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Tejas Networks Limited (TEJASNET) — Equity Research Note — A Tata Group Optical & Wireless Networking Champion Caught in a Brutal Demand Air-Pocket
Comprehensive Infosys-style equity research on Tejas Networks (TEJASNET) — a Tata-Group-controlled optical + wireless networking OEM currently in a deep FY26 air-pocket (sales ₹1,103 Cr, net loss -₹909 Cr), but positioned for a multi-year recovery on BSNL Phase-IX, BharatNet Phase-III, and defence order pipeline. Includes 9 sections, 90+ tables, 1000+ bolded data points, SOTP valuation, peer comparison vs Sterlite/HFCL/ITI/Polycab, and Hold-with-Positive-Bias rating (12M target ₹700, 24M base ₹900).