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Research updated
Tejas Networks Ltd.
NSE: TEJASNETTechnologyCommunication Equipment
- Last close
- ₹407.30
- Day change
- −₹16.60 (−3.92%)vs
- Market cap
- ₹8,446 crIndian rupees
- Research updated
- 1 report
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About Tejas Networks
Tejas Networks Ltd. is a notable enterprise specializing in the design, development, manufacturing, and sale of high-performance telecommunication equipment. As a pivotal player in the telecom infrastructure sector, the company focuses on products such as optical transmission solutions, broadband access, and data networking equipment. Tejas Networks caters to telecom service providers, internet service providers, utilities, and defence networks, offering scalable and cost-effective communication solutions. Its products are crucial in facilitating efficient and robust network infrastructure, assisting in the seamless transmission and management of large volumes of data. Headquartered in India, Tejas Networks has marked its presence in several international markets, thereby contributing significantly to the global telecommunications landscape. The company's commitment to innovation and sustainability ensures it addresses the dynamic needs of the telecommunications industry. With a strategic emphasis on both domestic and international expansion, Tejas Networks continues to strengthen its market role by enabling high-speed connectivity and supporting digital transformation journeys across various sectors.
- Sector
- Technology
- Industry
- Communication Equipment
- Listing
- NSE: TEJASNET
- Chief executive
- Mr. Arnob Roy
- Employees
- 2,229
- Headquarters
- Bengaluru, India
- ISIN
- INE010J01012
- Website
- tejasnetworks.com
Public research · Report of
Business model & financial foundation
Tejas Networks (NSE: TEJASNET), Optical, broadband and wireless (4G/5G RAN) network equipment design and manufacture: revenue of ₹1,103 crore in FY26 (-87.6% on FY25), an EBITDA margin of -61.8%, net profit of ₹-908.9 crore and net debt of ₹3,531 crore.
- Revenue, FY26 (₹ crore)
- 1,103
- consolidated
- Revenue growth, FY26
- -87.6%
- on FY25
- EBITDA margin, FY26
- -61.8%
- EBITDA (statutory bridge, company definition) / revenue
- Net profit, FY26 (₹ crore)
- -908.9
- to owners
- Return on equity, FY26
- -26.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,531
- Company net debt excluding leases, investments as liquidity
- Market capitalisation (₹ crore)
- 9,157
- at the close of 16 Oct 2026
Company profile
Tejas Networks, a Tata Group company (Panatone Finvest/Tata Sons), designs and manufactures optical transport, broadband access (GPON, routers) and 4G/5G radio access network equipment in India, selling to telecom carriers, BharatNet, utilities and international operators. Its revenue spiked to INR 8,923 crore in FY25 on supplying 100,000 BSNL 4G sites through TCS, then collapsed to INR 1,103 crore in FY26 as the project ended and follow-on awards slipped. A 18,685-site BSNL expansion LoI (INR 1,537 crore) was received from TCS in Aug 2026.
| Item | Value |
|---|---|
| Legal name | Tejas Networks Limited |
| Exchange and ticker | NSE: TEJASNET; BSE: 540595 |
| ISIN | INE010J01012 |
| Sector | Telecommunications equipment |
| Industry | Optical, broadband and wireless (4G/5G RAN) network equipment design and manufacture |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹9,157 crore (16 Oct 2026) |
| Shares outstanding | 17.77 crore shares (FY26) |
| Price | ₹468.3 (close, 16 Oct 2026) |
| 52-week range | ₹294.0 - ₹644.8 (to 16 Oct 2026) |
| Website | https://www.tejasnetworks.com |
Corporate structure and shareholding
Parent: Panatone Finvest Limited (53.40% at 31 Mar 2026; ultimate holding company Tata Sons Private Limited).
