

Thank you for your... Other than the enterprise client that we got from L&T, can you give us a sense of our other enterprise client conversions?

Not exact numbers, but, say, our six months, from startups to enterprises. A broad

sense. We continue to work with a lot of enterprises, AI-related companies, and we continue to see quite a few conversions.

Now, when the conversions are substantial, obviously we'll continue to inform.

Okay. Sir, the new capacity of Blackwell that we have acquired, are they solely for the India AI mission, or we are seeing tractions for POC

from

the India AI mission?

I think a majority of those would go to India AI mission for sure. We continue to build capacity even beyond India AI mission as well.

Okay. Sir, the revenue potential from these thousand Blackwell GPUs that we have spent, what is, the peak sense that we could generate from this?

Any number?

From a ARR perspective, we are looking at, somewhere close to maybe about 250-odd crores per year or so with the 1024 Blackwell.

Okay. Sir, one...

Hello.

Yeah. Hi, Hitesh.

Please go ahead.

Yeah. There are two questions: how do you see the demand going ahead, particularly in India, India AI mission?

The second question is, as voice agents are picking up, how do you see the inference business coming to E2E?

We are very, very positive about both these things. One is, of course, the global demand is kind of going ahead at a very great pace, and so is the Indian demand.

In the recent past, we've seen increased demand on capacity, and, of course, the demand around India AI mission is also definitely expected to go up.

Okay. Sir, do you see, other than India AI, enterprises are demanding more GPUs or preferring our platform for inference?

Yes, definitely. In a way that we are working with a lot of partners directly and through our big partners, L&T.

We are seeing that we should be able to kind of set up a marketplace of inference providers on top of E2E network platform.

Thank you. How do you see the voice agents are picking up?

Because they require a lot number of GPUs.

I think there will be a lot of interest in the voice agent. I think that is the first major use case in India that is definitely going online, where people are experimenting with it, and they are putting pieces of that in production.

I think that is only going to work from here.

Okay. Are customers preferring us?

Means are any POCs running at our end, or can you give some highlight on this? Also,

we don't want to talk about specific customers. Obviously, we are working with our partners over here to work with quite a few customers.

Sir. Thank you.

Hi Abhishek.

Hi sir, thank you for the opportunity and congrats on a great quarter. Sir, two questions.

The first one is, if I look at the MRR for December, and given the fact that the IndiaAI mission started in December, it seems that we were able to sell our capacity for shorter projects in the quarter. Can you just elaborate if this short cycle demand has recovered?

Because if I remember it correctly, a year ago we had highlighted that some of the demand was impacted. That is the first question.

The second one, sir, is on the L&T partnership which you have highlighted in the presentation. It says the one-year GPU service starting Jan 6.

Should we see the incremental ramp-up in the March quarter for the full quarter from this order, sir?

Okay. One is, of course, in the quarter ending December, majority of revenue was non-India AI revenue, and definitely that indicates the kind of, our increased ability to capture more short-term demand than in the past.

That is two. Third is that, next quarter obviously we are expecting majority of IndiaAI workloads to ramp up hopefully by end of January, more or less.

Majority of those workloads are expected to ramp up, and third is that, we continue to see retraction with more enterprise customers. Hopefully that should also be additive.

We are very, very hopeful about the next couple of quarters.

This is helpful, sir. Just a broader macro question on the global demand trends.

With China, now U.S. allowing exports of GPUs to China, will this create some form of shortage or demand acceleration for infrastructure providers?

Both. Obviously, if a large enough country comes in with additional demand, then both those trends are expected in terms of some level of shortage.

Then, as we have seen in the past, that the partnerships matter over there, where the partners support each other. We continue to expect to get full level of support from all our partners.

That is one. Second, we are definitely seeing a lot of demand acceleration because of that, amongst other reasons.

Other reasons being, we are now in a far more mature part of the AI inference and training cycle than in the past. Now we are seeing a lot more maturity in terms of the sustainability of the demand that we are seeing.

Very helpful. Just one last...

Okay,

rejoin in the queue. Thank you.

Hello.

Hi, Nikhil.

Hello, sir. Thank you so much for the opportunity.

My questions are regarding some bookkeeping questions. First is, do we expect the useful life of assets to be more than six years, or are they expected to be replaced entirely post six years?

No,

no, definitely the assets continue to run and operate, and there is no end of life until the asset continues to operate, the asset continues to sell, and asset continues to generate income.

Understood. What are our expectations?

