TEJASNET
Large CapTejas Networks Limited
Media
Tejas Networks Limited designs, develops, and manufactures optical and wireless networking products. It serves telecommunications service providers, utility companies, and government entities, focusing on 4G/5G RAN, DWDM, and IP/MPLS routers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -83% YoY · margin compression · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹333 Cr | -82.5% | +8.5% |
| EBITDA | ₹-118 Cr | -196.7% | +11.9% |
| Operating margin | -36.0% | -4200 bps | +800 bps |
| PAT | ₹-211 Cr | NDF | NDF |
| PAT margin | -63.4% | -5958 bps | +81 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 8% QoQ to INR 333 Cr, but PAT remained negative at INR -211 Cr. The order book expanded significantly by 49% YoY to INR 1,514 Cr, indicating future revenue potential despite ongoing losses.
Despite sequential revenue growth and strong order book expansion, the company continues to report substantial losses and increasing net debt. While strategic partnerships and new product launches are positive, the ability to translate orders into profitable revenue and manage working capital remains critical.
Q4 Revenue Mix (Excludes other operating revenue)
Latest issuer-disclosed distribution across 2 reported categories.
5G Massive MIMO Contract
Signed agreement with NEC to manufacture and supply 5G massive MIMO radios for a global customer.
4G RAN Expansion
Received purchase order to deliver 4G RAN products for a network expansion project in South Asia.
5G Backhaul and Enterprise
Supplied 100G/400G DWDM systems to Tier-1 telco to boost 5G backhaul, enterprise links, and hyperscaler connectivity.
Data Center Interconnect (DCI)
Selected to build a multi-terabit DWDM network for a hyperscaler data center interconnect application in India.
AI-driven Network Transformation
AI traffic is projected to be 62% of total network traffic by 2033, driving significant investments in new networks with 400G/800G connectivity.
Edge AI Node Demand
46% of net new AI traffic will be processed at 'Edge AI' nodes, requiring low-latencies and converged broadband access, backhaul, and compute.
Network Infrastructure Build Supercycle
AI is accelerating the adoption of 6G and will be natively embedded in 6G RAN, Edge, and Core, driving demand for terabit-scale DCI products.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ is relevant for tracking sequential momentum in revenue and order book, while YoY is crucial for assessing the growth trajectory of the order book and overall financial health against previous periods.
Revenue from Operations
Q4FY26 Revenue from Operations: INR 333 Cr (QoQ growth of 8% from INR 307 Cr in Q3FY26). Full Year FY26 Revenue: INR 1,103 Cr.
Profit After Tax (PAT)
Q4FY26 PAT: INR -211 Cr (Q3FY26: INR -197 Cr). Full Year FY26 PAT: INR -909 Cr.
Order Book
Order book at end of Q4FY26: INR 1,514 Cr (Q3FY26: INR 1,329 Cr; Q4FY25: INR 1,019 Cr), representing 49% YoY growth.
Inventory
Inventory of INR 2,438 Cr during Q4FY26 (vs INR 2,363 Cr in Q3FY26). Management states it will be converted to finished goods and shipped.
FY26 as a Year of Consolidation
Management views FY26 as a year of consolidation, marked by deploying large-scale networks and commercializing technology at a global scale.
Continued Innovation Journey
The company filed 147 patents in FY26, bringing the cumulative count to 676, and launched new products like TJ1600-D3 and 64TR mMIMO 5G Radio.
Strategic Partnerships
Building on partnerships with NEC Corporation and Rakuten Symphony for global deployments and next-gen network solutions.
Well-positioned for AI Future
Product roadmap is being enhanced for AI-driven network transformation, including 5G-A/6G products with 10X uplink capacity and 1.6T/ch. DWDM for DCI.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Profitability (PAT) | Q4FY26 PAT at -211 Cr. | Trend towards positive PAT and reduced quarterly losses. |
| Net Debt Levels | Net Debt of INR 3,531 Cr. | Stabilization or reduction in net debt, indicating improved cash flow management. |
| Order Book Conversion | Order book of INR 1,514 Cr. | Timely conversion of the robust order book into revenue and positive operating cash flow. |
| Inventory Management | Inventory of INR 2,438 Cr. | Reduction in inventory levels as it converts to finished goods and shipments, improving working capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Inventory of INR 2,363 Cr will be converted to finished goods and shipped in upcoming months.
"Will be converted to finished goods and shipped in upcoming months"
Inventory of INR 2,363 Cr will be converted to finished goods and shipped in upcoming months.
"Will be converted to finished goods and shipped in upcoming months"
There will be expansion of 4G and new deployments of 5G in emerging markets.
"Expansion of 4G and new deployments of 5G in emerging markets"
There will be expansion of 4G and new deployments of 5G in emerging markets.
"Expansion of 4G and new deployments of 5G in emerging markets"
Investments in AI datacenters will drive huge connectivity requirements.
"Investments in AI datacenters driving huge connectivity requirements"
Investments in AI datacenters will drive huge connectivity requirements.
"Investments in AI datacenters driving huge connectivity requirements"
AI applications will drive massive traffic growth.
"AI applications driving massive traffic growth"
AI applications will drive massive traffic growth.
"AI applications driving massive traffic growth"
Trend score and candlestick chart
53NeutralSMA20 +18.1% / mo
Technical chart
TEJASNETdaily · 1Y+6.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 59. Wait for confirmation.
- SMA20 rising (~13.3% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 84% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Cash flow contributes 4/10 to the score.
- Balance sheet contributes 2/15 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 3rd percentile of the scored universe and 4th percentile within Media. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.29.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Media: 4th pctile, median 64 · Large: 2nd pctile, median 74
173 documents indexed, but claim history is not strong enough yet.
1/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.29.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.43.
- ▸ROCE is low at -14.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.28
- EV/EBITDA
- —
- Market Cap
- 9653.00Cr
Profitability
- ROE
- -26.80%
- ROCE
- -14.60%
- ROA
- -9.67%
- Dividend Y
- 0.46%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 1.43
- Interest Coverage
- -2.25×
- Altman Z
- 1.29
- Book Value
- 165.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 135.00 Cr
- EPS TTM
- -51.14
Shareholding
- Promoter Hold
- 53.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.