AI-generated · cited to primary sources · not investment advice
Tejas Networks (540595) Jul 2025 Filing Analysis
Does management do what it says?
Headcount has continued to grow, reaching 2,424 in H1FY26 from 2,370 in FY25, with R&D intensity increasing to 69% of the workforce. (1 met across 1 tracked commitment)
“In general, our employee cost is in line with our investments that we've been talking about, particularly on the R&D and international sales side. And we expect it to continue to increase going forward.”
Inventory levels have slightly increased to INR 2,537 crores (from ~INR 2,367 Cr) as the company prepares for the execution of expected large orders like the BSNL expansion. (4 in progress, 1 met across 5 tracked commitments)
“Inventory of INR 2,537 Cr during Q1FY26 (vs 2,367 Cr in Q4FY25) – Will be converted to finished goods and shipped in upcoming months”
Tejas is developing 5G radio variations for every continent they are engaged in, including specific bands for Africa and Latin America. (+2 more commitments)
“Expanded global sales footprint and strategic initial wins will give us a strong momentum for increasing our international business”
Strategic partnership with Rakuten Symphony to develop integrated 5G Open RAN solutions for global expansion. (+1 more commitment)
“Strategic partnership with Rakuten Symphony to develop integrated 5G Open RAN solutions and drive global expansion”
See the full cited Management analysis of Tejas Networks
How durable is the business?
Revenue from wireline and existing business saw a significant sequential decline due to delays in purchase orders and shipment clearances, though it remains the core of the current INR 1,241 crore order book. (1 contracting)
“We had a net revenue of INR202 crores, which was lower than our Q4 revenues of INR1,907 crores... Revenue is lower mainly due to delay in purchase orders, delay in certain inventory arrivals and shipment clearances for a few customers.”
See the full cited Business Model analysis of Tejas Networks
Where does growth come from?
Revenue has seen a sharp reversal, dropping from INR 1,907 Cr in Q4FY25 to just INR 202 Cr in Q1FY26 due to delayed BSNL purchase orders and inventory clearances. (2 reversing, 1 decelerating across 3 signals)
“Q1FY 26 Net Revenue: INR 202 Cr (1,907 cr in Q4FY25)”
See the full cited Future Growth analysis of Tejas Networks
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