Tejas Networks Ltd long

TEJASNET at ₹601 trades at 2.75x book (₹211), down 59% from highs on Tata Group sell-off, but Q1 loss temporary (project phasing). Order book ₹8.5K Cr + IMC 2025 launches (Ojas64 MIMO) signal 5G ramp-up. Indigenous 4G stack (100K BSNL sites) unlocks exports; PLI tailwinds ahead of Oct 17 results.

FY25 (Ended Mar 2025): Consolidated revenue ₹7,562 Cr (up 254% YoY, driven by BSNL 4G/5G orders); Net profit ₹175 Cr (up from losses in FY24). ROE: 5.25% (low but improving); Debt/Equity: 0.15 (healthy balance sheet post-Tata infusion).
Q1 FY26 (Ended Jun 2025): Revenue ₹202 Cr (down 87% YoY due to lumpy BSNL project phasing and inventory buildup); Net loss ₹194 Cr (vs. ₹77 Cr profit YoY, hit by forex/impairment charges). EBITDA margin: 9.35%. Order book: ₹8,500 Cr (strong visibility for FY26).

Growth Drivers: Indigenous 4G stack (with C-DOT/TCS) powering 100K+ BSNL towers; 5G-ready exports eyed. PLI scheme benefits boosting local manufacturing

Oct 10-11, 2025: Showcased Ojas64 64T64R Massive MIMO radio (320W, fully indigenous) at India Mobile Congress (IMC) 2025, unveiled by Union Minister. Highlighted HD/4K streaming on feature phones without data (with Intel/HMD/Lava). X buzz on 4G stack rollout connecting 22M users, including 2M first-timers.