Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Netweb Technologies India Limited
NSE: NETWEBTechnologyComputer Hardware
- Last close
- ₹4,335.80
- Day change
- −₹257.10 (−5.60%)vs
- Market cap
- ₹25,775 crIndian rupees
- Research updated
- 3 reports
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About Netweb Technologies India
Netweb Technologies India Ltd. is a prominent player in the technology sector, with a focus on delivering high-performance computing solutions. The company specializes in designing and manufacturing supercomputing infrastructure and enterprise computing systems, catering primarily to sectors such as research institutions, scientific applications, government agencies, and large enterprises. Their offerings include high-performance server platforms, data center solutions, and storage systems, crucial for data-intensive applications that demand optimal processing power and scalability. Netweb Technologies India Ltd. stands out in the market for its innovative approaches to enhancing computational capacities, often contributing significantly to advancements in scientific and industrial research. The company's technology facilitates faster data analysis and improved computational efficiency in industries ranging from meteorology to biotechnology. By addressing the growing need for advanced computing solutions, Netweb Technologies India Ltd. plays a critical role in supporting the digital transformation efforts across various sectors, helping organizations navigate complex data challenges and make informed decisions. Its products and services are pivotal in enhancing operational efficiencies and maintaining competitive advantages in an increasingly data-driven world.
- Sector
- Technology
- Industry
- Computer Hardware
- Listing
- NSE: NETWEB
- Employees
- 569
- Headquarters
- Faridabad, India
- ISIN
- INE0NT901020
- Website
- netwebindia.com
Public research · Report of
Business model & financial foundation
Netweb Technologies (NSE: NETWEB), High-end computing systems OEM: revenue of ₹2,184 crore in FY26 (+90.0% on FY25), an EBITDA margin of 13.0%, net profit of ₹205.8 crore and net cash of ₹317.7 crore.
- Revenue, FY26 (₹ crore)
- 2,184
- standalone
- Revenue growth, FY26
- +90.0%
- on FY25
- EBITDA margin, FY26
- 13.0%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 205.8
- to owners
- Return on equity, FY26
- 32.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -317.7
- Borrowings less cash and all other bank balances
- Market capitalisation (₹ crore)
- 25,775
- at the close of 24 Oct 2026
Company profile
Netweb designs, manufactures and deploys high-end computing solutions under the Tyrone brand: AI systems, HPC, private cloud/HCI, storage and data-centre servers. Customers span enterprise, cloud providers, government, defence and research. Domestic design and deployment differentiate the offering, but imported components and concentrated customers create funding and execution risk.
| Item | Value |
|---|---|
| Legal name | Netweb Technologies India Limited |
| Exchange and ticker | NSE: NETWEB; BSE: 543945 |
| ISIN | INE0NT901020 |
| CIN | L72100HR1999PLC103911 |
| Sector | Technology |
| Industry | High-end computing systems OEM |
| Headquarters | Faridabad, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S S Kothari Mehta & Co. LLP (since 2022-09-20) |
| Market capitalisation | ₹25,775 crore (24 Oct 2026) |
| Shares outstanding | 5.69 crore shares (FY26) |
| Price | ₹4,336 (close, 24 Oct 2026) |
| 52-week range | ₹2,920 - ₹5,813 (to 24 Oct 2026) |
| Website | https://www.netwebindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Netweb Foundation | 99% | Section 8 non-profit company |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 71.00% | 66.98% | 66.98% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 9.55% | 9.29% | 9.27% | |
| Domestic institutions | 3.30% | 4.68% | 5.91% | |
| of which mutual funds | 3.00% | 4.07% | 5.47% | |
| Retail | 15.29% | |||
| Other | 16.14% | 19.03% | 2.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Netweb is a standalone, design-led hardware OEM selling AI systems, high-performance computing (HPC), private cloud/HCI, storage and servers. It controls solution design, integration and deployment, but not imported GPU/memory cost or tender/delivery timing. The statutory segment is computer servers.
