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Tejas Networks Ltd

TEJASNET NSE

Key Fundamentals

MicrocapEquipment & AccessoriesTelecom
Market Cap
₹9,266 Cr
Volatility
Moderate
P/E Ratio
-10.1
EBITDA
₹-648 Cr
Return on Equity
-31.01%
Debt to Equity
1.43
Book Value
₹164.51
EPS
₹9.75
52W High
₹647
52W Low
₹294

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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51 extracted metrics + investor summaries across FY15–FY26.

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Technical Indicators

Key Insights

Weaknesses

4
  • Stock is trading at 3.17 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -4.01% over last 3 years.
  • Company has high debtors of 1,077 days.

Growth Rate

Revenue Growth
-87.33% ↘
Net Income Growth
-303.56% ↘
Cash Flow Change
127.50% ↗
ROE
-367.10% ↘
ROCE
-228.33% ↘
EBITDA Margin (Avg.)
-492.64% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk high

Tejas Networks (market cap ~₹9,323 Cr) is in a deep transition phase after completing its landmark ₹7,492 Cr BSNL 4G deployment across ~100,000 sites. FY26 revenue collapsed ~83% TTM as fresh BSNL orders were delayed, the order book shrank from a five-quarter average of ₹7,700 Cr to ₹1,019 Cr by year-end FY26, and the company reported widening quarterly losses of ₹211 Cr in Q4 FY26.

Bull Case 8
  • Tata Group backing provides balance sheet strength with ₹827 Cr cash on hand at end of FY26 and access to capital for bridging the revenue gap
  • Proven execution capability — deployed India's indigenous 4G/5G network across 100,000 BSNL sites in under two years, one of the fastest large-scale telecom rollouts globally
  • New ₹3,033 Cr BSNL Phase IX.2 order secured in July 2026 (jointly with ITI Ltd) signals resumption of government telecom spending
  • Order book recovery underway — grew 49% QoQ to ₹1,514 Cr by Q4 FY26 and further to ₹1,529 Cr in Q1 FY27, suggesting trough has passed
  • India is only the fifth country with a self-reliant indigenous telecom stack (4G and beyond), positioning Tejas as the sole domestic 5G equipment supplier for future government mandates
  • International expansion with 4G RAN order from a South Asian mobile network announced in March 2026 diversifies revenue beyond BSNL
  • 5-year compounded sales CAGR of 16% and 5-year stock CAGR of 15% show the underlying long-term growth trajectory prior to the current trough
  • Management guided 12-18 months to achieve positive bottom line, indicating a defined path back to profitability with visibility on upcoming orders
Bear Case 8
  • TTM revenue declined ~83% as quarterly revenue plunged from ₹1,907 Cr (Mar 2025) to just ₹307 Cr (Dec 2025) after BSNL project completion
  • Negative PE of -9.9x and ROE of -27% (last year) reflect current loss-making operations with no near-term profitability visibility
  • Extremely high debtor days of 1,077 days indicate severe collection challenges, tying up working capital and raising cash flow risk
  • Elevated net debt of ~₹2,300 Cr against borrowings of ₹3,269 Cr with low interest coverage ratio strains the balance sheet during the revenue drought
  • Heavy customer concentration — BSNL accounts for the vast majority of revenue; delays in a single order can collapse quarterly earnings as seen in FY26
  • Inventory pile of ₹2,363 Cr sitting on the balance sheet represents capital locked in equipment awaiting deployment, risking obsolescence
  • Trading at 3.09x book value despite negative earnings means the market is pricing in future recovery that may take longer than expected
  • 3-year ROE averaging -4% and compounded profit growth not meaningfully positive over 3, 5, or 10 years show chronic profitability challenges even before the current downturn

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
Headwinds 2
  • Net loss persists at ₹202 Cr Jul 28

    Despite revenue doubling, Tejas Networks posted a net loss of ₹202 crore in Q1FY27, weighed down by high finance costs and depreciation.

  • Heavy net debt of ₹4,277 Cr Jul 28

    The company carries a significant net debt burden of ₹4,277 crore, which contributes to elevated finance costs pressuring profitability.

Positives 2
  • Revenue doubles to ₹402 Cr Jul 28

    Tejas Networks delivered strong top-line growth in Q1FY27 with revenue doubling to ₹402 crore, supported by international 5G wins and domestic optical deliveries.

  • Order book rises to ₹1,529 Cr Jul 28

    The company maintains a robust order book of ₹1,529 crore, providing revenue visibility for upcoming quarters.

Neutral 3
  • Q1FY27 results filed and discussed Jul 28

    Tejas Networks published unaudited Q1FY26 results with board approval on July 27, 2026, and held its earnings call on July 28 at 11:00 AM IST.

