Tejas Networks Limited (TEJASNET)
₹474.75 +1.39% last close, 16 Oct
Q2 FY27 results
Tejas Networks Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹406 Cr (+55.2% year on year, +0.9% on the previous quarter), and net profit ₹-207 Cr (a smaller loss than a year earlier); the operating margin was -26.3%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹406 | +55.2% | +0.9% |
| Operating profit | ₹-107 | loss narrowed | loss widened |
| Net profit | ₹-207 | loss narrowed | loss widened |
| EPS (₹) | -11.62 | loss narrowed | loss widened |
| Operating margin | -26.3% | — | — |
TEJASNET delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 23.51% of the TEJASNET shares traded on NSE were taken to delivery, against the stock's own 20-session average of 26.81%. That is close to its usual level.
Delivery in the last 5 sessions: 15.4% · 23.7% · 24.1% · 30.3% · 23.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tejas Networks reported Q2 FY27 revenue from operations of ₹406 crore, up 55% YoY from ₹262 crore, while net loss narrowed to ₹207 crore from ₹307 crore in Q2 FY26. The closing order book surged to ₹2,315 crore (compared to ₹1,529 crore in Q1 FY27), representing ~178% of TTM revenue. Net debt expanded slightly to ₹4,384 crore from ₹4,277 crore quarter-on-quarter. The company received an LoI from TCS for 18,685 add-on 4G sites for BSNL, which will utilize its ₹2,314 crore inventory position.
- Q2 FY27 revenue rose 55% YoY to ₹406 crore vs ₹262 crore in Q2 FY26
- Net loss narrowed to ₹207 crore compared to ₹307 crore in the previous year quarter
- Order book expanded to ₹2,315 crore at quarter-end vs ₹1,529 crore in Q1 FY27
- Received LoI from TCS for 18,685 add-on sites for BSNL 4G network expansion
- Net debt rose to ₹4,384 crore, with inventory standing at ₹2,314 crore
Tejas Networks Limited has submitted a press release covering its financial results for the quarter ended September 30, 2026 (Q2 FY 2027). The transmittal cover letter provides no underlying financial metrics, as the release text is omitted from the extract. The filing comes following a challenging period, with the company reporting a TTM net loss of Rs -917 Cr against TTM revenue of Rs 1,302 Cr.
- Board intimation covering Q2 FY 2027 press release submission
- Results pertain to the quarter ended September 30, 2026
- Filing submitted to exchanges on October 16, 2026
Tejas Networks announced that its Board of Directors approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The meeting concluded at 4:15 PM IST on October 16, 2026. Detailed P&L tables were not included in this cover letter text. Investors should review the complete financial results attachment to evaluate whether the trailing net loss of Rs -917 Cr and operating margin pressures have stabilized.
- Board approved unaudited Standalone and Consolidated results on October 16, 2026
- Results pertain to the quarter and six months ended September 30, 2026
- Meeting commenced at 2:00 PM IST and concluded at 4:15 PM IST
Tejas Networks Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. The RTA confirmed that all securities received for dematerialisation during the quarter were processed, mutilated, and cancelled within the prescribed timelines. This is a standard quarterly regulatory filing with zero financial or operational impact.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Submitted to BSE and NSE on October 12, 2026
- Dematerialised securities verified, mutilated, cancelled, and listed on stock exchanges per regulatory timelines
Tejas Networks announced a joint demonstration with Qualcomm Technologies at India Mobile Congress (IMC) 2026 for 6G Integrated Sensing and Communications (ISAC) technology. The demo combines Tejas's 5G base stations with Qualcomm's Radio Unit (RU) and Distributed Unit (DU) chipsets to showcase radar-like object tracking on live telecom infrastructure. The announcement is a technology demonstration without any disclosed commercial contracts, revenue commitments, or order values. Financially, Tejas is managing a steep revenue contraction to ₹1,302 Cr in TTM revenue alongside TTM net losses of ₹917 Cr.
- Joint demonstration of 6G Integrated Sensing and Communications (ISAC) technology with Qualcomm at IMC 2026
- Showcases situational awareness capabilities like tracking vehicles and drones using communication signals without dedicated radar hardware
- Combines Tejas's 5G base stations with Qualcomm Radio Unit (RU) and Distributed Unit (DU) chipsets
- Commercial deal value, revenue contribution, or order size is not disclosed
Tejas Networks Limited has announced the closure of its trading window for Designated Persons starting September 16, 2026. The window will remain shut until 48 hours following the declaration of the unaudited financial results for the quarter ending September 30, 2026. This notification is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This is a standard regulatory procedure with no operational or financial impact on the company.
