Any current/future capex/capital investment/strategic investment?

Tejas Networks continues to invest significantly in R&D, especially in wireless and wireline product development, focusing on 5G advanced and 6G technologies. Investments in product development are ongoing and crucial due to the technology's evolving nature; these are not expected to reduce but will be optimized based on business growth. The company has invested in scaling systems and processes, particularly through the BSNL 4G project execution, to prepare for international business expansion. Cost optimization and capital planning aligned with product development have been actively pur

Future growth expectations in sales/revenue/volumes?

Tejas Networks expects growth driven by expansion of 4G networks and new 5G deployments in emerging markets. Significant opportunities in international markets via ongoing trials and Proofs of Concept (POCs) across Asia Pacific, Latin America, Africa, and Europe, with business expected to materialize in coming months. Increasing adoption of wireline and wireless products in Indian private telcos and international operators, leveraging partnerships with NEC, Rakuten among others. A nationwide BSNL 5G rollout could substantially increase order size depending on number of sites deployed (previous

Future growth expectations in earnings/operating earnings/profits/EPS?

Tejas Networks does not provide quarter-to-quarter guidance but maintains a positive long-term outlook. The company expects growth from international wireless and wireline business scaling up globally. BSNL 4G project was a key platform to develop products; future growth is expected from private and international telcos rather than BSNL alone. Transition to global markets is underway, with multiple POCs progressing to commercial negotiation stages likely to close in coming months. Margins expected to improve with international business, which has better pricing than the Indian market.

Current/ Expected Orderbook/ Pending Orders?

Current order book includes BharatNet orders as per CFO Sumit Dhingra (Page 13). Tejas Networks won 7 out of 12 BharatNet Phase 3 packages; deployment of over 50,000 routers expected over next 2 years (Page 12-13). Precise BharatNet order size not disclosed due to multiple system integrators involved (Page 13). BSNL 4G add-on PO for 18,000 sites is delayed; PO yet to be received though expansion order is expected (Page 4). Inventory built up mainly for expected BSNL 4G add-on order, awaiting purchase orders (Page 6). BSNL 5G upgrade orders for selective sites are uncertain in timing and size;

Any current/future new fundraising through debt or equity?

Currently, there is no proposal for fundraising through debt or equity under discussion at the Board level. Evaluation of capital structure is an ongoing exercise, but no active plans for a fundraise have been disclosed. The company is focusing on cost optimization and rationalization rather than cost-cutting. Investments, particularly in R&D, continue with prudence and optimization. Tejas Networks believes it has sufficient cash runway for now and has not indicated an immediate need for additional capital.

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Tejas Networks LtdQ4 FY27Telecom - Equipment & Accessories

Tejas Networks Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹624Market Cap: ₹7.4K CrSector: Telecom - Equipment & Accessories

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Capex

Yes

1 of 5 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Tejas Networks expects growth driven by expansion of 4G networks and new 5G deployments in emerging markets.
→Significant opportunities in international markets via ongoing trials and Proofs of Concept (POCs) across Asia Pacific, Latin America, Africa, and Europe, with business expected to materialize in coming months.
→Increasing adoption of wireline and wireless products in Indian private telcos and international operators, leveraging partnerships with NEC, Rakuten among others.
→A nationwide BSNL 5G rollout could substantially increase order size depending on number of sites deployed (previous 4G rollout had ~100,000 sites).
→Growth in data center networking business driven by innovative products and expanding applications, including first sovereign data center networking win in India.
→Increasing portfolio and patent filings in 5G advanced and 6G technologies position the company well for future technological transitions.
→Transition period expected, but management remains bullish and focused on scaling business globally over the next few years.

Margin guidance

Category 3

→Tejas Networks does not provide quarter-to-quarter guidance but maintains a positive long-term outlook.
→The company expects growth from international wireless and wireline business scaling up globally.
→BSNL 4G project was a key platform to develop products; future growth is expected from private and international telcos rather than BSNL alone.
→Transition to global markets is underway, with multiple POCs progressing to commercial negotiation stages likely to close in coming months.
→Margins expected to improve with international business, which has better pricing than the Indian market.
→Continuous investment in R&D and product development will continue, but with increased prudence and cost optimization efforts.
→Profitability expected once new products scale internationally and critical business size is achieved, though exact timeline remains uncertain.
→Order book and revenue growth alongside successful deal closures will drive path to profitability.
→CEO appointment and business operations ongoing to support growth execution.

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Fundraise plans

→Currently, there is no proposal for fundraising through debt or equity under discussion at the Board level.
→Evaluation of capital structure is an ongoing exercise, but no active plans for a fundraise have been disclosed.
→The company is focusing on cost optimization and rationalization rather than cost-cutting.
→Investments, particularly in R&D, continue with prudence and optimization.
→Tejas Networks believes it has sufficient cash runway for now and has not indicated an immediate need for additional capital.

Order book

→Current order book includes BharatNet orders as per CFO Sumit Dhingra (Page 13).
→Tejas Networks won 7 out of 12 BharatNet Phase 3 packages; deployment of over 50,000 routers expected over next 2 years (Page 12-13).
→Precise BharatNet order size not disclosed due to multiple system integrators involved (Page 13).
→BSNL 4G add-on PO for 18,000 sites is delayed; PO yet to be received though expansion order is expected (Page 4).
→Inventory built up mainly for expected BSNL 4G add-on order, awaiting purchase orders (Page 6).
→BSNL 5G upgrade orders for selective sites are uncertain in timing and size; fresh nationwide 5G rollout bids expected later (Page 17).
→Overall order book stands at approx. INR 1,300 crores related to BSNL; however, larger turnover of ~INR 3,500 crores needed for EBIT break-even (Page 14).

Capex plans

Yes

→Tejas Networks continues to invest significantly in R&D, especially in wireless and wireline product development, focusing on 5G advanced and 6G technologies.
→Investments in product development are ongoing and crucial due to the technology's evolving nature; these are not expected to reduce but will be optimized based on business growth.
→The company has invested in scaling systems and processes, particularly through the BSNL 4G project execution, to prepare for international business expansion.
→Cost optimization and capital planning aligned with product development have been actively pursued; no fresh fundraising is currently planned.
→The company is monitoring working capital and inventory management to improve capital efficiency, factoring in procurement for upcoming BSNL 4G add-on orders.
→Overall, capital investment strategy focuses on supporting new product launches, international market expansion, and maintaining R&D leadership in emerging tech.

How does Tejas Networks Ltd rank vs peers in Telecom - Equipment & Accessories?

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1Tejas Networks Ltd

Rev 3Mar 3

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