Tejas Networks Limited Q3FY26 Concall Decoded: Revenue up QoQ, losses shrink, order book swells—because telecom turnarounds love drama
1. Opening Hook
Just when everyone decided telecom equipment is a “government-order-or-bust” business, Tejas Networks decided to spice things up. Q3FY26 shows revenue moving north, losses still camping in negative territory, and an order book that refuses to sit quietly.
Yes, PAT is still red. No, management is not panicking. Somewhere between BharatNet wins, delayed BSNL orders, and global 5G courtships, Tejas is playing the long game—while investors keep refreshing Excel sheets like it’s a live cricket score.
Revenue grew QoQ, inventories stayed obese, and debt slimmed down just enough to keep lenders calm. Wireless is flirting with global markets, wireline is doing the heavy lifting, and PLI incentives are quietly cushioning the pain.
Stick around. The interesting bits—missed orders, pilot wins, and global ambition—come later. 😏
2. At a Glance
Revenue ₹307 Cr (+17% QoQ) – Growth showed up, fashionably late but confident.
PAT -₹197 Cr – Losses shrank; not cured, just better behaved.
Order Book ₹1,329 Cr – Pipeline looks healthy, execution still warming up.
India Mix 85% – Global dreams, desi bills.
Net Debt ₹3,349 Cr – Debt went on a mild diet, not a detox.
3. Management’s Key Commentary
“Quarter revenue was largely driven by wireline product sales.” (Translation: Old-school routers are paying the bills while 5G flirts.) 😏
“Multiple wireless trials are ongoing in India and international markets.” (Translation: Lots of demos, cheques still in discussion mode.)
“Commercial negotiations are expected to close in the coming months.” (Translation: Please don’t ask ‘which month’.)
“Delay in BSNL 4G add-on PO impacted shipments.” (Translation: Government timing remains undefeated.)
“We are the largest supplier of IP/MPLS routers for BharatNet Phase-III.” (Translation: If India builds fibre, we sell the pipes.)
“Wireless products are leading international engagements.” (Translation: Finally, 5G passport stamps.) 🚀
“PLI incentives continue to support cash flows.” (Translation: Thank you, Government of India.)
