TEJASNET · Telecommunication
Tejas Networks Ltd. reported revenue of ₹262 cr for July to September 2025, −90.7% on the year and +29.7% on the quarter. Over the last four quarters revenue comes to ₹5,013 cr, −19.9% on the four before.
Operating profit (EBITDA) was −₹294 cr, a margin of −112.2%, −13,125 bps on the year and −4,489 bps on the quarter. It is the narrowest margin of the last 8 quarters (range −112.2% to 23.3%). Operating costs grew −75.6%, faster than revenue at −90.7%, so operating profit grew less than sales.
The company swung to a net loss of ₹307 cr from a profit of ₹275 cr a year earlier, with earnings per share of −₹17.36. Profit before other income, one-offs and tax fell 219.7%, so 8 points of the headline growth came from outside the core business. Profit over the last four quarters totals −₹407 cr, −189.6% on the four before.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹396 cr | ₹560 cr | ₹1,327 cr | ₹1,563 cr | ₹2,811 cr | ₹2,642 cr | ₹1,907 cr | ₹202 cr | ₹262 cr | ₹307 cr | ₹333 cr | ₹402 cr |
| YoY | — | — | — | +731% | +610% | +372% | +44% | −87% | −91% | −88% | −83% | +99% |
| EBITDA margin | 3.3% | −1.4% | 23.3% | 14.7% | 19.0% | 14.1% | 6.4% | −67.3% | −112.2% | −43.6% | −35.4% | −24.9% |
| Other income, % of PBT | — | — | 5% | 11% | 3% | 7% | — | — | — | — | — | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | 37% | 36% | 33% | 22% | — | — | — | — | — | — |
| Net profit | −₹13.0 cr | −₹45.0 cr | ₹147 cr | ₹77.0 cr | ₹275 cr | ₹166 cr | −₹72.0 cr | −₹194 cr | −₹307 cr | −₹197 cr | −₹211 cr | −₹202 cr |
| YoY | — | — | — | — | — | — | −149% | −352% | −212% | −219% | — | — |
| Core profit YoY | — | — | — | — | — | — | −124% | −382% | −220% | −258% | — | — |
| EPS | −₹0.74 | −₹2.64 | ₹8.60 | ₹4.53 | ₹16.07 | ₹9.43 | −₹4.07 | −₹10.98 | −₹17.36 | −₹11.07 | −₹11.89 | −₹11.36 |
| Flags | · | · | · | 1 | ✓ | 2 | 3 | 2 | 2 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tejas Networks Ltd. reported revenue of ₹262 cr (−90.7% on the year) and net profit of −₹307 cr (−211.6% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −219.7% on the year, against −211.6% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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