Shares of Tejas Networks jumped as much as 10% to an intraday high of ₹625.50 on Thursday, June 4, following the release of its annual report. The stock has demonstrated exceptional momentum, climbing 24% in the last five trading sessions, 49% over a month, and 25% in the past six months. From the beginning of the year, the stock has soared nearly 39%, with the company now commanding a market capitalisation of ₹11,084.60 crore. The stock had touched its one-year high of ₹749.95 on June 6, 2025, while its 52-week low of ₹294 was hit on January 27, 2026.
Management has expressed confidence that the rapid adoption of artificial intelligence will trigger a multi-year upgrade cycle in communication infrastructure. As reported in the annual report, despite challenges from increasing geopolitical tensions, the overall global industry outlook for FY27 remains positive, supported by strong underlying drivers such as growth in mobile data usage, rising fixed broadband penetration, enterprise digitalisation, and ongoing network transformation. The company expects recent technology investments and international expansion initiatives to contribute meaningfully to financial performance in FY27.
The company's order backlog increased significantly to ₹1,514 crore by the end of FY26 from ₹1,019 crore at the end of FY25, driven by higher order inflows that exceeded revenue execution. According to the annual report, order inflows during FY26 were higher than revenue execution, driven by Bharat Net and higher orders from domestic and international customers. Revenue for FY26 was ₹1,103 crore, primarily consisting of wireline product sales to domestic and international customers, though this was lower compared to FY25 due to the completion of the supply of 100,000 sites for the BSNL 4G project in FY25. The company received a PLI grant of ₹278 crore related to previous years during FY26.
The share of international business increased significantly to 16% in FY26 from 10% in FY24 and 3% in FY25, while domestic business continues to be a large contributor. The share of Indian private business has increased to 62% in FY26. During FY26, the company received ₹69 crore under the production-linked incentive (PLI) scheme. The company's order book composition reflects a strategic focus on diversification, with management noting that "a significant portion of our revenues are derived from a small number of customers, this may lead to quarterly fluctuation and seasonality in our revenues."
FY26 was characterized as a year of consolidation and transition, during which the company focused on building a foundation for long-term growth. Several technologies and products developed over the past few years reached the commercialisation stage, including its 4G/5G RAN products, access and aggregation IP/MPLS routers, and 400G+ coherent DWDM equipment. The company noted that it continues to focus on growing and diversifying its order book through product development and international expansion. Company borrowings increased in FY26 primarily to meet working capital requirements for large project execution, with most borrowings being of working capital nature.
