Tejas Networks Q4 FY26 Concall Decoded: INR909 Crore Loss Later, Management Still Says “Trust the Process”

1. Opening Hook

After delaying the concall by an hour because SEBI uploads decided to behave like BSNL broadband, Tejas Networks finally arrived with numbers that looked like they had been hit by a truck. Revenue crawled up a little, losses widened again, receivables ballooned, debt climbed, and investors sounded like they were one bad quarter away from collectively throwing their routers out the window.

Management, however, stayed surprisingly upbeat. Apparently, FY26 was just a “transition year,” AI will save the telecom world, global wireless deals are around the corner, and all that inventory lying around is somehow actually a strategic asset.

The company says the pain is temporary. Investors, meanwhile, are asking whether temporary means one quarter, one year, or one geological era.

Read on, because the excuses get more creative later.

2. At a Glance

• Revenue up 8% QoQ – Finally, one line item remembered how to move upwards.
• FY26 Revenue at INR1,103 crores – Impressive until you remember BSNL had turbocharged FY25.
• PAT loss widened to INR211 crores in Q4 – Losses remain Tejas’ most consistent business segment.
• Full-year PAT loss at INR909 crores – Almost crossed the psychological INR1,000 crore mark. Small mercies.
• Order book rose to INR1,514 crores – Good number, but investors now want revenue, not PowerPoint optimism.
• Cash balance at INR505 crores – Useful, because debt at INR4,035 crores is not exactly pocket change.
• Net debt stood at INR3,531 crores – Deep-tech dreams are getting financed the old-fashioned way.
• India contributed 88% of revenue – International diversification still mostly lives in management speeches.

3. Management’s Key Commentary

“We had a revenue of INR333 crores in Q4 as opposed to INR307 crores in Q3.”

(Translation: Please notice the revenue growth before you notice the INR211 crore quarterly loss.) 😏

“FY26 has been a year of consolidation for us.”

(Translation: When revenue disappoints and losses explode, call it consolidation. Sounds more strategic.)

“Several large customer projects that we were planning for got delayed, which resulted in significant revenue shortfall and financial loss.”

(Translation: The business was supposed to arrive. It just forgot the address.)

“We had not cut down on the investments during the year because of our outlook for the future.”

(Translation: We kept spending like the orders were already in the bag. They were not.)

“AI is going to drive a network infrastructure build super-cycle.”

(Translation: If telecom investors are bored of hearing ‘5G opportunity,’ management has now upgraded to ‘AI opportunity.’)

“We believe that with our current investments and cost structure, we will be able to achieve better financial results.”

(Translation: Please do not panic about the debt, losses, receivables, inventory, and lack of guidance. We have vibes.)

“The BSNL add-on order discussions are active, and we are keeping inventory ready.”

(Translation: We have bought the parts already. Now we just need BSNL to remember we exist.)

“We expect significant collections from BSNL during FY27.”

(Translation: If BSNL actually pays on time, it may qualify as one of the great miracles of Indian telecom.)

4. Numbers Decoded