Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹7,406Cr
Rev Gr TTM
Revenue Growth TTM
-87.64%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

TEJASNET
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 49.6 | 80.0 | 104.0 | 343.3 | 730.7 | 610.0 | 371.9 | 43.7 | -87.1 | -90.7 | -88.4 | -82.5 |
| 234 | 383 | 567 | 1,018 | 1,333 | 2,277 | 2,271 | 1,785 | 338 | 556 | 441 | 451 |
Operating Profit Operating ProfitCr |
| -24.5 | 3.3 | -1.3 | 23.3 | 14.7 | 19.0 | 14.1 | 6.4 | -67.2 | -112.2 | -43.8 | -35.5 |
Other Income Other IncomeCr | 19 | 18 | 15 | 12 | 13 | 11 | 14 | 8 | 10 | 6 | 8 | 10 |
Interest Expense Interest ExpenseCr | 5 | 7 | 8 | 31 | 57 | 61 | 63 | 71 | 75 | 84 | 72 | 72 |
Depreciation DepreciationCr | 34 | 42 | 48 | 58 | 65 | 74 | 111 | 103 | 96 | 101 | 104 | 101 |
| -66 | -18 | -49 | 233 | 122 | 411 | 211 | -45 | -297 | -473 | -303 | -281 |
| -40 | -5 | -4 | 86 | 44 | 135 | 46 | 27 | -103 | -166 | -106 | -69 |
|
Growth YoY PAT Growth YoY% | -295.9 | -300.0 | -196.2 | 1,379.7 | 394.7 | 2,277.1 | 469.2 | -148.9 | -350.2 | -211.6 | -218.6 | -194.3 |
| -14.0 | -3.2 | -8.0 | 11.1 | 5.0 | 9.8 | 6.3 | -3.8 | -96.0 | -117.3 | -64.1 | -63.5 |
| -1.6 | -0.7 | -2.6 | 8.6 | 4.5 | 16.1 | 9.4 | -4.1 | -11.0 | -17.4 | -11.1 | -11.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | 39.4 | -14.3 | 20.1 | -56.6 | 34.8 | 4.6 | 67.4 | 168.1 | 261.1 | -87.6 |
| 515 | 711 | 597 | 704 | 478 | 473 | 631 | 906 | 2,202 | 7,665 | 1,785 |
Operating Profit Operating ProfitCr |
| 17.9 | 18.7 | 20.4 | 21.8 | -22.4 | 10.2 | -14.6 | 1.7 | 10.9 | 14.1 | -61.8 |
Other Income Other IncomeCr | 4 | -22 | 28 | 37 | 34 | 25 | 43 | 79 | 65 | 45 | 33 |
Interest Expense Interest ExpenseCr | 49 | 32 | 13 | 17 | 8 | 4 | 3 | 15 | 51 | 252 | 303 |
Depreciation DepreciationCr | 38 | 56 | 61 | 66 | 77 | 52 | 77 | 123 | 182 | 353 | 403 |
| 29 | 54 | 106 | 150 | -139 | 23 | -117 | -43 | 100 | 698 | -1,354 |
| 0 | -39 | 0 | 3 | 99 | -15 | -54 | -6 | 37 | 252 | -445 |
|
| | 225.9 | 14.6 | 38.2 | -261.0 | 115.8 | -267.1 | 41.9 | 273.0 | 609.0 | -303.6 |
| 4.5 | 10.6 | 14.2 | 16.4 | -60.7 | 7.1 | -11.4 | -4.0 | 2.5 | 5.0 | -82.4 |
| 4.6 | 14.1 | 12.4 | 16.1 | -25.8 | 4.0 | -6.0 | -2.5 | 3.7 | 25.8 | -51.4 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 67 | 74 | 94 | 95 | 95 | 97 | 118 | 172 | 174 | 180 | 181 |
| 294 | 519 | 1,058 | 1,225 | 985 | 1,038 | 1,475 | 2,801 | 2,976 | 3,667 | 2,750 |
Current Liabilities Current LiabilitiesCr | 447 | 437 | 176 | 263 | 138 | 160 | 167 | 426 | 4,737 | 6,229 | 5,754 |
Non Current Liabilities Non Current LiabilitiesCr | 31 | 4 | 2 | 2 | 23 | 18 | 12 | 203 | 316 | 386 | 718 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 605 | 685 | 1,014 | 1,222 | 952 | 970 | 1,750 | 2,667 | 6,768 | 8,413 | 6,898 |
Non Current Assets Non Current AssetsCr | 234 | 350 | 315 | 363 | 289 | 342 | 360 | 935 | 1,434 | 2,049 | 2,505 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 127 | 144 | 239 | -82 | 1 | 158 | -17 | -380 | -2,036 | -491 | 135 |
Investing Cash Flow Investing Cash FlowCr | -50 | -140 | -213 | -104 | 71 | -167 | -828 | -581 | 431 | -655 | -764 |
Financing Cash Flow Financing Cash FlowCr | -41 | -28 | 157 | -11 | -22 | -3 | 839 | 999 | 1,713 | 1,286 | 397 |
|
Free Cash Flow Free Cash FlowCr | 127 | 93 | 171 | -162 | -92 | 75 | -48 | -427 | -2,187 | -815 | |
| 444.5 | 155.3 | 224.8 | -55.4 | -0.3 | 419.9 | 27.6 | 1,044.0 | -3,233.5 | -110.1 | -14.9 |
CFO To EBITDA CFO To EBITDA% | 112.6 | 88.2 | 156.7 | -41.6 | -0.7 | 294.7 | 21.5 | -2,374.4 | -757.7 | -39.1 | -19.8 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 3,319 | 1,570 | 293 | 1,485 | 4,867 | 9,782 | 11,199 | 13,400 | 6,886 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 32.3 | 11.1 | 0.0 | 40.9 | 0.0 | 0.0 | 181.2 | 30.6 | -7.6 |
