Tejas Networks Ltd(TEJASNET)

NSE: TEJASNETBSE: 540595

₹ 410-3.40%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,304 crWebsite: www.tejasnetworks.comUpdated: 24 Oct 2026

About

Tejas Networks is an Indian telecom equipment maker that designs and sells wireline (optical, IP/MPLS, FTTx) and wireless (4G/5G RAN) networking products to telcos, governments and enterprises in India and internationally. Since it started, it has deployed over one million systems in 500+ carrier networks across 75 countries, and Omdia ranks it among the top-10 suppliers in the global optical aggregation and optical line terminal markets. FY26 revenue was Rs 1103.28 Cr.^[1][2]

Products and technology

Wireline portfolio covers DWDM (up to 1.2 Tbps transmission), GPON/FTTx OLTs, IP/MPLS routers, and MPLS-TP packet transport products for telcos, ISPs, utilities, and government networks.^[3]
Wireless portfolio includes 4G and 5G RAN (64T64R massive MIMO radios, baseband units, and core); signed a contract with NEC to manufacture and supply 5G Massive MIMO radios.^[4][2]
TJ1600-D3 data center interconnect product scales to 51.2 Tbps of shelf capacity; named a global top-3 finalist at Leading Lights 2026 awards.^[2][4]
Spent ₹609 crore on R&D in FY26, filed 147 patents and made more than 180 technical contributions to 3GPP in FY26.^[2]
Cumulative patent filings reached 722 (380 granted) as of Q1 FY27, up from 613 (370 granted) in Q3 FY26.^[4]
D2M broadcast radio: field and lab trials completed; commercial revenue awaits a Prasar Bharati tender with no confirmed timeline (as of Q1 FY27).^[4]

Operations

Has 1 plant and 10 offices in India, and 10 offices abroad (FY26).^[2]
Bengaluru manufacturing facility includes a 72,000 sq. ft. integration and testing facility and a 104,000 sq. ft. warehouse (FY26).^[2]
Manufacturing is asset-light, using multiple global EMS partners (FY26).^[2]
Permanent headcount was 2,370 at end of FY25 vs 1,843 a year earlier.^[5]

Order book and operating numbers

Order book was INR 2,315 Cr at end of Q2 FY27, up from INR 1,529 Cr in Q1 FY27, after an LOI from TCS for 18,685 BSNL 4G add-on sites.^[6]
Order backlog rose from ₹1,019 crore at end of FY25 to ₹1,514 crore at end of FY26, helped by BharatNet orders.^[2]
Q2 FY27 revenue was INR 406 Cr vs 262 Cr in Q2 FY26, on optical/IP/FTTx shipments to private operators, initial BSNL 4G add-on shipments and South America 5G shipments.^[6]
Inventory was INR 2,314 Cr in Q2 FY27 vs 2,358 Cr in Q1 FY27; net working capital INR 4,235 Cr vs 4,478 Cr.^[6]
Net debt was INR 4,384 Cr in Q2 FY27, up from INR 4,277 Cr in Q1 FY27.^[6]

Customers and markets

All major private telecom operators, telecom PSUs and utilities in India use Tejas products; a significant portion of revenue comes from a small number of customers (FY26).^[2]
In FY25, India revenue was Rs 8,190.51 Cr and international Rs 264.45 Cr; one customer contributed about Rs 7,329.46 Cr.^[5]
International share of business was 16% in FY26 vs 3% in FY25 and 10% in FY24; it was 12% in Q2 FY27.^[2][6]
BSNL: 97,500 cell towers running on Tejas 4G RAN as of Q2 FY26, serving 26 million active subscribers.^[3]
Router OEM for 7 of 12 BharatNet Phase III packages, deploying over 60,000 TJ1400 IP/MPLS routers across 55,000+ Gram Panchayats (FY26).^[2]
Vodafone Idea uses Tejas TJ1400 packet and TJ1600 optical platforms to upgrade backhaul across multiple circles (FY26).^[2]
International wireless go-to-market runs through partnerships with NEC and Rakuten Symphony, with which Tejas formed an Open RAN partnership in FY26.^[4][2]

Wireless milestones

In Q2 FY27, shipped RAN equipment for the first phase and deployed 5G Core for a South American operator, its first end-to-end international 5G order (won Q1 FY27).^[6][4]
Initiated multiple wireless POCs in North America and Asia-Pacific in Q2 FY27; in discussions with Tier-1 MNOs on custom 5G radio development.^[6]
Selected by a global Tier-1 telco for a joint 5G R&D project in Q1 FY27.^[4]

Recent developments

Q2 FY27: received LOI for BharatNet Phase 3 IP routers in three states, declared L1 in a GoI strategic pan-India OTN/WDM tender, and selected as DWDM vendor by a tier-1 pan-African operator.^[6]
Arnob Roy appointed MD & CEO through August 2028; AVS Prasad became CFO effective May 15, 2026; Preetham Uthaiah appointed COO.^[7]
Dr. Randhir Thakur, CEO & MD of Tata Electronics, joined the Board as non-executive non-independent director in Q2 FY26.^[3]
Management said West Asia volatility since early March 2026 has hurt sentiment and supply chains (FY26 annual report).^[2]

Product roadmap

Strategic focus on Data Centre Interconnect and AI-era wireline portfolio (200G+ access, IP/MPLS expansion), as of Q2 FY27.^[6]
TJ1600-D3 DCI customer deployments targeted by end of FY27 or early FY28.^[4]
50G PON OLTs and C+L+S band DWDM with 1.6T/channel targeted by 2030; 6G commercial launch targeted around 2029-2030.^[4]

Market Cap

₹7,304 Cr

High / Low

₹645 / 294

Stock P/E

-8.9

Price / Book

2.9

Book Value

₹165

EPS

₹-51.1

No. of Shares

17.77 Cr

ROCE

-14.7%

ROE

-26.8%

OPM

-92.5%

Debt / Equity

1.38

Sales

₹1,103 Cr

Net Profit

₹-909 Cr

Promoter holding

53.3%

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