Order Book Or Contract Wins
Expected: Next 1-2 yearsHIGH confidence
What: Order Book: INR 1,514 Cr
“Order book at end of Q4: INR 1,514 Cr (1,329 Cr in Q3FY26; 1,019 Cr in Q4FY25)”
Tejas Networks Ltd: Stock Analysis & Fundamentals
Updated this weekTejas Networks Ltd (Telecom Services) — fundamental analysis, earnings data, and key metrics. ROE: -26.8%. This stock is not currently in the Nifty 500 momentum outperformers list.
Tejas Networks Ltd Key Facts
What's Happening
👔Promoter stake down 1.8% this quarter
🌐FII stake decreased 3.3% this quarter
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
Next 1-2 yearsHIGH
2. Management Or Ownership Change
April 15, 2026MEDIUM
3. Regulatory Approval Or License Win
FY25MEDIUM
Key Risks
1. Delay in BSNL 4G expansion order receipt and execution
HIGH2. Provisions for past service costs related to the new labor code
MEDIUM3. Net forex loss included in finance costs
LOWSector-Specific Signals
Order BookINR 1,514 Cr+49%
InventoryINR 2,438 Cr
Trade ReceivablesINR 3,258 Cr
Net DebtINR 3,531 Cr
Key Numbers
Current Price
₹514
Dividend Yield
0.49%
Market Cap
9.1K Cr
Valuation
N/AWhy Are Tejas Networks Ltd's Earnings Accelerating?
Based on Q4 FY26 earnings • Updated Apr 19, 2026
Management Or Ownership Change
Expected: April 15, 2026MEDIUM confidence
What: CEO Appointment: Arnob Roy
“Appointment of Mr. Arnob Roy currently the Executive Director & Chief Operating Officer, as the Managing Director & Chief Executive Officer”
Regulatory Approval Or License Win
Expected: FY25MEDIUM confidence
What: PLI Incentives: INR 467 Cr cumulative
Impact: INR 69.96 Cr in Q4
“Received Rs 69.96 crore in PLI incentives for FY25 with cumulative PLI incentives reaching Rs 467 crore for FY25”
Geographical Expansion
Expected: Coming monthsMEDIUM confidence
What: International Revenue Mix: 12%
“in the international markets, wherever we are engaging and wherever we are in commercial discussions, the prices are at a much different level”
New Product Or Brand Launch
Expected: Q4 FY26LOW confidence
What: DCI Product Launch: TJ1600-D3
“TJ1600-D3 launched and inaugurated by Hon. Minister of Communications, Shri Jyotiraditya Scindia, at MWC Barcelona”
What Are the Key Risks for Tejas Networks Ltd?
Earnings deceleration risks from management commentary
Delay in BSNL 4G expansion order receipt and execution
HIGHTrigger: Operational readiness and site preparation issues at BSNL.
Management view: Holding inventory to ensure rapid execution once the PO is received.
Monitor: regulatory
Provisions for past service costs related to the new labor code
MEDIUMTrigger: Notification of the new labor code affecting gratuity and compensated absences.
Impact: PAT impact: Included in other expenses
Management view: One-time provisioning completed.
Monitor: labor
Net forex loss included in finance costs
LOWTrigger: Currency fluctuations affecting international transactions.
Management view: Not explained on call
Monitor: fx
What Is Tejas Networks Ltd's Management Saying?
Key quotes from recent conference calls
“from what we hear is that those are still in the works and the expansion order will come to us at the appropriate time for BSNL. [Previous BSNL 4G Expansion PO guidance]”
“we were involved in some of the trials which were happening and those are moving towards commercial negotiations... expected in the coming weeks. [Initiative: International Wireless Expansion]”
“this particular order is for BharatNet Phase 3 and for all the routing products. I would say implementation period is over next two years. [Initiative: BharatNet Phase III Execution]”
“it is mainly to do with the operational readiness of BSNL for rolling out the network. They also had to be prepared with their sites [Risk (regulatory): HIGH]”
What Did Tejas Networks Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 333 Cr
YoY -82.5%QoQ +8.5%
Why: Revenue was driven largely by the sale of wireline products to Indian private operators and international customers.
Revenue shows a slight sequential recovery but remains significantly lower than the prior year's BSNL-driven peak.
EBITDA
INR -219 Cr
Margin -65.8%
Why: The loss includes provisions for warranty expenses amounting to 39.3 Cr based on potential fault rates and repair requirements.
EBIT remains deeply negative due to high R&D amortization and one-off warranty provisions.
PAT
INR -211 Cr
Why: The loss was primarily due to high operating expenses and warranty provisions despite a slight sequential revenue increase.
The company reported a net loss for the fourth consecutive quarter.
Other Highlights
• Order book grew 49% YoY to INR 1,514 Cr
• Received INR 69.96 Cr in PLI incentives for FY25
• Cash position stood at INR 505 Cr at end of Q4
What Sector Metrics Matter for Tejas Networks Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Book
INR 1,514 Cr
YoY +49%QoQ +14%
Why: Growth driven by BharatNet Phase III wins and international orders.
Inventory
INR 2,438 Cr
QoQ +3%
Why: Inventory held in anticipation of the BSNL 4G expansion order.
Trade Receivables
INR 3,258 Cr
QoQ -0.8%
Why: Slight improvement in collections during the quarter.
Net Debt
INR 3,531 Cr
QoQ +5.4%
Why: Increase in gross debt to INR 4,035 Cr partially offset by cash.
