NSE: TEJASNET · BSE: 540595
TEJAS NETWORKS LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TAMILNADU TELECOMMUNICATI | 41,188 | — | — | — | 7.7 | 8.5 | — | — |
| ITI LTD | 21,318 | 56.2 | 11.19 | 40.4 | 15.4 | 14.0 | (1.6) | 2.4 |
| TEJAS NETWORKS LIMITED ◆ | 7,468 | — | 2.55 | — | (31.0) | (37.1) | 15.9 | (22.7) |
| OPTIEMUS INFRACOM LTD | 6,529 | 89.1 | 7.94 | 55.0 | 8.0 | 7.0 | 57.7 | 4.7 |
| KAVVERI DFS & WIR TEC LTD | 502 | — | 4.49 | 335.6 | 1.1 | 1.1 | 10.2 | (77.3) |
| UMIYA BUILDCON LIMITED | 168 | 19.6 | 1.46 | 4.2 | 36.6 | 23.3 | — | 29.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.5 | 4.5 | 9 of 21 | 60% |
| ROCE | (37.1) | 10.2 | 25 of 27 | 8% |
| ROE | (31.0) | 12.9 | 20 of 21 | 5% |
| Debt / Equity | 1.4 | 0.3 | 19 of 21 | 10% |
| 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 | 7468 | 2310 | 10 of 30 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · ICRA reaffirms Tejas Networks credit ratings | credit debt | medium | — | — |
| 22 Oct 2026 · Q2 revenue and order book rise sharply on BSNL expansion | investor communications | medium | — | — |
| 17 Oct 2026 · Audio Recording of Q2 FY27 Earnings Call Available on Website | investor communications | low | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY26 unaudited financial results | compliance | minimal | — | — |
| 16 Oct 2026 · Tejas Networks Q2 FY27: Revenue 406 Cr, Order Book 2,315 Cr | investor communications | medium | — | — |
| 16 Oct 2026 · Tejas Networks Q2 FY27 revenue up 55 percent, losses narrow | compliance | low | — | — |
| 16 Oct 2026 · Q2 FY27 results: revenue up 55% YoY, losses continue to narrow | results | high | — | — |
| 16 Oct 2026 · Tejas Networks Q2 FY27 results: revenue up about 58 percent YoY, loss narrows | results | high | — | — |
| 12 Oct 2026 · Routine quarterly dematerialization certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 12 Oct 2026 · Tejas Networks board to meet on Oct 16 to consider Q2FY27 results | results | low | — | — |
How to read this document
| 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 | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.