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Netweb Technologies India Ltd

NETWEB

NSE

₹3,839.00-2.20%9 Nov 2026

Reports

Data Centre

Netweb Technologies India Ltd

NETWEB

NSE

₹3,839.00

-2.20%

9 Nov 2026

SOICxStockScans Reports

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Data Centre

21 indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Netweb Technologies India is India’s only homegrown, full-stack manufacturer of the high-end computers that power artificial intelligence, national supercomputing, and private cloud infrastructure - it designs the hardware, writes the middleware, and deploys the finished systems itself, rather than reselling someone else’s machines. Founded in 1999 in Faridabad and listed in 2023, the company spent two decades quietly building supercomputers for India’s research and defence establishments before a surge in AI orders in FY26 turned it into a direct beneficiary of the government’s sovereign-AI push. Its recurring approach is to own the full technology stack - from circuit board to cluster-management software - and to sell complete, integrated systems as capital purchases, deliberately refusing contract-manufacturing work that would dilute that focus.

Business segments

A single engine, organised around six product categories that together form a full-stack high-end computing portfolio - supercomputers, private cloud, AI systems, storage, servers, and switches - all designed, manufactured, and serviced in-house.

1. High-end computing systems: India’s sovereign compute factory

Netweb sells complete, integrated computing platforms - hardware plus proprietary software - for the country’s most demanding workloads, from AI training to national supercomputing, and it is the only Indian-owned company that does this end-to-end.

Full-stack ownership, not box-shifting - the company designs its own printed circuit boards, manufactures the servers and GPU systems in its own Faridabad plants, and layers on its own middleware (Tyrone Cluster Manager) and private-cloud software (Skylus), so the customer buys a working compute environment, not a collection of parts to integrate themselves.
Sovereign AI is the growth catalyst - the Government of India’s IndiaAI Mission and data-localisation rules require that sensitive compute infrastructure be built, owned, and operated inside the country, and Netweb is the only domestic OEM positioned to supply the full stack, which is why its AI systems segment jumped to 43.4% of revenue in FY26.
NVIDIA partnership provides the chip access - Netweb is one of a select group of global OEMs authorised to design and manufacture systems around NVIDIA’s latest GPU architectures, including the Grace Hopper Superchip and the upcoming Blackwell platform, giving it a product roadmap that stays current with the silicon that AI workloads demand.
Revenue is lumpy, project-based CAPEX - customers pay once for a complete system, not as a subscription; in FY26 a single strategic order worth INR5,588 million was executed, and the firm order book entering FY27 stood at roughly INR2,100 crores, reflecting the large, milestone-driven nature of the business.

Group structure and partners

A standalone public company with no subsidiaries, whose product roadmap is shaped by deep engineering partnerships with the world’s largest chip and infrastructure companies.

The company has no subsidiaries, joint ventures, or equity stakes in other entities - it is a single public limited company operating from three manufacturing plants and three R&D centres, all in India.
Its most critical relationship is the OEM partnership with NVIDIA, under which it designs and manufactures systems on the MGX modular architecture and has a roadmap to the Blackwell platform; it also collaborates with AMD on EPYC-based servers and with Intel on Xeon-based platforms.
In February 2026 it entered a strategic collaboration with Vertiv to co-engineer its GPU compute platforms with integrated liquid cooling and power infrastructure capable of handling rack densities above 200 kW, a prerequisite for dense AI data centres.
The Promoter Group held 18.10% of shares as of March 2026, and the board is led by Chairman and Managing Director Sanjay Lodha alongside three Whole-Time Directors from the founding family, all re-appointed for five-year terms through 2031.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹22,822Cr

