Solid Q1, GPU upside unproven; Sharon AI deal delayed

Revenue 133.66 Cr vs 124.87 Cr YoY; PAT 29.28 Cr showing operating leverage

Deal delayed from Oct 1 to late Q3/early Q4; no significant GPU revenue in Q1

Company plans deploy by Jan-Feb (mid-Q4), linked to RFS dates and facility completion

Domestic order book INR 3,000 Cr; international pipeline referenced but not quantified

Deal originally targeted Oct 1, now delayed to late Q3/early Q4. Expected revenue contribution moved back by 1-2 months.

FY27 capex target raised to INR 1,500 Cr (plus IPO proceeds + advances), vs. prior organic capex pace. Signal of aggressive expansion.

Swaraj Garuda (app performance) and Swaraj Jatayoo (DB monitoring) launched; converting R&D into revenue-generating products.

IaaS 51%, Managed Services 31%, SaaS 17.55%. SaaS has highest margin; Managed Services includes low-margin employees-on-contract work; IaaS margins improving with GPU scale.

Delayed ~month due to GreenSquare facility billing start. Targeting early Q3 or mid-Q3. Billing will start once implementation complete (~1 month after go-live).

3-year order book of INR 3,000 Cr. GPU revenue started but numbers 'not significant' in Q1. Big numbers from Q3 onwards as implementation accelerates.

Sharon leasing 8,200 B300 GPUs (B300 is latest advanced model). Industry standard $5-6/GPU/hour. Orders incoming; billing $30-30-30 (advance/customer/lending split). No full-year guidance, but numbers will accelerate Q3-Q4.

Conservative approach: secure customer first, then source capacity from partners/OEMs. Target block before price spike. Old GPUs (B200s) still appreciate post-deployment; CUDA framework ensures multi-year utility.

Q1 is seasonal low. Q3-Q4 historically stronger. As AI factories scale, seasonality will diminish; equal distribution expected across 12 months going forward.

No. Company policy is not to give forward guidance; disclose numbers only as they come each quarter.

7-year locked contract with discovery of rates already agreed. After 7 years, will renegotiate at market rates. Sharon AI is 'wonderful deal' and partner values relationship. Strong ecosystem (orders, lending, leasing) mitigates risk.

993 employees. Close to 100 more additions from this deal, but churn also expected; expect to 1,000 total by end of FY27. No capex subsidy. Plan: 30% IPO proceeds, 30% customer advance, 30% debt + 10% internal.

Facility delayed ~1 month; company targeting early/mid-Q3 ramp. Billing to start post-implementation.

Multi-year pipeline; execution dependent on capex completion and customer go-live timelines.

No quantified revenue or timeline; initial preference for international clients due to higher willingness to pay.

Achievable with operating leverage; depends on stable GPU sourcing and pricing.

Historical trend; as new AI products scale, mix improves margin profile.

Funded 30% IPO, 30% customer advance, 30% debt, 10% internal. Scaling aggressively; timing tied to customer requirements.

Single major customer (Sharon AI, undisclosed on call) represents INR 1,100-1,200 Cr advance and majority of GPUs. 7-year lock reduces renewal risk but creates exposure to single-customer execution.

Sharon AI facility delayed by ~1 month (Oct 1 target slipped to late Q3/early Q4). 1,500 GPU deployment by Q4 is aggressive. Any further slippage delays revenue.

GPU prices (NVIDIA B300, H100, etc.) are volatile and subject to geopolitical restrictions. Rising demand could inflate capex costs; pricing power may be limited if customer contracts are fixed-rate.

International pipeline (US, Europe, China) exposed to NVIDIA export restrictions and US-China trade tensions. Chinese demand for GPUs is rising but carries geopolitical risk.

Q1 is historically weak; Q3/Q4 are strong. As large GPU deals close in Q3/Q4, revenue will be lumpy. Earnings visibility is limited quarter-to-quarter.