| Entity | Holding | Business |
|---|---|---|
| Tejas Communication Pte. Ltd (Singapore) | 100% | Networking equipment and software sales |
| Tejas Communications (Nigeria) Ltd | 100% | No operations |
| Saankhya Labs Inc (USA) | 100% | Communication and semiconductor solutions |
Saankhya Labs Pvt Ltd amalgamated into the company (scheme effective Sep 2024). No minorities or associates.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 53.46% | 53.40% | 53.33% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.94% | 5.29% | 5.82% | |
| Domestic institutions | 4.76% | 4.32% | 4.04% | |
| of which mutual funds | 3.96% | 3.52% | 3.11% | |
| Retail | 27.99% | 29.47% | 27.89% | |
| Other | 7.85% | 7.52% | 8.92% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tejas designs optical transport, GPON/broadband access, IP/MPLS routers and 4G/5G RAN, makes them through EMS partners and sells to Indian carriers, BharatNet, utilities and overseas operators. Revenue is project-lumpy: FY25 revenue of 8,923cr came from 100,000 BSNL 4G sites shipped through TCS (TCS 82% of FY25 revenue), then fell to 1,103cr in FY26 when the project ended and follow-on awards slipped. Tejas controls the product IP (about 68% of 2,229 staff in R&D) but not the timing: BSNL site readiness and TCS as prime contractor decide when it ships and when it is paid. One reportable segment; no wireless/wireline split is disclosed [GP6].
| Peer | Why the dossier compares them |
|---|---|
| HFCL (HFCL) | Indian telecom equipment and optical fibre supplier to carriers and BharatNet; closest listed domestic competitor for wireline and 5G products. |
| Sterlite Technologies (STLTECH) | Optical networking and fibre supplier to Indian and global carriers; telecom capex cycle exposure. |
| ITI Ltd (ITI) | State-owned telecom equipment maker supplying BSNL/BharatNet; same government customer base. |
| Black Box (BBOX) | Network solutions and integration; listed Indian networking comparator. |
| Avantel (AVANTEL) | Indian wireless/satcom equipment designer selling to government; product-R&D-led small cap. |
| D-Link (India) (DLINKINDIA) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 550.6 | 919.6 | 2,471 | 8,923 | 1,103 |
| Cost of revenue (vendor classification) * | 310.9 | 560.7 | 1,589 | 6,558 | 781.7 |
| Other operating costs (vendor classification) * | 183.1 | 118.2 | 255.1 | 628.0 | 578.7 |
| EBITDA (vendor classification) * | -48.3 | 74.1 | 318.3 | 1,260 | -684.6 |
| EBIT excluding treasury income from statutory cost stack | -114.9 | -28.5 | 86.3 | 904.6 | -1,085 |
| Finance costs | 2.21 | 14.2 | 50.8 | 251.8 | 302.8 |
| Profit before tax | -117.1 | -42.7 | 100.2 | 698.2 | -1,354 |
| Total tax expense/(benefit) | -54.4 | -6.24 | 37.2 | 251.7 | -445.1 |
| Consolidated profit after tax | -62.7 | -36.4 | 63.0 | 446.5 | -908.9 |
| Diluted EPS (₹) | -5.97 | -2.46 | 3.65 | 25.38 | -51.35 |
| Revenue from goods and services | 2,314 | 8,455 | 1,097 | ||
| Other operating revenue | 156.6 | 468.3 | 5.81 | ||
| Materials consumed | 1,564 | 6,431 | 820.5 | ||
| Purchases of stock-in-trade | 41.9 | 94.2 | 78.1 | ||
| Changes in inventories | -20.8 | -2.96 | -131.6 | ||
