Tejas Networks Ltd.
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ABOUT
AI Sector View
AI GENERATEDTelecommunication
Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.99x)
- Company has delivered good sales growth of 15.9% CAGR over last 5 years
CONS
- Company is loss-making at the operating / net level
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of -4.1% over last 3 years
- Company has a low return on capital employed of 1.6%
- Interest coverage is weak at -3.5x - earnings barely cover interest
- Promoter holding has decreased over last 2 years: -2.2pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITI | 262.70 | 95.91 | 25242.50 | 0.00 | -32.25 | 49.30 | 425.03 | -14.65 | 0.28 | 0.48 |
| BBOX | 800.80 | 62.93 | 14222.14 | 0.12 | 55.92 | 17.90 | 1718.50 | 23.92 | 22.50 | 8.67 |
| SEDEMAC | 2905.05 | 123.88 | 12831.75 | 0.00 | 333.10 | — | 3097.70 | — | 37.22 | 19.10 |
| TEJASNET | 553.20 | 0.00 | 9850.57 | 0.00 | -202.24 | -4.32 | 402.16 | 99.11 | -14.93 | -24.96 |
| KRONECOMM | 2299.95 | 46.94 | 1057.98 | 1.09 | 8.58 | 72.64 | 63.41 | 40.79 | 31.44 | 17.09 |
| KAVDEFENCE | 69.34 | 0.00 | 416.90 | 0.00 | -12.11 | -1223.38 | 14.43 | 269.05 | 8.44 | -103.12 |
| PUNJCOMMU | 62.34 | 13.65 | 74.95 | 0.00 | 2.87 | 718.86 | 5.83 | -12.56 | -0.52 | 13.75 |
| SHYAMTEL | 11.48 | 0.00 | 12.94 | 0.00 | -19.94 | -405.32 | 0.00 | — | 0.00 | — |
| UNIINFO | 10.94 | 0.00 | 11.70 | 0.00 | 0.14 | 440.00 | 8.36 | -1.42 | -0.99 | 5.29 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 188 | 396 | 560 | 1,171 | 1,496 | 2,655 | 2,497 | 1,806 | 202 | 257 | 306 | 332 | 402 | |
| 234 | 383 | 567 | 1,018 | 1,333 | 2,277 | 2,271 | 1,785 | 338 | 556 | 441 | 451 | 682 | |
| Operating Profit | -46 | 13 | -8 | 153 | 163 | 379 | 227 | 21 | -136 | -299 | -135 | -118 | -280 |
| OPM % | -24.63% | 3.28% | -1.34% | 13.07% | 10.92% | 14.26% | 9.07% | 1.16% | -67.17% | -116.43% | -43.93% | -35.65% | -69.57% |
| 19 | 18 | 15 | 12 | 13 | 11 | 14 | 8 | 10 | 6 | 8 | 10 | 9 | |
| Interest | 5 | 7 | 8 | 31 | 57 | 61 | 63 | 71 | 75 | 84 | 72 | 72 | 85 |
| Depreciation | 34 | 42 | 48 | 58 | 65 | 74 | 111 | 103 | 96 | 101 | 104 | 101 | 94 |
| Profit before Tax | -66 | -18 | -49 | 233 | 122 | 411 | 211 | -45 | -297 | -473 | -303 | -281 | -271 |
| Tax % | 60.09% | 28.75% | 8.00% | 36.90% | 36.26% | 32.97% | 21.58% | -59.24% | 34.80% | 35.07% | 35.10% | 24.74% | 25.32% |
| Net Profit | 0 | 0 | 0 | 0 | 77 | 275 | 166 | -72 | -194 | -307 | -197 | -211 | -202 |
| -1.56 | -0.74 | -2.64 | 8.61 | 4.54 | 16.06 | 9.44 | -4.08 | -10.99 | -17.38 | -11.09 | -11.90 | -11.37 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 875 | 750 | 900 | 391 | 527 | 551 | 922 | 2,471 | 8,923 | 1,103 | 1,298 | |
| 714 | 597 | 706 | 478 | 475 | 631 | 938 | 2,202 | 7,665 | 1,785 | 2,129 | |
| Operating Profit | 160 | 153 | 194 | -88 | 52 | -80 | -17 | 269 | 1,258 | -682 | -832 |
| OPM % | 18.34% | 20.39% | 21.53% | -22.48% | 9.87% | -14.61% | -1.84% | 10.88% | 14.10% | -61.80% | -64.10% |
| -18 | 28 | 39 | 34 | 26 | 43 | 112 | 65 | 45 | 33 | 33 | |
| Interest | 32 | 13 | 17 | 8 | 4 | 3 | 15 | 51 | 252 | 303 | 313 |
| Depreciation | 56 | 61 | 66 | 77 | 52 | 77 | 122 | 182 | 353 | 403 | 401 |
| Profit before Tax | 54 | 106 | 150 | -139 | 23 | -117 | -43 | 100 | 698 | -1,354 | -1,327 |
| Tax % | -73.18% | -0.45% | 1.85% | -71.12% | -66.70% | 46.46% | 14.63% | 37.16% | 36.05% | 32.87% | 30.90% |
