Tejas Networks Limited (TEJASNET)

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Tejas Networks Limited (TEJASNET) · mywealthgrid

About

Telecom equipment provider in India's communication services sector with market cap ₹9,579.92 Cr and quarterly revenue ₹300–400 Cr. Currently unprofitable with operating margin of -61.8%, ROE of -26.82%, and debt-to-equity of 1.38, indicating acute operational and financial distress.

Founded: 2000
Face value: ₹10

Market cap

₹8,269 Cr

P/E

—

P/B

2.9×

Dividend yield

0.5%

ROE

-26.8%

ROCE

-26.7%

Debt / equity

1.38

OPM

-61.8%

EPS (TTM)

₹-50.7

Book value

₹161.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Structural operating losses: -61.8% margin company-wide and -24.98% (latest quarter) are unsustainable; verify path to profitability, timeline, and cost structure basis.
High leverage during cash burn: D/E 1.38 with quarterly losses ₹196–307 Cr means debt burden accelerates as cash depletes; verify debt maturity, covenants, and refinancing capacity.
No earnings support: Negative EPS ₹-11.37 to ₹-17.38 and PE n/a mean investor cannot justify valuation on earnings; verify asset base and downside scenario.
Dividend sustainability under stress: Paid dividend (₹2025-06-19) despite ₹196–307 Cr quarterly losses; verify cash reserves and whether dividends reflect earnings or reserve drawdown.

Generated analysis · source review pending

Growth drivers

Margin recovery from -112.41% (Sep 2025) to -24.98% (Jun 2026) proves operational improvements achievable; verify what initiatives drove this and sustainability.
Sequential revenue growth from ₹261.37 Cr (Sep 2025) to ₹401.95 Cr (Jun 2026) indicates demand stabilization; verify if sustainable and margin contribution of incremental sales.
Telecom equipment positioning in infrastructure modernization cycle; verify company's product portfolio, competitive win rate with major telcos, and addressable market opportunity.

Generated analysis · source review pending

2,286 historical price candles were omitted because the exchange source has not been verified.

₹464.8-5.2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 15.9% over the last 5 years

Cons

−Low return on equity of -4% (3-yr avg)
−Weak interest coverage of -3.5×

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 6
Growth: 63
Valuation: 91

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	933	767	900	391	527	551	920	2,471	8,923	1,103
COGS	514	382	464	204	269	311	561	1,585	6,522	767
Gross profit	419	385	437	187	258	240	359	886	2,401	336
	255	232	240	274	204	320	345	620	1,143	1,018
	164	153	196	-87	53	-80	14	266	1,258	-682
OPM %	17.6%	19.9%	21.8%	-22.4%	10.2%	-14.6%	1.5%	10.8%	14.1%	-61.8%
Depreciation	56	61	66	77	52	77	123	182	353	403
Interest	32	13	17	8	4	3	15	48	252	303
	39	28	37	34	25	43	81	65	45	33
Profit before tax	54	106	150	-139	23	-117	-43	100	698	-1,354
Tax	-39	-0	3	99	-15	-54	-6	37	252	-445
Tax %	-73.2%	-0.5%	1.9%	71.1%	-66.7%	-46.5%	-14.6%	37.2%	36.1%	-32.9%
	93	107	147	-237	38	-63	-36	63	447	-909
PAT margin %	10%	13.9%	16.4%	-60.7%	7.1%	-11.4%	-4%	2.6%	5%	-82.4%
EPS (₹)	14.1	12.4	16.1	-25.8	4.1	-6	-2.5	3.7	25.8	-51.4
EPS adjusted (₹)	14	11.3	15.5	-24.8	3.9	-5.3	-2.1	3.6	24.9	-50.2
	0%	0%	6.2%	—	0%	—	—	0%	9.7%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	67	67	94	95	95	97	118	172	174	180	181
Reserves	294	328	1,058	1,225	985	1,038	1,812	2,801	2,976	3,667	2,750
	253	368	1	—	—	0	0	0	1,744	3,269	4,035
	225	227	177	265	160	178	180	629	3,309	3,347	2,436
Total equity & liabilities	838	990	1,330	1,585	1,241	1,312	2,110	3,602	8,203	10,462	9,403
	94	94	75	99	57	111	138	647	833	1,030	1,016
CWIP	—	—	—	—	—	—	—	0	15	1	0
Investments	—	77	77	87	51	37	402	262	334	482	365
	744	819	1,179	1,400	1,133	1,164	1,570	2,693	7,021	8,949	8,021
Total assets	838	990	1,330	1,585	1,241	1,312	2,110	3,602	8,203	10,462	9,403