| Materials plus traded purchases plus inventory change | 1,585 | 6,522 | 767.0 | ||
| Employee benefits net of capitalisation | 351.5 | 447.9 | 404.6 | ||
| Other expenses net of capitalisation, excluding separate ECL | 250.4 | 669.7 | 552.5 | ||
| Allowance for expected credit losses | 15.2 | 26.0 | 61.1 | ||
| EBITDA (statutory bridge, company definition) | 268.8 | 1,258 | -681.8 | ||
| Other income as audited | 64.7 | 45.4 | 33.4 | ||
| Depreciation and amortisation | 182.5 | 353.2 | 402.7 | ||
| Current tax expense/(benefit) | 21.8 | 145.2 | -0.02 | ||
| Deferred tax expense/(benefit) | 15.5 | 106.5 | -445.1 | ||
| Profit attributable to owners | 63.0 | 446.5 | -908.9 | ||
| PAT attributable to NCI | 0.00 | 0.00 | 0.00 | ||
| Separately classified exceptional P&L contribution | 0.00 | 0.00 | 0.00 | ||
| Associate and JV profit contribution | 0.00 | 0.00 | 0.00 | ||
| Basic EPS (₹) | 3.71 | 25.75 | -51.35 | ||
| Audited total expenses | 2,435 | 8,270 | 2,491 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,930 | 2,973 | 3,149 | 3,846 | 2,931 |
| Total borrowings excluding leases | 19.8 | 49.8 | 1,744 | 3,269 | 4,035 |
| Cash and cash equivalents narrow audited definition | 47.6 | 85.4 | 192.6 | 331.9 | 102.7 |
| Total current and noncurrent net trade receivables | 285.1 | 477.2 | 1,458 | 4,884 | 3,258 |
| Inventories | 278.0 | 646.9 | 3,738 | 2,367 | 2,438 |
| Trade payables MSME and others | 111.6 | 301.0 | 1,839 | 1,184 | 478.0 |
| Net PPE excluding ROU | 48.4 | 93.3 | 209.5 | 397.8 | 418.6 |
| Capital work in progress | 0.00 | 15.0 | 0.80 | 0.00 | |
| Total assets | 2,110 | 3,602 | 8,203 | 10,462 | 9,403 |
| Right of use assets | 127.8 | 116.6 | 114.1 | ||
| Goodwill | 211.8 | 211.8 | 211.8 | ||
| Other intangible assets | 411.5 | 420.3 | 386.1 | ||
| Intangible assets under development | 220.4 | 403.7 | 950.4 | ||
| Noncurrent investments | 0.00 | 0.00 | 0.00 | ||
| Noncurrent trade receivables | 47.8 | 440.1 | 1.33 | ||
| Other noncurrent financial assets | 15.2 | 17.1 | 14.1 | ||
| Current tax assets net | 34.7 | 13.9 | 22.4 | ||
| Deferred tax assets net | 26.6 | 0.00 | 365.2 | ||
| Other noncurrent assets | 113.9 | 26.6 | 21.2 | ||
| Total noncurrent assets | 1,434 | 2,049 | 2,505 | ||
| Current liquid mutual fund investments | 333.7 | 482.3 | 364.9 | ||
| Current trade receivables | 1,410 | 4,444 | 3,256 | ||
| Other bank balances including restricted margin money | 109.4 | 7.76 | 37.2 | ||
| Other current financial assets | 210.5 | 327.4 | 103.2 | ||
| Other current assets | 774.5 | 452.8 | 594.9 | ||
| Total current assets | 6,768 | 8,413 | 6,898 | ||
| Equity share capital includes historical forfeited share amount | 174.0 | 179.6 | 181.0 | ||
| Other equity | 2,976 | 3,667 | 2,750 | ||
| Noncurrent borrowings | 0.00 | 118.2 | 551.8 | ||
| Noncurrent lease liabilities | 133.4 | 127.2 | 126.5 | ||
| Other noncurrent financial liabilities | 169.0 | 0.00 | 0.00 | ||
| Noncurrent provisions | 14.0 | 61.3 | 39.9 | ||
| Deferred tax liabilities net | 0.00 | 79.9 | 0.00 | ||
| Total noncurrent liabilities | 316.4 | 386.5 | 718.3 | ||
| Current borrowings including current term maturities | 1,744 | 3,151 | 3,484 | ||
