Quarter summary

• Successful execution and pre-delivery of a major national-level AI compute infrastructure order, shifting AI systems contribution to 64% of quarterly revenue.
• Demonstrated supply chain resilience by mitigating global shortages in HBM and DRAM through proactive planning and deep technology partnerships.

Rationale

• Exceptional top-line performance with Q3 revenue of ₹8,049 million, representing 141% YoY and 165% QoQ growth, driven by a massive ₹4,504 million strategic AI execution.
• Unprecedented revenue visibility with a total order book of ₹22,594 million (₹5,258M organic + ₹17,336M strategic), which is significantly higher than the total 9M FY26 revenue of ₹14,099 million.

Quarter summary

• The company moved from being a mid-sized player to a major infrastructure partner for India's 'Sovereign AI' mission with landmark project wins.
• Successfully leveraged its NVIDIA OEM partnership to capture high-end compute demand, shifting the business mix toward high-growth AI and Private Cloud segments.

Rationale

• Transformational order book expansion: Secured two strategic orders worth INR 21,840 million to be executed by FY27, which is roughly double the company's trailing annual revenue run-rate.
• Exceptional growth and margin profile: H1 FY26 revenue grew 51.1% YoY to INR 6,049 million, significantly outperforming the stated 35-40% CAGR guidance, with EBITDA margins expanding to 14.9% (up from 14.1%).

Quarter summary

• Successful execution of a large, strategic AI order in the defense sector, highlighting the company's technical capability and 'sovereign AI' positioning.
• Strategic launch of Skylus.ai, a unified GPU orchestration platform, shifting the company toward appliance-based solutions and higher value-add software integration.

Rationale

• Exceptional top-line and bottom-line growth with revenue increasing 102% YoY (₹3,012 million) and PAT doubling to ₹305 million, demonstrating high-velocity execution.
• AI systems segment is accelerating rapidly, contributing 29% of revenue this quarter (up from 15% in FY25) with a 300% YoY growth rate, leading management to raise full-year AI mix guidance to 22%.

Quarter summary

• Transition towards an AI-first infrastructure provider evidenced by the launch of Skylus.ai and a 112% surge in AI-related revenues.
• Successful operational scaling through talent acquisition (total headcount up to 441) and the deployment of SAP S/4 HANA to streamline governance.

Rationale

• Exceptional growth execution with FY25 revenue increasing 58.7% YoY to ₹11,490.2 million and Q4 FY25 revenue up 55.9% YoY, showing no signs of scaling friction.
• Significant fundamental improvement in working capital and liquidity: Cash Conversion Cycle (CCC) reduced from 88 to 73 days QoQ, contributing to a net free cash position of ₹1,621.3 million and a zero net debt balance sheet.