TEJASNET - Tejas Networks
📢 Recent Corporate Announcements
Tejas Networks reported a Q4 FY26 revenue of ₹333 crores, an 8% sequential growth, but posted a quarterly net loss of ₹211 crores. For the full year FY26, the company recorded a significant net loss of ₹909 crores on total revenues of ₹1,103 crores. While the order book grew to ₹1,514 crores compared to ₹1,019 crores last year, the balance sheet remains under pressure with a net debt of ₹3,531 crores and high receivables of ₹3,258 crores. The company also announced a major leadership overhaul, including a new CEO, CFO, and COO.
- Q4 FY26 revenue grew 8% QoQ to ₹333 crores, while annual revenue reached ₹1,103 crores.
- Full-year net loss stood at ₹909 crores, with Q4 loss widening slightly to ₹211 crores.
- Order book increased to ₹1,514 crores at year-end, up from ₹1,019 crores in FY25.
- Major management changes: Arnob Roy appointed MD & CEO; AVS Prasad named CFO effective May 16, 2026.
- Net debt reached ₹3,531 crores with inventory and receivables totaling over ₹5,600 crores.
Tejas Networks has officially released the audio recording of its Q4 FY26 earnings call conducted on April 15, 2026. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015, aimed at maintaining transparency with shareholders. The recording contains management's commentary on the company's financial performance for the final quarter of the 2026 fiscal year. Investors can access the full audio via the link provided on the company's website to evaluate management's outlook.
- Earnings call for the fourth quarter of FY26 was successfully held on April 15, 2026.
- Audio recording is now publicly accessible on the company's official website at tejasnetworks.com.
- The filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Tejas Networks has announced a comprehensive restructuring of its top management team effective April and May 2026. Mr. Arnob Roy, previously the COO, has been promoted to Managing Director & CEO for a term ending August 2028. The company also appointed Mr. Preetham Uthaiah as COO and Mr. AVS Prasad as CFO, the latter replacing the outgoing Sumit Dhingra. Furthermore, Mr. Srikumar Vijayasekharan, a former Deloitte South Asia COO with 40 years of experience, joins the board as an Independent Director for five years.
- Arnob Roy promoted from COO to MD & CEO for a term effective April 15, 2026, until August 3, 2028.
- AVS Prasad appointed as CFO effective May 16, 2026, following the resignation of Sumit Dhingra.
- Preetham Uthaiah appointed as Chief Operating Officer effective April 15, 2026, bringing 30 years of industry experience.
- Srikumar Vijayasekharan appointed as Independent Director for a 5-year term starting April 15, 2026.
- Independent Director P R Ramesh resigned effective April 18, 2026, to be replaced by Vijayasekharan.
Tejas Networks delivered a stellar performance for the fiscal year ended March 31, 2026, with annual revenue surging to Rs 9,134.56 crore from Rs 2,470.92 crore in the previous year. The company achieved a significant turnaround, posting a consolidated net profit of Rs 1,105.74 crore compared to a loss of Rs 62.72 crore in FY25. For the fourth quarter alone, revenue grew by 90% year-on-year to Rs 2,522.31 crore, while net profit more than doubled to Rs 325.21 crore. The statutory auditors issued an unmodified opinion, confirming the reliability of these robust financial figures.
- Annual consolidated revenue jumped 270% YoY to Rs 9,134.56 crore in FY26
- Full-year net profit stood at Rs 1,105.74 crore, a massive recovery from a loss of Rs 62.72 crore in FY25
- Q4 FY26 revenue reached Rs 2,522.31 crore, up from Rs 1,326.79 crore in the same quarter last year
- Q4 FY26 net profit increased to Rs 325.21 crore, representing a 121% YoY growth
- Basic EPS for the full year improved significantly to Rs 64.38 from a negative Rs 3.70
Tejas Networks Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by the Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, covers the quarter ended March 31, 2026. It confirms that all securities received for dematerialization were processed, accepted or rejected, and listed on the stock exchanges. This is a standard administrative filing to ensure the integrity of the company's shareholding records and regulatory adherence.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- RTA MUFG Intime India Private Limited confirmed processing of dematerialization requests within prescribed timelines.
- Securities comprised in the certificates are listed on the NSE and BSE where earlier securities were listed.
