Tejas Networks financials and balance sheet

NSE: TEJASNETBSE: 540595Telecom - Equipment & AccessoriesSmall Cap

₹407.30₹16.60 (3.92%)BSE ₹407.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹423.90.

52-week range of traded prices to 23 Oct 2026

₹294.00Low, 27 Jan 2026₹644.75High, 19 Jun 2026

Market cap: ₹7,256 Cr636th largest listed
P/E: Lossover the last 12 months
P/B: 2.9
Dividend yield: Nonein the last 12 months
ROE: −27.9%
ROCE: −11.6%
Debt to equity: 1.91
Volume, NSE: 11,98,57528.3% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tejas Networks annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹8,923 Cr, year to Mar 2025A loss in the year to Mar 2026, −₹909 Cr

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 10.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,103
Materials and goods−767
Employee costs−405
Other expenses−614
Operating profit−682
Depreciation−403
Other income+33
One-off items0.0
Finance costs−303
Profit before tax−1,354
Tax+445
Net profit−909

What the company owns

Receivables₹3,256 Cr
Plant, investments and other assets₹3,203 Cr
Inventory₹2,438 Cr
Current investments₹365 Cr
Cash and bank₹140 Cr

What pays for it: net worth and liabilities

Borrowings₹4,035 Cr
Net worth₹2,931 Cr
Other liabilities₹1,958 Cr
Owed to suppliers₹478 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Tejas Networks quarterly results

₹ crore	Mar 2018	Mar 2019Filed 23 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 22 Apr	Mar 2022Filed 25 Apr	Mar 2023Filed 25 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 15 Apr
Revenue from operations	767	900	391	527	551	920	2,471	8,923	1,103
	615	704	478	473	631	906	2,205	7,665	1,785
Materials and goods bought	382	464	204	269	311	561	1,585	6,522	767
Employee costs	–	124	111	116	134	233	351	448	405
Other expenses	–	117	164	88	186	112	268	695	614
Operating profit before depreciation	153	196	−87	53	−80	14	266	1,258	−682
Operating margin	19.9%	21.8%	−22.4%	10.2%	−14.6%	1.5%	10.8%	14.1%	−61.8%
Materials, % of revenue	–	51.5%	52.1%	51.0%	56.4%	61.0%	64.2%	73.1%	69.5%
Employee costs, % of revenue	–	13.7%	28.3%	22.1%	24.4%	25.3%	14.2%	5.0%	36.7%
Other expenses, % of revenue	–	13.0%	42.0%	16.7%	33.8%	12.2%	10.9%	7.8%	55.6%
Depreciation and amortisation	61	66	77	52	77	123	182	353	403
Operating profit after depreciation	92	130	−165	1	−157	−108	83	905	−1,085
Other income	28	37	34	25	43	81	65	45	33
Finance costs	13	17	8	4	3	15	48	252	303
One-off items	0	0	0	0	0	0	0	0	0
Profit before tax	106	150	−139	23	−117	−43	100	698	−1,354
	0	3	99	−15	−54	−6	37	252	−445
Current tax	24	20	0	0	0	0	22	145	0
Deferred tax	−24	−17	99	−15	−55	−6	15	107	−445
	107	147	−237	38	−63	−36	63	447	−909
Belonging to the company's shareholders	107	147	−238	38	−63	−36	63	447	−909
Other comprehensive income	–	−1	0	2	−1	−2	−4	−10	14
Total comprehensive income	–	146	−238	40	−64	−39	59	436	−895
Net margin	13.9%	16.4%	−60.7%	7.1%	−11.4%	−4.0%	2.5%	5.0%	−82.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 23 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 22 Apr	Mar 2022Filed 25 Apr	Mar 2023Filed 25 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 15 Apr	Sep 2026Half yearFiled 16 Oct
	1,320	1,081	1,134	1,930	2,973	3,149	3,846	2,931	2,528
Share capital	95	95	97	118	172	174	180	181	181
Reserves	1,225	985	1,038	1,812	2,801	2,976	3,667	2,750	2,346
	0	0	0	0	0	1,744	3,269	4,035	4,835
Repayable after a year	0	0	0	0	0	0	118	552	1,162
Repayable within a year	0	0	0	0	0	1,744	3,151	3,484	3,673
	263	138	160	167	426	4,737	6,229	5,754	4,587
Trade payables	164	75	92	112	301	1,839	1,184	478	442
Other financial liabilities	82	48	52	30	74	127	226	212	177
Other liabilities	10	7	10	19	40	1,006	1,547	1,421	155
Provisions	8	7	5	7	12	21	106	159	140
Tax owed	0	–	0	0	0	0	15	–	0
	2	23	18	12	203	316	386	718	1,324
Other financial liabilities	0	22	17	12	201	302	127	127	118
Provisions	2	1	1	0	2	14	61	40	43
Deferred tax	0	–	0	0	0	0	80	0	0
Total assets	1,585	1,241	1,312	2,110	3,602	8,203	10,462	9,403	8,438
	363	289	342	360	935	1,434	2,049	2,505	2,855
Plant in use, after depreciation	31	52	46	55	129	209	398	419	–
Plant being built	0	0	0	0	0	15	1	0	–
Intangible assets	68	27	65	83	306	411	420	386	688
Goodwill	0	0	0	0	212	212	212	212	212
Intangible assets being developed	41	27	24	40	154	220	404	950	898
Loans given	4	6	5	0	0	0	0	0	0
Other financial assets	0	1	2	6	7	15	17	14	14
Deferred tax	138	42	57	111	42	27	0	365	504
Trade receivables	43	80	73	7	19	48	440	1	14
Other assets	37	55	70	59	66	276	157	158	147
	1,222	952	970	1,750	2,667	6,768	8,413	6,898	5,583
Inventories	181	252	214	278	647	3,738	2,367	2,438	2,314
Trade receivables	622	376	341	285	499	1,410	4,444	3,256	2,145
Cash and cash equivalents	17	66	53	48	85	193	332	103	110
Other bank balances	106	77	164	300	656	109	8	37	37
Current investments	87	51	37	402	262	334	482	365	304
Loans given	1	1	1	0	0	0	0	0	0
Other financial assets	180	92	110	363	337	210	327	103	57
Other assets	28	38	50	74	180	774	453	595	616
Net debt	−210	−194	−255	−749	−1,004	1,108	2,447	3,531	4,384

