Synopsis: This article breaks down how Netweb Technologies actually earns its revenue, moving beyond the AI buzz to examine its core business segments. It explains the company’s evolution from supercomputing and private cloud solutions to an AI-led revenue model, highlighting where growth is coming from and how diversified its earnings really are.
An Indian technology stock has quietly moved from the margins of the market to the centre of the AI conversation, drawing investor attention on the back of sharp price moves and rising expectations around artificial intelligence infrastructure.
While the narrative largely revolves around AI, GPUs, and future potential, the real story lies in understanding where the company’s money actually comes from and how diversified that revenue base truly is. So beyond the buzzwords and valuations, how does India’s favourite AI stock actually earn its revenue?
Netweb Technologies is one of India’s leading players in high-end computing solutions, operating across the entire value chain from design and development to manufacturing and system integration. Netweb caters to organisations with complex and computation-heavy requirements, ranging from enterprises and academic institutions to public sector units, defence establishments, and research bodies.
Founded in 1999, Netweb is led by its Chairman and Managing Director, Mr. Sanjay Lodha, and has built its business around a customer-centric approach focused on customised solutions rather than off-the-shelf hardware. The company operates a manufacturing facility in the Delhi-NCR region and has established a pan-India presence through 18 offices across the country. Netweb made its debut on the NSE and BSE in July 2023, and its shares are currently trading at around Rs. 3,145.15, translating into a market capitalization of approximately Rs. 17,818.49 crore.
What differentiates Netweb is its ability to offer a full-stack solution, combining compute, storage, and software capabilities to deliver integrated high-end computing systems. The company works closely with global technology leaders such as Nvidia, AMD, Intel, and Samsung, while also developing indigenous technologies to address India’s growing computational needs. Netweb is among a select group of original equipment manufacturers globally that design and manufacture AI GPU systems under an OEM partnership with NVIDIA.
In line with the Government of India’s ‘Make in India’ initiative, the company is also one of the few domestic OEMs to consistently receive production-linked incentive benefits under the IT Hardware Policy, reinforcing its position as a strategic domestic manufacturer in the high-end computing space.
What Does The Company Offer?
High Performance Computing Systems
Netweb’s high performance computing business focuses on building customised supercomputing systems designed to handle extremely complex calculations at scale. These systems are not standard servers but purpose-built machines where the hardware architecture, software layer, and system design are tailored to the exact problem a customer is trying to solve.
Netweb also develops its own middleware, cluster management software, and automation tools that allow large computing clusters to function as a single, powerful system. The company has designed, developed, and deployed some of India’s most advanced supercomputers, including AIRAWAT, PARAM Ambar, and PARAM YUVA-II. It is also India’s only HPC original equipment manufacturer to have three supercomputers featured multiple times in the world’s Top 500 supercomputers list.
In simple terms, these HPC systems are used when a normal computer or server is not powerful enough. They are deployed for tasks such as climate modelling, drug discovery, space research, advanced simulations, and large-scale scientific or engineering calculations where millions of computations need to run simultaneously and results are required quickly.
Private Cloud and Hyperconverged Infrastructure (HCI)
Netweb’s private cloud and hyperconverged infrastructure offerings combine computing power, storage, and networking into a single, tightly integrated system. These solutions are built and sold under the company’s Tyrone Skylus brand and are designed to support hybrid and multi-cloud environments. The platform includes built-in virtualisation, cloud-native storage, unified cloud management tools, and scalable deployment features.
By eliminating the need for traditional third-party virtualisation software, the system simplifies infrastructure management while offering scalability, resilience, integrated disaster recovery, and data protection through multiple data copies, all controlled through a single dashboard.
Put simply, this segment helps organisations create their own private version of the cloud, similar to what public cloud providers offer, but hosted within their own data centres. It allows companies to store data, run applications, and scale computing resources securely without relying entirely on external cloud platforms, making it especially useful for businesses with sensitive data or regulatory constraints.
AI Systems
Netweb designs and manufactures advanced artificial intelligence systems in India under OEM partnerships with global technology leaders such as NVIDIA and AMD. These systems are built on the latest generation GPU architectures and are optimised for workloads such as machine learning, deep learning, generative AI, and large language models.
The company has installed more than 7,000 accelerator-based AI systems, including sovereign AI infrastructure and large-scale training platforms. Its AI systems support dynamic GPU allocation, come with pre-configured AI and machine learning frameworks, and feature dense GPU architectures with advanced cooling solutions such as liquid cooling for high-performance and energy-efficient operations.
In everyday terms, these AI systems are the heavy-duty engines that power artificial intelligence. They are used to train and run AI models that can analyse massive datasets, generate content, recognise patterns, or make predictions, tasks that would be impossible or painfully slow on regular computers or basic servers.
Data Centre Servers
Netweb’s data centre servers are designed to handle critical and workload-intensive applications while reducing operational complexity. These servers offer high built-in storage capacity, support a wide range of accelerators, and are built with a cyber-secure architecture. They are engineered to maximise performance while consuming less rack space, making them suitable for modern data centres that need to balance power, space, and efficiency.
Simply put, these servers form the backbone of a data centre. They are the machines that store data, run applications, and support business operations around the clock, ensuring reliability, security, and consistent performance for organisations with demanding computing needs.
