Tejas Networks
- P/E
- Not meaningful: loss-making over the last twelve months
Key Fundamentals
MicrocapTelecom - Equipment & AccessoriesTelecomPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- −14.60%
- Debt to Equity
- 1.97
- EPS (TTM)
- −₹45.94
- Book Value
- ₹141.70
- Market Cap
- —
- P/E (TTM)
- Not meaningful: loss-making over the last twelve months
- P/B
- 3.00
- ROE
- −26.80%
- Dividend Yield
- 0.60%
- EBITDA
- −₹648 Cr
- 52W High
- ₹644.75
- 52W Low
- ₹294.00
- Volume
- 0
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 91/100
Category scores
- Quality
- 12
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 46
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 1
- Poor
- Sales & profit trajectory 9% weight
- Financial Health
- 21
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 33
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 52
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
5- Stock is trading at 3.11 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 might be capitalizing the interest cost
- Company has high debtors of 1,077 days.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 10 | 5 | 4 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 8 | 0 | 2 |
Oscillators
Neutral
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 41.46
- Neutral
- MACD (12,26,9)
- −21.71
- Bullish
- SMA (50)
- 490.14
- Bearish
- SMA (200)
- 470.75
- Bearish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.
Revenue
| 10Y | +5.81% |
|---|---|
| 5Y | +15.92% |
| 3Y | +6.23% |
| 1Y | −87.64% |
| TTM | −71.12% |
Net profit
| 10Y | Turned to loss |
|---|---|
| 5Y | Turned to loss |
| 3Y | Loss widened by ₹873 Cr |
| 1Y | Turned to loss |
| TTM | Loss widened by ₹410 Cr |
Operating cash flow
| 10Y | +0.61% |
|---|---|
| 5Y | −3.10% |
| 3Y | Turned positive |
| 1Y | Turned positive |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −79.85 pp |
|---|---|
| 5Y | −71.89 pp |
| 3Y | −63.35 pp |
| 1Y | −75.93 pp |
| TTM | −32.98 pp |
Revenue by year
| Mar 2017 | ₹875 Cr |
|---|---|
| Mar 2018 | ₹750 Cr |
| Mar 2019 | ₹900 Cr |
| Mar 2020 | ₹391 Cr |
| Mar 2021 | ₹527 Cr |
| Mar 2022 | ₹551 Cr |
| Mar 2023 | ₹920 Cr |
| Mar 2024 | ₹2,471 Cr |
| Mar 2025 | ₹8,923 Cr |
| Mar 2026 | ₹1,103 Cr |
Net profit by year
| Mar 2017 | ₹93.00 Cr |
|---|---|
| Mar 2018 | ₹107 Cr |
| Mar 2019 | ₹147 Cr |
| Mar 2020 | −₹237 Cr |
| Mar 2021 | ₹38.00 Cr |
| Mar 2022 | −₹63.00 Cr |
| Mar 2023 | −₹36.00 Cr |
| Mar 2024 | ₹63.00 Cr |
| Mar 2025 | ₹447 Cr |
| Mar 2026 | −₹909 Cr |
AI Analysis — Bull vs Bear
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.
- 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
- 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
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.
- 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.
- 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.
- 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.
