Key Financial Performance - Q2 FY27
Operational Revenue: ₹2,238 Million, representing 410.8% year-over-year growth from Q2 FY26 (₹438 Mn) and 42.7% quarter-over-quarter growth from Q1 FY27 (₹1,568 Mn).
EBITDA: ₹1,715 Million with EBITDA margin of 76.6%, showing 852.5% YoY growth from Q2 FY26 (₹180 Mn) and 45.4% QoQ growth from Q1 FY27 (₹1,179 Mn).
PAT: ₹727 Million with PAT margin of 32.5%, compared to loss of ₹135 Million in Q2 FY26 and profit of ₹439 Million in Q1 FY27, representing 640.1% improvement YoY and 65.7% growth QoQ.
Monthly Recurring Revenue (MRR): Exit MRR for September 2026 stood at ₹751 Million, compared to ₹718 Million in June 2026.
Earnings Per Share: Basic EPS of ₹3.54 and Diluted EPS of ₹3.48 for Q2 FY27.
Strategic Business Developments
Sovereign AI Contract: Entered into a binding term sheet worth approximately ₹1,000 Crore (excluding taxes) with an India-based Sovereign AI company for NVIDIA Blackwell cloud GPUs and allied services. The contract is valid up to June 2029, providing long-term visibility and transitioning deployed capacity from pay-as-you-go to longer-term commitment.
Leadership Appointments: Several key leadership additions:
- Anand Ganapathy joined as Chief Revenue Officer, bringing 27+ years of enterprise technology sales experience (ex-IBM, Dell)
- Abhishek Shindadkar joined as Head, Founder's Office, with 21+ years in technology research and capital markets
- Vinod Kumar joined as SVP, Field - CTO, with 20+ years in cloud infrastructure and enterprise technology
Platform Enhancements: Added VPC Connect for secure private networking across GPU instances, training clusters and inference endpoints. Introduced managed endpoints and model APIs with production-ready open-weight models and pay-per-token APIs for open-source models.
Infrastructure Upgrades: Deployed InfiniBand H200 clusters, serverless inference scaling, private VPC networking, Object Storage and shared filesystems.
Market Presence and Events
Participated in Global Fintech Fest 2026 in Mumbai, presenting India-hosted GPU cloud and AI platforms to banks, insurers and fintech stakeholders, engaging on AI, cloud infrastructure and scalable computing needs.
Operational Highlights
GPU Capacity: Currently has ~5,100 cloud GPUs live including 1,024 NVIDIA B200s, with nearly 3,000 Hopper GPUs deployed. Scaling Blackwell capacity further.
Platforms: Operating two in-house AI platforms - TIR (training, fine-tuning, RAG & model endpoints) and Jarvislabs.ai (developer-friendly GPU cloud since December 2025).
Engineering: Full stack, in-house development with 100+ engineers building compute, networking, orchestration & AI software.
Fundraising and Utilization
Total funds raised through preferential issues: ₹15,919.34 Million
- Q2 FY25: ₹4,056.56 Mn (utilized ₹3,555.05 Mn by FY26, ₹501.51 Mn by Q2 FY27)
- Q3 FY25: ₹10,792.78 Mn (utilized ₹10,021.98 Mn by FY26, ₹770.80 Mn by Q2 FY27)
- Q4 FY26: ₹1,070.00 Mn (utilized ₹27.61 Mn by FY26, ₹18.14 Mn by Q2 FY27, balance ₹1,024.25 Mn)
Balance Sheet Position (as of September 2026)
Total Assets: ₹26,407 Million
Property, Plant and Equipment: ₹14,857 Million
Current Financial Assets: ₹7,775 Million
Borrowings: ₹4,504 Million
Equity: ₹18,041 Million (Share Capital: ₹206 Mn + Other Equity: ₹17,835 Mn)
Capital Structure
FY26 included Capital Work in Progress (CWIP) of ₹5,334 Million for GPUs deployed in May 2026.
Forward-Looking Statements
The presentation contains forward-looking statements regarding future business prospects, growth strategy, AI infrastructure capacity expansion, cloud platform capabilities, subsidiary operations, financial performance, capital allocation, and industry outlook, subject to risks and uncertainties including economic conditions, demand for AI services, competitive dynamics, technology advancements, GPU availability and pricing, execution of expansion plans, customer adoption, regulatory developments, cybersecurity risks, and access to capital.