Close Price

₹3,839.00

Industry

Data Centre

Price To Earnings

60.09

Price To Sales

6.13

Revenue

₹3,722Cr

Rev Gr TTM

Revenue Growth TTM

174.95%

PAT Gr TTM

PAT Growth TTM

172.56%

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	253	266	149	251	334	415	301	304	805	774	820	1,323
Growth YoY Revenue Growth YoY%	41.9	115.5	149.7	73.2	31.8	56.0	101.7	21.0	141.0	86.6	172.1	335.7
Expenses ExpensesCr	219	225	130	215	291	355	256	258	707	677	699	1,126
Operating Profit Operating ProfitCr	34	40	20	36	43	59	45	45	98	97	121	197
OPM OPM%	13.5	15.2	13.2	14.5	12.9	14.3	14.9	15.0	12.2	12.5	14.7	14.9
Other Income Other IncomeCr	5	4	4	2	2	3	1	1	7	10	8	13
Interest Expense Interest ExpenseCr	2	3	1	1	1	1	1	1	3	8	12	24
Depreciation DepreciationCr	2	2	2	3	3	3	3	3	4	4	3	4
PBT PBTCr	35	40	20	35	40	57	42	42	98	95	114	183
Tax TaxCr	9	10	5	9	10	15	11	11	25	24	29	46
PAT PATCr	26	30	15	26	30	43	30	31	73	71	85	137
Growth YoY PAT Growth YoY%	20.0	181.7	199.4	72.9	14.3	43.7	100.0	20.1	146.7	65.7	179.9	334.8
NPM NPM%	10.3	11.2	10.2	10.4	8.9	10.3	10.1	10.3	9.1	9.1	10.4	10.3
EPS EPS₹	4.8	5.4	2.7	4.6	5.3	7.5	5.4	5.5	12.9	12.4	15.0	23.5

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	253	266	149	251	334	415	301	304	805	774	820	1,323
Growth YoY Revenue Growth YoY%	41.9	115.5	149.7	73.2	31.8	56.0	101.7	21.0	141.0	86.6	172.1	335.7
Expenses ExpensesCr	219	225	130	215	291	355	256	258	707	677	699	1,126
Operating Profit Operating ProfitCr	34	40	20	36	43	59	45	45	98	97	121	197
OPM OPM%	13.5	15.2	13.2	14.5	12.9	14.3	14.9	15.0	12.2	12.5	14.7	14.9
Other Income Other IncomeCr	5	4	4	2	2	3	1	1	7	10	8	13
Interest Expense Interest ExpenseCr	2	3	1	1	1	1	1	1	3	8	12	24
Depreciation DepreciationCr	2	2	2	3	3	3	3	3	4	4	3	4
PBT PBTCr	35	40	20	35	40	57	42	42	98	95	114	183
Tax TaxCr	9	10	5	9	10	15	11	11	25	24	29	46
PAT PATCr	26	30	15	26	30	43	30	31	73	71	85	137
Growth YoY PAT Growth YoY%	20.0	181.7	199.4	72.9	14.3	43.7	100.0	20.1	146.7	65.7	179.9	334.8
NPM NPM%	10.3	11.2	10.2	10.4	8.9	10.3	10.1	10.3	9.1	9.1	10.4	10.3
EPS EPS₹	4.8	5.4	2.7	4.6	5.3	7.5	5.4	5.5	12.9	12.4	15.0	23.5

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	130	156	143	247	445	724	1,149	2,184	3,722
Growth Revenue Growth%		20.1	-8.5	73.0	80.1	62.7	58.7	90.0	174.9
Expenses ExpensesCr	123	148	128	212	375	622	990	1,899	3,209
Operating Profit Operating ProfitCr	7	8	14	35	70	103	159	285	512
OPM OPM%	5.1	5.2	10.1	14.0	15.7	14.2	13.8	13.0	13.8
Other Income Other IncomeCr	0	1	2	1	1	12	9	19	38
Interest Expense Interest ExpenseCr	2	3	3	4	4	6	4	13	46
Depreciation DepreciationCr	1	1	1	2	4	6	11	14	14
PBT PBTCr	4	5	11	30	63	102	153	277	490
Tax TaxCr	1	1	3	8	16	26	39	71	124
PAT PATCr	3	4	8	22	47	76	114	206	366
Growth PAT Growth%		45.7	110.7	172.8	109.0	61.7	49.9	80.9	172.6
NPM NPM%	2.1	2.5	5.8	9.1	10.6	10.5	9.9	9.4	9.8
EPS EPS₹	4.7	0.8	1.6	4.4	9.2	13.9	20.1	36.3	63.9

