Tejas Networks Limited (TEJASNET)

Large Cap

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.

₹453.25

-21.50 · -4.53%

Market cap ₹8,457 Cr

IndicesNifty 500

ThemesTelecom & Networking Infrastructure Telecom

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals18 Oct 2026 · screener

Official result overlay30 Sept 2026 · nse-xbrl

Latest result16 Oct, 06:24 pm IST

Score20 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags15 Aug 2026

Coverage12/14 · 86%

Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)

Technical timing lens

Trend score and candlestick chart

36Bearish

SMA20 -11.7% / mo · MACD +

Stock trend: 36

Sector RS: —

Telecom FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

TEJASNETD candles · FIT view+10.3%

Latest close ₹453.25 on 2026-10-19

Bar

-2.5%

RSI

MACD hist

0.55

52W pos

45%

2026-10-19O ₹465.00H ₹467.80L ₹446.00C ₹453.25Vol 13.0L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

TEJASNETNifty TelecommunicationsNifty 500

TEJASNET: -16.6%
Nifty 500: -5.6%
Nifty Telecommunications: +3.9%
Vs Nifty 500: -11.0 pp

Chart stats

19 Oct 2026

From 52W high: -29.7%
52W range position: 45%
ATR (14): 4.4%
Volume vs 20D: 1.07x
Avg traded value: ₹57.6 Cr
20D price channel: ₹445.7 - ₹527

Quarter ended 30 Sept 2026

Average · 45

Rev +55% YoY · margin expansion

Revenue: ₹405.7 Cr; YoY +54.8%
PAT: ₹-206.9 Cr; YoY NDF
Operating margin: -26.3%; QoQ -133 bps
PAT margin: -51.0%; QoQ -72 bps

Filed 16 Oct 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 49; +9 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #7; improving · 10 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Above signal

Histogram +0.55

Volume participation

1.1x average

Versus 20-session average

20-session position

9% of range

₹445.7 low · ₹527 high

Relative performance

vs Nifty 500

1M: -9.1 pp; stock -12.6%
3M: -11.0 pp; stock -16.6%
6M: +12.9 pp; stock +9.3%
1Y: -9.0 pp; stock -16.0%

From 52W high

-29.7%

High ₹644.75

52W range position

45%

₹294 - ₹644.75

ATR (14)

4.4%

₹20.05

Avg traded value

₹57.6 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Sept 2026

Average · 45/100

Rev +55% YoY · margin expansion

Filed 16 Oct 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹405.7 Cr	+54.8%	+0.9%
EBITDA	₹-106.6 Cr	+63.7%	-6.3%
Operating margin	-26.3%	+8571 bps	-133 bps
PAT	₹-206.9 Cr	NDF	NDF
PAT margin	-51.0%	+6617 bps	-72 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: —
P/B: 3.35
EV/EBITDA: —
Market Cap: 8457.00Cr

Profitability

ROE: -26.80%
ROCE: -14.60%
ROA: -9.68%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 16.00%
EPS 5Y: -1.00%
Revenue 3Y: 6.00%
EPS 3Y: -19.00%

Balance Sheet

Debt/Equity: 1.97
Interest Coverage: -1.46×
Altman Z: 1.35
Book Value: 142.00

Cash Flow

FCF Yield: —
FCF Positive Y: 5/5
OCF: 135.00 Cr
EPS TTM: -45.94

Shareholding

Promoter Hold: 53.28%
Promoter Pledge: 0.00%
Momentum 52W: 52%

Financial History

Updated 19/10/2026

Revenue

₹ Cr

Latest: 406+0.9% vs prev

Net Profit

₹ Cr

Latest: -207-2.3% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 36.

Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
SMA20 falling (~13.3% over last month) — short-term momentum negative.
RSI(14) at 36 — sideways, no extreme reading.
MACD above signal but histogram contracting — bullish momentum cooling.
30% off 52W high · 54% 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.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 1 Base / Transition

1M return

-12.6%

3M return

-16.6%

6M return

+11.1%

1Y return

-16.7%

RS 1D

-6

RS 20D

Sector rank

Industry rank

Stage evidence

Price is 10.1% below the 30-week proxy without full trend alignment.
The 30-week proxy changed +1.4% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price below

200-DMA

price below

Sector

improving

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 79.32-3.54%

RS vs Nifty 50079

Valuation & peers

U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

Distress Watch

Fundamental score breakdown

U band · OVERVALUED

Valuation3/30

Growth6/25

Quality0/20

Balance Sheet0/15

Cash Flow4/10

Piotroski

4/9 (+1)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

14/100 · legacy band OVERVALUED

Positive drivers

Cash flow contributes 4/10 to the score.
Growth contributes 6/25 to the score.
Valuation contributes 3/30 to the score.

Main drags

Altman Z is 1.4, in distress territory.
Quality is weaker at 0/20; verify the latest quarterly trend.
Balance sheet is weaker at 0/15; verify the latest quarterly trend.

Sector valuation model

Telecom valuation: EV/EBITDA against ARPU, debt, and capex

Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.

Telecom EV/EBITDA

Primary lens

EV/EBITDA and debt-adjusted cash generation.

Secondary checks

ARPU growth, subscriber quality, spectrum liabilities, capex intensity.

Main risk check

High EBITDA can still be weak equity value if debt and capex absorb cash.

—

3.4

EV/EBITDA

—

ROE

-26.8%

ROCE

-14.6%

FCF Yield

—

Debt/Equity

2.0

MoS

—

Score movement

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.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 14

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

—

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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

RAILTEL

Large

Railtel Corporation Of India Limited

Optiemus Infracom Limited

Zee Entertainment Enterprises Limited

Surana Telecom and Power Limited

Sterlite Technologies Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-06-13T09:53:00.685Z

Management commentary snapshot

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.

Current business mix

Q4 Revenue Mix (Excludes other operating revenue)

Latest issuer-disclosed distribution across 2 reported categories.

India88.0%

International12.0%

Growth engines

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.

Tailwinds

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.

Headwinds

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.

Risk radar

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

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Jan 2026

Analyst reading lens

Compare BOTH

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.

Sector KPIs management disclosed

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.

Management forward view

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.

Thesis monitor

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

project executionnot yet verifiablequantified

Inventory of INR 2,363 Cr will be converted to finished goods and shipped in upcoming months.

Timeframe: upcoming monthsDirection: positiveConfidence: will be

"Will be converted to finished goods and shipped in upcoming months"

project executionnot yet verifiablequantified

Inventory of INR 2,363 Cr will be converted to finished goods and shipped in upcoming months.

Timeframe: upcoming monthsDirection: positiveConfidence: will be

"Will be converted to finished goods and shipped in upcoming months"

demand outlooknot yet verifiable

There will be expansion of 4G and new deployments of 5G in emerging markets.