Quarterly Results
₹ Cr| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 396 | 560 | 1,327 | 1,563 | 2,811 | 2,642 | 1,907 | 202 | 262 | 307 | 333 | 402 | 406 |
| Expenses | 383 | 567 | 1,018 | 1,333 | 2,277 | 2,271 | 1,785 | 338 | 556 | 441 | 451 | 503 | 512 |
| Operating Profit | 13 | −8 | 309 | 230 | 535 | 372 | 122 | −136 | −294 | −134 | −118 | −100 | −107 |
| OPM % | 3.3% | −1.3% | 23% | 15% | 19% | 14% | 6% | −67% | −112% | −44% | −36% | −25% | −26% |
| Other Income | 18 | 15 | 12 | 13 | 11 | 14 | 8 | 10 | 6 | 8 | 10 | 9 | 8 |
| Interest | 7 | 8 | 28 | 57 | 61 | 63 | 71 | 75 | 84 | 72 | 72 | 85 | 87 |
| Depreciation | 42 | 48 | 58 | 65 | 74 | 111 | 103 | 96 | 101 | 104 | 101 | 94 | 91 |
| PBT | −18 | −49 | 233 | 122 | 411 | 211 | −45 | −297 | −473 | −303 | −281 | −271 | −277 |
| Tax % | −29% | −8% | 37% | 36% | 33% | 22% | 59% | −35% | −35% | −35% | −25% | −25% | −25% |
| Net Profit | −13 | −45 | 147 | 77 | 275 | 166 | −72 | −194 | −307 | −197 | −211 | −202 | −207 |
| EPS (₹) | −0.74 | −2.64 | 8.6 | 4.53 | 16.07 | 9.43 | −4.07 | −10.98 | −17.36 | −11.07 | −11.89 | −11.36 | −11.62 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 387 | 627 | 875 | 750 | 900 | 391 | 527 | 551 | 920 | 2,471 | 8,923 | 1,103 | 1,447 |
| Expenses | 319 | 514 | 711 | 597 | 704 | 478 | 473 | 631 | 906 | 2,205 | 7,665 | 1,785 | 1,907 |
| Operating Profit | 68 | 113 | 164 | 153 | 196 | −87 | 53 | −80 | 14 | 266 | 1,258 | −682 | −459 |
| OPM % | 18% | 18% | 19% | 20% | 22% | −22% | 10% | −15% | 1.5% | 11% | 14% | −62% | −32% |
| Other Income | 10 | 4 | −22 | 28 | 37 | 34 | 25 | 43 | 81 | 65 | 45 | 33 | 35 |
| Interest | 47 | 49 | 32 | 13 | 17 | 8 | 4 | 3 | 15 | 48 | 252 | 303 | 315 |
| Depreciation | 49 | 38 | 56 | 61 | 66 | 77 | 52 | 77 | 122 | 182 | 353 | 403 | 391 |
| PBT | −18 | 29 | 54 | 106 | 150 | −139 | 23 | −117 | −43 | 100 | 698 | −1,354 | −1,131 |
| 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 | −817 |
| EPS (₹) | −3.07 | 4.59 | 13.15 | 11.73 | 16.05 | −25.71 | 4.03 | −5.47 | −2.16 | 3.69 | 25.32 | −51.14 | −45.94 |
| Div. Payout % | 0% | 0% | 0% | 0% | 6% | 0% | 0% | 0% | 0% | 0% | 10% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 62 | 67 | 74 | 94 | 95 | 95 | 97 | 118 | 172 | 174 | 180 | 181 | 181 |
| Reserves | 206 | 294 | 519 | 1,058 | 1,225 | 985 | 1,038 | 1,812 | 2,801 | 2,976 | 3,667 | 2,750 | 2,346 |
| Borrowings | 314 | 259 | 281 | 2 | 1 | 28 | 22 | 20 | 50 | 1,884 | 3,407 | 4,177 | 4,970 |
| Other Liabilities | 146 | 219 | 160 | 175 | 264 | 132 | 156 | 160 | 579 | 3,169 | 3,209 | 2,295 | 941 |
| Total Liabilities | 728 | 838 | 1,034 | 1,330 | 1,585 | 1,241 | 1,312 | 2,110 | 3,602 | 8,203 | 10,462 | 9,403 | 8,438 |
| Fixed Assets | 51 | 94 | 92 | 75 | 99 | 79 | 111 | 138 | 647 | 961 | 1,147 | 1,130 | 2,280 |
| CWIP | 88 | 52 | 19 | 47 | 41 | 27 | 24 | 40 | 154 | 235 | 404 | 950 | 0 |
| Investments | 0 | 0 | 0 | 77 | 87 | 51 | 37 | 402 | 262 | 334 | 482 | 365 | 304 |
| Other Assets | 589 | 692 | 924 | 1,132 | 1,358 | 1,085 | 1,139 | 1,531 | 2,539 | 6,673 | 8,429 | 6,957 | 5,854 |
| Total Assets | 728 | 838 | 1,034 | 1,330 | 1,585 | 1,241 | 1,312 | 2,110 | 3,602 | 8,203 | 10,462 | 9,403 | 8,438 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/EBITDA | 115 | 115 | 95 | 178 | −29 | −13 | 304 | 58 | −2,788 | −757 | −31 | −23 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Tejas Networks insights
64 extracted metrics across FY15–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · Apr 2026Transcript PPT Recording
- Q3 FY26 concall · Jan 2026PPT
- 15 Apr 2026
- 9 Jan 2026
- 9 Jan 2026
- 29 Oct 2025
- 10 Jun 2025
- 31 Mar 2025
- 23 Jul 2024
Frequently Asked Questions about Tejas Networks
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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).
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