Tejas Networks Limited (TEJASNET)
Large CapTelecom stocks · Large cap · NSE
Tejas Networks Limited designs, develops, and manufactures optical and wireless networking products for telecommunications service providers, government entities, and enterprises. It focuses on wireline and wireless solutions, including 5G RAN, DWDM systems, and IP/MPLS routers, with a growing international footprint and strategic partnerships.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +99% YoY · margin expansion · +21% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹402 Cr | +99.0% | +20.7% |
| EBITDA | ₹-100 Cr | +26.5% | +15.3% |
| Operating margin | -25.0% | +4200 bps | +1100 bps |
| PAT | ₹-202 Cr | NDF | NDF |
| PAT margin | -50.3% | +4579 bps | +1311 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 revenue grew QoQ, but the company reported significant losses for the quarter and full year. The order book saw strong YoY and QoQ growth, indicating future revenue potential despite current unprofitability and increasing net debt.
While the company secured significant orders and made strategic product advancements, persistent quarterly losses and increasing net debt raise concerns. The ability to convert the growing order book into profitable revenue and manage working capital will be critical for improving financial health.
Q4 Revenue Mix (Excludes other operating revenue)
Latest issuer-disclosed distribution across 2 reported categories.
5G Massive MIMO Contract
Signed agreement with NEC to manufacture and supply 5G massive MIMO radios for a global customer.
4G RAN Expansion
Received purchase order to deliver 4G RAN products for a network expansion project in South Asia.
BharatNet Phase III Deployment
Completed shipment of 17,000+ IP/MPLS routers for BharatNet Phase III; several sites are now carrying live traffic.
Data Center Interconnect (DCI)
Selected to build a multi-terabit DWDM network for a hyperscaler data center interconnectivity (DCI) application in India.
AI-driven Network Build Supercycle
Massive AI workloads and data centers are driving strong traffic surge and demand for wireless & wireline products.
Network Transformation Demand
Current CSP networks will not suffice to handle AI traffic, requiring significant investments in new networks with 400G/800G connectivity.
Government Production Linked Incentives (PLI)
Received Rs 69.96 crore in PLI incentives for FY25, with cumulative PLI incentives reaching Rs 467 crore for FY25.
Continued Losses
Q4FY26 Profit After Tax: INR -211 Cr, with full year FY26 PAT at INR -909 Cr, indicating persistent unprofitability.
Increasing Net Debt
Net Debt increased to INR 3,531 Cr in Q4FY26 from INR 3,349 Cr in Q3FY26, raising concerns about financial leverage.
High Inventory Levels
Inventory of INR 2,438 Cr, which will be converted to finished goods and shipped in upcoming months, ties up significant capital.
Execution and Conversion Risk
Conversion of high inventory (INR 2,438 Cr) into finished goods and shipments in upcoming months is crucial for revenue realization and cash flow.
Profitability Challenges
Persistent losses (PAT -909 Cr for FY26) indicate challenges in achieving operational profitability despite revenue growth and order book expansion.
Working Capital Management
Net Working Capital at INR 4,138 Cr and increasing Net Debt suggest ongoing working capital requirements and potential liquidity pressures.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is relevant for tracking sequential execution and revenue momentum from project-based sales. YoY is crucial for assessing the growth of the order book and overall business scale over a longer period, especially for a company in a growth phase with large contracts.
Revenue from Operations
Q4FY26 Revenue from Operations: INR 333 Cr (QoQ growth of 8% from INR 307 Cr in Q3FY26; FY26 total INR 1,103 Cr).
Profit After Tax (PAT)
Q4FY26 PAT: INR -211 Cr (vs -197 Cr in Q3FY26; FY26 total INR -909 Cr).
Order Book
Order book at end of Q4: INR 1,514 Cr (49% YoY growth from INR 1,019 Cr in Q4FY25; 1,329 Cr in Q3FY26).
Inventory
Inventory of INR 2,438 Cr in Q4FY26 (vs 2,363 Cr in Q3FY26), expected to convert to finished goods and shipped in upcoming months.
FY26 as a Year of Consolidation
Management states FY26 was a year of consolidation, deploying the world's largest Sat-IoT network, indigenous router deployments, and BSNL 4G/5G network going live.
Future Product Roadmap
Management believes the product roadmap is well positioned to leverage future opportunities, including 5G-A/6G, 1.6T/ch. DWDM, and multi-tera IP/MPLS routers.
Strategic Partnerships for Global Expansion
Strong partnerships are in place, like with NEC and Rakuten Symphony, to expand the global customer footprint and drive international wireless wins.
Continued Innovation Journey
The company continued its innovation journey with 147 patents filed in FY26 and new product launches like TJ1600-D3 and 64TR mMIMO 5G Radio.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | INR 1,514 Cr | Monitor the rate of conversion of the order book into recognized revenue and its impact on gross margins and profitability. |
| Inventory Levels | INR 2,438 Cr | Observe the reduction in inventory as it converts to finished goods and shipments, indicating efficient project execution and working capital release. |
| Net Debt Trend | INR 3,531 Cr | Track trends in net debt and cash position to assess financial stability and the company's ability to fund operations and growth. |
| Profit After Tax (PAT) | PAT: -211 Cr (Q4FY26) | Observe progress towards achieving positive PAT and sustained operational profitability, moving away from current loss-making status. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Inventory of INR 2,363 Cr will be converted to finished goods and shipped in upcoming months.
"Will be converted to finished goods and shipped in upcoming months"
Inventory of INR 2,363 Cr will be converted to finished goods and shipped in upcoming months.
"Will be converted to finished goods and shipped in upcoming months"
There will be expansion of 4G and new deployments of 5G in emerging markets.
"Expansion of 4G and new deployments of 5G in emerging markets"
There will be expansion of 4G and new deployments of 5G in emerging markets.
"Expansion of 4G and new deployments of 5G in emerging markets"
Investments in AI datacenters will drive huge connectivity requirements.
"Investments in AI datacenters driving huge connectivity requirements"
Investments in AI datacenters will drive huge connectivity requirements.
"Investments in AI datacenters driving huge connectivity requirements"
AI applications will drive massive traffic growth.
"AI applications driving massive traffic growth"
AI applications will drive massive traffic growth.
"AI applications driving massive traffic growth"
Trend score and candlestick chart
57NeutralSMA20 +1.4% / mo · RSI overbought · MACD + · near 52W high
Technical chart
TEJASNETdaily · 1Y · AUTO+24.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 72. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.4% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 5% off 52W high · 109% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 26.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.6%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 10/25 to the score.
- Cash flow contributes 4/10 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is 1.4, in distress territory.
- Penalty bucket subtracts 1 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 3rd percentile of the scored universe and 4th percentile within Telecom. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.45.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Telecom: 4th pctile, median 66 · Large: 2nd pctile, median 73
147 documents have extracted text, but claim history is not strong enough yet.
1/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.45.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.43.
- ▸ROCE is low at -14.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.72
- EV/EBITDA
- —
- Market Cap
- 10936.00Cr
Profitability
- ROE
- -26.80%
- ROCE
- -14.60%
- ROA
- -9.75%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 1.43
- Interest Coverage
- -2.07×
- Altman Z
- 1.45
- Book Value
- 165.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 135.00 Cr
- EPS TTM
- -51.68
Shareholding
- Promoter Hold
- 53.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.