True, I also think the same. Application layer will be the ultimate beneficiary in the due course of time.
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Watch the video from 49:35 to 53:00.
It clearly tells you that just setting up data centres is not going to do any good for the company, the real MOAT is in the software that helps to get the best computation out of chips.
E2E had time and again stated that there’s software is hard work of past 10 years of coding and refinement.
In my opinion, e2e should be seen as a software company rather than a company who is just setting up data centres.
A company having years of head start and expertise in the area, is best suited to capture the opportunity, which in my opinion e2e has.
9 Likes
And look at the Coreweave. It’s running like there’s no tomorrow. It is up 200% just in 2 months and became more that $50B company. Business model is similar to E2E networks.
What I think is compute is going to be the new oil, not data. Since output tokens quadruple for every doubling of input tokens, and since reasoning models must re-run the prompt with each logical step, it follows that computational needs are going to go through the roof.
9 Likes
In whole world Only US is spending big on AI. Remaining all the countries are making regulations to regulate AI. And saying AI is just productivity enchaer
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Computational needs rise with token count. Sure but it’s quadratic not quadrupling per doubling. Also, reasoning chains don’t re-run prompts each step. Newer models + attention optimizations are keeping this in check.
3 Likes
Following are some exracts from today’s Economic times article on IndiaAI mission:
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“While some companies told ET that the reduced L1 rates will help kickstart artificial intelligence pilot projects in various domains, which previously may have been cost-prohibitive, others warned of a price bloodbath for GPU capacity providers.”
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“All existing empanelled players will be asked to match new L1 prices,”
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“Companies have invested heavily in bidding for GPUs. Commitments require significant money and those in the business have done so after their assessments,” he said.
What does it mean for companies which have already invested in GPU infrastructure basis the 1st round of pricing offered by them and being given the L1 orders?
As per the article they will be asked to lower their prices to match the 2nd round pricing, a big negative for all the companies who received orders in the 1st round.
I have seen this in past and in many companies, government businesses are very competitive because their parameter for selection of vendor is price and because of which many companies who’s product might be way superior in terms of performance and quality don’t get the due respect in terms of pricing and the value they provide due to which the actual outcome suffers.
Its sad but its the truth.
5 Likes
After listening to Oracle’s call yesterday, it’s clear that AI demand is only going to grow from here. They talked a lot about huge cloud infrastructure bookings, mostly for AI workloads — and today the stock is up 14%!
Feels like a big positive for E2E too. It’s the only company I know in India that’s building something serious around AI and GPU infra. Should benefit if this trend keeps up.
11 Likes
Promoter pledge of share
Any update on this ?
Why does Tarun Dua and LnT shareholding came down in Mar-25 ? Any idea?
Companies nowadays issue ESOPs. When the ESOPs vest and the shares are reflected in the demat account, the total number of outstanding shares increases. Since the number of shares held by existing shareholders remains the same, their percentage shareholding decreases. As a result, not just the promoter shareholding, but also the DII and FII shareholding appears to reduce proportionately.
4 Likes
I am fairly new to this company, so please bear with me.
I am still trying to get my head around the MRR projections from the Q4FY2025 earnings call. From 11 cr at the end of FY25, to 35-40 cr at the end of FY26… I have seen my share of bullish predictions from promoters/management, but is this sort of revenue scale up actually feasible?
Now, I do realize that 11cr is a trough, as MRR peaked at 16.5 cr or so in the middle of FY25. But is it really reasonable for it to drop by a third, quite abruptly, and then more than triple over the span of a single financial year?
I would really like some insights about how this company approaches business development (essentially sales and marketing), as well as the total addressable market that actually exists. As I feel that a robust business development process is the secret sauce that can really turbocharge revenue potential for B2B companies.
- How is the business development team structured?
- How are leads being generated (inbound, references, conferences/industry events, cold calling, digital marketing, channel partners (L&T maybe), etc.)?
- How are deals won (price, subject matter expertise, references, speed of implementation, platform capabilities, customizability, etc.)?
Also, does E2E Networks act as a “starter cloud platform” - where smaller companies are ready to sign up due to lower costs, and less added functionality, but then migrate to the Big Tech hyperscalers when they need that additional scale and functionality, with cost not being a concern at that point?
Or is E2E Networks able to retain larger clients who prefer its cloud offerings over those of Big Tech?
Uploaded a summary of my notes on E2E Networks as well below…
FY2026 - Notes - E2E Networks.pdf (1.3 MB)
Disclosure: No position as of now, but I am tracking the company
Disclosure Update: After a day’s worth of analysis, I became confident enough in the company to buy some shares. I have a very concentrated portfolio, and do not invest in more than 8 companies at any given time.
