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Tejas Networks Ltd.
(TEJASNET)
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Rating:47Neutral
Price Target:
₹406.00
▼(-9.63% Downside)
Action:Reiterated
Date:10/16/26
The score is held down primarily by weak financial performance (sharp FY2026 deterioration, multi-year cash burn, and higher leverage). Technical indicators also reflect a bearish setup with the price below key moving averages and negative momentum. These are partly offset by a more constructive earnings-call outlook driven by improving quarterly operating performance and a growing BSNL-led order book, while valuation support is limited due to negative earnings and a modest dividend yield.
Positive Factors
Revenue Recovery and Order Book
The sharp quarterly recovery and larger order book indicate improving demand after the FY2026 downturn. BSNL execution provides near-term visibility, while stronger revenue conversion can improve operating leverage and support a more durable return to growth if deliveries continue as planned.
Negative Factors
Severe Earnings Volatility
The FY2026 collapse shows that earnings remain highly sensitive to demand, pricing, and cost absorption. Even with improved recent quarterly performance, the abrupt reversal from FY2025 profitability weakens confidence in margin sustainability and leaves the business vulnerable if project execution or customer timing falters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery and Order Book
The sharp quarterly recovery and larger order book indicate improving demand after the FY2026 downturn. BSNL execution provides near-term visibility, while stronger revenue conversion can improve operating leverage and support a more durable return to growth if deliveries continue as planned.
Read all positive factors
Tejas Networks Ltd. (TEJASNET) vs. iShares MSCI India ETF (INDA)
Market Cap
₹73.48B
Dividend Yield0.62%
Average Volume (3M)90.17K
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue Growth-70.27%
EPS Growth-100.11%
CountryIN
Employees2,229
SectorGeneral
Sector StrengthN/A
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-51.37
Shares Outstanding178,141,020
10 Day Avg. Volume78,326
30 Day Avg. Volume90,166
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.33
Price to Sales (P/S)6.20
P/FCF Ratio-19.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Tejas Networks Ltd. Business Overview & Revenue Model
Company Description
Tejas Networks Limited, headquartered in Bengaluru, India, specializes in the development, manufacturing, and global distribution of advanced optical, data networking, and wireless communication products. The company caters to a diverse clientele,...
Tejas Networks Ltd. Earnings Call Summary
Earnings Call Date:Oct 16, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 20, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Revenue grew approximately 55% year over year in Q2 and 24% in H1, EBITDA and the PAT loss improved materially, and the order book expanded to INR 2,315 crores with significant BSNL 4G execution underway. The company also reported expanding international engagements, wireline wins, technology investments, and progress in data-center connectivity. Offsetting factors were the continuing INR 207 crore PAT loss, higher net debt, high inventory, and substantial concentration in India and the BSNL program. Management nevertheless described a visible path to profitability and expected inventory, receivables, and debt to decline with BSNL execution.Positive Updates
Strong Year-over-Year Revenue Growth
Q2 FY2027 revenue from operations was approximately INR 406 crores versus INR 262 crores in Q2 FY2026, an increase of around 55%. H1 FY2027 revenue was INR 808 crores versus INR 459 crores in H1 FY2026, representing approximately 24% year-on-year growth. The CFO also stated that Q2 revenue was INR 406 crores versus INR 402 crores in Q1 FY2027.
Negative Updates
Continued Net Loss
Despite the improvement, the company reported a PAT loss of INR 207 crores in Q2 FY2027.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Year-over-Year Revenue Growth
Q2 FY2027 revenue from operations was approximately INR 406 crores versus INR 262 crores in Q2 FY2026, an increase of around 55%. H1 FY2027 revenue was INR 808 crores versus INR 459 crores in H1 FY2026, representing approximately 24% year-on-year growth. The CFO also stated that Q2 revenue was INR 406 crores versus INR 402 crores in Q1 FY2027.
