Arthneeti

Tejas Networks Q2 FY27 Share Price & Earnings Call Analysis

₹402.95-3.32% today
Market cap
₹7,174 Cr
ROE
-26.82%
Price to sales
4.95
Debt to equity
1.97
52W high / low
₹632 / ₹296
Sales growth (5Y)
15.94%
EBITDA margin
-31.75%
Net profit margin
-82.38%
Promoter holding
53.28%
Sales (last year)
₹1,447 Cr

Incorporated in 2000,Tejas Networks Ltd designs and manufactures wireline and wireless networking products, with a focus on technology, innovation and R&D. TNL carrier-class products are used by telecom service providers, utilities, governments, and defence networks in 75+ countries. Company is currently a part of Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited).[1]

Guidance scorecard · Q2 FY27 call

What Tejas Networks Ltd's management guided
and where it ranks in Telecom - Equipment & Accessories

#2of 3 in
Telecom - Equipment & Accessories
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

20–40%
  • Strong growth in order book with INR2,315 crores at quarter-end, up from INR1,529 crores in Q1 FY27, indicating good business visibility ahead.
  • Expected significant revenue momentum driven by BSNL 4G network expansion with 18,685 sites LOI and ongoing shipments.
  • Increased international traction with initial shipments of end-to-end 5G solutions to customers in South America and multiple POCs globally.
  • Expansion in 5G radio access network portfolio targeting multiple international bands and advanced technologies like 5G Advanced and 6G.
  • Growth in wireline business driven by BharatNet upgrades, pan-India OTN network, and new international orders including a Tier 1 pan-African operator.
  • Market drivers include global 5G rollouts continuing through 2030, tripling of 5G Fixed Wireless Access subscriptions, and AI-driven data center expansions.

2 more points from Tejas Networks Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Tejas Networks Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Tejas Networks is continuing to invest in capex as part of its operational and growth plans, contributing to an increase in net debt in Q2 FY27.
  • Significant investments are being made in expanding the 5G radio access network portfolio, including developing compact baseband units supporting multiple bands per site.
  • The company is investing in advanced technologies such as 5G Advanced, 6G, AI RAN algorithms, and integrated sensing and communications.
  • A next-generation connectivity lab has been inaugurated to showcase advanced research in 5G advanced, 6G, and AI-powered network intelligence.
  • Ongoing strategic focus includes building technology and solution partnerships internationally to increase global market presence.

2 more points from Tejas Networks Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Tejas Networks Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • As of Q2 FY27, Tejas Networks' order book stands at INR 2,315 crores, up from INR 1,529 crores in Q1 FY27.
  • The increase is mainly driven by the Letter of Intent (LOI) and subsequent purchase orders (POs) for over 18,000 4G sites for the BSNL 4G network expansion.
  • The order book includes a substantial portion of the BSNL order valued at INR 1,500 crores, but not the entire amount, as POs are received circle and band-wise over time.
  • The remaining order book value comes from non-BSNL customers, including international clients.

2 more points from Tejas Networks Ltd's call on the order book

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Full Q2 FY27 analysis
Full Telecom - Equipment & Accessories ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Telecom - Equipment & Accessories
on management's own guidance

  1. This stockTejas Networks LtdGood growth
    2
  2. Sterlite Tech.Good growth
    1
  3. Frog InnovationsGood growth
    3
See all potential multibaggersAll Telecom - Equipment & Accessories rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Telecom - Equipment & Accessories companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Sterlite Tech.20–40%Up 2%+₹44,598 Cr188.8
2Tejas Networks LtdThis stock20–40%Flat₹7,599 Cr—
3Frog Innovations20–40%Flat₹405 Cr—

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Pro shows every company guiding 40%+ revenue growth →Full Telecom - Equipment & Accessories ranking

Financials of Tejas Networks Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Tejas Networks Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +55.80%55.60%55.50%55.42%54.01%53.83%53.73%53.66%53.46%53.40%53.33%53.28%
FIIs +11.26%11.33%10.20%9.58%8.04%7.08%6.14%6.24%5.95%5.29%5.82%6.63%
DIIs +4.35%4.76%4.91%4.76%4.65%4.85%4.72%4.79%4.76%4.32%4.04%4.00%
Government +0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.01%0.00%0.00%0.00%0.00%
Public +28.58%28.31%29.39%30.24%32.65%33.59%34.94%34.92%35.64%36.86%36.68%35.98%
Others +0.00%0.00%0.00%0.00%0.64%0.64%0.46%0.38%0.20%0.13%0.12%0.10%
No. of Shareholders1,67,2051,72,9981,79,9242,08,9882,61,4333,02,3543,45,7573,48,4323,47,5843,80,2843,44,5733,40,249

