Tejas Networks just proved one thing this quarter—revenues can go up even when profits refuse to cooperate. While markets were busy obsessing over AI buzzwords and 5G dreams, Tejas quietly delivered a 17% QoQ revenue jump… and an equally loud loss.
Yes, Q3FY26 came with higher sales, a fatter order book, and global wins—from Africa to SE Asia. But it also came with ₹197 Cr of red ink, warranty provisions, and labour-law surprises nobody asked for.
Management sounded confident, optimistic, and well-prepared—with slides full of long-term vision and near-term patience tests. Wireless is warming up, wireline is carrying the load, and BSNL is still “coming soon”.
Stick around—because the real story isn’t the loss. It’s where the next shipment finally lands.
2. At a Glance
Revenue up to ₹307 Cr: Growth showed up on time; profitability missed the train.
PAT at –₹197 Cr: Losses improved QoQ, but still refused to turn polite.
Order book at ₹1,329 Cr: Backlog growing faster than investor patience.
India revenue at 85%: Global ambitions, but desi bills pay today.
Net debt at ₹3,349 Cr: Working capital behaved better; debt sighed in relief.
3. Management’s Key Commentary
“Quarter revenue was driven largely by sale of Wireline products to India and International customers.” (Translation: Wireless is still in trials; routers are paying the bills 😏)
“Multiple trials are ongoing for our Wireless products in India and international markets.” (Translation: POCs everywhere, purchase orders nowhere… yet.)
“Commercial negotiations are expected to close in the coming months.” (Translation: Please don’t ask for exact dates.)
“Delay in receipt of BSNL 4G add-on PO of ₹1,526 Cr impacted shipments.” (Translation: One PSU file is holding up half the party.)
“Inventory will be converted to finished goods and shipped in upcoming months.” (Translation: ₹2,363 Cr is not dead stock, trust us.)
“Wireless products are starting to lead international engagements.” *(Translation: The future is wireless; the present is still wireline.) 🚀