Price To Sales Price To Sales | 0.0 | 0.0 | 4.4 | 1.7 | 0.8 | 2.8 | 8.8 | 10.6 | 4.5 | 1.5 | 6.3 |
Price To Book Price To Book | 0.0 | 0.0 | 3.0 | 1.2 | 0.3 | 1.4 | 3.1 | 3.4 | 3.6 | 3.5 | 2.4 |
| 1.6 | 1.1 | 20.2 | 7.4 | -2.0 | 24.1 | -56.4 | 567.7 | 47.6 | 13.1 | -15.8 |
Profitability Ratios Profitability Ratios |
| 44.1 | 41.2 | 49.0 | 48.5 | 47.9 | 49.0 | 43.6 | 39.2 | 35.9 | 26.9 | 30.5 |
| 17.9 | 18.7 | 20.4 | 21.8 | -22.4 | 10.2 | -14.6 | 1.7 | 10.9 | 14.1 | -61.8 |
| 4.5 | 10.6 | 14.2 | 16.4 | -60.7 | 7.1 | -11.4 | -4.0 | 2.5 | 5.0 | -82.4 |
| 12.7 | 10.1 | 10.4 | 12.7 | -11.8 | 2.3 | -7.1 | -0.9 | 3.0 | 13.1 | -15.1 |
| 7.9 | 15.7 | 9.3 | 11.2 | -21.9 | 3.3 | -3.9 | -1.2 | 2.0 | 11.6 | -31.0 |
| 3.4 | 9.0 | 8.0 | 9.3 | -19.1 | 2.9 | -3.0 | -1.0 | 0.8 | 4.3 | -9.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Tejas Networks Ltd is a leading Indian R&D-driven telecommunications and networking equipment company headquartered in Bengaluru. Founded in 2000 and now part of the Tata Group, Tejas has evolved from a wireline-focused innovator into a global end-to-end telecom OEM (Original Equipment Manufacturer), offering converged wireless, optical, and packet technologies. With a strong "Designed and Made in India" ethos, the company addresses growing demand for trusted, secure, and cost-competitive telecom infrastructure across 75+ countries.
As of October 2025, Tejas has solidified its position as a key player in both domestic and international markets, driven by macro industry trends, strategic partnerships, and significant product advancements.
---
### **Strategic Positioning & Vision**
- **Vision**: To become a significant global telecom OEM by building a world-class, indigenous, end-to-end product portfolio.
- **Core Pillars**: Accelerating product innovation, expanding global footprint, and deepening domestic leadership in India.
- **Alignment with National Goals**: Actively supports India’s *Atmanirbhar Bharat* mission through localized R&D, manufacturing under the PLI (Production-Linked Incentive) scheme, and Trusted Source compliance.
- **Global Expansion**: Aiming for 50% of revenue from international markets in the medium term, leveraging Tata Group’s global relationships and supply chain diversification opportunities.
---
### **Product Portfolio & Innovations (as of Oct 2025)**
Tejas offers a full-stack portfolio across **wireless, optical transport, FTTx, packet switching/routing, and satellite communications**.
#### **Wireless**
- **5G RAN**: Offers fully indigenous 4G/5G Radio Access Network (RAN) systems compliant with both 3GPP and O-RAN standards. Key wins include:
- Supplying 4G/5G RAN equipment for **over 100,000 BSNL cell sites**—one of the world’s largest single-vendor 4G/5G deployments.
- Launch of **64T64R massive MIMO radios**, supporting urban, suburban, and rural deployment.
- India’s **first private 5G RAN deployment in a coal mine** under BSNL’s CNPN program.
- **Direct-to-Mobile (D2M)**: Proprietary **SL3000 SDR chip** integrated into smartphones, feature phones, and laptops, enabling satellite-based broadcasting and emergency communication.
- **SDR Technology**: Third-generation Software-Defined Radio chipsets used in consumer devices and mission-critical systems, leveraging Saankhya Labs' expertise.
#### **Optical & Wireline**
- **800G & 1.2T DWDM Systems**: Launched a **1.2 Tbps Muxponder** using extended C+L band, enabling up to 76.8 Tbps per fiber—among the highest in the industry.