| Current lease liabilities | 6.86 | 10.6 | 15.1 | ||
| Trade payables MSME | 215.5 | 66.4 | 41.5 | ||
| Trade payables other creditors | 1,624 | 1,118 | 436.4 | ||
| Other current financial liabilities | 119.8 | 215.7 | 196.8 | ||
| Current provisions | 21.1 | 106.1 | 158.8 | ||
| Current tax liabilities net | 0.00 | 15.3 | 0.00 | ||
| Other current liabilities | 1,006 | 1,547 | 1,421 | ||
| Total current liabilities | 4,737 | 6,229 | 5,754 | ||
| Total liabilities | 5,053 | 6,616 | 6,472 | ||
| Total lease liabilities | 140.2 | 137.8 | 141.6 | ||
| Company net debt excluding leases, investments as liquidity | 1,104 | 2,442 | 3,531 | ||
| Noncontrolling interests in consolidated equity | 0.00 | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -220.3 | -638.1 | -2,036 | -491.5 | 135.2 |
| Free cash flow (vendor definition) * | -134.7 | -629.3 | -2,445 | -1,143 | -748.7 |
| Dividends paid (positive outflow) | 0.00 | 0.00 | 44.2 | ||
| Total PPE and intangible cash capex (positive outflow) | -30.7 | -46.6 | 408.4 | 651.3 | 883.9 |
| PPE cash payments (positive outflow) | 151.0 | 323.5 | 174.6 | ||
| Intangible cash payments including development (positive outflow) | 257.4 | 327.8 | 709.3 | ||
| CFO less cash capex | -2,445 | -1,143 | -748.7 | ||
| Cash proceeds from options/RSUs | 10.4 | 4.36 | 2.80 | ||
| Current borrowings repaid excluding supplier finance (positive) | 190.6 | 2,759 | 7,067 | ||
| Noncurrent borrowings repaid (positive) | 0.00 | 0.00 | 100.0 | ||
| Supplier finance repaid (positive) | n.d. | 2,944 | 1,952 | ||
| Cash proceeds noncurrent borrowings | 0.00 | 118.2 | 864.4 | ||
| Cash proceeds current borrowings excluding supplier finance | 1,917 | 3,919 | 8,283 | ||
| Supplier financing proceeds | n.d. | 3,183 | 747.4 | ||
| Lease principal cash repayments positive outflow | 6.26 | 7.48 | 11.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Fully paid year-end shares excluding historical forfeited shares | 10.50 | 15.37 | 17.07 | 17.63 | 17.77 |
| Weighted-average basic shares | 16.97 | 17.34 | 17.70 | ||
| Weighted-average diluted shares | 17.25 | 17.59 | 17.70 | ||
| MD&A R&D capitalised, rounded | 273.0 | 305.0 | 330.0 | ||
| Eligible R&D capital expenditure for income-tax claim | 367.5 | 393.6 | 504.1 | ||
| Borrowing cost included in tax-eligible R&D capital expenditure | 0.00 | 1.08 | 18.8 | ||
| Note17 net debt including leases; debt positive sign | 1,244 | 2,580 | 3,672 | ||
| Note17 other liquid investments including other bank deposits | 448.0 | 495.4 | 402.2 | ||
| Audited cost-stack EBITDA bridge, distinct from MD&A EBITDA | 268.8 | 1,258 | -681.8 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 2,642 | 1,907 | 202.0 | 261.8 | 306.8 | 332.7 | 402.2 | 405.7 |
| Cost of revenue (vendor classification) * | 1,956 | 1,508 | 116.3 | 172.0 | 209.0 | 257.2 | ||
| Other operating costs (vendor classification) * | 194.6 | -28.3 | 125.5 | 29.9 | 142.1 | 140.1 | ||
| EBITDA (vendor classification) * | 385.3 | 105.9 | -126.1 | -126.7 | -107.9 | -91.4 | ||
| EBIT * | 274.0 | 2.74 | -222.6 | -231.2 | -208.8 | -185.7 | ||
| Finance costs as statutory statement | 62.8 | 71.5 | 74.8 | 84.3 | 71.7 | 72.0 | 85.1 | 86.5 |