- Confirmation that security certificates were mutilated and cancelled after due verification by the depository participant.
Tejas Networks has been honored with the Golden Peacock Innovative Product/Service Award 2026 for its indigenous WavePlexus™ Radio Access Network (RAN) portfolio. The award recognizes the company's modular 4G and 5G radio products, including advanced 32TR and 64TR Massive MIMO solutions that meet global 3GPP and O-RAN standards. This recognition, adjudged by a jury led by a former Chief Justice of India, validates the company's R&D capabilities and its competitive positioning in the global telecom equipment market. As a Tata Group company serving over 75 countries, this award enhances its brand equity during the ongoing global 5G infrastructure rollout.
- Awarded the Golden Peacock Innovative Product/Service Award 2026 for the WavePlexus™ RAN portfolio.
- Portfolio includes advanced 32TR and 64TR Massive MIMO solutions for 4G and 5G networks.
- Products are fully compliant with international 3GPP and O-RAN standards for carrier-grade deployments.
- Tejas Networks currently operates and supplies networking products to over 75 countries globally.
- The company remains a key part of the Tata Group, backed by majority shareholder Panatone Finvest Ltd.
Tejas Networks has reached a milestone by shipping 17,000 IP/MPLS routers for the BharatNet Phase III project. The company is contracted to supply nearly 60,000 TJ1400 routers in total, targeting connectivity for 55,000+ Gram Panchayats. Currently, the deployment is active across 9 states and 5 union territories. This execution highlights Tejas's capability as a Tata Group entity to deliver large-scale, indigenous telecom infrastructure.
- Cumulative shipment of 17,000 IP/MPLS routers for BharatNet Phase III completed.
- Total project scope involves supplying nearly 60,000 TJ1400 routers.
- Infrastructure to cover 55,000+ Gram Panchayats and 2,000 Blocks nationwide.
- Deployment currently active across 9 states and 5 union territories.
Tejas Networks has allotted 78,425 equity shares to eligible employees following the exercise of stock options and restricted stock units. The allotment includes shares issued at exercise prices of Rs. 10 and Rs. 85 across four different incentive schemes. As a result, the company's total paid-up share capital has increased to Rs. 177.74 crore, comprising 17.77 crore equity shares. This is a routine administrative action with minimal impact on the overall shareholding structure.
- Total of 78,425 equity shares allotted on March 25, 2026, pursuant to ESOP and RSU plans.
- Allotment includes 54,511 shares under the RSU Plan 2022 and 18,219 shares under the RSU Plan 2017 at Rs. 10 each.
- Additional 5,695 shares were allotted under ESOP 2014-A and ESOP 2016 at an exercise price of Rs. 85 each.
- Paid-up share capital increased from Rs. 1,77,66,34,370 to Rs. 1,77,74,18,620.
- New shares rank pari passu with existing equity shares in all aspects.
Tejas Networks has received a purchase order to supply its 4G Radio Access Network (RAN) solutions to a mobile operator in South Asia. This international win validates the company's 4G/5G mobility stack and supports its strategy to diversify its customer base beyond the Indian market. The project involves deploying multi-band radio products and the TJ1400 UltraFlex baseband across various network locations. As a Tata Group subsidiary, this expansion strengthens Tejas's position as a credible global telecom equipment manufacturer.
- Received purchase order for 4G RAN solutions for a South Asian network expansion project
- Deployment features multi-band radio products and the TJ1400 UltraFlex baseband technology
- Marks a key milestone in scaling the company's international wireless business footprint
- Company currently operates in over 75 countries with majority ownership by Tata Group's Panatone Finvest
Tejas Networks Limited has announced the closure of its trading window for all designated persons starting March 17, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming financial results. The window will remain closed until 48 hours after the company declares its financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure to prevent insider trading during the period when sensitive financial information is being finalized.
- Trading window for designated persons to close effective March 17, 2026.
- Closure is related to the financial results for the quarter and year ending March 31, 2026.
- The window will reopen 48 hours after the public dissemination of the financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and company code of conduct.
Tejas Networks Limited has allotted 58,844 equity shares to employees following the exercise of stock options and restricted stock units on March 09, 2026. The allotment spans five different incentive plans with exercise prices ranging from Rs 10 to Rs 85 per share. Consequently, the company's total paid-up share capital has increased to Rs 177.66 crore, comprising 17,76,63,437 equity shares. This is a routine administrative action to fulfill employee compensation obligations and results in marginal equity dilution.
