Tejas Networks LimitedQuarter ended September 30, 2026 Results & Financial Update
Tejas Networks Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹405.68 Cr, PAT ₹-206.94 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Tejas Networks Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended September 30, 2026, Tejas Networks reported consolidated revenue from operations of INR 405.68 crore, marking an expansion compared to INR 256.67 crore in the corresponding period of the previous year and INR 402.16 crore in the preceding quarter. Revenue growth was propelled by shipments of optical, IP, and FTTx products to private operators and system integrators, initial shipments for the BSNL 4G add-on order, and initial shipments of an end-to-end 5G solution to an international customer in South America.
The company recorded a consolidated net loss (Profit After Tax) of INR 206.94 crore for Q2 FY27, compared to a net loss of INR 307.13 crore in Q2 FY26 and a net loss of INR 202.24 crore in Q1 FY27. On a reported basis, the presentation-level EBITDA stood at negative INR 108 crore compared to negative INR 293 crore in Q2 FY26, reflecting narrower operating losses driven by higher revenue scale.
Geography-wise, India accounted for 88% of Q2 revenue (excluding other operating revenue), while international markets contributed 12%. The total order book expanded substantially to INR 2,315 crore at the end of September 2026, compared to INR 1,529 crore at the close of Q1 FY27, bolstered by major wins including the BSNL 4G add-on order.
Net working capital moderated to INR 4,235 crore at the end of Q2 FY27 from INR 4,478 crore in Q1 FY27, aided by collections, non-recourse discounting, and customer advance settlements. Meanwhile, net debt increased sequentially to INR 4,384 crore from INR 4,277 crore in Q1 FY27 to fund operational requirements and capital expenditures.
Inventory remained substantial at INR 2,314 crore in Q2 FY27 compared to INR 2,358 crore in Q1 FY27, with management noting that a significant portion is earmarked for execution of the BSNL 4G add-on order, deliveries of which commenced during the quarter.
The company continued its intellectual property expansion, filing 26 patents during Q2 FY27 to bring its cumulative global patent filings to 748, alongside showcasing advanced research in 5G-Advanced, 6G, and AI-powered network intelligence at the India Mobile Congress.
01 · Business model
What does Tejas Networks do?
Tejas Networks Limited, a Tata Group enterprise, designs, develops, and manufactures high-performance optical networking, cellular wireless, routing, and broadband products for telecommunication service providers, internet service providers, utilities, and defense networks globally.
The company operates across wireline and wireless domains, providing end-to-end solutions spanning access, aggregation, metro, and core transport networks. Its portfolio includes optical transmission (DWDM/OTN), IP/MPLS routers, FTTx broadband equipment (GPON/OLT), and 4G/5G radio access network (RAN) solutions.
Tejas derives its revenue primarily from product sales and system integration services delivered to domestic private and public telecom operators, system integrators, and international customers across diverse geographies.
02 · Historical context
What shaped the business before this quarter
During Q2 FY27, Tejas launched a new corporate logo featuring the Tata endorsement mark at the India Mobile Congress in New Delhi to reinforce its Tata Group association while retaining its visual identity.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹405.68 Cr | ₹256.67 Cr | ₹402.16 Cr |
| Total income | ₹413.45 Cr | ₹267.83 Cr | ₹411.13 Cr |
| Profit before tax | ₹-276.88 Cr | ₹-472.99 Cr | ₹-270.81 Cr |
| Profit after tax | ₹-206.94 Cr | ₹-307.13 Cr | ₹-202.24 Cr |
| EPS | ₹-11.62 | ₹-17.38 | ₹-11.37 |
Financial interpretation
What the reported numbers mean
Profit after tax represented -51.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to -68.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹7.77 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was supported by optical, IP, and FTTx product shipments to private operators and system integrators, alongside initial dispatches for the BSNL 4G add-on order.
Dispatches of end-to-end 5G solutions to a tier-1 customer in South America contributed to international revenue streams during the quarter.
What drove margins
Higher revenue volume compared to the year-ago quarter helped reduce operating losses, with presentation-level EBITDA improving to negative INR 108 crore from negative INR 293 crore in Q2 FY26.