Read all positive updates
Company Guidance
Management said 5G rollouts are supposed to continue till 2030, while global 5G FWA subscriptions are supposed to triple and reach close to 90 million by 2030; the BSNL expansion order for 18,685 sites is expected to drive shipments in the coming quarters, with most of the INR 1,500 crore order expected to come into the order book by the end of this quarter. The company expects a significant portion of inventories to be utilized in executing the BSNL 4G order, inventory to come down to the earlier levels, debt to come down significantly, and receivables to be substantially reduced through collections; it also has a focus on achieving quarterly positive EBITDA performance and has a visible path to profitability in the upcoming years. Product plans include radios covering 700 megahertz to 4.9 gigahertz, a compact baseband unit supporting up to five frequency bands in one site, and high-capacity, low-latency access platforms at 200G and beyond.Tejas Networks Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.03B | 11.03B | 89.23B | 24.71B | 9.22B | 5.53B |
| Gross Profit | -2.38B | -2.91B | 23.81B | 8.78B | 3.62B | 2.42B |
| EBITDA | -6.14B | -6.48B | 12.58B | 2.75B | 189.00M | -779.20M |
| Net Income | -9.17B | -9.09B | 4.47B | 629.80M | -364.10M | -627.10M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 94.03B | 104.62B | 82.03B | 36.02B | 21.10B |
| Cash, Cash Equivalents and Short-Term Investments | 4.69B | 5.05B | 8.22B | 8.46B | 13.05B | 10.98B |
| Total Debt | 0.00 | 41.77B | 34.07B | 18.84B | 498.20M | 197.60M |
| Total Liabilities | -29.31B | 64.72B | 66.16B | 50.53B | 6.29B | 1.80B |
| Stockholders Equity | 29.31B | 29.31B | 38.46B | 31.49B | 29.73B | 19.30B |
Cash Flow | ||||||
| Free Cash Flow | -6.27B | -3.49B | -8.15B | -24.45B | -6.29B | -1.35B |
| Operating Cash Flow | -5.10B | -1.74B | -4.91B | -20.36B | -3.80B | -173.30M |
| Investing Cash Flow | -3.98B | -7.65B | -6.55B | 4.31B | -5.81B | -8.28B |
| Financing Cash Flow | 6.32B | 7.08B | 12.86B | 17.13B | 9.99B | 8.39B |
Tejas Networks Ltd. Technical Analysis
Negative
449.25
Price Trends
502.52
Negative
530.00
Negative
471.85
Negative
Market Momentum
-25.94
Positive
29.80
Positive
8.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TEJASNET, the sentiment is Negative. The current price of 449.25 is below the 20-day moving average (MA) of 454.61, below the 50-day MA of 502.52, and below the 200-day MA of 471.85, indicating a bearish trend. The MACD of -25.94 indicates Positive momentum. The RSI at 29.80 is Positive, neither overbought nor oversold. The STOCH value of 8.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TEJASNET.
Tejas Networks Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹149.04B | 78.77 | ― | 0.15% | 4.02% | 16.28% | |
64 Neutral | ₹381.81B | 43.57 | ― | 0.08% | 101.01% | 2852.77% | |
63 Neutral | ₹14.18B | 13.23 | ― | 4.99% | 20.48% | 2.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹469.41B | 59.85 | ― | 0.65% | 63.47% | ― | |
47 Neutral | ₹73.48B | -9.04 | ― | 0.62% | -70.27% | -100.11% | |
41 Neutral | ₹209.43B | 79.40 | ― | ― | -41.28% | ― |
* General Sector Average
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Tejas Networks Ltd. Corporate Events
Tejas Networks Files Q2 FY27 Earnings Call Transcript with Exchanges
Oct 22, 2026
Tejas Networks Limited has submitted to the National Stock Exchange of India and BSE the official transcript of its Q2 FY27 earnings conference call held on October 16, 2026. The disclosure, signed by the company secretary and compliance officer, ...
Tejas Networks Publishes Q2 FY27 Unaudited Results in Newspapers
Oct 17, 2026
Tejas Networks Limited has notified the stock exchanges that it has published its unaudited financial results for the quarter and six months ended September 30, 2026 in leading newspapers. The results have appeared in the Financial Express and the...
Tejas Networks Posts Q2 FY27 Earnings Call Recording Online
Oct 17, 2026
Tejas Networks Ltd. has announced that it held its earnings call for the second quarter of FY27 on October 16, 2026, discussing its latest financial performance with analysts and investors. The company has made the audio recording of this earnings...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.