Order Book
₹1,514 crore
+7,868% YoY
Order book grew from ₹19 crore in Q4 FY25 to ₹1,514 crore, driven by wireline and wireless wins.
TEJASNETWORKS
Information Technology
28 Apr 2026
Tejas Networks Ltd — Q4 FY26
Tejas Networks reported Q4 FY26 revenue of ₹333 crore, up 8% QoQ, but continued to post heavy losses with EBITDA of -₹219 crore and PAT of -₹211 crore.
✓ Verified against BSE filing
2-Min Summary
Tejas Networks reported Q4 FY26 revenue of ₹333 crore, up 8% QoQ, but continued to post heavy losses with EBITDA of -₹219 crore and PAT of -₹211 crore. Full-year revenue was ₹1,113 crore with a net loss of ₹909 crore. The year was marked by transition post the large BSNL project, with several planned deals delayed, leading to a revenue shortfall. Management maintained R&D investments, resulting in a strong order book of ₹1,514 crore (excluding BSNL). Key wins include a 5G massive MIMO supply deal with NEC and initial 4G expansion orders in South Asia. Guidance is absent, but management expects better financial results in FY27. Risk: BSNL add-on order remains delayed, straining balance sheet with high receivables and inventory.
Key Numbers
India Revenue Mix
88%
flat YoY
India continued to dominate revenue, with international contribution remaining low.
Patent Filings (Q4)
63
+63 QoQ
Cumulative patents reached 676, with 371 granted, supporting long-term IP strategy.
Headcount
2,300
flat YoY
Headcount remained stable at ~2,300, indicating cost control despite revenue decline.
Management Guidance
Better financial results in FY27
Management expects improved financial performance in FY27 due to stronger business outlook and cost optimization.
growthBSNL add-on order discussions ongoing
Active discussions with BSNL for additional 18,000 sites; inventory ready for quick delivery once PO received.
revenueNEC massive MIMO revenue in FY27
First PO from NEC is part of current order book; follow-on orders expected as rollout progresses.
revenueKey Risks
BSNL add-on order delay
The anticipated BSNL add-on PO for 18,000 sites remains undecided, causing inventory buildup and cash flow strain.
high · analyst_questionHigh receivables and inventory
Receivables of ₹3,258 crore and inventory of ₹2,438 crore are straining the balance sheet; collection from BSNL is key.
high · data_observationMemory price inflation
Rising memory costs could pressure margins, though management says it's a small component and is renegotiating prices.
medium · analyst_questionInternational wireless scale uncertainty
International wireless wins are still early-stage; management declined to quantify the funnel or expected order size.
medium · management_commentaryNotable Quotes
We had a net pack loss of 211 crores in Q4 as opposed to 197 crores of pack loss in Q3 and for the entire year we had a pack loss of 99 crores.
We are well positioned for long-term success. From an industry point of view we see AI that will drive a lot of demand for network buildown and as a result for our equipment as well.
We are not in a position to give any new guidance. However, as I said, we have a stronger business outlook.