1 Like
Does E2E Networks have good SW engineering team. Cursory search in linkedin doesnot yield much support on this. No doubt the AI & compute space is touted as next big thing but it should be supported by HW & SW engineering strength to exceute and capitalise.
3 Likes
Has anybody here compared E2E with Coreweave in US? Coreweave is a hyperscaler that provides Nvidea GPUs with juiced up performance level. Almost all big foundation models are its client and Coreweave is like the super IPO story of the year.
Can we draw some parallel with E2E on their business model?
2 Likes
hi
my notes on coreweave
1.Timeline
2017 — CoreWeave founded by Michael Intrator, Brian Venturo, Brannin McBee, and Peter Salanki, initially focused on Ethereum mining with a fleet of GPUs.
– 2020 — Pivoted from crypto mining to GPU cloud infrastructure, targeting AI/ML workloads as Ethereum mining returns diminished.
– 2021–2022 — Early growth fueled by surging demand for GPUs in rendering, VFX, and later, generative AI. Nvidia begins strategic support.
– May 2023 — CoreWeave secures $421 million in Series B funding led by Magnetar Capital, with Nvidia participating; company valuation reportedly crosses $2 billion.
– July 2023 — Bloomberg reports CoreWeave arranged a massive $2.3 billion debt facility backed by Nvidia H100 GPUs — an unusual, high-profile financing move.
– August–September 2023 — Revenue surges as contracts with leading AI developers expand; speculation grows about an imminent IPO.
– October 2023 — Company confidentially files paperwork with the SEC for an IPO.
– January 2024 — CoreWeave completes new funding at a ~$19 billion valuation; discussions with major underwriters for an IPO accelerate.
– March–April 2024 — Drafts of the S-1 registration statement circulate among investors; media coverage highlights Microsoft and OpenAI as major customers, with concerns about revenue concentration.
– May 14, 2024 — CoreWeave officially lists on the Nasdaq under ticker CRWV, pricing shares at $95, raising ~$7 billion; IPO valued the company at ~$23 billion on day one.
– May–June 2024 — CoreWeave’s stock surges, driven by AI market enthusiasm and heavy retail/institutional demand. Market cap crosses $60 billion within the first month of trading.
– Q2 2025 — Latest filings show revenue run rate exceeding $1.9 billion, but net losses remain substantial due to massive capex on GPUs/data centers.
– June 2025 — CoreWeave’s market cap reaches ~$76.8 billion, making it one of the largest pure-play GPU cloud providers publicly traded.Fresh leverage keeps expansion humming but lifts net debt >US$13 bn.
- CoreWeave is also dependent on Nvidia’s chips for its business and Microsoft (MSFT) for a large portion of its sales. Microsoft represents CoreWeave’s biggest client, accounting for 62% of its $1.9 billion in revenue last year, according to its prospectus
- The company said it faces stiff competition as well. “The market for AI cloud infrastructure and software is intensely competitive and is rapidly evolving, characterized by changes in technology, customer requirements, industry standards, regulatory developments, and frequent introductions of new or improved solutions and services,” it said.
8 Likes
There are some parallels.
- Both have a large cap investor - Coreweave has Nvidia and E2E has L&T
- Both have significant (or will have) business from their investor - Nvidia makes up around 15% of their revenues while L&T should make up a significant amount of their revenue as well.
However, there are some significant differences as well
- Coreweave has a huge customer in MSFT - 60% of their business comes from MSFT. E2E does not have an equivalent customer (an equivalent in Indian IT space would probably be signing Infosys or TCS as a customer)
- Nvidia is also a supplier for Coreweave - the implication here being that Coreweave would have an easier time getting new cutting edge Nvidia chips as Nvidia is their investor. This might make them more attractive to customers who want unrestricted supply of cutting edge chips from Nvidia as soon as they are released.
- Nvidia also seems willing to infuse considerable amount of cash into Coreweave, allowing them to focus on building capacity at the expense of profits (close to $1B losses). It doesn’t seem likely that E2E will have the luxury of running an unprofitable business for years as L&T does not seem willing to do that.
12 Likes
InCred EquitiesResearch Report 03/07/2025: https://research.incredresearch.com/Company/Index/327?ReportId=4004
Dalal & Broacha Research Report on E2E 02/06/2025: https://www.dalalbroacha.com/ClientPortal/Reports/Research/9ba6c862-bb3d-4dff-9907-f3cf09734a44.pdf
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Insanely lower price compared to Cloud giants. What’s the secret sauce behind? Could we expect some price play here with increasing margins?
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What about the redundancy, data security etc.. Most companies will have such issues and they will not go to small players who can not provide commitment on these and there Brands matters.. Companies might be using E2E for non critical applications/Tasks and mostly using AWS and AZURE for critical tasks.. you increase price you lose business to AWS and AZURE.. So E2E should focus on top line than margins..
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