Tejas Networks Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Tejas Networks Ltd filed with BSE on 21 Apr 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 Q4 FY26 revenue of INR333 crores, up from INR307 crores in Q3, with a net PAT loss of INR211 crores for the quarter and INR909 crores for the full year FY26. Management described FY26 as a year of consolidation and transition following the large BSNL project in FY25, citing delays in several large customer projects for both wireline and wireless products that caused a revenue shortfall. The company highlighted an order book of INR1,514 crores at the end of Q4, new wireless contracts with NEC and Rakuten Symphony, and several management and board changes including Arnob Roy's appointment as Managing Director and CEO.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR333 crores (Q4 FY26)
p. 3
“So, in Q4, we had a revenue of INR333 crores as opposed to INR307 crores in Q3.”
Arnob Roy, page 3 of the filed PDF · View the filing
Revenue: INR1,103 crores (FY26)
p. 3
“And for the year, we had revenues of INR1,103 crores.”
Arnob Roy, page 3 of the filed PDF · View the filing
Net PAT loss: INR211 crores (Q4 FY26)
p. 3
“We had a net PAT loss of INR211 crores in Q4 as opposed to INR197 crores of PAT loss in Q3.”
Arnob Roy, page 3 of the filed PDF · View the filing
Net PAT loss: INR909 crores (FY26)
p. 3
“And for the entire year, we had a PAT loss of INR909 crores.”
Arnob Roy, page 3 of the filed PDF · View the filing
Order book: INR1,514 crores (end of Q4 FY26)
p. 3
“We ended with INR1,514 crores at the end of Q4 as opposed to INR1,019 crores at the end of Q4 of FY25.”
Arnob Roy, page 3 of the filed PDF · View the filing
Revenue growth quarter-on-quarter: 8% (Q4 FY26 vs Q3 FY26)
p. 3
“The revenue for the quarter 4 was INR333 crores compared to INR307 crores in the previous quarter, a quarter-on-quarter growth of 8%.”
Sumit Dhingra, page 3 of the filed PDF · View the filing
EBIT: negative INR219 crores (Q4 FY26)
p. 3
“EBIT for the quarter was negative INR219 crores as against negative INR239 crores in the previous quarter.”
Sumit Dhingra, page 3 of the filed PDF · View the filing
Inventory: INR2,438 crores (end of Q4 FY26)
p. 4
“Inventory at the end of the quarter stood at INR2,438 crores compared to INR2,363 crores in the previous quarter.”
Sumit Dhingra, page 4 of the filed PDF · View the filing
Receivables: INR3,258 crores (end of Q4 FY26)
p. 4
“Receivables at INR3,258 crores and payables at INR478 crores.”
Sumit Dhingra, page 4 of the filed PDF · View the filing
Cash position: INR505 crores (end of Q4 FY26)
p. 4
“The cash position at the end of the quarter was INR505 crores and a net debt of INR3,531 crores.”
Sumit Dhingra, page 4 of the filed PDF · View the filing
Gross borrowings: INR4,035 crores (end of Q4 FY26)
p. 4
“At gross level, the borrowings were INR4,035 crores at the end of the quarter.”
Sumit Dhingra, page 4 of the filed PDF · View the filing
India revenue mix: 88% (FY26)
p. 3
“So, from a revenue mix, India once again dominated our business, 88% was from India.”
Arnob Roy, page 3 of the filed PDF · View the filing
Patents filed: 63 (Q4 FY26)
p. 4
“We filed 63 patents in Q4, bringing the cumulative count to 676, out of which 371 have been granted.”
Arnob Roy, page 4 of the filed PDF · View the filing
Patents filed: 147 (FY26)
p. 5
“147 patents are filed in FY26, with more than 150 contributions to the evolving 3GPP standards.”
Arnob Roy, page 5 of the filed PDF · View the filing
PLI incentives: INR469 crores total, INR69 crores additional (FY25)
p. 4
“We also received PLI incentives for FY25, an additional INR69 crores, reaching a total of INR469 crores for FY25.”
Arnob Roy, page 4 of the filed PDF · View the filing
Headcount: roughly 2,300 employees (March 2026)
p. 17
“Total headcount is roughly about 2,300 employees and that has broadly remained the same compared to the previous year.”
Sumit Dhingra, page 17 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.
Financial results — FY27
stated as an aspiration by Arnob Roy
p. 7
“Based on our FY27 business outlook, we believe that with our current investments and cost structure, we will be able to achieve better financial results.”
Arnob Roy, page 7 of the filed PDF · View the filing
Breakeven and PAT positive — breakeven in FY27, PAT positive in FY28 · FY27-FY28
stated as an aspiration by Arnob Roy
p. 17
“That's the goal. I mean, we do not give guidance, but that's really the goal.”
Arnob Roy, page 17 of the filed PDF · View the filing
NEC deal revenue — FY27
stated firmly by Arnob Roy
p. 10
“Yes, no, no. From this new contract with NEC, we will see the revenue for that in FY27.”
Arnob Roy, page 10 of the filed PDF · View the filing
Receivables — next couple of quarters
stated conditionally by Sumit Dhingra
p. 11
“So, we expect the receivables to progressively come down over the next couple of quarters.”