| Peer | Why the dossier compares them |
|---|---|
| E2E Networks (E2E) | AI infrastructure demand proxy; CSP rather than OEM |
| Kaynes Technology (KAYNES) | High-mix Indian electronics manufacturing |
| Dixon Technologies (DIXON) | IT hardware manufacturing scale and PLI exposure |
| Syrma SGS (SYRMA) | Indian electronics design/manufacturing |
| Black Box (BBOX) | Data-centre integration demand exposure |
| Data Patterns (DATAPATTNS) | Design-led domestic defence electronics |
| Supermicro | Global AI server OEM; NASDAQ SMCI |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 247.0 | 445.0 | 724.1 | 1,149 | 2,184 |
| Cost of revenue (vendor classification) * | 186.5 | 324.4 | 544.5 | 882.5 | 1,728 |
| Other operating costs (vendor classification) * | 10.5 | 20.0 | 25.5 | 43.1 | 70.7 |
| EBITDA (vendor classification) * | 34.7 | 70.4 | 114.3 | 167.7 | 290.6 |
| EBIT including other income | 33.1 | 67.0 | 108.2 | 157.1 | 289.5 |
| Finance costs | 2.85 | 4.07 | 6.21 | 4.09 | 13.0 |
| Profit before tax | 30.2 | 63.0 | 102.0 | 153.0 | 276.5 |
| Total P&L tax expense | 7.77 | 16.0 | 26.1 | 39.2 | 70.7 |
| Profit after tax (standalone) | 22.5 | 46.9 | 75.9 | 113.8 | 205.8 |
| Diluted EPS (₹) | 4.00 | 9.07 | 13.88 | 20.11 | 36.30 |
| Other income | 0.68 | 11.9 | 9.39 | 18.8 | |
| Cost of goods sold | 324.4 | 544.5 | 883.5 | 1,728 | |
| Employee benefits expense | 29.4 | 50.0 | 62.3 | 80.3 | |
| Other expenses | 21.2 | 27.0 | 44.1 | 90.1 | |
| Operating EBITDA excluding other income | 70.0 | 102.5 | 159.0 | 284.8 | |
| Depreciation and amortisation | 3.66 | 6.25 | 11.3 | 14.2 | |
| Exceptional items (net) | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to owners (standalone) | 46.9 | 75.9 | 113.8 | 205.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 44.4 | 93.7 | 422.3 | 529.2 | 723.3 |
| Borrowings excluding lease liabilities | 34.5 | 35.6 | 1.63 | 1.27 | 271.7 |
| Cash equivalents plus other bank balances | 2.03 | 7.09 | 221.6 | 179.5 | 589.4 |
| Trade receivables (net) | 78.5 | 152.4 | 183.8 | 361.5 | 670.0 |
| Inventories | 38.3 | 54.1 | 114.1 | 221.3 | 804.8 |
| Trade payables (MSME and other creditors) | 53.3 | 103.4 | 126.6 | 297.9 | 760.7 |
| Net property, plant and equipment * | 0.28 | 0.37 | 1.79 | 2.04 | 3.19 |
| Capital work in progress * | 0.52 | 2.44 | 3.20 | 6.93 | 1.93 |
| Total assets * | 148.6 | 266.0 | 612.5 | 893.4 | 2,255 |
| Borrowings less cash and all other bank balances | -220.0 | -178.3 | -317.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -3.17 | -14.9 | 18.4 | -13.2 | 171.5 |
| Free cash flow (vendor definition) * | -0.20 | 13.9 | -1.10 | -38.7 | 159.5 |
| Dividends paid (outflow negative) | -2.55 | -11.3 | -14.2 | ||
| PPE and intangible purchases (outflow negative) | -5.38 | -13.3 | -19.5 | -25.5 | -12.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued and fully paid shares at fiscal year-end | 5.61 | 5.61 | 5.46 | 5.67 | 5.69 |
| FY24-FY26 cumulative CFO / PAT (x) | 0.45x | ||||