- Total allotment of 58,844 equity shares of face value Rs 10 each.
- Exercise prices range from a low of Rs 10 (RSU plans) to a high of Rs 85 (ESOP 2014-A/2016).
- Paid-up share capital increased from 17,76,04,593 to 17,76,63,437 equity shares.
- The 2022 Restricted Stock Unit Plan accounted for the largest portion with 31,567 shares.
- New shares rank pari passu with existing equity shares in all aspects.
Tejas Networks has signed a strategic agreement with NEC Corporation to manufacture and supply 5G massive MIMO radios. The deal involves high-capacity 32TR and 64TR radios that comply with both 3GPP and O-RAN global standards. This partnership is a significant milestone for Tejas as it seeks to expand its international business and diversify global supply chains for 5G infrastructure. Being a Tata Group company, this collaboration enhances its credibility in the global telecom equipment market.
- Agreement signed with NEC Corporation for manufacturing and supply of 5G massive MIMO radios.
- Product portfolio includes high-capacity 32TR and 64TR radios meeting O-RAN standards.
- Strategic focus on international expansion across emerging and established 4G/5G markets.
- Collaboration aims to build a resilient and flexible globalized ecosystem for 5G-Advanced solutions.
Tejas Networks has received a sum of ₹69.9658 crore from the Department of Telecommunications under the Production Linked Incentive (PLI) Scheme for Telecom and Networking Products. This payment represents the balance 15% of the eligible incentive for the financial year 2024-2025. The receipt of these funds is a positive development for the company's cash flow and confirms its successful adherence to the government's manufacturing targets. This disbursement validates the company's operational scale-up under the 'Make in India' initiative.
- Received ₹69.9658 crore incentive from the Ministry of Communications.
- The amount covers the balance 15% of the total eligible incentive for FY 2024-2025.
- Incentive granted under the PLI Scheme for Telecom and Networking Products.
- Strengthens the company's liquidity position and validates its manufacturing capabilities.
Tejas Networks Limited has announced the allotment of 61,828 equity shares to eligible employees on January 29, 2026. These shares were issued following the exercise of options under various ESOP and RSU plans from 2014, 2016, 2017, and 2022. Consequently, the company's paid-up share capital has increased from Rs. 177.54 crore to approximately Rs. 177.60 crore. This is a routine administrative action used to fulfill employee compensation obligations.
- Total allotment of 61,828 equity shares of face value Rs. 10 each
- Exercise prices ranged from Rs. 10 for RSU plans to Rs. 85 for ESOP plans
- Total paid-up equity shares increased to 17,76,04,593 from 17,75,42,765
- The allotment involves four different employee incentive schemes dating back to 2014
Tejas Networks reported Q3 FY26 revenue of ₹307 crores, a 17% sequential increase, but continues to face profitability challenges with a net loss of ₹197 crores. The order book stands at ₹1,329 crores, yet the company is burdened by high inventory of ₹2,363 crores due to delays in the BSNL 4G expansion project. While international business contributed 15% to revenue and new wins were recorded in Africa and Southeast Asia, net debt remains high at ₹3,349 crores. Management maintains a positive long-term outlook based on 5G RAN trials and BharatNet wins, though the path to a positive bottom line remains uncertain.
- Revenue grew 17% QoQ to ₹307 crores, primarily driven by Indian private operators and international wireline sales.
- Reported a net loss of ₹197 crores and negative EBIT of ₹239 crores, impacted by R&D and labor code provisions.
- Inventory levels reached ₹2,363 crores, nearly double the current order book of ₹1,329 crores, due to BSNL project delays.
- Net debt stood at ₹3,349 crores, though trade receivables improved to ₹3,284 crores from ₹4,026 crores.
- Successfully claimed ₹397 crores in cumulative PLI incentives for FY25, providing some liquidity support.
Financial Performance
Revenue Growth by Segment
Revenue grew 261% YoY to reach INR 8,923 Cr in FY25. H1 FY26 revenue mix was 57% India Private, 23% India Government, and 20% International.
Geographic Revenue Split
In FY25, India accounted for 79% of revenue while International markets contributed 21%. In Q2 FY26, the mix remained consistent at 79% India and 21% International.
