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 6.30x)
- Company has delivered good sales growth of 16.0% 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 -4.0% over last 3 years
- Company has a low return on capital employed of 1.5%
- 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 167 | 395 | 565 | 1,170 | 1,495 | 2,654 | 2,497 | 1,801 | 202 | 256 | 305 | 331 | 402 | |
| 207 | 381 | 572 | 1,017 | 1,332 | 2,276 | 2,271 | 1,770 | 338 | 555 | 440 | 457 | 682 | |
| Operating Profit | -40 | 13 | -7 | 153 | 163 | 378 | 226 | 31 | -136 | -299 | -135 | -126 | -280 |
| OPM % | -23.98% | 3.33% | -1.26% | 13.11% | 10.90% | 14.25% | 9.06% | 1.71% | -67.24% | -116.68% | -44.22% | -37.92% | -69.61% |
| 19 | 18 | 15 | 12 | 13 | 11 | 14 | 8 | 10 | 6 | 8 | 10 | 9 | |
| Interest | 1 | 4 | 5 | 28 | 53 | 60 | 63 | 71 | 75 | 84 | 72 | 72 | 85 |
| Depreciation | 29 | 42 | 48 | 58 | 65 | 74 | 111 | 103 | 96 | 101 | 104 | 101 | 94 |
| Profit before Tax | -51 | -14 | -45 | 236 | 124 | 411 | 211 | -35 | -297 | -473 | -303 | -288 | -271 |
| Tax % | 71.31% | 34.65% | 8.37% | 36.40% | 34.83% | 35.28% | 21.62% | -75.67% | 34.79% | 35.06% | 35.06% | 24.12% | 25.32% |
| Net Profit | -15 | -9 | -41 | 150 | 81 | 266 | 165 | -62 | -194 | -307 | -197 | -218 | -202 |
| -0.87 | -0.55 | -2.44 | 8.81 | 4.75 | 15.53 | 9.42 | -3.53 | -10.99 | -17.38 | -11.11 | -12.30 | -11.37 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 862 | 743 | 894 | 386 | 524 | 549 | 871 | 2,474 | 8,916 | 1,101 | 1,295 | |
| 711 | 589 | 755 | 473 | 473 | 631 | 860 | 2,204 | 7,649 | 1,791 | 2,134 | |
| Operating Profit | 151 | 154 | 139 | -87 | 52 | -82 | 11 | 270 | 1,267 | -690 | -839 |
| OPM % | 17.54% | 20.73% | 15.54% | -22.54% | 9.85% | -14.86% | 1.28% | 10.90% | 14.21% | -62.67% | -64.82% |
| -20 | 27 | 93 | 34 | 26 | 43 | 110 | 65 | 45 | 34 | 33 | |
| Interest | 31 | 13 | 17 | 8 | 4 | 3 | 5 | 38 | 247 | 303 | 313 |
| Depreciation | 56 | 61 | 66 | 77 | 52 | 77 | 105 | 182 | 353 | 403 | 401 |
| Profit before Tax | 44 | 107 | 149 | -138 | 22 | -118 | 11 | 114 | 711 | -1,362 | -1,335 |
| Tax % | -89.95% | -0.45% | 1.86% | -71.62% | -67.44% | 46.06% | 73.07% | 24.83% | 36.65% | 32.69% | 30.73% |
| Net Profit | 83 | 107 | 147 | -236 | 37 | -64 | 3 | 85 | 451 | -916 | -925 |
| EPS | 12.58 | 11.79 | 15.33 | -25.66 | 3.96 | -6.07 | 0.19 | 5.00 | 25.56 | -51.56 | — |
| Dividend Payout % | 0.00% | 0.00% | 6.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 9.78% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 16%
- 3 Years:
- 8%
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:
- -3%
- 3 Years:
- -4%
- Last Year:
- -28%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 1,197 | 950 | 1,003 | 1,442 | 2,760 | 3,021 | 3,530 | 2,661 | |
| 279 | 1 | 0 | 22 | 17 | 12 | 44 | 1,877 | 3,363 | 3,798 | |
| Trade Payables | 108 | 105 | 164 | 78 | 98 | 117 | 307 | 1,850 | 1,191 | 487 |
| -31 | -38 | -10 | 56 | 46 | 312 | 73 | 1,295 | 2,350 | 2,072 | |
| Total Liabilities | 930 | 1,202 | 1,442 | 1,198 | 1,258 | 1,998 | 3,352 | 8,214 | 10,611 | 9,195 |
| 92 | 75 | 99 | 79 | 111 | 138 | 219 | 961 | 1,147 | 1,130 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 1 | 0 |
| 5 | 87 | 97 | 62 | 48 | 413 | 557 | 352 | 500 | 376 | |
| 182 | 191 | 181 | 252 | 214 | 278 | 628 | 3,733 | 2,366 | 2,438 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,408 | 4,444 | 3,256 | |
| Cash & Bank | 70 | 235 | 123 | 143 | 217 | 345 | 731 | 297 | 333 | 132 |
| 581 | 614 | 942 | 663 | 669 | 824 | 1,217 | 1,449 | 1,821 | 1,862 | |
| Total Assets | 930 | 1,202 | 1,442 | 1,198 | 1,258 | 1,998 | 3,352 | 8,214 | 10,611 | 9,195 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 143 | 279 | -57 | 11 | 162 | -48 | -382 | -2,038 | -493 | 134 | |
| Cash from Investing | -140 | -219 | -104 | 71 | -167 | -828 | -609 | 431 | -655 | -764 |
| Cash from Financing | -16 | 157 | -11 | -22 | -3 | 840 | 1,011 | 1,714 | 1,286 | 397 |
| -19 | 184 | -197 | 50 | -14 | -7 | 33 | 106 | 138 | -233 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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