Worst performing BSE Smallcap stock of 2025 rebounds on Monday; Here's why

Tejas Networks Receives ₹85 Crore PLI Payout, Stock Rises 5%

Shares of Tejas Networks experienced a significant boost of nearly 5% on Monday, December 1, following the company's receipt of an ₹85 crore PLI payout from the Department of Telecommunications.

This payment represents the first tranche, covering 85% of the eligible incentive for Q4 of FY2024-25, with the remaining payout expected to follow.

Recent PLI Inflows:

• Q2 FY26: ₹0 crore
• Q1 FY26: ₹122 crore
• Q4 FY24: ₹123 crore for FY24, and ₹189 crore for FY25 (first tranche)

Year-to-Date Performance:

The stock is down 55% year to date, largely driven by delays in BSNL's 4G rollout, which has resulted in a significant drop in revenue.

Financial Results:

• Sales fell 87% year on year in Q1 FY26 to ₹202 crore and declined 90% in Q2 to ₹262 crore.
• Losses have been reported for three consecutive quarters:
• Q4 FY25: ₹71.8 crore
• Q1 FY26: ₹193.9 crore
• Q2 FY26: ₹307.13 crore

Financial Position:

Borrowings have surged to ₹4,156 crore as of September 2025, compared with ₹1,744 crore in FY24, primarily due to higher receivables and inventory purchased in anticipation of upcoming projects.

Trade receivables have risen sharply over the last few years:

• FY23: ₹518 crore
• FY24: ₹1,458 crore
• FY25: ₹4,884 crore
• Q2 FY26: ₹4,026 crore