How long should we expect for the asset to continue?

We have seen domestic and international providers looking at periods of around 10-11 years also for some of these assets. We are very, very hopeful that seven to eight years is a very reasonable expectation for these assets to continue to generate business for us.

Understood. What are we expecting down the line, given this rate of useful life and this rate of depreciation?

We continue to be a technology business, and we continue to expect our ROI expectations based on us being a technology provider who is able to add a lot of value addition to our customers in terms of our software and our ability to help them on the training workloads, making them more efficient, ability to help them in terms of organizing their data, etc. There are a number of capabilities we bring to the table in terms of, through our people and software, and that will continue to add to the returns for us in the longer run.

Okay. Should we expect the ROI is greater than or north of 20%?

Broadly, that's the way we look at any technology business. Yes, absolutely.

Understood. When do we expect to achieve that?

Three, four years down the line? So

I guess, look back is better than me saying when do we achieve it. Let's get to it and then we look back and say, yeah, it's happened or not.

Understood, understood. Sir.

Thank you so much. That's it from my side.

Yeah.

Good afternoon, sir. Thanks for the opportunity.

Am I audible?

Yes, sir. Please go ahead.

Yeah.

Sir, just a couple of questions. First question is, what is the utilization for FY26-27?

Sorry, I didn't get the question. What is the

utilization? We said that the utilization will be around 70%, by end of Q4 26.

For 26-27, what is the year-end utilization number we are looking at?

See, that goes into a bit of, speculative territory, but then given the fact that we are very, very focused on increasing the utilization, we continue to target, somewhere between 80 to 90% of the utilization to be done at some point of time in the course of the next financial year.

Okay. The reason for asking this question is because in the last call you mentioned the GPU infrastructure acquisition will be more prudent as well as aggressive.

Prudent in terms of where you have...

We continue to have the same strategy. We are prudent as well as aggressive.

So

prudent to ensure that, there is balance, and aggressive to ensure that, we are capturing as much of the demand as we can.

Yeah. The question is just related on the same question.

I heard there are some unexpected increase in memory prices. Do you expect that to reflect on the GPU as well?

If that is kind of true, will you become more aggressive?

Some impact will be there in terms of price point on GPUs because of memory. Then, it will balance out over a period of time.

See, we have seen these hardware cycles again and again, a lot of times in the past over last 15, 17 years. Where it looks like the end of the world, where we are not getting the hardware, whether it is RAM or other types of hardware, and then in a couple of quarters, the thundering herd goes away and then things settle down to normal.

Basically, I don't see a long-term impact. In the medium term, of course, things tend to balance out, the supply and demand balances out, and the irrationality in prices goes away.

It's always a cycle. You have to kind of just run through the entire cycle, where you leverage your partnerships to kind of do better for yourself and for your customers.

That's the way we have continued to operate. We'll continue to operate the same way, leveraging our partnerships and making sure that we are able to pass on the benefits of whatever we are able to derive from our partners to our customers.

Got it, sir. See, just, since we are following SaaS...

but

the first question is that recently there was a news in which the government is planning to go for another round of bidding for around 15,000 GPUs, Blackwell GPUs. At what time frame do we expect this bidding to take place?

In previous calls also you have said...

These are all public and open. I think the current date for submitting the bids is, I believe, 18th of January.

This is all public information, and so this continues to be a very competitive panelment process on IndiaAI mission. We continue to kind of provide our inputs to each level of participation.

That is definitely expected to continue all the way. In a way, I think it's a reflection of demand that we are seeing from IndiaAI mission, that there is current demand of another 15,000 GPUs, and that's not the end of it is what we understand.

Sir, is this a part of original 10,000 crores plus 8,000 crores of the bidding which took place, or it is besides that? Yeah,

I think we have seen enough news that there is... I don't think...

Our interpretation is that the government is not saying that we are limiting the IndiaAI mission to 10,000 crores. I think in a way that was an initial allocation.

I think, going out on a limb over here, I think Indian government intends to continue to support the IndiaAI mission in a big way. So

the second query was what is our present capital working progress, and do we plan to raise any fresh equity in coming quarter?

See, we always keep the market informed about our plans. We'll continue to provide the information around any kind of fundraise that we do on the equity side.

Hi.

Thank you for the opportunity. My question is at what utilization level do these new Blackwell GPU assets start to become EBITDA positive on an incremental basis?

