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Tejas Networks Ltd

Q3 FY25Telecom - Equipment & Accessories

Tejas Networks Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹510

Market cap₹9.4K Cr

Updated23 Aug 2026

Read4 min read

The short version

Significant opportunities expected to convert in Q4 FY'25 and Q1 FY'26, especially with BSNL's 4G expansion, 5G upgrade, BharatNet Phase 3, and private 5G applications. Tejas Networks expects significant revenue growth in FY ’26 driven by conversions of large project opportunities such as BSNL 4G network expansion, 5G upgrades, BharatNet Phase 3, and Railway’s Kavach system.

From Tejas Networks Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Significant opportunities expected to convert in Q4 FY'25 and Q1 FY'26, especially with BSNL's 4G expansion, 5G upgrade, BharatNet Phase 3, and private 5G applications.
Order book backlog around INR 2,600+ crores, with potential refilling from major projects in FY '26.
Continued large-scale network builds like BSNL's 5G standalone in 3.5 GHz band, railway's Kavach system, and expansion in Indian private operators' metro networks.
International market traction growing with ongoing engagements and partnerships in North America, LatAm, Europe, Asia, and ANZ.
Investments in R&D and sales teams expected to drive product evolution and business development.

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Profitability & Margins

Tejas Networks expects significant revenue growth in FY ’26 driven by conversions of large project opportunities such as BSNL 4G network expansion, 5G upgrades, BharatNet Phase 3, and Railway’s Kavach system.
Successful execution and order inflow from these projects could lead to a substantial refill of the current order backlog (~INR2,600 crore).
Margins are expected to improve over the next few quarters as the BSNL 4G project completes and higher-margin international and wireless projects ramp up.
Continued investments in R&D will support product innovations, crucial for long-term growth despite some margin pressures in short term due to product mix changes.

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Capital Expenditure Plans

Tejas Networks continues to invest significantly in R&D, with approximately INR600 crores spent in the recent period.
The company plans to maintain R&D investments in FY '26 despite revenue uncertainties, focusing on long-term product development.
Investments include upgrading products for higher capacity/speed (e.g., 400G to 1.2T per channel, evolving GPON standards).
Expanding product offerings: state-of-the-art 5G RAN equipment, massive MIMO radios, fixed wireless access solutions, and converged broadband products.
Business development investments are ongoing, including expanding sales teams in North America, LatAm, Europe, Asia, and ANZ.

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Fundraising & Capital Structure

No explicit mention of any current or planned fundraising through debt or equity was made during the Q3 FY25 earnings call.
The company closed the quarter with borrowings of INR3,157 crores, mainly for working capital purposes, and cash of INR643 crores.
Management focused on utilizing existing working capital facilities and did not indicate any plans for new debt or equity fundraising.

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Order Book & Pipeline

Closing order backlog as of Q3 FY25 stands at approximately INR 2,681 crores.
A significant portion of the backlog is related to BSNL projects; the BSNL backlog has significantly run down compared to the beginning of the year.
Non-BSNL business also contributes to the backlog but is smaller in size.
Upcoming opportunities include BSNL 4G network expansion, 5G upgrades, Kavach project, BharatNet Phase 3, and private 5G applications.
These opportunities are expected to convert into orders in Q4 FY25 and Q1 FY26.
Successful conversions could lead to a significant refilling and bump in the order book for FY26.

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Tejas Networks Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹406 Cr, net loss ₹207 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Tejas Networks Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Tejas Networks Ltd Q3 FY25 results?

Significant opportunities expected to convert in Q4 FY'25 and Q1 FY'26, especially with BSNL's 4G expansion, 5G upgrade, BharatNet Phase 3, and private 5G applications. Tejas Networks expects significant revenue growth in FY ’26 driven by conversions of large project opportunities such as BSNL 4G network expansion, 5G upgrades, BharatNet Phase 3, and Railway’s Kavach system.

What is Tejas Networks Ltd share price analysis?

Tejas Networks Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹9,390 Cr. Investors should review the full earnings analysis for detailed insights.

Is Tejas Networks Ltd planning capital expenditure?

Tejas Networks continues to invest significantly in R&D, with approximately INR600 crores spent in the recent period.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.