Tejas Networks Q4 FY26: Loss widens, sales fall 83%

Stock ticks up, but longer-term trend remains weak

Shares of Tejas Networks Ltd were trading 0.20% higher at Rs 473.85 in Tuesday’s late morning trade. The small uptick came even as the company reported weak quarterly numbers and continued to face elevated volatility in its stock price. Over the last one month, the Tata Group-backed stock was up 7.15%. But on a yearly basis, it remained down 32.58%, highlighting how the recent bounce has not fully offset the longer decline.

The market action has been uneven through FY26, with sharp swings around earnings and news flow. The stock has also been in focus due to exchange surveillance measures aimed at curbing excessive speculation. For investors, the latest set of results adds to a quarter-by-quarter narrative of pressure on profitability and revenue.

Q4 FY26 results: loss deepens, revenue collapses

In Q4 FY26, Tejas Networks posted a wider consolidated net loss of Rs 211 crore, compared with a loss of Rs 72 crore in the corresponding quarter last year. Revenue from operations fell sharply, plunging 82.5% year-on-year to about Rs 333 crore in Q4 FY26 from Rs 1,907 crore a year earlier. Another data point in the provided figures pegged Q4 FY26 sales at Rs 332.39 crore versus Rs 1,806.43 crore in Q4 FY25, underscoring the scale of the decline regardless of the exact rounding.

The company also reported a pre-tax loss of Rs 281 crore in Q4 FY26 compared with a pre-tax loss of Rs 45 crore in Q4 FY25. The quarter’s print reinforced a difficult operating backdrop, especially as topline contracted meaningfully versus the high base seen in the year-ago period.

FY26 full-year picture: swing from profit to loss

For the full year ended 31 March 2026, Tejas Networks registered a net loss of about Rs 909 crore in FY26, compared with a net profit of Rs 447 crore in FY25. Annual revenue for FY26 was reported around Rs 1,097-1,103 crore, down sharply year-on-year. One set of consolidated numbers showed FY26 sales of Rs 1,097.47 crore versus Rs 8,454.96 crore in FY25, translating into an 87.02% decline.

The annual reversal from profit to loss is material for market confidence because it frames the recent quarter not as an isolated miss, but as part of a broader FY26 earnings reset. It also explains why the stock has been prone to sharp reactions on results days.

Q3 FY26 sell-off: BSNL order deferment in focus

Earlier, the Tejas Networks share price came under heavy pressure, sliding more than 7% and hitting a fresh 52-week low intraday. On a Monday session referenced in the data, the stock fell as much as 7.81% to an intraday low of Rs 384.15 on the BSE. In a separate report from the same period, the stock was cited as tumbling over 12%, trading near Rs 369.30 while marking a 52-week low.

The trigger for that sharp fall was the company’s Q3 FY26 earnings. Tejas Networks reported a consolidated net loss of Rs 196.55 crore, reversing from a profit of Rs 165.67 crore in the same quarter last year. Revenue from operations in Q3 FY26 was Rs 306.79 crore, a year-on-year decline of 88% from about Rs 2,642 crore. The loss was linked to lower sales, with the deferment of purchase orders from state-owned BSNL cited as a key factor.

For the nine months ended December 31, the company reported a net loss of Rs 697.55 crore and revenue from operations of Rs 793.69 crore, with revenue down 89%. These figures help explain why investor sentiment has remained cautious even during short bursts of price recovery.

What market experts are saying: selective buying vs caution

Despite the weak financials, some market participants see the recent recovery as a sign of selective buying at lower levels. Kranthi Bathini, Equity Strategist at WealthMills Securities, said the stock has seen buying interest despite negative growth and described it as a possible bottom-fishing attempt. He added that investors with a high-risk appetite can add the stock on dips.

Ravi Singh, Chief Research Officer at Mastertrust, said the stock has recovered meaningfully from its “Rs 300 lows”. He highlighted the Rs 390-400 zone as a key support area on pullbacks. He also flagged Rs 550-570 as major overhead resistance, adding that reclaiming that zone would be the next structural milestone.

But the cautionary view has also been clear. AR Ramachandran, a Sebi-registered research analyst at Tips2trades, said the stock appears technically weak despite being overbought on daily charts. He flagged strong resistance at Rs 555 and said investors should continue booking profits, with the stock potentially slipping towards Rs 427 in the near term.

Surveillance action: stock placed under ASM

Both BSE and NSE have placed Tejas Networks under the short-term Additional Surveillance Measure (ASM) framework. Exchanges generally place stocks under ASM to alert investors about heightened volatility and speculative activity. While ASM does not imply any wrongdoing, it typically increases trading vigilance and can influence intraday behaviour as participants adjust to the tighter surveillance environment.

Key metrics cited in the data snapshot

Alongside quarterly numbers and price action, the dataset also carried several commonly tracked metrics. Tejas Networks’ EPS (TTM) was shown as Rs -51.55. Promoter holding was stated at 53.4%. Debt-to-equity was listed at 0.8812.

The same snapshot included a PE ratio of about -9.3786, reflecting losses rather than earnings. It also cited ROA of 4.7879% and ROE of 13.0664%. A separate note described a score of 56/100 and said the stock was 38.06% away from its 52-week high.

Financial and market snapshot (as reported)

Why this matters for investors

The combination of a steep revenue drop and widening losses has kept Tejas Networks in a high-risk bucket, even as the stock has shown periods of sharp recovery from lows. The ASM tag adds another layer of caution because it signals the exchanges’ concern about volatility and speculative churn.

From a market-structure standpoint, the analyst levels cited in the data create clear reference points for traders: support near Rs 390-400 on pullbacks and resistance around Rs 550-570 or specifically near Rs 555. But the financial backdrop is currently dominated by the scale of the year-on-year sales contraction and the swing from FY25 profit to FY26 loss.

Conclusion

Tejas Networks’ latest trade action shows modest strength on the day, but the company’s Q4 FY26 results underscored intense pressure on revenue and profitability. With the stock now under short-term ASM and with analysts split between selective buying and near-term caution, the next focus remains on how execution and order timing translate into reported sales in coming quarters.