I guess, Nitin would be able to answer this question better than me. So

from an overall perspective, the additional EBITDA for the new GPU would tend to around 75 to 80 percent. There is a very good headroom across in terms of with a small capacity utilization, they would be breaking even at EBITDA levels.

Okay. If I can, can I ask one more question?

Yes, sure, please go ahead. So,

is your current depreciation guidance assuming the immediate utilization, or does it already factor in the commissioning lag, if there any lag to commission the GPUs?

I think this is more of a look-back question than a question that we can, very closely predict. I guess, let's look back at this question by the end of the next quarter.

Okay. Thank you.

That's it from my side. All the very best for the upcoming quarter.

Thank you.

Thank you.

Hi, Tarun. Thank you so much for taking my question.

This 35 crore monthly run rate revenue that you are thinking of achieving in March 27— March 26— what is the current capacity utilization that we'll be reaching on the 1,100 crores of gross block that you have mentioned at the end of H2?

By

the 4,000 crore installed capacity.

Yeah. By end of December, the current installed capacity, I think, we reached about, like, 60-65% of utilization that was mentioned by Nitin.

That's the current data. Hopefully in the next quarter that utilization percentage should increase.

Okay. Is it fair to assume that on the current 4,000 GPUs that you have currently installed, the MRR could be around 50-55 crores, at the best-case scenario?

We, like,

okay, these are all estimates. In that sense, theoretically, if it is possible, probably the answer is yes.

Practically, I think we are talking about, for the March timeframe, we are looking at, 30 to 40 over here. And

because, Tarun, the question why I'm coming to is because if you are reporting 35-40 crores of monthly run rate, then you will be reporting around 400 crores of top line and 250 crores of EBITDA. Then your incremental depreciation doesn't justify this kind of investment.

I'm just trying to understand what I am missing.

okay, I think you might want to kind of look at the numbers more closely, and in case you want to take a top line with our CFO, probably you can do that. My understanding is that, basically, overall, from a run rate perspective, in the future, that definitely works out for us.

Okay.

Okay. The incremental investment that you have done, the 300 GPUs, of the 600 crores investment, what is the potential revenue or potential run rate that you are looking at there?

See,

we are basing the projection of the ARR capability from those 1,024 GPUs installed, a bottom price. I think that bottom number would be somewhere anywhere between, say, 245 to 250-odd crores on an ARR basis.

Understood. That means you are, with this 1,000, your incremental revenue would be almost similar to—

No problem, Tarun. I will take it separately with you.

Thank you so much.

Hi, Tarun. Congratulations on the good set of results.

I wanted to ask on the Jarvis Labs acquisition. You mentioned that it opens up a global opportunity.

If you could shed some light on what sort of opportunity you are seeing in the global market.

what we have seen with Jarvis was that, majority of their customers were operating from outside India, and that is what made us very, very interested in acquiring their assets, including their software and people and the hardware. Essentially, they've built a highly integrated platform and product that can onboard people, a specific set of customers who operate with lower ARPU but, at a higher margin, and people who prefer, completely self-service without having to speak at all to any kind of support.

Mostly at E2E we tend to work with larger customers with a bit more hand-holding compared to Jarvis. With that respect, we expect Jarvis to get scaled up in the medium term outside India and add to the overall capabilities of the E2E platform.

Understood. That's helpful.

Secondly, where do you see the company going, or where would you want to spend your efforts in terms of the next year or a couple of years, let's say? Because obviously the enterprise opportunity is large and it's large enough.

Any sort of R&D you're doing on what next, apart from targeting enterprise segment?

We continue to heavily invest in our software and AI capabilities. That is one major focus area for us.

Second focus area is to create standards-based infrastructure, including the software layers on top of that, that people are able to utilize very quickly and are able to get great return on deployed resources very, very quickly. That remains our focus, how to generate the ROI for our customers in terms of if they get resources, compute resources, on our cloud, public cloud platform, or private cloud platform, how they can achieve a better utilization and do what they came to do, faster and quicker compared to other cases.

Awesome. Thank you so much.

All the best.

Thank you.

thank you all of you who have joined the call today. Once again, I would like to thank our board of directors, including independent directors, thank all our partners, all our vendors, all our customers, and all of you, our investors, and your families, to have supported us in this journey, and we continue to look forward to the support of our entire team and all our ecosystem partners and all our investors.

Once again, I would like to thank everyone. Thanks everyone for joining the call, and it's always enlightening to kind of listen to the questions and gain insight.

Thank you everyone.