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	130	156	143	247	445	724	1,149	2,184	3,722
Growth Revenue Growth%		20.1	-8.5	73.0	80.1	62.7	58.7	90.0	174.9
Expenses ExpensesCr	123	148	128	212	375	622	990	1,899	3,209
Operating Profit Operating ProfitCr	7	8	14	35	70	103	159	285	512
OPM OPM%	5.1	5.2	10.1	14.0	15.7	14.2	13.8	13.0	13.8
Other Income Other IncomeCr	0	1	2	1	1	12	9	19	38
Interest Expense Interest ExpenseCr	2	3	3	4	4	6	4	13	46
Depreciation DepreciationCr	1	1	1	2	4	6	11	14	14
PBT PBTCr	4	5	11	30	63	102	153	277	490
Tax TaxCr	1	1	3	8	16	26	39	71	124
PAT PATCr	3	4	8	22	47	76	114	206	366
Growth PAT Growth%		45.7	110.7	172.8	109.0	61.7	49.9	80.9	172.6
NPM NPM%	2.1	2.5	5.8	9.1	10.6	10.5	9.9	9.4	9.8
EPS EPS₹	4.7	0.8	1.6	4.4	9.2	13.9	20.1	36.3	63.9

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	6	6	6	6	10	11	11	11	12
Reserves ReservesCr	5	8	16	39	83	411	518	712	2,092
Current Liabilities Current LiabilitiesCr	32	24	72	88	157	179	354	1,518	1,949
Non Current Liabilities Non Current LiabilitiesCr	8	13	17	16	15	11	9	14	13
Total Liabilities Total LiabilitiesCr	51	51	110	149	266	612	892	2,255	4,067
Current Assets Current AssetsCr	46	43	100	135	238	560	824	2,190	3,998
Non Current Assets Non Current AssetsCr	5	8	10	14	28	52	68	65	69
Total Assets Total AssetsCr	51	51	110	149	266	612	892	2,255	4,067

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	6	6	6	6	10	11	11	11	12
Reserves ReservesCr	5	8	16	39	83	411	518	712	2,092
Current Liabilities Current LiabilitiesCr	32	24	72	88	157	179	354	1,518	1,949
Non Current Liabilities Non Current LiabilitiesCr	8	13	17	16	15	11	9	14	13
Total Liabilities Total LiabilitiesCr	51	51	110	149	266	612	892	2,255	4,067
Current Assets Current AssetsCr	46	43	100	135	238	560	824	2,190	3,998
Non Current Assets Non Current AssetsCr	5	8	10	14	28	52	68	65	69
Total Assets Total AssetsCr	51	51	110	149	266	612	892	2,255	4,067

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	4	-10	5	27	18	-13	790
Investing Cash Flow Investing Cash FlowCr	-1	-3	-2	-5	-14	-145	112	-216
Financing Cash Flow Financing Cash FlowCr	-2	-1	12	0	-8	209	-18	240
Net Cash Flow Net Cash FlowCr	0	1	0	0	5	83	80	814
Free Cash Flow Free Cash FlowCr	3	3	-11	0	14	0	-36	779
CFO To PAT CFO To PAT%	114.3	112.6	-119.9	23.1	57.8	24.2	-11.6	383.8
CFO To EBITDA CFO To EBITDA%	46.5	54.5	-68.6	15.0	38.8	17.9	-8.3	277.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	4	-10	5	27	18	-13	790
Investing Cash Flow Investing Cash FlowCr	-1	-3	-2	-5	-14	-145	112	-216
Financing Cash Flow Financing Cash FlowCr	-2	-1	12	0	-8	209	-18	240
Net Cash Flow Net Cash FlowCr	0	1	0	0	5	83	80	814
Free Cash Flow Free Cash FlowCr	3	3	-11	0	14	0	-36	779
CFO To PAT CFO To PAT%	114.3	112.6	-119.9	23.1	57.8	24.2	-11.6	383.8
CFO To EBITDA CFO To EBITDA%	46.5	54.5	-68.6	15.0	38.8	17.9	-8.3	277.3

