E2E Networks has scheduled its 17th Annual General Meeting for September 28, 2026, seeking shareholder approval for a ₹1,500 crore fundraise, significant director remuneration hikes, and a doubling of borrowing limits to ₹10,000 crore.

Board approval for fundraise

The board approved raising up to ₹1,500 crore through equity shares or other eligible securities via qualified institutions placement (QIP), rights issue, follow-on public offering (FPO), or other mechanisms. The previous enabling resolution passed in October 2025 has expired, necessitating this fresh approval to support capital expenditure, debt repayment, working capital, and acquisitions.

Annual General Meeting details

The 17th AGM will be held on Monday, September 28, 2026, at 11:30 am through Video Conferencing or Other Audio Visual Means (VC/OAVM). Remote e-voting is available from Friday, September 25, 2026, at 9:00 am to Sunday, September 27, 2026, at 5:00 pm. Voting rights are based on shareholding as of the cut-off date, Monday, September 21, 2026.

Director remuneration revisions

Shareholders will vote on special resolutions to revise the remuneration of key managerial personnel, effective September 1, 2026, to March 31, 2029:

• Mr. Tarun Dua (Managing Director): Remuneration ceiling doubled from ₹1.25 crore to ₹2.50 crore per annum.
• Ms. Srishti Baweja (Whole Time Director): Remuneration increased from ₹1.25 crore to ₹1.50 crore per annum.
• Ms. Megha Raheja (Whole Time Director): Remuneration term modified at ₹70 lakh per annum.

Additionally, the company seeks approval to waive the recovery of excess managerial remuneration aggregating ₹3.19 crore paid in FY26. This waiver is due to the absence of profits in FY26, primarily attributed to substantial non-cash depreciation charges despite operational revenues.

Borrowing powers and asset mortgage

The company proposes increasing its borrowing limit from ₹5,000 crore to ₹10,000 crore over and above paid-up capital and free reserves. Correspondingly, shareholders will be asked to approve the creation of mortgages, charges, or hypothecation on company assets to secure loans up to the same ₹10,000 crore limit.

Related party transaction with L&T

A material modification to the existing co-location agreement with Larsen & Toubro Limited (L&T) is being sought. The annual transaction limit under the co-location agreement will increase from ₹30 crore to ₹100 crore. No modifications are proposed for the existing reseller or software licence agreements with L&T.

Electronic dispatch of AGM notice

The AGM notice and Annual Report for FY26 will be dispatched electronically only to shareholders with registered email addresses as of August 28, 2026. Shareholders without registered emails have been requested to update their details via newspaper advertisements published on September 1, 2026. The company also reminded physical security holders to update KYC details pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024.

E2E Networks reported a 49.78% year-on-year increase in revenue for the financial year ended March 31, 2026. The company recorded a net loss of ₹155.66 crore for FY26, a shift from the profit of ₹474.94 crore in the previous year.

The decline in profitability was driven by a significant rise in depreciation expenses as the company scaled its infrastructure. EBITDA grew by 30.63% to ₹1,262.62 crore during the period.

Financial Performance

Revenue from operations reached ₹2,455.80 crore in FY26, up from ₹1,639.61 crore in FY25. Total expenditure, excluding finance costs and depreciation, increased by 77.29% to ₹1,193.18 crore, reflecting higher resource deployment and capacity expansion.

Depreciation surged by 181.69% to ₹1,692.27 crore, primarily due to the capitalization of new technology infrastructure and GPU assets. Finance costs saw a marginal decrease of 7.40% to ₹122.41 crore.

What the Numbers Show

The divergence between operational cash generation and reported profit highlights the capital-intensive nature of the company's growth strategy. While EBITDA grew steadily, depreciation expenses consumed 134.4% of the revenue figure, leading to the net loss. This indicates that the company is prioritizing long-term capacity building over short-term bottom-line reporting.

Strategic Developments

The company expanded its live GPU fleet from approximately 3,900 units to over 5,100 units within the year. It also deployed NVIDIA's B200 clusters alongside H200 and H100 GPUs. Subsequent to the financial year end, E2E Networks listed its shares on the Bombay Stock Exchange (BSE) and incorporated a wholly owned subsidiary, Sovcloud Technologies Limited.

The Board did not recommend any dividend for FY26, opting to conserve financial resources for future growth investments. The company also raised funds through a Qualified Institutions Placement (QIP) during the year.