Tejas Networks FY26: Order book ₹1,241 cr, Q1 loss

What moved the stock narrative

Tejas Networks has been in focus after a sharp revenue drop in Q1 FY26, alongside a widening quarterly loss. Management attributed the weaker quarter to delayed purchase orders, including a BSNL-related expansion purchase order (PO). At the same time, the company reported a higher closing order book, suggesting revenue visibility may improve once pending orders translate into deliveries and billing.

The data also shows a split picture across timeframes: FY25 annual numbers point to a strong year of scale-up and profitability, while the latest quarterly update highlights execution and timing risks tied to large customer orders.

Q1 FY26 results: steep revenue fall and net loss

For Q1 FY26, Tejas Networks reported consolidated revenue of ₹202 crore, down 87.1% year-on-year (YoY) from ₹1,563 crore in Q1 FY25. Revenue also fell about 89% sequentially from ₹1,907 crore in Q4 FY25.

Profitability weakened sharply. EBITDA moved to a loss of ₹126.6 crore, with margin contracting from 10.9% in Q1 FY25 to -60% in Q1 FY26. Profit before tax (PBT) was a loss of ₹297 crore versus a profit of ₹122 crore in Q1 FY25, while profit after tax (PAT) was a net loss of ₹194 crore compared to a profit of ₹77 crore in Q1 FY25.

Management commentary: delayed orders, BSNL link

The company linked the Q1 FY26 revenue decline to delayed purchase orders, including the BSNL expansion PO. Sumit Dhingra, CFO of Tejas Networks, stated that the quarter saw revenue of ₹202 crore and a net loss of ₹194 crore, largely due to lower revenue.

He added that Tejas ended the quarter with an order book of ₹1,241 crore, up 22% quarter-on-quarter (QoQ). Following the award of the expansion order of 18,685 sites of BSNL 4G to TCS, the company expects to receive the corresponding PO for supply of RAN equipment worth ₹1,526 crore.

Order book: the key number investors are tracking

The closing order book at 30 June 2025 stood at ₹1,241 crore, reflecting 22% QoQ growth as per the disclosed update. This matters because the Q1 FY26 quarter demonstrated how revenue recognition can swing materially when large orders slip across quarters.

The expected BSNL 4G RAN equipment PO worth ₹1,526 crore, linked to around 18,685 sites, is positioned as a potential catalyst for future deliveries. The company’s commentary, however, still frames it as an expected PO, making timing a central variable for near-term financial performance.

October-December loss and nine-month performance

In a separate quarterly context, Tejas Networks reported a ₹196.55 crore consolidated loss in the October-December period, which was attributed mainly to lower sales and deferment of a BSNL purchase order. The company had posted a profit of ₹165.67 crore in the year-ago period.

For the nine-month period ended 31 December, the company recorded a loss of ₹697.55 crore and reported an 89% decline in revenue from operations to ₹793.69 crore.

Profitability and ratios: ROE and net margin remain negative

The company is described as unprofitable in the provided trend commentary, though losses have reduced over five years at an average rate of 2.8% per year. Over the same period, the Communications industry saw earnings growth of 28.5% annually (and another comparison point cited is 35.6% industry earnings growth).

Key profitability indicators listed include return on equity (ROE) of -23.16% and net margin of -28.73%. The negative ROE is explicitly linked to current unprofitability in the provided notes.

FY25 annual P&L shows a “landmark year” jump

Alongside the recent quarterly softness, the annual profit and loss table for Tejas Networks shows a sharp FY25 scale-up. Total operating revenues rose to ₹8,915.73 crore in FY25 (Mar 25) from ₹2,370.46 crore in FY24 (Mar 24). Total revenue was ₹8,961.16 crore in FY25 and total expenses were ₹8,249.73 crore.

Profit before tax (PBT) in FY25 was ₹711.43 crore and profit after tax (PAT) was ₹450.66 crore, compared with FY24 PAT of ₹81.98 crore. Separately, the text also states that net revenues grew 261% to ₹8,923 crore and profit after tax grew 609% to ₹447 crore in a landmark year.

Share-price context and technical signal cited

The stock snapshot included in the data shows Tejas Networks Ltd. (NSE: TEJASNET | BSE: 540595) at ₹554.80, up 0.72%, and mentions a “new 52W low in past week,” with combined NSE+BSE volume of 649.1K. The timestamp shown is 14 Aug 2025, 3:31 PM (IST).

A technical note also states that a weekly stochastic crossover appeared in the week ending 27 Mar 2026, and that historically the average price decline was -10.0% within seven weeks of this signal over the last 10 years.

Operations and footprint

The company is described as having advanced engineering and manufacturing capabilities and serving customers in over 75 countries. It has developed an end-to-end portfolio of wireless and wireline products, further enhanced by satellite and broadcast solutions.

Key data table

Quarterly trend (table converted to ₹ crore)

The quarterly table provided lists figures in a larger unit; values below are expressed in ₹ crore by dividing by 10 for readability and consistency with other ₹ crore disclosures.

What to watch next

The next earnings update is listed as 15 Apr 2026. Investors will likely track whether delayed customer POs convert into shipments and revenue, and whether the order book sustains after the reported 22% QoQ increase.

Another monitorable item is how margins behave if volumes remain volatile: gross margin improved to 39.8% in Q1 FY26 from 19% in Q1 FY25, even as EBITDA margin turned sharply negative due to the revenue drop.

Conclusion

Tejas Networks’ disclosed numbers highlight a quarter defined by deferred orders and weak revenue recognition, set against an order book that rose to ₹1,241 crore and an expected BSNL-linked PO of ₹1,526 crore. The next stated milestone is the 15 Apr 2026 earnings update, where order execution and revenue timing should be clearer.