Tejas Networks (TEJASNET) investor relations material

Executive summary

• Q1 FY26 net revenue was INR 202 crores, a sharp decline from INR 1,907 crores in Q4FY25, mainly due to delayed purchase orders and shipment clearances, especially for the BSNL 4G project.

• Net loss for Q1 FY26 was INR 194 crores, higher than the previous quarter, with negative EBIT of INR 232 crores and negative PBT of INR 297 crores.

• Order book at quarter-end stood at INR 1,241 crores, excluding a pending BSNL 4G order of INR 1,500–1,526 crores expected to be received and executed within the financial year.

• Revenue mix was 81% India and 19% international; order book mix was 92% India and 8% international.

• Strategic partnerships were signed with Rakuten Symphony and Intel, and the company received PLI incentives of INR 122 crores for Q3 FY25.

Financial highlights

• Revenue for Q1 FY26 was INR 202 crores, down from INR 1,907 crores in the previous quarter, mainly due to delayed orders and inventory issues.

• EBIT was negative INR 232 crores; PAT was negative INR 194 crores; finance cost was INR 75 crores.

• Inventory at quarter-end was INR 2,537 crores, with trade receivables at INR 4,453 crores and net working capital at INR 4,956 crores.

• Cash position was INR 545 crores; borrowings stood at INR 3,990 crores, mainly for working capital and CapEx.

• Provision for inventory obsolescence/write-down was INR 11.65 crores for Q1 FY26.

Outlook and guidance

• Expectation to receive and execute the INR 1,500–1,526 crore BSNL 4G order within the financial year, covering deployment of ~18,700 sites.

• Expanded product portfolio and new partnerships are expected to drive growth in FY26.

• Domestic and international opportunity pipelines are robust, with several new customer and application wins anticipated.

• Anticipation of new business closures in 4G and 5G segments this year, supported by partnerships with NEC and Rakuten.