High Performance Storage (HPS / Enterprise Storage) Solutions
Netweb provides high performance storage solutions that act as centralised repositories for business-critical data. These systems support unified and parallel file storage architectures and are designed to deliver high input-output performance while scaling to extremely large capacities, even up to exabyte levels. The storage solutions enable data sharing across multiple systems while ensuring data protection and reliability.
At a basic level, this segment focuses on where data lives. It ensures that huge volumes of information can be stored safely, accessed quickly, and shared across different systems without delays, which is crucial for applications such as AI training, research, analytics, and large enterprise workloads.
Software and Services for HCS Offerings
Alongside hardware, Netweb offers software and services that support its high-end computing solutions. This includes cloud-managed services covering partial or complete management of a client’s cloud infrastructure, from migration and deployment to ongoing maintenance and optimisation. The company also provides design and deployment services, as well as AI, machine learning, and deep learning offered as a service.
In simple terms, this part of the business helps customers use their systems effectively without needing deep in-house expertise. Netweb not only sets up the infrastructure but can also manage, fine-tune, and optimise it, allowing clients to focus on their core work while the underlying technology runs smoothly in the background.
How Much Do They Make?
Revenue by Business Segment
Netweb’s revenue profile clearly shows how the company has transitioned from being largely an HPC and private cloud player to becoming an AI-led high-end computing company. The high performance computing or supercomputing segment has grown sharply over the past few years, with revenue rising from Rs. 172.8 crore in FY23 to Rs. 405.5 crore in FY25. In the first nine months of FY26 alone, this segment generated Rs. 310.2 crore.
A similar trajectory is visible in the private cloud and hyperconverged infrastructure business. Revenue from this segment stood at Rs. 146.1 crore in FY23 and expanded to Rs. 402.7 crore by FY25. During the first nine months of FY26, private cloud and HCI solutions contributed Rs. 315.7 crore.
The most striking shift, however, has come from AI systems. This segment has emerged as the company’s largest revenue driver, growing from a relatively modest Rs. 30.9 crore in FY23 to Rs. 169.4 crore in FY25. In the first nine months of FY26, AI systems revenue surged to Rs. 670.4 crore, supported by the execution of a large strategic order worth Rs. 450.4 crore during the third quarter of FY26. This jump reflects how Netweb has moved quickly to capitalise on the accelerating demand for GPU-based AI infrastructure across sectors.
Other segments contribute smaller but steady streams of revenue. High-performance storage solutions generated Rs. 30.8 crore in FY23, Rs. 27.5 crore in FY25, and Rs. 21.3 crore during the first nine months of FY26, indicating a relatively stable but non-core role in the overall mix. Data centre servers recorded revenue of Rs. 28.3 crore in FY23, increased to Rs. 37.3 crore in FY25, and stood at Rs. 18.4 crore in 9M FY26.
Meanwhile, software and services linked to high-end computing solutions have shown meaningful expansion, with revenue rising from Rs. 9.5 crore in FY23 to Rs. 45.5 crore in FY25 and reaching Rs. 41.4 crore in the first nine months of FY26, reflecting the company’s growing focus on lifecycle services and managed offerings.
Current Revenue Mix
The revenue composition for the first nine months of FY26 highlights how AI has become central to Netweb’s business model. AI systems accounted for 48 percent of total revenue during this period, making it the single largest contributor. Supercomputing and HPC systems contributed 22 percent, while private cloud and HCI solutions also made up 22 percent of revenue.
High performance storage solutions contributed 2 percent, data centre servers accounted for 1 percent, and software and services formed 3 percent of revenue, with the remaining 2 percent coming from spares and other items. This mix clearly shows that while Netweb continues to maintain a diversified product base, growth is increasingly being driven by AI-led infrastructure.
Customer Base and Industry Presence
Netweb serves a wide range of customers across education, research, enterprise, and government segments. Its clients include leading academic and research institutions such as IIT Kanpur, IIT Delhi, IIIT Naya Raipur, IISER Pune, and the Centre for Development of Advanced Computing. In the IT and IT-enabled services space, the company works with names like Zoho, Infosys, Yotta, and E2E Cloud.
It also has a strong presence in strategic sectors such as space and defence, with customers including ISRO, the Ministry of Defence, and the Indian Army, while other clients include organisations such as NPCI, Aadhaar, Graviton Research Capital, and Securities Research.
The management has built long-standing relationships with several marquee customers, including IITs, ISRO, RailTel, the University of Delhi, Infosys, Yotta, Zoho, and Tata Consultancy Services. The customer base is geographically diversified, and the company also benefits from being a recipient of the Government of India’s production-linked incentive scheme, which supports domestic manufacturing under the Make in India initiative.
Overall, Netweb’s journey shows a clear shift from being a niche supercomputing and private cloud player to becoming a company where AI infrastructure drives the bulk of growth. This change is backed by actual execution, with AI systems now contributing the largest share of revenue, supported by strong demand from enterprises, research institutions, and government bodies.
Its ability to deliver customised, full-stack solutions, combined with OEM partnerships and domestic manufacturing, gives it a solid footing beyond just an AI narrative. While expectations remain high, the current revenue mix suggests that Netweb’s growth is being powered by real deployments and customer spending, not just market excitement.
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