  • 2,000 RSUs granted to staff Jul 27

    The board approved granting 2,000 Restricted Stock Units at face value of ₹10 each under the Tejas RSU Plan 2022 on July 27, 2026.

  • COO designated as SMP Jul 27

    Chief Operating Officer Preetham Uthaiah was designated as Senior Management Personnel effective July 27, 2026, for SEBI compliance.

TL;DR: Tejas Networks is delivering strong revenue growth with Q1FY27 revenue doubling to ₹402 crore and a healthy order book of ₹1,529 crore driven by 5G and optical wins. However, the company remains loss-making at ₹202 crore net loss and carries heavy debt of ₹4,277 crore. The top-line trend is clearly improving but the path to profitability hinges on scaling revenues further while managing finance costs.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
188
396
560
1,327
1,563
2,811
2,642
1,907
202
262
307
333
402
Expenses
234
383
567
1,018
1,333
2,277
2,271
1,785
338
556
441
451
503
Operating Profit
-46
13
-8
309
230
535
372
122
-136
-294
-134
-118
-100
OPM %
-24%
3.3%
-1.3%
23%
15%
19%
14%
6%
-67%
-112%
-44%
-36%
-25%
Other Income
19
18
15
12
13
11
14
8
10
6
8
10
9
Interest
5
7
8
31
57
61
63
71
75
84
72
72
85
Depreciation
34
42
48
58
65
74
111
103
96
101
104
101
94
PBT
-66
-18
-49
233
122
411
211
-45
-297
-473
-303
-281
-271
Tax %
-60%
-29%
-8%
37%
36%
33%
22%
59%
-35%
-35%
-35%
-25%
-25%
Net Profit
-26
-13
-45
147
77
275
166
-72
-194
-307
-197
-211
-202
EPS in Rs
-1.55
-0.74
-2.64
8.6
4.53
16.07
9.43
-4.07
-10.98
-17.36
-11.07
-11.89
-11.36
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
387
627
875
750
900
391
527
551
920
2,471
8,923
1,103
1,303
Expenses
319
514
711
597
704
478
473
631
906
2,205
7,665
1,785
1,950
Operating Profit
68
113
164
153
196
-87
53
-80
14
266
1,258
-682
-647
OPM %
18%
18%
19%
20%
22%
-22%
10%
-15%
1.5%
11%
14%
-62%
-50%
Other Income
10
4
-22
28
37
34
25
43
81
65
45
33
33
Interest
47
49
32
13
17
8
4
3
15
48
252
303
313
Depreciation
49
38
56
61
66
77
52
77
122
182
353
403
401
PBT
-18
29
54
106
150
-139
23
-117
-43
100
698
-1,354
-1,327
Tax %
0%
0%
-73%
0%
2%
71%
-67%
-46%
-15%
37%
36%
-33%
—
Net Profit
-18
29
93
107
147
-237
38
-63
-36
63
447
-909
-917
EPS in Rs
-3.07
4.59
13.15
11.73
16.05
-25.71
4.03
-5.47
-2.16
3.69
25.32
-51.14
-51.68
Div. Payout %
0%
0%
0%
0%
6%
0%
0%
0%
0%
0%
10%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
62
67
74
94
95
95
97
118
172
174
180
181
Reserves
206
294
519
1,058
1,225
985
1,038
1,812
2,801
2,976
3,667
2,750
Borrowings
314
259
281
2
1
28
22
20
50
1,884
3,407
4,177
Other Liabilities
146
219
160
175
264
132
156
160
579
3,169
3,209
2,295
Total Liabilities
728
838
1,034
1,330
1,585
1,241
1,312
2,110
3,602
8,203
10,462
9,403
Fixed Assets
51
94
92
75
99
79
111
138
647
961
1,147
1,130
CWIP
88
52
19
47
41
27
24
40
154
235
404
950
Investments
0
0
0
77
87
51
37
402
262
334
482
365
Other Assets
589
692
924
1,132
1,358
1,085
1,139
1,531
2,539
6,673
8,429
6,957
Total Assets
728
838
1,034
1,330
1,585
1,241
1,312
2,110
3,602
8,203
10,462
9,403
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
76
127
150
239
-82
1
158
-17
-380
-2,036
-491
135
Investing
-29
-50
-140
-213
-104
71
-167
-828
-581
430
-655
-761
Financing
-40
-41
-28
157
-11
-22
-3
839
999
1,713
1,286
397
Net Cash Flow
8
37
-18
183
-197
50
-13
-6
38
107
139
-229
Free Cash Flow
37
82
98
171
-162
-92
75
-135
-629
-2,445
-1,143
-749
CFO/OP
115
115
95
178
-29
-13
304
58
-2,788
-757
-31
-23
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
196
148
160
134
252
351
236
189
198
208
182
1,077
Inventory Days
405
238
129
179
143
452
290
327
421
861
132
1,160
Days Payable
252
205
77
98
129
134
125
131
196
424
66
227
Cash Conversion Cycle
349
181
212
215
266
669
401
384
423
645
248
2,010
Working Capital Days
318
51
74
256
304
580
385
552
491
206
56
211
ROCE %
5%
13%
16%
12%
13%
-11%
2%
-7%
-1%
4%
15%
-15%

