Tejas stays loss-making at ₹202 Cr, but consolidated revenue nearly doubles YoY to ₹402 Cr

Tejas Networks reported a Q1FY27 consolidated net loss of ₹202.24 Cr — its fifth straight loss-making quarter — even as revenue from operations nearly doubled year-on-year to ₹402.16 Cr (+99.1% from ₹201.98 Cr) and rose 20.9% sequentially from ₹332.69 Cr. The loss was marginally narrower than the ₹211.34 Cr posted last quarter but slightly wider than the ₹193.87 Cr year-ago loss, so the headline remains red despite a clear topline recovery. Net loss margin, however, compressed sharply to -50.3% from -91.7% a year ago and -61.6% last quarter, showing the operating leverage as volumes return. Standalone numbers mirror the group (revenue ₹401.95 Cr, net loss ₹202.24 Cr, EPS -₹11.37), the ₹0.86 Cr of subsidiary revenue being immaterial.

The recovery is a volume story — the sharp fall in cost of materials consumed to ₹132.09 Cr (from ₹297.07 Cr last quarter) tracks the shift back to normal order execution after the BSNL-driven collapse of the prior year. But the print is still deeply unprofitable at the operating line: pre-tax loss was ₹270.81 Cr, weighed down by fixed costs that dwarf current revenue — finance costs of ₹85.07 Cr and depreciation of ₹94.35 Cr together consume ~45% of quarterly revenue. A ₹68.57 Cr deferred-tax benefit (no current tax) trimmed the after-tax loss. There are no exceptional or one-off items on either comparison side, so the YoY move is fully underlying: revenue roughly doubled while the absolute loss barely changed.

The stock went into the print at ₹513.05, down 17.6% over the past month of trading.

Unaudited results (limited review, clean) — board approved July 27, 2026; telecom/data networking is the sole reportable segment.

Against management's own framing, this is a partial validation. On the Q4FY26 call the board gave no quantitative guidance (citing company policy) but promised 'much better financial results' and a rapid return to profitability driven by BSNL receivable collection, a strong order book and new wireless/optical traction. The revenue rebound to near ₹400 Cr delivers the 'much better topline' half of that; the profitability half is not yet visible — the company remains loss-making at every level. No sell-side consensus for this specific quarter surfaced (coverage is thin and estimates volatile), and no management press release was extracted with this filing, so vsStreet is unknown. The only concurrent corporate development of note this quarter was a telecom-training partnership with MahaIT (May 21), which is not financially material.