01 — At a Glance
The Company That’s Winning Big But Can’t Show You The Money
- Q3 FY26 Revenue₹307 Cr
- Q3 FY26 PAT-₹197 Cr
- Q3 FY26 EPS-₹11.07
- Order Book₹1,329 Cr
- TTM Revenue₹2,678 Cr
- Cash + Investments₹406 Cr (as on Sep’25)
- Net Debt₹3,349 Cr
- Inventory₹2,363 Cr
- Promoter Stake53.5%
- Global Countries75+
Quick Context: Tejas is sitting on ₹1,329 crore of orders, mainly from BSNL 4G expansion (₹1,525 crore add-on order announced May 2025 for 18,685 sites). Problem: BSNL is “not ready” yet. So Tejas built inventory, borrowed money, and is now burning cash like a man on a budget trip to Disneyland. Revenue Q3 +17% QoQ looks good. The -₹197 crore loss is not good. The inventory at ₹2,363 crore is a cry for help.
02 — Introduction
When Your Best Customer Becomes Your Worst Problem
Tejas Networks is the kind of company that should be thriving. It’s the Tata-owned telecom equipment manufacturer that built India’s BSNL 4G network — 100,000 sites, one of the world’s largest single-vendor deployments. They design routers, optical transmission gear, and 5G radios that work in 75+ countries. They have 613+ global patents. They ship to governments, defence networks, and power utilities.
And yet. In the last 12 months, the stock is down 35.7%. The company is burning cash. Working capital is a catastrophe. Management keeps saying “we’re actually fine, just wait,” while creditors and bankers are asking increasingly hard questions.
Here’s the thing: they’re not wrong. The order book is real. The technology is world-class. But India’s most important government telecom company (BSNL) has turned into a working capital time bomb. When your largest customer decides to move slowly, you can’t move fast — you just get stuck. That’s the story of Q3 FY26.
Concall Reality Check (Jan 2026): Management stated: “a lot of this inventory has actually been procured for executing on the BSNL 4G add-on order… this inventory will deplete very rapidly once we receive the PO and start executing.” The question everyone wanted to ask but didn’t: “And when exactly is that happening?” Answer: “likely executed in the next financial year.”
03 — Business Model: They Build The Pipes India Uses To Talk
Wireline, Wireless, Fiber. Basically, Everything That Carries Your Instagram Videos.
Tejas makes two main things: wireline (optical transmission, routing, fiber broadband equipment) and wireless (5G radios, 4G base stations). Their products are used by telecom operators, power utilities, governments, and railways. In India, they’re the primary supplier to BSNL, the national telecom operator that covers areas where private telcos won’t go.
Revenue mix in FY25: 94% from India private operators, 3% from India government, and only 3% from international — a dramatic shift from FY23 when international was 24% of revenue. Why? Because BSNL gave them the largest order of their life and they’ve been executing it non-stop.
The global footprint includes Africa (broadband ISP backbone), Southeast Asia (power sector network transformation), and multiple trials with European and Latin American players. But for now, Tejas is a very Indian story. That’s both the opportunity and the execution nightmare.
Revenue Mix: India Private94%Shifted from 50% in FY23
Global Presence75+Countries, 9,00,000+ shipped
04 — Financials Overview
Q3 FY26: The Quarter That Looked Good And Then Wasn’t