Profitability Margins
Gross profit increased multifold in FY25. EBIT margin improved from 3.8% (INR 93 Cr) in FY24 to 10.1% (INR 905 Cr) in FY25. Q2 FY26 reported a loss of INR 307 Cr due to INR 190 Cr in inventory and warranty provisions.
EBITDA Margin
EBITDA margin increased from 11.1% (INR 275 Cr) in FY24 to 14.1% (INR 1,258 Cr) in FY25, driven by higher absorption of fixed costs on multifold revenue growth.
Capital Expenditure
Long-term borrowings of INR 118 Cr were primarily used to fund CAPEX for ramping up the product portfolio and R&D facilities.
Credit Rating & Borrowing
ICRA assigned a rating of [ICRA]A+(Stable)/[ICRA]A1+. Total borrowings stood at INR 4,166 Cr as of October 2025, primarily for working capital and CAPEX.
Operational Drivers
Raw Materials
Telecom components and EMS services represent the bulk of material costs, which increased significantly to support the 100,000+ site 4G project.
Key Suppliers
Not disclosed in available documents, though the company notes a risk regarding the limited availability of EMS and component suppliers.
Capacity Expansion
Delivered 100,000+ sites for a single-vendor 4G RAN network in less than 18 months by the end of FY25.
Raw Material Costs
Cost of materials increased significantly in FY25 due to the 4G project execution, though manufacturing and service expenses as a % of revenue decreased.
Manufacturing Efficiency
Operating expenses as a % of revenue reduced from 17.3% in FY24 to 8.0% in FY25 due to massive scale benefits.
Logistics & Distribution
Freight costs increased in FY25 driven by the logistics required for the 100,000+ site 4G project execution.
Strategic Growth
Growth Strategy
Growth will be achieved through the expansion of BSNL's 4G network, 5G upgrades, international 4G/5G POC conversions, and entering the data center value chain through the Tata ecosystem.
Products & Services
4G RAN (Radios and Baseband), Optical Transmission equipment, Packet Transport equipment, and Wireline Backhaul networking products.
Brand Portfolio
Tejas Networks
New Products/Services
New product focus includes Greenfield 5G SA, 5G upgrades for existing 4G sites, and data center networking solutions.
Market Expansion
Targeting international expansion in 75+ countries and winning contracts with electric utilities in South East Asia.
Market Share & Ranking
Supplied one of the world’s largest single-vendor 4G RAN networks; specific market share % not disclosed.
Strategic Alliances
Majority owned by Panatone Finvest (Tata Sons); strategic wireline partner for Vodafone Idea and 4G partner for BSNL via TCS.
External Factors
Industry Trends
The industry is shifting toward 5G and data center networking; Tejas is positioned as a key vendor for India's indigenous 4G/5G stack.
Competitive Landscape
Competes with global telecom equipment vendors; faces risks from aggressive pricing and rapid technological changes.
Competitive Moat
Moat includes Tata Group backing, PLI scheme eligibility (INR 468 Cr recognized in FY25), and being a single-vendor for a 100,000+ site network.
Macro Economic Sensitivity
Sensitive to demand variations and economic downturns; mitigation involves expanding geographical footprint.
Consumer Behavior
Demand is driven by telcos' need for 4G expansion and 5G upgrades to handle increasing data traffic.
Geopolitical Risks
Subject to trade barriers and national security implications for strategic networks like defense.
Regulatory & Governance
Industry Regulations
Complies with DoT and PLI scheme conditions; received INR 84.95 Cr as the first tranche (85%) of Q4 FY25 PLI incentive in Nov 2025.
Risk Analysis
Key Uncertainties
Delay in PO conversions (INR 1,500 Cr BSNL add-on) and potential failure of products in international trials/POCs.
Geographic Concentration Risk
High concentration in India, which represents 79% of revenue and 93% of the current order book.
Third Party Dependencies
Dependent on EMS providers and component suppliers; limited availability is a key operational risk.
Technology Obsolescence Risk
High risk due to rapid technological changes; company tracks global standards to ensure product roadmap alignment.
Credit & Counterparty Risk
Trade receivables increased 235% YoY to INR 4,884 Cr in FY25, reflecting project milestone-based billing cycles.