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Tejas Networks Ltd

Q4 FY26Telecom - Equipment & Accessories

Tejas Networks Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 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

FY26 was a year of transition with delayed large customer projects causing significant revenue shortfall. FY’26 results were disappointing with PAT loss of INR909 crores.

From Tejas Networks Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

FY26 was a year of transition with delayed large customer projects causing significant revenue shortfall.
FY27 business outlook is positive with expectations of much better financial results due to current investments and cost optimization.
The INR1,500 crore order book (excluding BSNL 4G) indicates solid demand with a majority from India and some international wireless wins.
Follow-on purchase orders from deals like the NEC 5G Massive MIMO are expected as rollouts progress in FY27.
Inventory pre-positioned for BSNL 4G add-on orders will enable faster delivery and revenue recognition once orders are finalized.
Investments in R&D and technology evolution continue to support future growth and product readiness for AI and 5G/6G network demand.

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Profitability & Margins

FY’26 results were disappointing with PAT loss of INR909 crores.
FY’27 is expected as a year of transition with better financial results due to business outlook and cost optimization.
Management aims for breakeven in FY’27 and PAT positive by FY’28, although no firm guidance is given.
Improved collections expected in FY’27, especially from BSNL orders, reducing DSO and receivables.
Continued investments in R&D planned, tailored to business outlook but optimized for profitability.
Growth drivers include wireless business expansion, 5G Massive MIMO deals (NEC partnership), international trials, and large opportunities in South Asia and Americas.

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Capital Expenditure Plans

In FY26, Tejas Networks made substantial investments to ensure their products are technologically ready for future business and technology transitions.
The company significantly increased intangible assets under development from INR 400 crores to INR 960 crores, mainly reflecting ongoing product development and IP/technology licensing efforts, including technology transfer agreements (e.g., with NEC).
Capital investments include continued R&D expenditure, viewed as critical for future business growth, despite business shortfalls and losses in FY26.
Plans indicate continued R&D investment in FY27 but optimized and tailored to business outlook to ensure better financial results without compromising technology evolution.

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Fundraising & Capital Structure

In FY26, Tejas Networks invested heavily in intangible assets (around INR700 crores), largely funded through debt, reflecting a strategic decision to prioritize R&D despite business shortfalls.
Management acknowledges the risk of balance sheet deterioration due to sustained debt-funded investments but considers technology evolution critical for future growth.
There is no explicit mention of any new or planned fundraising through additional debt or equity in the transcript.

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Order Book & Pipeline

The order book as of Q4 FY26 stands at approximately INR1,514 crores, up from INR1,019 crores in Q4 FY25.
About 83-88% of the order book is from India business, excluding the BSNL 4G project.
BSNL add-on order (about 18,000 sites) is still under discussion and not yet part of the INR1,500 crores order book.
The company expects the BSNL add-on order purchase order soon, with inventory already in place for quick delivery.
Wireless business includes signed agreements with NEC for 5G Massive MIMO radios, contributing to the order book and expected revenue in FY27.
Several field trials for 4G and 5G RAN products ongoing internationally.

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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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Frequently Asked Questions

What were Tejas Networks Ltd Q4 FY26 results?

FY26 was a year of transition with delayed large customer projects causing significant revenue shortfall. FY’26 results were disappointing with PAT loss of INR909 crores.

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?

In FY26, Tejas Networks made substantial investments to ensure their products are technologically ready for future business and technology transitions.

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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.