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.5%	47.9%	49%	43.6%	39%	35.8%	26.9%	30.5%
EBITDA margin %	21.8%	-22.4%	10.2%	-14.6%	1.5%	10.8%	14.1%	-61.8%
EBIT margin %	14.5%	-42.1%	0.3%	-28.6%	-11.8%	3.4%	10.1%	-98.3%
PAT margin %	16.4%	-60.7%	7.1%	-11.4%	-4%	2.6%	5%	-82.4%
Working capital
Receivable days	270	426	236	189	198	208	182	1,077
Inventory days	143	452	290	327	421	861	132	1,160
Payable days	129	134	125	131	196	424	66	227
NWC days	284	744	401	384	423	645	248	2,010
Leverage
Current ratio	4.64	6.91	6.46	10.66	6.26	1.43	1.35	1.2
Debt to EBITDA	—	—	0	—	0	6.56	2.6	—
Debt to equity	—	—	0	0	0	0.55	0.85	1.38
Interest coverage	9.8	-16.9	7.1	-35.7	-1.8	3.1	3.8	-3.5
Asset turnover	0.57	0.31	0.4	0.26	0.26	0.3	0.85	0.12
Return ratios
Return on assets %	9.3%	-19.1%	2.9%	-3%	-1%	0.8%	4.3%	-9.7%
Return on capital employed %	13.5%	-10.8%	2.3%	-7.4%	-1.1%	4.5%	24.7%	-26.7%
Return on equity %	11.2%	-21.9%	3.3%	-3.2%	-1.2%	2%	11.6%	-31%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.92%	55.8%	55.6%	55.5%	55.42%	54.01%	53.83%	53.73%	53.66%	53.46%	53.4%	53.33%
	11.11%	11.26%	11.34%	10.19%	9.58%	8.04%	7.08%	6.14%	6.24%	5.94%	5.29%	5.82%
	4.03%	4.35%	4.76%	4.91%	4.76%	4.66%	4.85%	4.72%	4.79%	4.76%	4.32%	4.04%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0%	0%	0%
	28.94%	28.59%	28.3%	29.4%	30.24%	32.65%	33.61%	34.94%	34.92%	35.64%	36.86%	36.7%
No. of shareholders	—	—	—	—	—	—	—	—	3,48,432	3,47,584	3,80,284	3,44,573

Promoter holding down 2.59 percentage points since Sep 2023.

248 deals · 2 Aug 2021 – 4 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	14,11,116	₹611.31	₹86.26 Cr
4 Sept 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	12,02,941	₹609.53	₹73.32 Cr
4 Sept 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	11,29,538	₹609.73	₹68.87 Cr
4 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	9,71,587	₹609.75	₹59.24 Cr
4 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	9,70,588	₹609.76	₹59.18 Cr
4 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	9,51,789	₹610.67	₹58.12 Cr
4 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	9,51,789	₹610.86	₹58.14 Cr
4 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	9,27,729	₹607.31	₹56.34 Cr
4 Sept 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,98,239	₹603.04	₹54.17 Cr
4 Sept 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,98,239	₹602.66	₹54.13 Cr

1–10 of 248

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Mr. GANAPATHY SUBRAMANIAM NATARAJANNon-Executive - Non Independent Director-Chairperson
Mr. ARNOB ROYExecutive Director-CEO-MD
Mr. RAMAMURTHI BHASKARNon-Executive - Independent Director
Mr. SRIKUMAR VIJAYASEKHARANNon-Executive - Independent Director
Mrs. ALICE GEEVARGHESE VAIDYANNon-Executive - Independent Director
Mr. RANDHIR THAKURNon-Executive - Non Independent Director
Mr. AVS PrasadChief Financial Officer
Mr. Anantha Murthy NCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

3.01%

of the company's equity

All mutual funds

3.11%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 9 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	50.08 L	280.3	0.34%	2.815%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.32 L	7.36	0.21%	0.074%	+1,608
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	66,852	3.74	0.21%	0.038%	+746
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	48,462	2.71	0.21%	0.027%	+440
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	29,484	1.65	0.21%	0.017%	+595
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	19,356	1.08	0.2%	0.011%	+9
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	13,159	0.74	0.02%	0.007%	+452
NIFTY INDIA DIGITAL EXCHANGE TRADED FUND	Tata Mutual Fund	11,898	0.67	0.38%	0.007%	+82

1–8 of 24

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Credit Rating on Commercial Paper9 Jan 2026

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend19 Jun 2025 · ex-date₹2.5
Final dividend17 Jul 2019 · ex-date₹1

1

Board meeting to consider results27 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