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 22 Apr	Mar 2022Filed 25 Apr	Mar 2023Filed 25 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 15 Apr	Sep 2026Half yearFiled 16 Oct
	158	−17	−380	−2,036	−491	135	−312
	162	−47	−392	−2,013	−385	159	−311
	79	−73	−435	−2,389	−1,767	742	−103
Receivables	22	36	−169	−969	−3,471	1,556	1,100
Inventories	38	−64	−354	−3,091	1,371	−71	124
Payables	18	19	177	1,536	−651	−710	−34
Other working capital	1	−63	−89	134	984	−33	−1,292
Tax paid	−5	29	11	−23	−106	−24	−1
Capital spending	14	31	46	151	324	175	39
Free cash flow	143	−48	−427	−2,187	−815	−39	−351
	−167	−828	−581	431	−655	−764	−322
Plant and property sold	0	0	0	0	0	0	0
Interest received	10	24	52	44	4	2	1
	−3	839	999	1,713	1,286	397	641
Borrowings raised	0	0	0	1,917	7,221	9,894	8,100
Borrowings repaid	0	0	0	−191	−5,704	−9,119	−7,301
Interest paid	−1	−1	−11	−10	−213	−311	−144
Lease payments	−6	−8	−12	−14	−21	−25	−14
Dividends paid	0	0	0	0	0	44	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	6	837	1,013	0	0	0	0
Net change in cash	−13	−6	37	107	140	−232	7

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Tejas Networks dividend history

₹ per share	Mar 2018	Mar 2019Filed 23 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 22 Apr	Mar 2022Filed 25 Apr	Mar 2023Filed 25 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 15 Apr
Earnings per share	₹12.41	₹16.13	−₹25.76	₹4.05	−₹5.97	−₹2.46	₹3.71	₹25.75	−₹51.35
Diluted earnings per share	₹11.73	₹15.39	−₹25.76	₹3.99	−₹5.97	−₹2.46	₹3.65	₹25.38	−₹51.35
Dividend per share	–	₹1.00	–	–	–	–	–	₹2.50	–
Book value per share	–	₹138.99	₹113.21	₹117.52	₹168.51	₹176.57	₹181.03	₹214.17	₹161.92
Dividend payout	–	6.5%	–	–	–	–	–	10.1%	–
Shareholder yield	–	–	–	−0.4%	−17.2%	−10.4%	0.0%	0.0%	0.6%
Market cap at the year end (₹ crore)	3,299	1,554	294	1,475	4,869	9,776	11,164	13,362	6,858