05 · Demand, customers & order book
Where demand is coming from
The total closing order book surged to INR 2,315 crore as of September 30, 2026, compared to INR 1,529 crore at the end of Q1 FY27.
The company received the Letter of Intent (LOI) from TCS for 18,685 add-on sites for BSNL's 4G network expansion and initiated initial shipments.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Wireline business grew through Data Center connectivity, enterprise broadband, and BharatNet Phase 3 orders, while the wireless business advanced via BSNL 4G deployments and international 5G shipments.
Geography and market mix
India represented 88% of Q2 revenue and 96% of the closing order book, while international markets accounted for 12% of revenue and 4% of the order book.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Investments in 5G-Advanced, 6G, AI-based algorithms for channel estimation (AI-RAN), and reconfigurable intelligent surfaces were advanced during the quarter.
Tejas engaged in discussions with tier-1 mobile network operators (MNOs) regarding custom 5G radio development.
08 · Reported developments
What changed operationally
Received LOI from TCS for 18,685 BSNL 4G add-on sites, declared L1 in a government tender for high-capacity OTN/WDM equipment for a strategic pan-India network, and secured a 400G DWDM win with a tier-1 pan-African operator.
Filed 26 additional patents in Q2 FY27, raising the cumulative global patent filing count to 748.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital decreased to INR 4,235 crore in Q2 FY27 from INR 4,478 crore in Q1 FY27 due to collections, non-recourse discounting, and customer advance settlements.
Inventory stood at INR 2,314 crore at the end of Q2 FY27, down slightly from INR 2,358 crore in Q1 FY27, intended for execution of the BSNL 4G add-on order.
Capital allocation & funding
Net debt rose to INR 4,384 crore in Q2 FY27 compared to INR 4,277 crore in Q1 FY27 due to increased operational and capital expenditure funding.
10 · Management guidance & targets
What management is targeting from here
Management outlined priorities to deliver on the BSNL 4G expansion order within timelines, achieve significant inventory reduction upon order execution, focus on collections, and attain quarterly positive EBITDA performance.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Awards and Recognition
Won the TEPC Export Excellence award in the Large Enterprises - Telecom OEM category.
Reported update
Industry Association
Elected to membership of TSDSI's 7th Governing Council.
12 · Previous-quarter changes
What changed since the previous quarter
Order book increased significantly from INR 1,529 crore in Q1 FY27 to INR 2,315 crore in Q2 FY27.
13 · Key Q&A
The quarter, answered directly
What does Tejas Networks do?
Tejas Networks Limited, a Tata Group enterprise, designs, develops, and manufactures high-performance optical networking, cellular wireless, routing, and broadband products for telecommunication service providers, internet service providers, utilities, and defense networks globally.
What is the clearest takeaway from Quarter ended September 30, 2026?
During the quarter ended September 30, 2026, Tejas Networks reported consolidated revenue from operations of INR 405.68 crore, marking an expansion compared to INR 256.67 crore in the corresponding period of the previous year and INR 402.16 crore in the preceding quarter. Revenue growth was propelled by shipments of optical, IP, and FTTx products to private operators and system integrators, initial shipments for the BSNL 4G add-on order, and initial shipments of an end-to-end 5G solution to an international customer in South America.
What drove revenue or demand?
Revenue growth was supported by optical, IP, and FTTx product shipments to private operators and system integrators, alongside initial dispatches for the BSNL 4G add-on order.
What mattered most for margins or profitability?
Higher revenue volume compared to the year-ago quarter helped reduce operating losses, with presentation-level EBITDA improving to negative INR 108 crore from negative INR 293 crore in Q2 FY26.
What changed operationally beyond the headline numbers?
Investments in 5G-Advanced, 6G, AI-based algorithms for channel estimation (AI-RAN), and reconfigurable intelligent surfaces were advanced during the quarter.
What is management guiding or targeting from here?
Management outlined priorities to deliver on the BSNL 4G expansion order within timelines, achieve significant inventory reduction upon order execution, focus on collections, and attain quarterly positive EBITDA performance.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
BSNL Order Execution: Monitor the pace of dispatches and subsequent inventory and debt reduction as the BSNL 4G add-on order is executed.
- 02
EBITDA Profitability: Track management's stated goal of achieving quarterly positive EBITDA performance.
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