48 announcementsExport CSV

16 Sept 2026, 4:24 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

11 Sept 2026, 5:47 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

11 Sept 2026, 5:24 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment

Allotment of Equity Shares PDF

27 Aug 2026, 6:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

19 Aug 2026, 6:02 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment

Allotment of Equity Shares PDF

3 Aug 2026, 12:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

29 Jul 2026, 4:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

28 Jul 2026, 3:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
16 Sept 2026, 4:24 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Sept 2026, 5:47 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.5%	47.9%	49%	43.6%	39%	35.8%	26.9%	30.5%
EBITDA margin %	21.8%	-22.4%	10.2%	-14.6%	1.5%	10.8%	14.1%	-61.8%
EBIT margin %	14.5%	-42.1%	0.3%	-28.6%	-11.8%	3.4%	10.1%	-98.3%
PAT margin %	16.4%	-60.7%	7.1%	-11.4%	-4%	2.6%	5%	-82.4%
Working capital
Receivable days	270	426	236	189	198	208	182	1,077
Inventory days	143	452	290	327	421	861	132	1,160
Payable days	129	134	125	131	196	424	66	227
NWC days	284	744	401	384	423	645	248	2,010
Leverage
Current ratio	4.64	6.91	6.46	10.66	6.26	1.43	1.35	1.2
Debt to EBITDA	—	—	0	—	0	6.56	2.6	—
Debt to equity	—	—	0	0	0	0.55	0.85	1.38
Interest coverage	9.8	-16.9	7.1	-35.7	-1.8	3.1	3.8	-3.5
Asset turnover	0.57	0.31	0.4	0.26	0.26	0.3	0.85	0.12
Return ratios
Return on assets %	9.3%	-19.1%	2.9%	-3%	-1%	0.8%	4.3%	-9.7%
Return on capital employed %	13.5%	-10.8%	2.3%	-7.4%	-1.1%	4.5%	24.7%	-26.7%
Return on equity %	11.2%	-21.9%	3.3%	-3.2%	-1.2%	2%	11.6%	-31%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sterlite Technologies LimitedSTLTECHSTLTECH	₹49,095 Cr	₹50,922 Cr	₹5,642 Cr	₹829 Cr	12%	₹280 Cr	1.2%	9.5%	2.6%	58
Iti LimitedITIITI	₹23,210 Cr	₹23,975 Cr	₹2,111 Cr	₹53 Cr	2%	₹324 Cr	13.4%	2%	16.6%	-47
Tejas Networks LimitedTEJASNETTEJASNET	₹8,269 Cr	₹12,304 Cr	₹1,303 Cr	₹-647 Cr	-61.8%	₹-917 Cr	-82.4%	-26.7%	-26.8%	2,010
Optiemus Infracom LimitedOPTIEMUSOPTIEMUS	₹7,129 Cr	₹7,435 Cr	₹2,216 Cr	₹101 Cr	5.5%	₹73 Cr	3.7%	10.3%	9.2%	14
Valiant Communications LtdVALIANTVALIANT	₹1,973 Cr	₹1,975 Cr	₹85 Cr	₹30 Cr	35.6%	₹24 Cr	28.5%	40%	30.6%	172
Birla Cable LimitedBIRLACABLEBIRLACABLE	₹1,149 Cr	₹1,280 Cr	₹861 Cr	₹84 Cr	6.1%	₹46 Cr	2.2%	11.1%	6.3%	124
ADC India Communications LtdADCINDIAADCINDIA	₹1,031 Cr	₹1,031 Cr	₹200 Cr	₹21 Cr	10.3%	₹19 Cr	9.5%	31.2%	24.2%	24
Umiya Buildcon LimitedUMIYA-MROUMIYA-MRO	₹172 Cr	₹297 Cr	₹73 Cr	₹26 Cr	35.9%	₹9 Cr	58.3%	29.7%	44.4%	914
Aksh Optifibre LimitedAKSHOPTFBRAKSHOPTFBR	₹115 Cr	₹199 Cr	₹148 Cr	₹12 Cr	2.1%	₹-2 Cr	-10.3%	-7.1%	—	-77
Punjab Communications LtdPUNJCOMMUPUNJCOMMU	₹67 Cr	₹68 Cr	₹21 Cr	₹-20 Cr	-26.9%	₹-12 Cr	11.1%	9.9%	10.1%	-218
Telogica LtdTELOGICATELOGICA	₹53 Cr	₹58 Cr	₹19 Cr	₹1 Cr	6.4%	₹2 Cr	4.4%	6.2%	6.2%	293
Tamilnadu Telecommunication LimitedTNTELETNTELE	₹53 Cr	₹91 Cr	₹0 Cr	₹-1,644 Cr	—	₹-10,322 Cr	—	—	—	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	127	150	239	-82	1	158	-17	-380	-2,036	-491	135
	-50	-140	-213	-104	71	-167	-828	-581	431	-655	-764
	-41	-28	157	-11	-22	-3	839	999	1,713	1,286	397
Net cash flow	36	-18	183	-197	50	-13	-6	37	107	140	-232
Free cash flow	81	—	—	—	—	143	-48	-427	-2,187	-815	-39
CFO / Operating profit %	—	91.4%	156.7%	-41.6%	—	294.7%	—	—	-765.8%	-39.1%	—

Tejas Networks Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends2

Board meetings1

Announcements

Not in the F&O segment

Dividends2

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

2

1

2

1