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						9,079	8,575	17,637	22,822
Price To Earnings Price To Earnings						119.6	75.4	85.7	60.1
Price To Sales Price To Sales						12.5	7.5	8.1	6.1
Price To Book Price To Book						21.5	16.2	24.4	10.8
EV To EBITDA EV To EBITDA						86.5	52.8	60.8	43.0
Profitability Ratios Profitability Ratios
GPM GPM%	18.9	17.3	24.7	24.1	26.8	24.6	22.1	19.8	19.8
OPM OPM%	5.1	5.2	10.1	14.0	15.7	14.2	13.8	13.0	13.8
NPM NPM%	2.1	2.5	5.8	9.1	10.6	10.5	9.9	9.4	9.8
ROCE ROCE%	27.5	27.5	27.6	43.0	51.9	25.0	29.3	28.8	22.1
ROE ROE%	25.4	28.6	37.7	50.6	50.1	17.9	21.5	28.5	17.4
ROA ROA%	5.3	7.7	7.5	15.1	17.6	12.4	12.8	9.1	9.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						9,079	8,575	17,637	22,822
Price To Earnings Price To Earnings						119.6	75.4	85.7	60.1
Price To Sales Price To Sales						12.5	7.5	8.1	6.1
Price To Book Price To Book						21.5	16.2	24.4	10.8
EV To EBITDA EV To EBITDA						86.5	52.8	60.8	43.0
Profitability Ratios Profitability Ratios
GPM GPM%	18.9	17.3	24.7	24.1	26.8	24.6	22.1	19.8	19.8
OPM OPM%	5.1	5.2	10.1	14.0	15.7	14.2	13.8	13.0	13.8
NPM NPM%	2.1	2.5	5.8	9.1	10.6	10.5	9.9	9.4	9.8
ROCE ROCE%	27.5	27.5	27.6	43.0	51.9	25.0	29.3	28.8	22.1
ROE ROE%	25.4	28.6	37.7	50.6	50.1	17.9	21.5	28.5	17.4
ROA ROA%	5.3	7.7	7.5	15.1	17.6	12.4	12.8	9.1	9.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Data Centre

	NETWEB	ANANTRAJ	BBOX	TECHNOE	E2E
Market CapitalizationMkt CapCr	22,822	16,178	14,470	11,010	10,083
Close PriceClose₹	3,839.00	449.55	814.75	946.70	490.50
IndustryIndustry	Data Centre	Data Centre	Data Centre	Data Centre	Data Centre
Price To EarningsPE	60.09	26.70	58.41	25.55	85.90
Price To SalesPS	6.13	6.27	2.17	3.28	41.06
RevenueRevenueCr	3,722	2,581	6,654	3,356	246
Revenue Growth TTMRev Gr TTM%	174.9%	12.3%	12.2%	38.7%
PAT Growth TTMPAT Gr TTM%	172.6%	21.2%	5.1%	-6.5%

	NETWEB	ANANTRAJ	BBOX	TECHNOE	E2E
Market CapitalizationMkt CapCr	22,822	16,178	14,470	11,010	10,083
Close PriceClose₹	3,839.00	449.55	814.75	946.70	490.50
IndustryIndustry	Data Centre	Data Centre	Data Centre	Data Centre	Data Centre
Price To EarningsPE	60.09	26.70	58.41	25.55	85.90
Price To SalesPS	6.13	6.27	2.17	3.28	41.06
RevenueRevenueCr	3,722	2,581	6,654	3,356	246
Revenue Growth TTMRev Gr TTM%	174.9%	12.3%	12.2%	38.7%
PAT Growth TTMPAT Gr TTM%	172.6%	21.2%	5.1%	-6.5%