| Receivable minus revenue growth (%) | 38.0% | -4.7% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 334.0 | 414.7 | 301.2 | 303.7 | 804.9 | 773.7 | 819.7 | 1,323 |
| Cost of revenue (vendor classification) * | 262.5 | 321.8 | 240.1 | 239.6 | 691.6 | 637.3 | 670.9 | |
| Other operating costs (vendor classification) * | 11.4 | -5.35 | 16.3 | 39.9 | 28.3 | |||
| EBITDA (vendor classification) * | 45.5 | 60.6 | 45.9 | 104.6 | 106.8 | 129.0 | ||
| EBIT including other income | 41.6 | 58.6 | 42.6 | 43.0 | 101.0 | 103.0 | 125.7 | |
| Finance costs | 1.47 | 1.19 | 0.98 | 0.93 | 2.89 | 8.15 | 11.5 | 23.8 |
| Profit before tax | 40.1 | 57.4 | 41.6 | 42.0 | 98.1 | 94.8 | 114.1 | 182.6 |
| Total P&L tax expense | 10.4 | 14.8 | 11.1 | 10.6 | 24.8 | 24.2 | 28.8 | 46.0 |
| Profit after tax (standalone) | 29.7 | 42.6 | 30.5 | 31.4 | 73.3 | 70.6 | 85.3 | 136.7 |
| Diluted EPS (₹) | 5.27 | 7.50 | 5.38 | 5.55 | 12.94 | 12.43 | 14.98 | 23.54 |
| Other income | 1.56 | 2.50 | 1.11 | 0.92 | 6.64 | 10.2 | 8.47 | 12.9 |
| Cost of goods sold | 263.3 | 322.3 | 224.0 | 220.3 | 668.1 | 615.8 | 646.2 | 1,058 |
| Employee benefits expense | 16.2 | 18.3 | 16.1 | 19.2 | 23.6 | 21.4 | 24.7 | 32.8 |
| Other expenses | 11.4 | 14.8 | 16.3 | 18.7 | 15.3 | 39.9 | 28.2 | 35.3 |
| Operating EBITDA excluding other income | 43.1 | 59.3 | 44.8 | 45.5 | 97.9 | 96.6 | 120.5 | 197.3 |
| Depreciation and amortisation | 3.10 | 3.18 | 3.32 | 3.43 | 3.62 | 3.83 | 3.33 | 3.71 |
| Exceptional items (net) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to owners (standalone) | 29.7 | 42.6 | 30.5 | 31.4 | 73.3 | 70.6 | 85.3 | |
| Basic EPS (₹) | 5.38 | 5.55 | 12.94 | 14.98 | 23.54 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 73.0% | 80.1% | 62.7% | 58.7% | 90.0% |
| EBITDA margin | 15.7% | 14.2% | 13.8% | 13.0% | |
| Net margin | 10.5% | 10.5% | 9.9% | 9.4% | |
| Return on equity | 68.0% | 29.4% | 23.9% | 32.9% | |
| Return on capital employed | 50.4% | 64.4% | 39.1% | 32.9% | 38.0% |
| Return on assets | 22.6% | 17.3% | 15.1% | 13.1% | |
| Net debt (₹ crore) | -220.0 | -178.3 | -317.7 | ||
| Net debt / EBITDA | -2.15x | -1.12x | -1.12x | ||
| Interest cover | 11.6x | 16.5x | 17.4x | 38.4x | 22.3x |
| Asset turnover | 1.91x | 2.15x | 1.65x | 1.53x | 1.39x |
| Receivable days | 116 | 125 | 93 | 115 | 112 |
| Inventory days (on revenue) | 57 | 44 | 58 | 70 | 135 |
| Payable days (on revenue) | 79 | 85 | 64 | 95 | 127 |
| Cash conversion | -0.32x | 0.24x | -0.12x | 0.83x | |
| Capex intensity | 2.2% | 3.0% | 2.7% | 2.2% | 0.5% |
| Free cash flow (₹ crore) | -8.55 | -28.1 | -1.10 | -38.7 | 159.5 |
| Dividend payout | 3.4% | 9.9% | 6.9% | ||
| EPS, diluted (₹) | 4.00 | 9.07 | 13.88 | 20.11 | 36.30 |
| Book value per share (₹) | 7.91 | 16.71 | 77.39 | 93.41 | 127.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash and all other bank balances; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Netweb Technologies India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Netweb Technologies India
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- Research report
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.