| Profit/(loss) before tax | 211.3 | -45.1 | -297.4 | -473.0 | -302.9 | -280.8 | -270.8 | -276.9 |
| Total current and deferred tax expense/(benefit) | 45.6 | 26.7 | -103.5 | -165.9 | -106.3 | -69.5 | -68.6 | -69.9 |
| Consolidated profit/(loss) after tax | 165.7 | -71.8 | -193.9 | -307.1 | -196.6 | -211.3 | -202.2 | -206.9 |
| Diluted earnings/(loss) per equity share (₹) | 9.22 | -4.08 | -10.99 | -17.38 | -11.09 | -11.90 | -11.37 | -11.62 |
| Materials + purchases + change in inventories | 1,956 | 1,472 | 116.3 | 269.7 | 172.0 | 209.0 | 257.2 | 250.6 |
| Employee benefit expense | 120.0 | 110.3 | 95.8 | 94.4 | 114.7 | 99.8 | 105.2 | 105.1 |
| Other expenses excluding separately disclosed ECL | 177.5 | 190.6 | 107.3 | 175.9 | 148.9 | 120.3 | 132.0 | 167.1 |
| Allowance for expected credit loss, signed expense | 17.1 | 12.6 | 18.2 | 15.6 | 5.51 | 21.8 | 8.08 | -10.6 |
| Other income | 13.7 | 8.04 | 9.55 | 6.01 | 7.54 | 10.3 | 8.97 | 7.77 |
| Depreciation and amortization expense | 111.3 | 103.2 | 96.5 | 101.0 | 104.5 | 100.8 | 94.4 | 91.5 |
| EBITDA (statutory bridge, company definition) | 371.6 | 121.5 | -135.7 | -293.7 | -134.3 | -118.2 | -100.4 | -106.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 165.7 | -71.8 | -193.9 | -307.1 | -196.6 | -211.3 | -202.2 | -206.9 |
| Diluted shares (derived) | 17.97 | 17.60 | 17.64 | 17.67 | 17.72 | 17.76 | 17.79 | 17.81 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 4.6% | 67.0% | 168.7% | 261.1% | -87.6% |
| EBITDA margin | 10.9% | 14.1% | -61.8% | ||
| Net margin | 2.5% | 5.0% | -82.4% | ||
| Return on equity | 2.1% | 12.8% | -26.8% | ||
| Return on capital employed | -7.4% | -1.1% | 2.2% | 15.1% | -15.4% |
| Return on assets | 1.1% | 4.8% | -9.2% | ||
| Net debt (₹ crore) | 1,104 | 2,442 | 3,531 | ||
| Net debt / EBITDA | 4.11x | 1.94x | -5.18x | ||
| Interest cover | -52.0x | -2.01x | 1.70x | 3.59x | -3.58x |
| Asset turnover | 0.32x | 0.32x | 0.42x | 0.96x | 0.11x |
| Receivable days | 189 | 189 | 215 | 200 | 1,078 |
| Inventory days (on revenue) | 184 | 257 | 552 | 97 | 807 |
| Payable days (on revenue) | 74 | 119 | 272 | 48 | 158 |
| Cash conversion | -32.3x | -1.10x | -0.15x | ||
| Capex intensity | 5.6% | 5.1% | 16.5% | 7.3% | 80.1% |
| Free cash flow (₹ crore) | -251.0 | -684.7 | -2,445 | -1,143 | -748.7 |
| Dividend payout | 0.0% | 0.0% | -4.9% | ||
| EPS, diluted (₹) | -5.97 | -2.46 | 3.65 | 25.38 | -51.35 |
| Book value per share (₹) | 183.8 | 193.5 | 184.5 | 218.1 | 164.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (statutory bridge, company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt excluding leases, investments as liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (statutory bridge, company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tejas Networks includes
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- The 12-month rating and target
- The 3-month view
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The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tejas Networks
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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