Shareholding Pattern

As of Jun 2026
Promoters 53.33%
Public 27.89%
Others 8.92%
FIIs 5.82%
DIIs 4.04%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Nov 2021Dec 2021Mar 2022Apr 2022Jun 2022Sep 2022Dec 2022Feb 2023Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
0.00%
0.00%
0.00%
37.37%
37.32%
37.17%
52.45%
52.40%
52.20%
51.97%
56.38%
56.37%
55.97%
55.92%
55.80%
55.60%
55.50%
55.42%
54.01%
53.83%
53.73%
53.66%
53.46%
53.40%
53.33%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.11%
0.00%
11.34%
10.19%
9.58%
8.04%
7.08%
6.14%
6.24%
5.94%
5.29%
5.82%
DIIs
6.68%
6.66%
5.24%
5.26%
5.25%
5.21%
3.95%
3.99%
3.97%
4.20%
3.81%
3.98%
3.57%
4.03%
3.92%
4.76%
4.91%
4.76%
4.66%
4.85%
4.72%
4.79%
4.76%
4.32%
4.04%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
Public
23.22%
24.77%
21.42%
22.52%
22.26%
21.90%
16.11%
17.66%
17.43%
18.71%
16.98%
17.22%
18.07%
18.27%
18.21%
18.02%
18.89%
19.97%
21.65%
23.55%
26.78%
27.04%
27.99%
29.47%
27.89%
Others
70.09%
68.58%
73.34%
34.85%
35.17%
35.71%
27.49%
25.95%
26.40%
25.12%
22.82%
22.43%
22.39%
10.67%
22.07%
10.29%
10.51%
10.27%
11.63%
10.69%
8.62%
8.26%
7.85%
7.52%
8.92%
No. of Shareholders
49,354
56,777
9,721
95,500
96,198
1,03,525
1,03,890
1,37,973
1,35,082
1,47,455
1,47,455
1,45,872
1,40,497
1,63,545
1,67,205
1,72,998
1,79,924
2,08,988
2,61,433
3,02,354
3,45,757
3,48,432
3,47,584
3,80,284
3,44,573

Documents

Frequently Asked Questions about Tejas Networks Ltd

What does Tejas Networks Ltd do?
Incorporated in 2000,Tejas Networks Ltd designs and manufactures wireline and wireless networking products, with a focus on technology, innovation and R&D. TNL carrier-class products are used by telecom service providers, utilities, governments, and defence networks in 75+ countries...
Where is Tejas Networks Ltd (TEJASNET) listed?
Tejas Networks Ltd is listed on the Indian stock exchanges. It is listed on NSE: TEJASNET and BSE: 540595. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Tejas Networks Ltd belong to?
Tejas Networks Ltd operates in the Telecommunication sector within the Telecom - Equipment & Accessories industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Tejas Networks Ltd?
Tejas Networks Ltd has a market capitalisation of approximately ₹9266.03 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Tejas Networks Ltd?
The Price-to-Earnings (PE) ratio of Tejas Networks Ltd is -10.10. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Tejas Networks Ltd?
Over the past 52 weeks, Tejas Networks Ltd has traded between a low of ₹294 and a high of ₹647. This range helps investors understand the stock's price volatility and recent trading levels.
Does Tejas Networks Ltd pay dividends?
Yes, Tejas Networks Ltd has a dividend yield of 0.48%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Tejas Networks Ltd?
Tejas Networks Ltd has a Return on Equity (ROE) of -31.01%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Tejas Networks Ltd on Tapetide?
On Tapetide, you can view Tejas Networks Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2000,Tejas Networks Ltd designs and manufactures wireline and wireless networking products, with a focus on technology, innovation and R&D. TNL carrier-class products are used by telecom service providers, utilities, governments, and defence networks in 75+ countries. Company is currently a part of Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited).[1]

Website tejasnetworks.com
CEO Mr. Arnob Roy
Employees 2,370
Listed 2017-06-27
Face Value ₹ 10
Issued Size 17,74,48,958

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