ICICI Securities Maintains Buy Rating on Netweb Technologies India, Sets Price Target of Rs 4500

Netweb Technologies India Reports Robust Revenue Growth in Q4FY26

Netweb Technologies India, the sole end-to-end HCS play in the Indian listed space, has reported a significant revenue growth of 87% year-over-year (YoY) in Q4FY26. This growth is largely attributed to the traction in the HPC/ AI & EW segment, following the execution of a strategic order worth INR 1,084mn.

While the company's EBITDA margin was muted at 12.5% in Q4FY26, it was up 30 basis points (bps) compared to the previous quarter, primarily driven by higher volume execution from strategic orders. The PAT margin stood at 9.1%, which falls within the company's guided range of 9-10%.

Key highlights from the report include the continued strong growth in the company's top-3 strategic segments, a strong pipeline of INR 44.3bn, up 12% YoY, strong partnerships with suppliers, positive free cash flow, and robust organic growth of 60% YoY in Q4FY26. The execution of the IndiaAI mission led strategic order worth INR 5,588mn in FY26 was lower than the expected INR 7,227mn.

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The company's outlook remains positive, with the research firm maintaining a BUY rating and an unchanged one-year forward Price-to-Earnings (P/E) ratio of 56x. The target price has been rolled over to Mar'27, with a new target price of INR 4,500.