- Won 400G/800G deployments in **India, Europe, Cambodia, Ghana, Nigeria**, and other markets.
- **Alien Wavelength Solutions**: One of the only global providers of commercially deployed alien wavelength technology, enabling customers to upgrade third-party 10G DWDM networks to 100G–400G+ without replacing incumbent infrastructure.
- **Micro-OTN & Disaggregated Switching**: The **TJ1600S/I** supports multi-terabit, pay-as-you-grow packet-optical switching.
- **GPON/XGS-PON/50G-PON**:
- **10G-COP (Combo PON)** deployed in Europe—the first in the region.
- Expanding FTTx reach in emerging and developed markets alike.
#### **Routing & Switching**
- **IP/MPLS Routers**: Largest supplier by package count for **BharatNet Phase-3**, supplying core routers for pan-India backhaul.
- **Vodafone Idea Partnership**: Multi-year contract for **TJ1400/TJ1600** routers to support their 4G/5G nationwide backhaul network.
#### **Unified Network Management**
- **TejNMS**: A single, cloud-ready network management system for cross-layer service provisioning across wireless, optical, GPON, and IP/MPLS technologies—enabling zero-touch provisioning and predictive fault detection.
#### **Satellite & IoT**
- Through **Saankhya Labs**, Tejas offers:
- Satellite-IoT communication for remote environments.
- Vessel Tracking Systems deployed by NSIL for Indian fishermen with real-time alerts and weather updates.
- ATSC 3.0 broadcast receivers and satellite transmitters.
---
### **Key Projects & Strategic Wins (Oct 2025)**
- **BSNL 4G/5G Rollout**: Supplied radio and baseband units for 100,000+ sites (inaugurated by PM), serving as a global reference project for emerging markets.
- **BharatNet Phase-III**: Key supplier of IP/MPLS routers; largest supplier by package count.
- **Europe**: First 10G-COP deployment, major FTTx project with **FibreConnect Italy**—first end-to-end EU deployment using GPON/OTN/DWDM.
- **Africa & Asia**: 400G DWDM deployments in **Ghana, Nigeria, Cambodia**; alien wave adoption by Tier-1 carriers.
- **U.S. Engagement**: Proof-of-concept trials with a major U.S. telecom provider for network modernization using **alien wavelengths and TJ1400 ultra-converged platforms**.
---
### **Innovation & R&D**
- **R&D Spend**: ₹557 crore in FY25 (~16.3% of revenue), among the highest R&D spenders in India.
- **Engineering Talent**: 1,980+ employees, with >60% in R&D; 250+ engineers from Saankhya Labs.
- **Patents & IP**: 440+ global patents; >350 semiconductor IP assets; active contributor to 3GPP, O-RAN, TSDSI, and ITU.
- **6G R&D Focus**: Ubiquitous connectivity, AI-driven automation, integrated sensing, and O-RAN-based systems.
- **Acquisition of Saankhya Labs**: Strengthened capabilities in D2M, satellite comms, broadcast, and fabless chip design; supports in-house semiconductor roadmap including SoC development under DLI scheme.
---
### **Manufacturing & Operations**
- **Asset-Light Model**: Partners with Indian and global EMS providers for scalable production.
- **In-House Integration & QC**: 72,000 sq. ft. integration and testing facility in Bengaluru; new 104,000 sq. ft. manufacturing facility launched.
- **Design-Led PLI Scheme**: Approved under India’s PLI program, committing ₹750 crore in capex.
- **Standards Compliance**: TL9000, ISO, ANSI, IEC—ensuring global export readiness.
---
### **Global Business & Partnerships**
- **Strategic Collaborations**:
- **NEC (Japan)**: Co-development of advanced 5G RAN, access to NEC’s 4G/5G core, and joint go-to-market.
- **Rakuten**: Expanding international wireless customer engagement.
- **Sales Expansion**: New offices in Southeast Asia, ANZ, and the Americas; direct and OEM sales models.
- **Target Markets**: Focus on high-growth regions with similar infrastructure needs to India—**Africa, Southeast Asia, Latin America, and strategic entry into Tier-2/3 U.S. operators**.
- **Global Footprint**: Deployed in over 500 networks across 75+ countries.
---
### **Competitive Advantage**
1. **Software-Defined Hardware™**:
- Enables remote upgrades from 4G to 5G and from 100G to 800G, reducing TCO.
- Supports “pay-as-you-grow” scalability and multi-application convergence on a single shelf.
2. **End-to-End Convergence**:
- **TJ1400 UltraFlex Baseband** integrates 4G/5G RAN, FTTx, IP/MPLS, and transport in a 2U platform.
3. **Cost Leadership**:
- India-based R&D and manufacturing provide a ~4x cost advantage over global peers.
4. **Trusted Supplier Status**:
- Fully indigenous, secure, and compliant with Indian Trusted Sourcing and global cybersecurity norms.