Cumulative Patents Filed
676
QoQ +63
Why: Continued R&D focus on 5G-Advanced and 6G technologies.
PLI Incentives Received (FY25)
INR 467 Cr
Why: Cumulative incentives received for meeting manufacturing targets.
India Revenue %
88%
QoQ +300 bps
Why: Driven by wireline sales to private operators and BharatNet shipments.
Warranty Provision
INR 39.3 Cr
QoQ +63.7%
Why: Determined based on potential fault rates and anticipated claims.
What Is Tejas Networks Ltd's Management Guidance?
Forward-looking targets from management
Management Tone: CAUTIOUS
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: Tejas Networks Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Tejas Networks Ltd's latest quarterly results?
Tejas Networks Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: -193.1%
- Revenue Growth YoY: -82.5%
- Operating Margin: -36.0%
What is Tejas Networks Ltd's price-to-book ratio?
Tejas Networks Ltd's price-to-book ratio is 3.1x.
- Price-to-Book (P/B): 3.1x
- Book Value per Share: ₹165
- Current Price: ₹514
Is Tejas Networks Ltd a fundamentally strong company?
Tejas Networks Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): -15.0%
Is Tejas Networks Ltd debt free?
Tejas Networks Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹4,000 Cr
What is Tejas Networks Ltd's return on equity (ROE) and ROCE?
Tejas Networks Ltd's return ratios over recent years
- FY2024: ROCE 4.0%
- FY2025: ROCE 15.0%
- FY2026: ROCE -15.0%
Is Tejas Networks Ltd's cash flow positive?
Tejas Networks Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹135 Cr
- Free Cash Flow (FCF): ₹-629 Cr
What is Tejas Networks Ltd's dividend yield?
Tejas Networks Ltd's current dividend yield is 0.49%.
- Dividend Yield: 0.49%
- Current Price: ₹514
Who holds Tejas Networks Ltd shares — promoters, FII, DII?
Tejas Networks Ltd's shareholding pattern (Mar 2026)
- Promoters: 53.4%
- FII (Foreign): 5.3%
- DII (Domestic): 4.3%
- Public: 36.9%
Is promoter holding increasing or decreasing in Tejas Networks Ltd?
Tejas Networks Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 53.4% (Mar 2026)
- Previous Quarter: 53.5% (Dec 2025)
- Change: -0.06% (decreasing — worth monitoring)
Is Tejas Networks Ltd a new momentum entry or an established outperformer?
Tejas Networks Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Tejas Networks Ltd?
Tejas Networks Ltd has 5 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Wins in BharatNet Phase III and international 4G/5G RAN projects are building the pipeline.
- Management Or Ownership Change — The company has appointed a new MD & CEO and CFO to lead the next phase of growth.
- Regulatory Approval Or License Win — The company continues to receive cash inflows from the government's PLI scheme for telecom manufacturing.
- Geographical Expansion — Management is targeting international markets to improve margins and reduce dependence on BSNL.
What are the key risks in Tejas Networks Ltd?
Tejas Networks Ltd has 3 key risks worth monitoring
- [HIGH] Delay in BSNL 4G expansion order receipt and execution — Operational readiness and site preparation issues at BSNL.
- [MEDIUM] Provisions for past service costs related to the new labor code — Notification of the new labor code affecting gratuity and compensated absences.
- [LOW] Net forex loss included in finance costs — Currency fluctuations affecting international transactions.
What did Tejas Networks Ltd's management say in the latest earnings call?
In Q4 FY26, Tejas Networks Ltd's management highlighted
- "from what we hear is that those are still in the works and the expansion order will come to us at the appropriate time for BSNL. [Previous BSNL 4G Ex..."
- "we were involved in some of the trials which were happening and those are moving towards commercial negotiations... expected in the coming weeks. [In..."
- "this particular order is for BharatNet Phase 3 and for all the routing products. I would say implementation period is over next two years. [Initiativ..."
What is Tejas Networks Ltd's management guidance for growth?
Tejas Networks Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Management tone: cautious
What sector-specific metrics matter most for Tejas Networks Ltd?
Tejas Networks Ltd's most important sub-sector-specific KPIs from the latest concall
- Order Book: INR 1,514 Cr (YoY +49%) (QoQ +14%) — Growth driven by BharatNet Phase III wins and international orders.
- Inventory: INR 2,438 Cr (QoQ +3%) — Inventory held in anticipation of the BSNL 4G expansion order.
- Trade Receivables: INR 3,258 Cr (QoQ -0.8%) — Slight improvement in collections during the quarter.
- Net Debt: INR 3,531 Cr (QoQ +5.4%) — Increase in gross debt to INR 4,035 Cr partially offset by cash.
- Cumulative Patents Filed: 676 (QoQ +63) — Continued R&D focus on 5G-Advanced and 6G technologies.
- PLI Incentives Received (FY25): INR 467 Cr — Cumulative incentives received for meeting manufacturing targets.
Is Tejas Networks Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Tejas Networks Ltd may be worth studying
- Cash flow is positive — CFO ₹135 Cr
What is the investment thesis for Tejas Networks Ltd?
Tejas Networks Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Key risk: Delay in BSNL 4G expansion order receipt and execution
What is the future outlook for Tejas Networks Ltd?
Tejas Networks Ltd's forward outlook based on current data signals
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Delay in BSNL 4G expansion order receipt and execution
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.