Financials of Tejas Networks Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3965601,3271,5632,8112,6421,907202262307333402406
Expenses +3835671,0181,3332,2772,2711,785338556441451503512
Operating Profit13-8309230535372122-136-294-134-118-100-107
OPM %3.3%-1.3%23%15%19%14%6%-67%-112%-44%-36%-25%-26%
Other Income +181512131114810681098
Interest783157616371758472728587
Depreciation4248586574111103961011041019491
Profit before tax-18-49233122411211-45-297-473-303-281-271-277
Tax %-29%-8%37%36%33%22%59%-35%-35%-35%-25%-25%-25%
Net Profit +-13-4514777275166-72-194-307-197-211-202-207
EPS in Rs-0.74-2.648.604.5316.079.43-4.07-10.98-17.36-11.07-11.89-11.36-11.62

Financials of Tejas Networks Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3876278757509003915275519202,4718,9231,1031,447
Expenses +3195147115977044784736319062,2057,6651,7851,907
Operating Profit68113164153196-8753-80142661,258-682-459
OPM %18%18%19%20%22%-22%10%-15%1.5%11%14%-62%-32%
Other Income +104-2228373425438165453335
Interest47493213178431548252303315
Depreciation4938566166775277122182353403391
Profit before tax-182954106150-13923-117-43100698-1,354-1,131
Tax %-0%-0%-73%-0%2%71%-67%-46%-15%37%36%-33%
Net Profit +-182993107147-23738-63-3663447-909-817
EPS in Rs-3.074.5913.1511.7316.05-25.714.03-5.47-2.163.6925.32-51.14-45.94
Dividend Payout %-0%-0%-0%-0%6%-0%-0%-0%-0%-0%10%-0%

Financials of Tejas Networks Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital62677494959597118172174180181181
Reserves2062945191,0581,2259851,0381,8122,8012,9763,6672,7502,346
Borrowings +31425928121282220501,8843,4074,1774,970
Other Liabilities +1462191601752641321561605793,1693,2092,295941
Total Liabilities7288381,0341,3301,5851,2411,3122,1103,6028,20310,4629,4038,438
Fixed Assets +5194927599791111386479611,1471,1302,280
CWIP8852194741272440154235404950-0
Investments-0-0-077875137402262334482365304
Other Assets +5896929241,1321,3581,0851,1391,5312,5396,6738,4296,9575,854
Total Assets7288381,0341,3301,5851,2411,3122,1103,6028,20310,4629,4038,438

Financials of Tejas Networks Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +76127150239-821158-17-380-2,036-491135
Cash from Investing Activity +-29-50-140-213-10471-167-828-581430-655-761
Cash from Financing Activity +-40-41-28157-11-22-38399991,7131,286397
Net Cash Flow837-18183-19750-13-638107139-229
Free Cash Flow378298171-162-9275-135-629-2,445-1,143-749
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit115%115%95%178%-29%-13%304%58%-2,788%-757%-31%-23%

Financials of Tejas Networks Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1961481601342523512361891982081821,077
Inventory Days4052381291791434522903274218611321,160
Days Payable252205779812913412513119642466227
Cash Conversion Cycle3491812122152666694013844236452482,010
Working Capital Days318517425630458038555249120656211
ROCE %5%13%16%12%13%-11%2%-7%-1%4%15%-15%

Guidance history

How Tejas Networks Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%FlatPlanned—Rising
Q1 FY27 call →10–20%Up 2%+Planned—Rising
Q4 FY26 call →10–20%FlatPlanned—Flat
Q3 FY26 call →10–20%FlatPlannedNone plannedFlat

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

18out of 100

Momentum score · price trend

18 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−24.9%32%
Last 6 months−2.9%51%
Last 3 months−21.5%18%

The price is 72% below its all-time high of ₹1,439.1 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 37 became 18.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Tejas Networks Ltd: 0.4 × 32 + 0.4 × 51 + 0.2 × 18 = 37, halved to 18 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Tejas Networks Ltd's management said in earlier quarters

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