Sumit Dhingra, page 11 of the filed PDF · View the filing
BSNL collections — significant portion collected · this current financial year
stated conditionally by Sumit Dhingra
p. 11
“A significant portion of that should get collected this year.”
Sumit Dhingra, page 11 of the filed PDF · View the filing
Order book conversion to revenue — current financial year
stated firmly by Arnob Roy
p. 9
“Yes, a good portion of this will be converted to revenues in this current financial year.”
Arnob Roy, page 9 of the filed PDF · View the filing
R&D investment — FY27
stated conditionally by Arnob Roy
p. 11
“So, we will continue our R&D investments, but obviously we will tailor it to the business outlook that we have and how we see the business maturing.”
Arnob Roy, page 11 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 declined to give deal-specific numbers but indicated most 5G Massive MIMO revenue would come in FY27.
Answered by Arnob Roy
Asked by Shailesh Jahagirdar: Can you quantify the 5G Massive MIMO and 4G South Asia deals and their revenue timeline?
p. 8
“So, Shailesh, typically we do not go into specific deal numbers and all, but a lot of 5G Massive MIMO business will actually get revenue over this current financial year in FY27.”
Arnob Roy, page 8 of the filed PDF · View the filing
Discussions with BSNL are ongoing and the company has kept inventory ready for quick turnaround once the order is received.
Answered by Sanjay Malik
Asked by Shailesh Jahagirdar: Is there an update on the delayed BSNL additional PO for 18,000 sites?
p. 8
“So, active discussions are still going on with the BSNL team on the sites at which they have to have these 4G sites and their configurations.”
Sanjay Malik, page 8 of the filed PDF · View the filing
No, the order book excludes the BSNL 4G project and comes from other India and international wireline/wireless customers.
Answered by Arnob Roy
Asked by Pranav Kshatriya: Does the order book include the BSNL 4G project?
p. 8
“Yes. This is from our customers, both in India as well as international, for our wireline and wireless business, but doesn't include the BSNL 4G at all.”
Arnob Roy, page 8 of the filed PDF · View the filing
Management said memory is a small share of cost but is renegotiating prices with customers and suppliers to protect margins.
Answered by Arnob Roy
Asked by Pranav Kshatriya: How is rising memory and chip cost affecting margins?
p. 9
“But nevertheless, I think we are kind of making sure it is accounted in our cost and basically renegotiating and re-offering our new prices with the escalation to make sure that we protect our margin.”
Arnob Roy, page 9 of the filed PDF · View the filing
Management said it does not give financial guidance but described a positive outlook and expectation of growth.
Answered by Arnob Roy
Asked by Pranav Kshatriya: Will the company give revenue growth or margin guidance for FY27?
p. 9
“Yes. Pranav, we've never given revenue or any other financial number guidance in the past.”
Arnob Roy, page 9 of the filed PDF · View the filing
It largely reflects product development effort and the technology license/transfer with NEC, tied to milestones expected to complete in one or two quarters.
Answered by Sumit Dhingra
Asked by Ritesh Poladia: What explains the sharp increase in intangibles under development?
p. 10
“A large part of it is done. I think it is linked to milestones and I think balanced milestones we expect to get done within the next one or two quarters.”
Sumit Dhingra, page 10 of the filed PDF · View the filing
Management said individual deals outside India are smaller than BSNL's scale but the overall reference-building for international wireless would be very significant.
Answered by Sanjay Malik
Asked by Ritesh Poladia: Will international wireless opportunities be multiples of BSNL?
p. 11
“But I think from our product perspective, reference building perspective, and coming to the international wireless area, I think that would be very, very significant.”
Sanjay Malik, page 11 of the filed PDF · View the filing
Management said continued R&D investment in FY26 was a deliberate call given deep-tech risk, but investment discipline will tighten in FY27.
Answered by Arnob Roy
Asked by Darshil Jhaveri: Is the intangible asset investment being debt-funded sustainably, given lack of PAT positivity guidance?
p. 15
“But I think going forward in FY27, as I said, the financial diligence of investments versus returns and revenues and all will be far more tighter because I believe the significant investment has gone in and we have achieved much of the goals that we had in mind.”
Arnob Roy, page 15 of the filed PDF · View the filing
Management said collection for add-on orders should be faster since testing and integration steps already completed for the technology.
Answered by Sanjay Malik
Asked by R. Vaidyanathan: Will collections on the current order book have the same elongated DSO as BSNL 4G?
p. 17
“So those things will not be there when we go for this add-on PO because these add-on POs would be same technology, similar products to be integrated or to be installed.”
Sanjay Malik, page 17 of the filed PDF · View the filing
Risks flagged
Delays in large customer projects for wireline and wireless products caused revenue shortfall
p. 7
“And several large customer projects that we were actually planning for, both for wireline and wireless products have got delayed, which resulted in significant revenue shortfall and the resulting financial loss.”
Arnob Roy, page 7 of the filed PDF · View the filing
Rising memory and component costs and lead times affecting product costs
p. 9
“But yes, the cost and also the lead time is also a challenge for us.”
Arnob Roy, page 9 of the filed PDF · View the filing
Uncertainty over the delayed BSNL add-on order for 18,000 sites
p. 14
“For now, I don't think we have any further clarity with respect to the BSNL add-on order.”
Sumit Dhingra, page 14 of the filed PDF · View the filing
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