Designs and manufactures telecom networking gear — 5G/4G radios (including Massive MIMO), optical networking systems with 400G/800G wavelengths, routers, and GPON access products. India accounts for 88% of revenue, with BSNL as the flagship customer: the BSNL 4G/5G network is live across 100,000 sites, and the company is the largest router supplier to BharatNet Phase III by number of circles. FY26 revenue was INR 1,103 cr against an order book of INR 1,514 cr (up 49% YoY); Q1 FY27 revenue rose to INR 402 cr with the order book at INR 1,529 cr. Materials are the largest cost line at 74.4% of revenue, followed by other opex at 55.6%, employee cost at 36.7%, and depreciation at 36.5%. The company is now expanding internationally — an NEC partnership brought the first international 5G Massive MIMO radio order, alongside a first end-to-end 5G network win in South America and a DWDM expansion in Africa. 147 patents were filed in FY26, with 46 more in Q1 FY27 (cumulative 722). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. 5G/4G radio equipment (including Massive MIMO), Optical / DWDM networking, Routers, GPON OLTs (fibre access). Capex- and R&D-intensive telecom equipment manufacturer; product mix is project-driven and currently loss-making at the operating level.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 551 | 920 | 2,471 | 8,923 | 1,103 |
| EBITDA (ex other income) | (80) | 14 | 266 | 1,258 | (682) |
| margin % | (14.6) | 1.5 | 10.8 | 14.1 | (61.8) |
| Owners' profit | 0 | (36) | 0 | 0 | (909) |
| EPS, as reported (₹) | (5.97) | (2.46) | 3.71 | 25.75 | (51.35) |
| ROE % · ROCE % | (3.2) · (5.9) | (1.2) · (0.9) | 2.0 · 4.3 | 11.6 · 22.4 | (31.0) · (28.8) |
| Debt / equity (x) | 0.00 | 0.00 | 0.55 | 0.85 | 1.38 |
| Cash from operations | (17) | (380) | (2,036) | (491) | 135 |
| Capex | (31) | (46) | (151) | (324) | (175) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,811 | 2,642 | 1,907 | 202 | 262 | 307 | 333 | 402 |
| Profit before tax | 411 | 211 | (45) | (297) | (473) | (303) | (281) | (271) |
| Net profit | 275 | 166 | (72) | (194) | (307) | (197) | (211) | (202) |
| EPS (₹) | 16.06 | 9.44 | (4.08) | (10.99) | (17.38) | (11.09) | (11.90) | (11.37) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ITI LTD | 25,323 | 66.8 | 13.29 | 47.7 | 15.4 | 14.0 | (1.6) | 2.4 |
| TEJAS NETWORKS LIMITED ◆ | 10,030 | — | 3.42 | — | (31.0) | (37.1) | 15.9 | (22.7) |
| OPTIEMUS INFRACOM LTD | 5,035 | 68.7 | 6.13 | 43.0 | 8.0 | 7.0 | 57.7 | 4.7 |
| KAVVERI DFS & WIR TEC LTD | 417 | — | 3.73 | 277.3 | 1.1 | 1.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Trading Window closure for September 2026 quarter | compliance | minimal | — | — |
| 11 Sept 2026 · Tejas Networks allots 32,268 shares under ESOP and RSU plans | capital market events | low | — | — |
| 27 Aug 2026 · Tejas gets Rs 1,537 Cr LoI from TCS for BSNL 4G RAN equipment | business updates | high | — | — |
| 19 Aug 2026 · Tejas Networks allots 91,353 shares under ESOP and RSU plans | capital market events | low | — | — |
| 3 Aug 2026 · Tejas Networks Q1 FY27: Revenue INR402 cr, 20% QoQ, BSNL order awaited | investor communications | medium | — | — |
| 29 Jul 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 28 Jul 2026 · Audio recording of Q1 FY27 earnings call now available | investor communications | low | — | — |
| 27 Jul 2026 · Tejas Networks Q1 FY27 revenue up 21% QoQ at INR 402 Cr; PAT loss at INR -202 Cr | investor communications | medium | — | — |
| 27 Jul 2026 · Tejas Networks Q1 FY27: Revenue doubles YoY to Rs 402 Cr, losses persist | compliance | low | — | — |
| 27 Jul 2026 · Grant of 2,000 Restricted Stock Units to employees | general | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 10.2 |
| (77.3) |
| UMIYA BUILDCON LIMITED | 182 | 21.2 | 1.58 | 4.4 | 36.6 | 23.3 | — | 29.5 |
| TAMILNADU TELECOMMUNICATI | 42 | 2.3 | — | — | 7.7 | 8.5 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.4 | 4.3 | 9 of 21 | 60% |
| ROCE | (37.1) | 9.7 | 28 of 30 | 7% |
| ROE | (31.0) | 9.1 | 27 of 29 | 7% |
| Debt / Equity | 1.4 | 0.0 | 27 of 29 | 7% |
| EBITDA margin | (22.7) | 20.0 | 27 of 28 | 4% |
| Revenue growth | 99.1 | 9.6 | 4 of 29 | 89% |
| Profit growth | (4.3) | 36.6 | 23 of 28 | 19% |
| Market cap | 10030 | 1530 | 8 of 30 | 76% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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