Netweb Technologies India Ltd has emerged as one of the standout beneficiaries of India's growing demand for artificial intelligence and high-end computing infrastructure.
Since its Rs 500 IPO price in 2023, the stock has delivered a multibagger return to its current market price, which is around Rs 5,280. So, if you had invested Rs 1 lakh back in 2023, that would have translated into a gain of roughly Rs 9.56 lakh, excluding dividends, taxes and transaction costs.
The company's financial performance between FY24 and FY26 shows what has supported the sharp rerating: a dramatic expansion in business scale, led increasingly by AI systems, high-performance computing, and private cloud & hyperconverged infrastructure.
Revenue More Than Triples In Two Years
Netweb's revenue from operations increased from Rs 724.08 crore in FY24 to Rs 2,183.56 crore in FY26, a rise of about 202%. Over the same period, profit after tax climbed from Rs 75.90 crore to Rs 205.82 crore, an increase of more than 171%.
Ebitda also expanded from Rs 114.42 crore to Rs 284.84 crore, while PBT rose from Rs 101.96 crore to Rs 276.52 crore.
Metric | FY24 | FY26 |
Revenue from operations | Rs 724.08 Cr | Rs 2,183.56 Cr |
Ebitda | Rs 114.42 Cr | Rs 284.84 Cr |
PAT | Rs 75.90 Cr | Rs 205.82 Cr |
Ebitda margin | 15.8% | 13.0% |
PAT margin | 10.48% | 9.3% |
The numbers also show that this multibagger journey is not driven by margin expansion. Instead, earnings growth has been driven by the company's ability to operate at a much larger scale, especially driven by AI systems becoming a major growth engine.
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AI Systems Become The Biggest Growth Engine
Netweb's AI Systems has been pivotal to the expansion of the company and its multibagger run as well.
AI Systems business revenue jumped 459.6% year-on-year to Rs 947.79 crore in FY26 from Rs 169.38 crore in FY25, increasing its contribution to revenue to 43.4% from 14.8%. It became the company's largest revenue contributor during the year.
The company's FY24 annual report reported Rs 79.9 crore of revenue from AI Systems and Enterprise Workstations. The segment therefore expanded dramatically as AI infrastructure demand accelerated, although the reporting classification should be kept in mind when comparing the two years directly.
HPC revenue also increased from Rs 262.4 crore in FY24 to Rs 530.75 crore in FY26, while Private Cloud & HCI revenue rose from Rs 264.4 crore to Rs 516.97 crore.
R&D, Manufacturing Scale And AI Demand
Netweb attributes its expansion to indigenous R&D, new product launches, and increased manufacturing capacity, allowing it to address demand for sovereign AI infrastructure and high-performance computing in India.
Over these years, the company launched multiple platforms including Skylus.ai, Tyrone Spark, and Tyrone CAMARERO GB200, while also introducing its ParallelStor VELOX storage platform. It also expanded its high-end computing portfolio through collaborations with NVIDIA, Intel, AMD, Samsung and Vertiv.
Customer stickiness has strengthened alongside this growth. Revenue from repeat customers reached 90.7% in FY26, compared with 69% in FY24. Netweb had 302 repeat customers associated with it for more than six years and added 131 new clients during FY26.
The company entered FY27 with an order book of Rs 2,097.6 crore and a pipeline of Rs 4,431.5 crore, providing visibility for future execution.
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