Honestly, if you've been watching the Tejas Networks Ltd share price lately, it's been a bit of a gut-punch. No sugarcoating it. The stock has been sliding like a wet bar of soap, hitting a fresh 52-week low of ₹364.25 just this week on January 14, 2026. For a company that was the darling of the "Make in India" telecom story just a couple of years ago, this feels weird.
It’s painful.
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People see the Tata Group connection and assume it's a safe bet. But the market doesn't care about family names when the numbers look like a crime scene. Tejas just dropped its Q3 FY26 results, and they were, frankly, pretty brutal. Revenue didn't just dip; it basically evaporated, falling 88% year-on-year to about ₹307 crore. When you compare that to the ₹2,642 crore they were pulling in during the same period last year, you start to see why everyone is hitting the "sell" button.
What is Actually Happening with the Tejas Networks Ltd Share Price?
Investors are mostly scratching their heads. How does a company go from being the backbone of the BSNL 4G rollout to losing ₹197 crore in a single quarter?
The short answer? Execution lag.
Basically, Tejas is caught in this awkward middle ground. They’ve got the massive BSNL orders, but those aren't translating into immediate cash flow right now. Instead, the company is dealing with high operational costs and a transition period where old revenue streams are drying up faster than the new ones can start flowing.
Today's price of ₹370 is a far cry from the ₹1,150 highs we saw exactly a year ago. That’s a 67% haircut. If you bought at the top, you're likely feeling pretty sick. But here is the nuance: while the income statement looks like it’s bleeding, the order book is sitting at ₹1,329 crore. It's a classic case of "the potential is there, but the present is a mess."
The BSNL Factor and the BharatNet Hope
The Tejas Networks Ltd share price has always been a proxy for India's 5G and rural broadband ambitions.
Right now, that proxy is broken.
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The delay in major BSNL orders has been a massive anchor. However, it's not all doom and gloom if you look at the recent BharatNet Phase 3 wins. Tejas recently emerged as the largest supplier for this project, snagging 7 out of the 12 packages announced so far. They're going to be shipping over 50,000 routers across states like Bihar, Karnataka, and Kerala.
- The Good: Massive government contracts and "trusted source" status.
- The Bad: Working capital is being stretched thin to fulfill these.
- The Ugly: Net debt is sitting at a heavy ₹3,349 crore.
Management, including COO Arnob Roy, is talking about a sequential 17% revenue growth from Q2 to Q3, which sounds nice until you realize they're still deep in the red. It's like celebrating a tiny bandage on a major wound.
Is the Tata Backing Enough to Save the Stock?
You’ve probably heard people say, "Don't bet against Tata."
It's a strong sentiment. Tata Sons, through Panatone Finvest, holds the majority stake. This gives Tejas a level of creditworthiness and "staying power" that a standalone company wouldn't have. But the market isn't patient. The stock is currently trading at a Price-to-Book (P/B) ratio of around 2.15, which some analysts think is "attractive," while others look at the negative Return on Equity (ROE) of -12.26% and see a value trap.
The reality is that Tejas is no longer a high-growth tech play in the eyes of the street; it’s a turnaround story.
And turnaround stories are messy.
They take longer than expected, and they often involve more pain before things get better. Some analysts have a target of ₹780 for the next 12 months, which sounds like an incredible 100%+ upside. But remember, that target assumes everything goes perfectly with the BharatNet rollout and the railway Kavach pilot projects.
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If there's another delay? That ₹364 low might not be the bottom.
Actionable Insights for Your Portfolio
If you're holding Tejas or thinking about jumping in, don't just follow the "buy the dip" mantra blindly.
- Check Your Time Horizon: If you need this money in six months, this stock is probably too volatile for you. It’s a 2-3 year play at minimum.
- Watch the Debt: Keep a close eye on that ₹3,349 crore net debt. If interest rates stay high and revenue doesn't pick up, that debt will eat the company alive.
- Monitor the BSNL Shipments: The Tejas Networks Ltd share price will likely only find a real floor once BSNL revenue starts hitting the books consistently.
- Diversify: Don't let a "conviction play" on Indian telecom equipment take up more than 5% of your total portfolio.
The bottom line is that Tejas is currently a high-risk, high-reward bet on India's digital infrastructure. It’s for the brave, or maybe just the very patient. Right now, the market is punishing the lack of immediate profit, ignoring the long-term order book. Whether that's a mistake or a warning depends entirely on how fast the company can turn routers into real revenue.
To make an informed decision, you should track the upcoming Q4 results specifically for "Wireline" segment growth, as this has been the only area showing signs of life recently. Additionally, keep an eye on the 5G RAN shipments for the Delhi-Mumbai railway corridor; success there could open up a whole new vertical for the company beyond traditional telecom.