- Trading window closes on September 16, 2026
- Applies to Designated Persons per SEBI Insider Trading Regulations
- Covers financial results for the quarter ending September 30, 2026
- Window reopens 48 hours after financial results dissemination
Tejas Networks Limited has allotted 32,268 equity shares on September 11, 2026, pursuant to the exercise of stock options and RSUs by eligible employees. The allotment includes 300 shares under ESOP 2014 at an exercise price of Rs. 65, alongside 5,125 shares under RSU Plan 2017 and 26,843 shares under RSU Plan 2022, both at Rs. 10 per share. Following this issuance, the paid-up equity share capital increases marginally from Rs. 178.07 crore to Rs. 178.10 crore, expanding total equity shares to 17,80,97,603. The equity dilution represents approximately 0.018% of total shares, presenting negligible financial impact.
- Allotment of 32,268 equity shares under various employee stock option plans on September 11, 2026
- Issuance includes 300 shares at Rs. 65 under ESOP 2014 and 31,968 total shares at Rs. 10 under RSU Plans 2017 and 2022
- Total paid-up equity share capital increased to Rs. 178,09,76,030 from Rs. 178,06,53,350
- Total equity shares expanded from 17,80,65,335 to 17,80,97,603 of Rs. 10 each
Tejas Networks has received a Letter of Intent (LoI) dated August 27, 2026, from Tata Consultancy Services Limited (TCS) valued at ₹1,537 crore. The contract involves supplying RAN equipment, accessories, and installation materials for 18,685 BSNL 4G mobile network sites. The order magnitude is substantial, equivalent to ~118% of the company's TTM revenue of ₹1,301 crore. A detailed Purchase Order is expected to be issued by TCS in due course.
- Received Letter of Intent dated August 27, 2026, from Tata Consultancy Services (TCS)
- Contract value stands at ₹1,537 crore, exceeding TTM revenue of ₹1,301 crore (~118%)
- Scope covers RAN equipment, accessories, and installation materials for 18,685 sites
- Detailed Purchase Order to be issued by TCS to the company in due course
Tejas Networks Limited has allotted 91,353 equity shares of face value ₹10 each on August 19, 2026, upon the exercise of employee stock options and restricted stock units. The issuance includes 2,464 shares under ESOP 2014 at an exercise price of ₹65, 24,489 shares under RSU Plan 2017 at ₹10, and 64,400 shares under RSU Plan 2022 at ₹10. Following this allotment, the company's paid-up equity share capital increased slightly from ₹177.97 crore to ₹178.07 crore. The equity dilution is minimal at approximately 0.05% of total share capital.
- Allotted 91,353 equity shares of ₹10 each on August 19, 2026.
- Comprises 2,464 shares at ₹65 exercise price and 88,889 shares at ₹10 exercise price across three option plans.
- Total paid-up share capital expanded from ₹177,97,39,820 (17,79,73,982 shares) to ₹178,06,53,350 (17,80,65,335 shares).
- Dilution represents ~0.05% of the total outstanding share base.
Tejas Networks reported Q1 FY27 revenue of ₹402 crore, a 21% sequential increase from Q4 FY26, though it remains loss-making with a PBT of -₹271 crore. The company is in the final stages of securing a significant BSNL 4G add-on order for 26,000 sites, expected to materialize in Q2 FY27. International traction is improving with a first end-to-end 5G win in South America and radio shipments to Europe. However, net debt has risen to ₹4,277 crore due to high working capital requirements, with inventory and receivables totaling over ₹4,500 crore.
- Revenue increased 21% QoQ to ₹402 crore, driven by international 5G shipments and domestic optical products.
- Management expects the BSNL 4G expansion order for 26,000 additional sites to be awarded in the current quarter.
- Net borrowings rose to ₹4,277 crore to fund a heavy working capital cycle and ongoing R&D capex.
- Global patent portfolio reached 722 filings, with 46 new applications submitted in Q1 FY27.
- International order book remains at 7%, but includes a new end-to-end 5G network win in South America.
