Netweb Technologies India Limited (NETWEB)
Small CapIT stocks · Small cap · NSE
Netweb Technologies is India's leading OEM in High-end Computing Solutions (HCS), offering design, manufacturing, and deployment of HPC, private cloud, and AI systems. It is an NVIDIA OEM partner for AI GPU systems, aligning with 'Make in India' initiatives. Established in 1999, with facilities in Delhi NCR and 18 offices across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +172% YoY · PAT +183% YoY · +6% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹820 Cr | +172.4% | +5.9% |
| EBITDA | ₹121 Cr | +168.9% | +24.7% |
| Operating margin | 15.0% | +0 bps | +300 bps |
| PAT | ₹85 Cr | +183.3% | +19.7% |
| PAT margin | 10.4% | +40 bps | +120 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Netweb Technologies reported robust FY26 revenue growth of 90.0% YoY to ₹21,836 million, with Q4 FY26 revenue up 86.6% YoY to ₹7,737 million. PAT for FY26 grew 80.9% YoY to ₹2,058 million, driven by a 459.6% YoY surge in the AI Systems segment.
Netweb delivered strong FY26 results, driven by exceptional growth in AI Systems, now 43.4% of revenue. The company's OEM partnership with NVIDIA and 'Make in India' alignment position it well for sovereign AI infrastructure build-out. Sustained execution and a robust order pipeline support continued growth, though margin compression needs monitoring.
FY26 Revenue Breakdown by Offerings
Latest issuer-disclosed distribution across 7 reported categories.
AI Systems Segment
AI Systems segment grew 459.6% YoY in FY26, contributing 43.4% of total operating revenue.
High Performance Computing (HPC)
HPC segment revenue grew to ₹5,308 million in FY26 from ₹4,055 million in FY25.
Private Cloud & HCI
Private Cloud & HCI segment revenue grew to ₹5,170 million in FY26 from ₹4,027 million in FY25.
Sovereign AI Infrastructure
Government's clear focus on sovereign AI infrastructure, ensuring compute, data, and models are built, owned, and operated within India.
New Production Facility
Commissioned a new 15,000 Sq ft production facility for manufacturing & testing dense GPU AI systems.
NVIDIA Blackwell Platform Roadmap
Established a roadmap with NVIDIA to design and manufacture AI GPU systems based on the NVIDIA Blackwell platform.
On-prem Cloud & Data Center Demand
Explosion of on-prem cloud infrastructure across large enterprises and high data center demand in India.
'Make in India' & 'Make AI in India' Initiatives
Government of India's 'Make in India' policy and 'Make AI in India' initiatives.
Global Surge in Sovereign AI Infra
Unprecedented global surge in sovereign AI infrastructure demand.
IndiaAI Mission Outlay
GOI's ₹103,000 million outlay for the IndiaAI Mission to establish the sovereign AI ecosystem.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and the impact of strategic initiatives. QoQ comparison is relevant for tracking sequential execution momentum on large projects and short-term operational efficiency.
Supercomputers in World's Top 500
Company claims 15 times listed in the world's top 500 supercomputers.
Supercomputing Systems Installed
60+ Supercomputing systems installed.
Private Cloud & HCI Installations
600+ Private cloud & HCI installations.
Repeat Customers
UNDER_STRESS75.6% of FY26 revenue from repeat customers (FY25: 81.4%).
AI Systems as a Transformational Shift
Management states AI Systems' 459.6% YoY growth and 43.4% revenue contribution is a 'transformational shift' positioning Netweb at the center of India's AI infrastructure build-out.
Strategic National Imperative
Management views the build-out of indigenous AI compute as a 'strategic national imperative' tied to economic competitiveness, data security, and technological self-reliance.
Commitment to R&D and Manufacturing
Management is committed to investing in R&D, manufacturing depth, and talent to support India's AI ambitions.
Strong Topline Visibility
Company reports an Organic Order Book of ₹4,724 Mn, Strategic Big-Ticket Orders of ₹16,252 Mn, and a Pipeline of ₹44,315 Mn as of March 31, 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AI Systems Revenue Contribution | 43.4% of total operating revenue in FY26. | Sustained or increasing contribution, indicating continued market penetration and execution of strategic orders. |
| Adjusted Operating EBITDA Margin | 13.3% for FY26 (down 56 bps YoY). | Stabilization or improvement in margins, given the slight compression despite strong top-line growth. |
| Cash Conversion Cycle | 84 days in Mar'26 (up from 69 days in Dec'25). | Efficiency in working capital management, particularly receivable and inventory days, to avoid cash flow strain. |
| Net Debt/Equity | (0.12) in Mar'26 (Net Cash position). | Maintenance of a healthy balance sheet and efficient use of capital for growth initiatives without significant leverage increase. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
62BullishSMA20 +17.2% / mo · MACD − · near 52W high
Technical chart
NETWEBdaily · 1Y · AUTO+59.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~14.7% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 84% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 26.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -234.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 85th percentile within IT. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 67%. Key concern: Promoter holding fell 4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 85th pctile, median 69 · Small: 91st pctile, median 66
72 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67%.
- ▸Promoter pledge is zero.
- ▸ROCE is 37.5%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 118.00
- P/B
- 40.89
- EV/EBITDA
- 83.30
- Market Cap
- 30871.00Cr
Profitability
- ROE
- 32.80%
- ROCE
- 37.50%
- ROA
- 11.57%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 73.00%
- EPS 5Y
- 90.00%
- Revenue 3Y
- 70.00%
- EPS 3Y
- 64.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 15.65×
- Altman Z
- 8.28
- Book Value
- 127.00
Cash Flow
- FCF Yield
- 1.86%
- FCF Positive Y
- 4/5
- OCF
- 790.00 Cr
- EPS TTM
- 45.87
Shareholding
- Promoter Hold
- 66.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.