E2E NETWORK FUNDAMENTAL & TECHNICAL RESEARCH REPORT

E2E Networks (NSE: E2E, BSE: 544783), New Delhi, is an Indian AI cloud and GPU-infrastructure company . It rents NVIDIAH100, H200 and now Blackwell (B200) GPUs, plus CPU cloud, storage and its own software layers (the TIR AI/ML platform,Jarvis Labs and a Sovereign AI platform), to Indian enterprises, start-ups, the IndiaAI Mission and overseas customers. It listedon NSE Emerge (SME) in 2018 and moved to the main board; BSE trading began in June 2026. Larsen & Toubro owns 18.99% as a strategic, non-promoter investor, and founder-MD Tarun Dua’s promoter group holds 39.45%. Event 1 - the Blackwell infl ection. In mid-May 2026, 1,024 B200 GPUs went live at near-full utilisation. Q1 FY27 revenue roseto Rs 157 Cr (+334% YoY, +64% QoQ) , EBITDA to Rs 118 Cr ( 75% margin ) and PAT to Rs 44 Cr, after a FY26 net loss of Rs 16 Crthat was caused entirely by depreciation (Rs 169 Cr). A second lot of 1,024 B200s is due “in the next couple of months”(management, 22-Jul).