Ratios

Consolidated, years to March.Tejas Networks PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 23 Apr	Mar 2020Filed 22 Apr	Mar 2021Filed 22 Apr	Mar 2022Filed 25 Apr	Mar 2023Filed 25 Apr	Mar 2024Filed 24 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 15 Apr
Revenue growth	–	17.3%	−56.6%	34.8%	4.6%	67.0%	168.7%	261.1%	−87.6%
Operating profit growth	–	28.3%	–	–	–	–	1,794.1%	373.0%	–
Net profit growth	–	38.2%	–	–	–	–	–	609.0%	–
Earnings per share growth	–	30.0%	–	–	–	–	–	594.1%	–
	–	11.2%	−19.8%	3.4%	−4.1%	−1.5%	2.1%	12.8%	−26.8%
	–	–	−30.9 pts	23.2 pts	−7.5 pts	2.6 pts	3.5 pts	10.7 pts	−39.6 pts
From the net margin	–	–	−52.6 pts	22.1 pts	−8.8 pts	2.7 pts	2.4 pts	2.0 pts	−222.9 pts
From asset turnover	–	–	21.3 pts	1.1 pts	1.2 pts	0.0 pts	0.3 pts	5.2 pts	185.7 pts
From borrowing	–	–	0.4 pts	−0.1 pts	0.1 pts	−0.1 pts	0.8 pts	3.5 pts	−2.4 pts
Return on capital employed	–	9.9%	−15.2%	0.1%	−8.1%	−3.6%	1.7%	12.7%	−15.6%
Cash conversion	–	–	–	420.0%	–	–	−3,233.5%	−110.1%	–
Interest cover	6.8	7.7	–	0.4	–	–	1.7	3.6	–
Debt to equity	–	0.00	0.00	0.00	0.00	0.00	0.55	0.85	1.38
Receivable days	–	252	351	236	189	198	208	182	1,077
Inventory days	–	143	452	290	327	421	861	132	1,160
Payable days	–	129	134	125	131	196	424	66	227
Cash conversion cycle, days	–	266	669	401	384	423	645	248	2,010
Working capital days	–	304	580	385	552	491	464	185	1,364
Asset turnover	–	0.57	0.28	0.41	0.32	0.32	0.42	0.96	0.11
Assets per rupee of net worth	–	1.20	1.18	1.15	1.12	1.17	1.93	2.67	2.93
Sales per rupee of plant	–	29.35	7.53	11.55	10.07	7.11	11.80	22.43	2.64
Capital spending to depreciation	–	–	–	0.27	0.40	0.38	0.83	0.92	0.43
Plant being built, % of plant in use	–	0.0%	0.0%	0.0%	0.0%	0.0%	7.2%	0.2%	0.0%

Interest cover is left blank for the years to Mar 2020, Mar 2022, Mar 2023 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −9.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	15.9%	6.3%
Return on equity, average	–	−3.5%	−4.0%
Return on capital employed, average	–	−2.6%	−0.4%
Operating margin, average	−2.3%	−10.0%	−12.3%
Net margin, average	−12.6%	−18.0%	−24.9%
Asset turnover, average	–	0.43	0.50
Cash conversion cycle, days, average	–	742	968
Interest cover, average	–	–	2.7
Debt to equity, average	–	0.56	0.93

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−2,790	−2,393	135
Cash from investing	−2,397	−988	−764
Cash from financing	5,235	3,396	397
Capital spending	726	649	175
Dividends paid	44	44	44
Shares bought back	0	0	0
Shares issued for cash	1,850	0	0
Borrowings raised	19,033	19,033	9,894
Borrowings repaid	15,013	15,013	9,119

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	2	2	3	3	3
Altman Z-scorePublished threshold 1.1	–	12.43	13.27	13.47	18.62	11.53	3.58	3.73	1.48
Beneish M-scorePublished threshold −1.78	–	–	–	−2.78	−2.79	−1.19	−1.61	0.38	−0.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	3.69	45.73	32.39	28.28	17.07	−2.82
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	−6.15	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	17.00	−44.05	−20.96	7.99	13.93	−46.00	60.92
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	95.02	−47.22	14.49	52.25	295.13	−348.13	91.24
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−20.29	5.87	50.42	8.69	18.92	−2.30	−7.44
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.00	0.00	0.00	0.00	0.06	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	−0.45	1.85	–	−66.70	–	–	37.16	36.05	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	14.12	20.81	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	4,810
9 Jan 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	40
9 Jan 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+New, New		500
9 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]A+Review, Re-affirm	Stable	1,150
29 Oct 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	101

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.