Tejas Networks Q1 FY26 Concall Decoded: BSNL Delays Choke Revenues, But ₹1,500 Cr Order Beckons

1. Opening Hook

Imagine bragging about 5G and AI data centers while your quarterly revenue looks like it fell off a cliff. That’s Tejas Networks this quarter — from a “rock concert” of ₹1,907 crores in Q4 FY25 to a “silent disco” of just ₹202 crores in Q1 FY26. Losses? Oh, they widened too — clearly, the DJ missed the beat. Yet, management insists brighter days lie ahead, thanks to a delayed but juicy ₹1,500 crore BSNL expansion order.
Read on — because this story flips between tragedy and comedy faster than a K-drama marathon.

2. At a Glance

• Revenue ₹202 cr (-89% QoQ) – CFO swears it’s just BSNL’s late invite, not demand collapse.
• EBIT Loss ₹232 cr – Fixed costs laughed at falling sales.
• PAT Loss ₹194 cr – Investors now fluent in “loss per quarter” math.
• Inventory ₹2,537 cr – Stockroom looks like a Reliance mart on Diwali eve.
• Receivables ₹4,453 cr – Money stuck in BSNL’s pending approval files.
• Debt ₹3,990 cr – “Working capital” a.k.a. Band-Aid for a bleeding P&L.
• Order Book ₹1,241 cr – Plus incoming ₹1,500 cr order; finally, some oxygen.

3. Management’s Key Commentary

Arnob Roy (COO): “Revenue fell due to delayed BSNL 4G POs.”
(Translation: We had everything ready, but BSNL hit snooze on the alarm clock.)

Arnob Roy: “Order book at ₹1,241 cr, expecting ₹1,500 cr from BSNL soon.”
(Translation: Future is always shinier when it’s not booked yet.) 😏

Sumit Dhingra (CFO): “PAT loss ₹194 cr, finance costs ₹75 cr.”
(Translation: Debt eats faster than revenue cooks.)

Arnob Roy: “Partnership with Rakuten and Intel will expand global reach.”
(Translation: We’re name-dropping to distract from red ink.)

Kumar Sivarajan (CTO): “90,000 BSNL radios working fine, just minor optimization.”
(Translation: Calls still drop, but hey — less often now.)

Arnob Roy: “First private 5G order via BSNL CNPN initiative.”
(Translation: It’s tiny, but we’ll still throw confetti for it.) 🎉

CFO: “Employee costs fell due to provision reversals.”
(Translation: Attrition and accounting tricks — cost cuts without calling it layoffs.)

4. Numbers Decoded