Tejas Networks has released the audio recording of its Q1 FY27 earnings call held on July 28, 2026. This disclosure is a routine regulatory requirement following the announcement of quarterly results. The company is currently navigating a challenging financial period with a TTM net loss of ₹917 crore and a TTM revenue of ₹1,101 crore. Investors should use the recording to assess management's progress on the BSNL 4G rollout and international expansion strategies.
- Earnings call for Q1 FY27 conducted on July 28, 2026
- TTM revenue reported at ₹1,101 crore against a market cap of ₹8,831 crore
- TTM net loss stands at ₹917 crore with a negative OPM of 62.0%
- Debt-to-equity ratio remains elevated at 1.42
- Promoter holding (Tata Group) remains stable at 53.3%
Tejas Networks reported Q1 FY27 revenue of Rs 402 Cr, a 21% sequential increase from Q4 FY26, though it remains loss-making with a PAT of Rs -202 Cr. The order book stands at Rs 1,529 Cr, representing approximately 139% of TTM revenue, with 93% of orders concentrated in the Indian market. A key strategic milestone was achieved with the first commercial 5G network win in South America and the shipment of 5G mMIMO radios. However, financial health remains a concern as net debt rose to Rs 4,277 Cr and the company continues to await a major BSNL expansion order for 26,000 sites.
- Revenue grew 21% QoQ to Rs 402 Cr, driven by international 5G radio and domestic optical shipments.
- Order book remains stable at Rs 1,529 Cr, though 93% is domestic, highlighting high geographic concentration.
- Net debt increased by Rs 746 Cr during the quarter to reach Rs 4,277 Cr due to operational and capex funding.
- Inventory levels remain high at Rs 2,358 Cr, intended for the execution of the BSNL 4G add-on order.
- Cumulative global patent filings reached 722, with 46 new filings in Q1 FY27.
Tejas Networks reported Q1 FY27 revenue of ₹402 Cr, a 99% increase from ₹202 Cr in Q1 FY26 and a 21% growth sequentially. Despite the revenue jump, the company remains in the red with a net loss of ₹202 Cr for the quarter. The order book stands at ₹1,529 Cr, which is approximately 139% of the TTM revenue of ₹1,101 Cr. Financial health remains a concern with net debt rising to ₹4,277 Cr, significantly exceeding annual revenue levels.
- Net Revenue grew 99% YoY to ₹402 Cr in Q1 FY27 compared to ₹202 Cr in Q1 FY26.
- Order book remains robust at ₹1,529 Cr, providing revenue visibility for the coming quarters.
- Net loss narrowed slightly to ₹202 Cr from a ₹218 Cr loss in the preceding March 2026 quarter.
- Net debt stands at ₹4,277 Cr against a cash balance of ₹589 Cr.
- Filed 46 new patents during the quarter, taking the cumulative global total to 722.
Tejas Networks Limited has approved the grant of 2,000 Restricted Stock Units (RSUs) to its employees on July 27, 2026. These units are issued at a face value of Rs. 10 each under the company's existing 2022 RSU plan. Given the extremely small volume of units granted, this is a routine administrative filing with negligible impact on the company's total share capital or financial position.
- Grant of 2,000 Restricted Stock Units (RSUs) approved by the Board
- RSUs issued at a face value of Rs. 10 per unit
- Grant date finalized as July 27, 2026
- Issued under the Tejas Restricted Stock Unit Plan 2022
Tejas Networks has formally designated its current Chief Operating Officer (COO), Mr. Preetham Uthaiah, as Senior Management Personnel (SMP) effective July 27, 2026. This move aligns with SEBI Listing Regulations and formalizes the leadership structure as the company navigates a challenging financial period, reporting a TTM loss of ‡917 Cr. Mr. Uthaiah brings experience from Saankhya Labs and Tech Mahindra, which is relevant given Tejas's focus on the Tata ecosystem and BSNL 4G/5G rollouts. The designation is procedural as he was already serving as the COO.
- Mr. Preetham Uthaiah designated as Senior Management Personnel effective July 27, 2026
- Appointee currently serves as the Chief Operating Officer (COO) of the company
- Professional background includes a Vice President role at Tech Mahindra and experience at Saankhya Labs
- Company is managing a TTM revenue of ‡1,101 Cr against an operating margin of -62.0%
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.
