Tejas Networks Q4 FY26: Revenue ₹333cr, Loss ₹211cr

Key takeaways from Q4 FY26

Tejas Networks closed Q4 FY26 with consolidated revenue of ₹333 crore, an 8% sequential increase. Despite the sequential rise, the company reported a consolidated net loss of ₹211 crore for the quarter. For the full year, consolidated revenue stood at ₹1,906.94 crore, while the consolidated net loss widened to ₹908.89 crore. Management commentary in the provided material points to profitability as a stated goal, but without any quantitative revenue or margin guidance. Financial statements were prepared on a going concern basis, with no material uncertainties noted.

Q4 FY26 financial performance in focus

The quarter’s operating performance remained weak on an earnings basis. EBIT for Q4 FY26 came in at -₹219 crore, indicating that operating costs continued to exceed gross profit and operating income. The reported quarterly net loss of ₹211 crore also shows that the business remained loss-making even as revenue moved up sequentially. The summary provided does not break out segment-wise profitability or EBITDA, so the assessment is limited to revenue, EBIT, and net profit figures.

FY26 numbers underline the scale of losses

For FY26, Tejas Networks reported consolidated revenue of ₹1,906.94 crore and consolidated net loss of ₹908.89 crore. Full-year EBIT was -₹1,085 crore. These figures reflect a year where execution, provisioning, and costs were significant factors alongside revenue volatility. The company did not provide quantitative guidance on revenue or margins, but reiterated profitability as an objective.

India remains the core market; international share at 12%

The full-year revenue mix was reported as 88% from India and 12% from international markets. This split suggests that domestic projects and purchase orders continue to drive the bulk of reported performance. At the same time, the provided executive summary also notes international expansion in wireless during the year. With no country-level or product-level international numbers given, the only confirmed detail is the 88:12 mix for FY26.

Order book rises to ₹1,514 crore on key wins

Tejas Networks ended the year with an order book of ₹1,514 crore, up 49% year-on-year. The major wins cited include 5G Massive MIMO, BharatNet Phase III, and hyperscaler DCI deployments. An expanding order book is particularly relevant for a company with lumpy execution cycles, where revenue recognition can depend on shipment schedules and customer readiness. The material also describes FY26 as a year marked by consolidation, major product launches, and leadership changes.

Working capital and leverage snapshot at year-end

The year-end balance sheet indicators in the provided highlights show elevated working capital and debt. Inventory at quarter-end was ₹2,438 crore, receivables were ₹3,258 crore, and payables were ₹478 crore, resulting in net working capital of ₹4,138 crore. Cash and cash equivalents at year-end were ₹102.68 crore. Net debt was reported at ₹3,531 crore, while gross borrowings totaled ₹4,035 crore. These numbers, taken together, indicate that liquidity, collections, and inventory conversion are central variables to monitor in subsequent quarters.

Provisions and materials cost: FY26 cost pressures

Cost of materials consumed for FY26 was ₹1,316.46 crore. The company also recorded a provision for inventory obsolescence or write-down of ₹170.39 crore, as per the highlights provided. Such provisions can weigh on profitability in the period they are recognised and may also signal changes in product cycles, demand timing, or execution delays. The summary does not specify whether the provision relates to specific product lines.

Q3 FY26 context: BSNL PO delay and revenue fall

In Q3 FY26 (October-December period referenced in the text), Tejas Networks reported consolidated revenue from operations of ₹306.79 crore and a consolidated net loss of ₹196.55 crore. The article text attributes the weak quarter largely to lower sales, including deferment of a purchase order from state-owned BSNL. It also states that a purchase order worth ₹1,526 crore from BSNL for 18,000 sites was delayed, and includes a management remark that the expansion order is “still in the works” and expected at an appropriate time.

Share-price and technical references cited in the material

The provided inputs include several market references: Tejas Networks shares rose up to 8% on March 16, 2026 on an order related to 4G network expansion in South Asia, and shares rose 12% on February 26, 2026 after a deal to supply 5G radio was announced. Separately, a “weekly stochastic crossover” was noted for the week ending March 27, 2026, along with an observation of an average -10.0% decline within 7 weeks of this signal over the last 10 years. These are referenced as share-price insights in the input and should be read as market indicators rather than operating metrics.

Summary table of reported metrics

What investors will track next

The company has said profitability is a goal, but has not given quantitative revenue or margin guidance. Based on the disclosed balance sheet metrics, conversion of inventory to shipments, collections from receivables, and the timing of large purchase orders remain critical to near-term financial outcomes. The order book expansion and cited wins in 5G Massive MIMO, BharatNet Phase III, and hyperscaler DCI provide visibility on demand, but execution timing will determine when it reflects in reported revenue.

Conclusion

Tejas Networks ended FY26 with a higher order book and sequentially higher Q4 revenue, but with significant operating and net losses alongside elevated working capital and debt. The next set of results will be watched for execution against the ₹1,514 crore order book, working capital movement, and any further updates on large customer purchase orders.