| Net Profit | 93 | 107 | 147 | -237 | 38 | -63 | -36 | 63 | 447 | -909 | -917 |
| EPS | 14.09 | 11.73 | 15.39 | -25.76 | 3.99 | -5.97 | -2.46 | 3.69 | 25.32 | -51.14 | — |
| Dividend Payout % | 0.00% | 0.00% | 6.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 9.87% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 16%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 4%
- 3 Years:
- -14%
- 1 Year:
- -6%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- -4%
- 3 Years:
- -4%
- Last Year:
- -28%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 71 | 91 | 92 | 92 | 93 | 115 | 168 | 171 | 176 | 178 |
| 503 | 1,043 | 1,198 | 952 | 1,005 | 1,446 | 2,724 | 2,840 | 3,521 | 2,660 | |
| 279 | 1 | 0 | 22 | 17 | 12 | 201 | 2,046 | 3,363 | 3,798 | |
| Trade Payables | 108 | 105 | 164 | 75 | 92 | 112 | 301 | 1,839 | 1,184 | 478 |
| -23 | -31 | -6 | 59 | 48 | 315 | 166 | 1,310 | 2,357 | 2,080 | |
| Total Liabilities | 938 | 1,209 | 1,447 | 1,199 | 1,255 | 1,999 | 3,560 | 8,207 | 10,602 | 9,194 |
| 92 | 75 | 99 | 79 | 111 | 138 | 647 | 961 | 1,147 | 1,130 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 1 | 0 |
| 0 | 77 | 87 | 51 | 37 | 402 | 262 | 334 | 482 | 365 | |
| 182 | 191 | 181 | 252 | 214 | 278 | 647 | 3,738 | 2,367 | 2,438 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,410 | 4,444 | 3,256 | |
| Cash & Bank | 71 | 236 | 123 | 143 | 218 | 347 | 742 | 302 | 340 | 140 |
| 593 | 631 | 957 | 675 | 676 | 834 | 1,262 | 1,448 | 1,822 | 1,864 | |
| Total Assets | 938 | 1,209 | 1,447 | 1,199 | 1,255 | 1,999 | 3,560 | 8,207 | 10,602 | 9,194 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 156 | 272 | -58 | 11 | 162 | -47 | -391 | -2,036 | -491 | 135 | |
| Cash from Investing | -140 | -213 | -104 | 71 | -167 | -828 | -581 | 431 | -655 | -764 |
| Cash from Financing | -28 | 157 | -11 | -22 | -3 | 839 | 999 | 1,713 | 1,286 | 397 |
| -18 | 183 | -197 | 50 | -13 | -6 | 37 | 107 | 140 | -232 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Tejas Networks Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-09-11 - Tejas Networks Limited has informed the Exchange regarding allotment of 32,268 securities pursuant to ESOP / RSU on September 11, 2026
2026-08-27 - Tejas Networks Limited has informed the Exchange about receipt of a Letter of Intent dated August 27, 2026, from Tata Consultancy Services Limited ( TCS ) for supply of RAN equipment, accessories & installation materials for BSNL 4G mobile network for 18,685 sites, valued at Rs.1537 Crores.
2026-08-19 - Tejas Networks Limited has informed the Exchange regarding allotment of 91,353 securities pursuant to ESOP / RSU on August 19, 2026
2026-08-03 - Tejas Networks Limited has informed the Exchange about Transcript
2026-07-29 - Tejas Networks Limited has informed the Exchange about Copy of Newspaper Publication of financials results for the quarter ended June 30, 2026
2026-07-28 - Tejas Networks Limited has informed the Exchange about Link of Recording of Earning call for the Q1 FY 27
2026-07-27 - Tejas Networks Limited has informed the Exchange about Investor Presentation
2026-07-27 - Tejas Networks Limited has informed the Exchange regarding a press release dated July 27, 2026, titled "Tejas announces Q1FY27 results".
News
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