Tejas Networks Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Tejas Networks Ltd filed with BSE on 03 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tejas Networks reported Q1 FY27 revenue of Rs 402 crore, a 20-21% sequential increase, driven by international shipments of 5G radios and domestic optical and FTTx products. The company won its first end-to-end 5G network deployment in South America and its first significant international 5G customer in Europe, while the BSNL 4G expansion order for 26,000 additional sites remained pending. Management said net receivables rose to Rs 2,232 crore, inventory declined slightly to Rs 2,358 crore, and net borrowings stood at Rs 4,277 crore.
Numbers mentioned
Revenue: INR402 crores (Q1 FY27)
p. 3
“I'll start with our revenues of Q1, which was INR402 crores, 20% growth over Q4.”
Arnob Roy, page 3 of the filed PDF · View the filing
PBT: negative INR271 crores (Q1 FY27)
p. 3
“At the PBT level, PBT is around negative INR271 crores compared to INR281 crores in Q4.”
AVS Prasad, page 3 of the filed PDF · View the filing
Inventory: INR2,358 crores (Q1 FY27)
p. 3
“there is a reduction of inventory from the previous level of INR2,438 crores to INR2,358 crores”
AVS Prasad, page 3 of the filed PDF · View the filing
Net receivables: INR2,232 crores (Q1 FY27)
p. 4
“the net receivables after the customer advance adjustments currently stand at INR2,232 crores compared to INR1,905 crores”
AVS Prasad, page 4 of the filed PDF · View the filing
Cash position: INR589 crores (Q1 FY27)
p. 4
“The cash position stands at INR589 crores compared to INR505 crores in Q4.”
AVS Prasad, page 4 of the filed PDF · View the filing
Gross borrowings: INR4,866 crores (Q1 FY27)
p. 4
“The gross borrowing stands at INR4,866 crores and net borrowings at INR4,277 crores.”
AVS Prasad, page 4 of the filed PDF · View the filing
Order book: INR1,529 crores (Q1 FY27)
p. 11
“At the end of my first slide, if you see, was INR1,529 crores, which is a slight increase over Q4, which was INR1,514 crores.”
Arnob Roy, page 11 of the filed PDF · View the filing
Order book domestic/international split: 93% domestic and 7% international (Q1 FY27)
p. 3
“the order book was 93% domestic and 7% international”
Arnob Roy, page 3 of the filed PDF · View the filing
Patent filings: 46 new patents, taking global count to 722 (Q1 FY27)
p. 5
“we filed 46 new patent applications, taking the account to 722, of which 380 have already been granted”
Arnob Roy, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
BSNL 4G expansion order — 26,000 additional sites · this quarter
stated conditionally by Arnob Roy
p. 4
“we expect that this will materialize very soon, probably in this quarter”
Arnob Roy, page 4 of the filed PDF · View the filing
BSNL receivables — during the quarter
stated conditionally by Arnob Roy
p. 7
“We expect a lot of the BSNL receivables to also get cleared during the quarter, as we move along for the expansion project.”
Arnob Roy, page 7 of the filed PDF · View the filing
Path to profitability timeline — positive EBITDA and EBIT then PAT · 12 to 18 months
stated as an aspiration by Arnob Roy
p. 9
“I would say our first target will be positive EBITDA and EBIT and then going to PAT profitability as well. And yes it will take some time. 12 to 18 months is a reasonable time to expect.”
Arnob Roy, page 9 of the filed PDF · View the filing
Employee costs — flat · some more time
stated as an aspiration by Arnob Roy
p. 12
“I think our employee expenses are expected to remain flat for some more time.”
Arnob Roy, page 12 of the filed PDF · View the filing
AMC revenue commencement — next few quarters
stated firmly by Arnob Roy
p. 11
“It's going to start in the next few quarters.”
Arnob Roy, page 11 of the filed PDF · View the filing
1600-D3 product customer deployment — towards the end of the financial year or early next financial year
stated as an aspiration by Arnob Roy
p. 16
“maybe towards the end of the financial year or early financial year, this new product will also start seeing customer deployment and so on”
Arnob Roy, page 16 of the filed PDF · View the filing
6G commercialization — product launches · 2029-2030
stated as an aspiration by Kumar Sivarajan
p. 17
“6G will get commercialized only around 2030. Maybe 2029 will be the product.”
Kumar Sivarajan, page 17 of the filed PDF · View the filing
WDM S-band adoption — next 2, 3 years
stated as an aspiration by Kumar Sivarajan
p. 17
“The addition of the S-band will happen as the capacity crunch hits, right? And that also will happen in the next 2, 3 years.”
Kumar Sivarajan, page 17 of the filed PDF · View the filing
Revenue and profitable growth — next few years
stated as an aspiration by Arnob Roy
p. 18
“the goal is and the expectation is that in the next few years we should see business growth and as well as profitable growth”
Arnob Roy, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed acceptance tests are in advanced stages and expects receivables to be cleared during the quarter.
Answered by Arnob Roy
Asked by Tushar Khurana: Will BSNL receivables improve once the expansion order is finalized given pending acceptance tests?
p. 7
“We expect a lot of the BSNL receivables to also get cleared during the quarter, as we move along for the expansion project.”
Arnob Roy, page 7 of the filed PDF · View the filing
All wins are with telecom service providers; management declined to quantify site counts due to customer confidentiality.
Answered by Arnob Roy
Asked by Tushar Khurana: Are the new international wireless order wins with telcos or enterprises, and can sites be quantified?
p. 7
“Yes. So these are all for TSPs. All of them are for TSPs, for mobile network services.”
