Netweb Tech Vs E2E Networks: Which Data Centre Stock Is Growing Faster?

Synopsis: India’s AI infrastructure boom is creating new opportunities for companies like Netweb Technologies and E2E Networks. Both are expanding rapidly, but they are following very different business models and growth strategies. Which company is growing faster, and what do the numbers really say about their future prospects? 

India’s data centre and AI infrastructure market is no longer only about storing data. The bigger opportunity is now around computing power. Companies, governments and startups need powerful machines to train AI models, run inference workloads and build sovereign AI systems. This has made high-end computing, cloud GPUs and AI infrastructure one of the most closely tracked themes in the market.

This is where Netweb Technologies and E2E Networks become interesting. Both are linked to India’s AI infrastructure buildout, but they are not growing in the same way. Netweb is a high-end computing solutions manufacturer, while E2E is mainly an AI-first cloud GPU platform. So the real question is not just which company is growing faster, but whose growth looks broader and more repeatable.

Netweb Is Bigger And Its FY26 Growth Was Stronger

On a full-year basis, Netweb clearly had the larger business and the stronger annual growth. In FY26, Netweb reported revenue from operations of Rs. 2,183.6 crore, up 90 percent year-on-year. Its PAT stood at Rs. 205.8 crore, up 80.9 percent, with a PAT margin of 9.3 percent. In Q4 FY26 alone, revenue stood at Rs. 773.7 crore, up 86.6 percent year-on-year, while PAT grew 65.7 percent to Rs. 70.6 crore.

E2E Networks also showed strong growth, especially in the March quarter, but its full-year scale was much smaller. In Q4 FY26, E2E’s revenue stood at Rs. 95.6 crore, up 186 percent year-on-year and 37 percent quarter-on-quarter. EBITDA stood at Rs. 58.1 crore with a 60.7 percent margin, while PAT turned positive at Rs. 6.4 crore. For FY26, revenue stood at Rs. 245.6 crore, up 50 percent year-on-year, but the company reported a PAT loss of Rs. 15.6 crore because of depreciation on GPU infrastructure.

So the simple answer is this. If we look only at Q4 revenue growth, E2E grew faster. But if we look at full-year growth, size and profitability together, Netweb looks ahead.

The Growth Models Are Very Different

Netweb’s growth is coming from selling and deploying high-end computing systems. Its core areas include high-performance computing, private cloud, AI systems and data centre servers. The company says it offers a full-stack product and solution suite, designs and manufactures high-performance computing solutions, and works with technology partners such as Nvidia, AMD, Intel and Samsung.

This means Netweb’s growth depends on large orders, execution timelines, manufacturing capability and customer demand from government, research, defence, enterprises and data centres. In FY26, the AI systems business became the biggest growth driver. The company said its AI segment grew 459.6 percent year-on-year and contributed 43.4 percent of operating revenue in FY26.

E2E’s model is different. It owns and operates cloud GPU infrastructure and earns revenue when customers use that capacity. Its platform supports bare-metal and container-based GPU deployments for AI workloads. The company said it has demonstrated the ability to operate and monetize Nvidia-powered GPU infrastructure at a much larger scale than earlier.

So Netweb is more like an AI infrastructure builder and manufacturer. E2E is more like a GPU cloud platform. Netweb books revenue when systems are executed. E2E’s revenue improves as GPU capacity gets deployed and utilised.

E2E Has Faster Quarterly Momentum, But More Depreciation Pressure

E2E’s Q4 numbers show why the stock attracts attention. Revenue growth was very sharp, EBITDA margin crossed 60 percent and the company moved from a PBT loss in Q3 to positive PBT in Q4. This shows operating leverage. Once GPU capacity is installed, higher utilisation can sharply improve EBITDA.

But the problem is depreciation. In Q4, depreciation increased to Rs. 51.3 crore because of infrastructure investments. For FY26, the company remained loss-making at the PAT level because of depreciation on GPU infrastructure. This means E2E’s business can look very strong at EBITDA level, but reported profit depends on whether revenue scales fast enough to absorb depreciation.

This was visible even earlier. In Q3 FY26, E2E reported revenue of Rs. 70 crore , up 68.3 percent year-on-year and 59.8 percent quarter-on-quarter. EBITDA margin was 56.6 percent, but PAT was still a loss of Rs. 5.7 crore because of higher depreciation and finance cost linked to GPU deployment.

That is why E2E’s growth looks more explosive, but also more sensitive to utilisation. If GPUs are used well, margins can improve quickly. If capacity is delayed or underused, depreciation can hurt reported profit.

Netweb Has Order Book Visibility

Netweb’s advantage is visibility. In Q3 FY26, the company said its organic order book was Rs. 525.8 crore and strategic order book was Rs. 1,733.6 crore. It also said the order book and pipeline positioned it for sustained growth over the next few years.

By Q4 FY26, management spoke about an order book of around Rs. 2,100 crore, around Rs. 2,400 crore including L1, and a pipeline of around Rs. 4,400 crore. The company also guided for 35 percent to 40 percent revenue growth and 13 percent to 14 percent operating EBITDA margin for the next couple of years.

This makes Netweb’s growth look more planned. The company is not only depending on one quarter of utilisation. It has large orders, a manufacturing base and multiple product lines. It has also commissioned a new 15,000 sq ft production facility for dense GPU AI systems and is building products around Blackwell-based AI GPU systems, liquid-cooled AI systems, high-end servers and storage platforms.

E2E also has visibility, but it is of a different kind. It is expanding GPU capacity and expects B200 1024 clusters to go live. Management said one B200 1024 cluster was expected around mid-May and another 1024 cluster was planned a couple of months later. It is also looking at B300, GB300 and Vera Rubin deployments.

So Which One Is Growing Faster?

The answer depends on what you are measuring. On Q4 revenue growth, E2E was faster because its revenue grew 186 percent year-on-year compared with Netweb’s 86.6 percent. But on FY26 revenue growth, Netweb was faster because it grew 90 percent compared with E2E’s 50 percent. Netweb also remained profitable at PAT level, while E2E reported a full-year PAT loss.

For investors, this makes the comparison more interesting. E2E looks like the higher operating leverage story. If GPU demand stays strong and utilisation rises, revenue and EBITDA can scale quickly. But the business also carries depreciation pressure, deployment risk and some lumpiness in workloads. Management itself said lumpiness is part of the business, though it should reduce as the GPU base increases.

Netweb looks like the broader and more stable growth story. Its growth is supported by AI systems, high-performance computing, private cloud, manufacturing capabilities and a strong order book. It may not show the same sudden quarterly jump as E2E every time, but its FY26 numbers show stronger full-year growth with profits.

So, if the question is which stock showed faster growth in the latest quarter, the answer is E2E Networks. But if the question is which company is growing faster on a full-year basis with larger scale and better profitability, Netweb Technologies looks ahead.

-Manan Gangwar

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