Arnob Roy, page 7 of the filed PDF · View the filing
Management said no performance-linked payment conditions exist for the international orders since products were already proven via POC before purchase orders were issued.
Answered by Arnob Roy
Asked by Jainis Chheda: Are the international orders linked to performance conditions like BSNL?
p. 8
“There are no such conditions because, for the international orders, especially the one in South America and then the other one also, the wins, the purchase orders came after an extensive POC.”
Arnob Roy, page 8 of the filed PDF · View the filing
Management cited revenue growth, leveraging global OEM partnerships, cost optimization and working capital improvement as the path, with 12-18 months as a reasonable timeline to positive bottom line.
Answered by Arnob Roy
Asked by Rajakumar: What is the path to profitability and expected timeline?
p. 9
“I would say our first target will be positive EBITDA and EBIT and then going to PAT profitability as well. And yes it will take some time. 12 to 18 months is a reasonable time to expect.”
Arnob Roy, page 9 of the filed PDF · View the filing
Management attributed the increase to the large BSNL network rollout and said costs are expected to normalize as the product base stabilizes.
Answered by Arnob Roy
Asked by Sugandhi Sud: What drives the elevated warranty provisions and will they normalize?
p. 10
“the distortion that you see in this increased warranty provision is because of this large BSNL network that was rolled out”
Arnob Roy, page 10 of the filed PDF · View the filing
Management said AMC revenue has not yet started and will begin once site acceptance and warranty periods conclude.
Answered by Arnob Roy
Asked by Sugandhi Sud: When will AMC service revenue from BSNL begin accruing?
p. 11
“The AMCs are going to start after site acceptance and the warranty period getting over.”
Arnob Roy, page 11 of the filed PDF · View the filing
Management confirmed AMC revenues carry higher margins and will be recognized over 8 years, though exact size was not disclosed.
Answered by Arnob Roy
Asked by Pratap Maliwal: What is the expected size and margin profile of AMC contracts once they start?
p. 12
“So the AMC revenues would be recognized over a period of 8 years when it starts.”
Arnob Roy, page 12 of the filed PDF · View the filing
Management said they are awaiting the Prasar Bharati tender before D2M revenue can materialize, with no clarity yet on timing.
Answered by Preetham Uthaiah
Asked by Shailesh: What is the trajectory for D2M business and are there confirmed orders?
p. 13
“For D2M, basically, we are waiting for the Prasar Bharati tender to happen. Once the tender is out, we will be partnering with one of the SI partners like FreeStream or anybody else who is participating and that process will take some time.”
Preetham Uthaiah, page 13 of the filed PDF · View the filing
Management estimated the TAM could reach roughly $1 billion if nationwide rollout occurs, though the pace depends on phased deployment.
Answered by Preetham Uthaiah
Asked by Shailesh: What is the total addressable market for D2M?
p. 14
“If the rollout happens nationwide to the scale at which we anticipate it to happen, then it could be close to $ 1 billion of TAM.”
Preetham Uthaiah, page 14 of the filed PDF · View the filing
Management described R&D as a continuous evolutionary process across 4G to 5G to 5G-Advanced/6G and across optical technology generations rather than a single new product launch.
Answered by Arnob Roy
Asked by Rajveer Singh: Which R&D investments are closest to commercialization and when will they generate revenue?
p. 14
“So while now we expect growth in our 5G business, we have already started investing in 5G-Advanced and 6G as well, right?”
Arnob Roy, page 14 of the filed PDF · View the filing
Management said 6G will be commercialized around 2029-2030, tied to spectrum allocation and 3GPP standards finalization, while WDM S-band capacity additions will occur over the next 2-3 years.
Answered by Kumar Sivarajan
Asked by Vijay Sarthy: What is the timeline for 1.6T DWDM and 6G-related product commercialization?
p. 17
“So the date from 3GPP for 6G is 2030. So we expect to have product launches just before that, probably in 2029.”
Kumar Sivarajan, page 17 of the filed PDF · View the filing
Risks flagged
FY26 results fell short of expectations due to deals not materializing as anticipated
p. 9
“FY26 results were not as expected because a lot of the deals we were expecting to close at the time didn't materialize.”
Arnob Roy, page 9 of the filed PDF · View the filing
High inventory levels tied to advance procurement for pending orders
p. 3
“the high levels of inventory are on account of advanced procurements in terms of materials for addressing the add-on orders and preparedness to address the other customer requirements”
AVS Prasad, page 3 of the filed PDF · View the filing
Increase in net working capital and borrowings due to receivables growth and scheduled payouts
p. 4
“The net working capital increased mainly on account of the net trade receivables increase and also corresponding increased scheduled payouts.”
AVS Prasad, page 4 of the filed PDF · View the filing
Elevated warranty provisions from large BSNL network deployment
p. 10
“the distortion that you see in this increased warranty provision is because of this large BSNL network that was rolled out”
Arnob Roy, page 10 of the filed PDF · View the filing
6G commercialization dependent on external factors like spectrum allocation and standards finalization, not entirely within company control
p. 17
“The reason is not entirely with us. The reason is also the standards have to be finalized.”
Kumar Sivarajan, page 17 of the filed PDF · View the filing
D2M business dependent on Prasar Bharati tender timing, which is uncertain
p. 13
“At this point in time, there is no clarity on when exactly the tender will happen.”
Preetham Uthaiah, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.