TEJASNET IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| TCSTata Consultancy Services Ltd. | CONTRACT | CT 4,800 | — | — | — | FY26 | EST | 85% |
| “deliveries of 100,000 sites for BSNL 4G Project to Tata Consultancy Services Limited” AR p.81 · 31-MAR-26 · +2 DOC | ||||||||
| Bharat Sanchar Nigam | CONTRACT | — | — | — | COGS | 2024-04→2026-08 | EST | 80% |
| “we are still awaiting the expansion order for the BSNL 4G with additional 26,000 sites” CONCALL p.4 · 31-AUG-26 · +1 DOC | ||||||||
| IDEAVodafone Idea Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Won a three-year contract with Vodafone Idea Limited to supply advanced mobile backhaul products.” AR p.11 · 31-MAR-25 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “As an Audit & Assurance partner, he has served clients in the Manufacturing, Financial Services, Healthcare, Life Sciences, Technology, Media, Telecommunicatio…” AR p.51 · 31-MAR-26 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “d. In August 2024, the Group received demand orders from the Karnataka and Delhi GST authorities u/s 73 of the CGST Act, 2017 demanding tax, interest and penal…” AR p.184 · 31-MAR-25 · +1 DOC | ||||||||
| TATAPOWERTata Power Co. Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “First order from Tata Power: India’s first Metro DWDM network in Mumbai.” AR p.6 · 31-MAR-25 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “First order from Tata Power: India’s first Metro DWDM network in Mumbai.” AR p.6 · 31-MAR-25 DOC | ||||||||
| Africa’s | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Supplier for Africa’s leading carrier of carriers.” AR p.6 · 31-MAR-25 DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “In FY25, we witnessed traction for our wireline products in several international markets including initial orders from a leading telecom operator in USA for o…” AR p.10 · 31-MAR-25 DOC | ||||||||
| IDEAVodafone Idea Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Significant Business Wins and Execution • Tejas supplied its radios and baseband equipment for one of the world’s largest single-vendor 4G RAN networks deliver…” AR p.73 · 31-MAR-25 DOC | ||||||||
| Joint Commissioner | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “In August 2024, the Group received order from the Joint Commissioner of Commercial Taxes (Appeals) confirming levy of penalty of ` 0.23.” AR p.184 · 31-MAR-25 DOC | ||||||||
| Appellate Authority | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “c. In September 2023, the Group received order from the Appellate Authority partially allowing their claim and reduced the total demand from ` 5.72 to ` 0.28 f…” AR p.184 · 31-MAR-25 DOC | ||||||||
| TCSTata Consultancy Services Ltd. | CONTRACT | CT 1,537 | — | — | CAPEX | FY27 | EST | 75% |
| “Ref: Our letter dated May 21, 2025 Further to our earlier communication dated May 21, 2025, we would like to inform you that the Company has received a ‘Letter…” ORDER p.1 · 27-AUG-26 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Corporate Overview 4 – 53 Key Highlights of the Year Building a Stronger Global Brand Macro Trends Driving Our Business Product Portfolio, Innovation, …” AR p.3 · 31-MAR-26 · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Company has received from Arnob Roy, all relevant declarations including consent to act as Managing Director & CEO and also as a KMP of the Company and a d…” AR p.32 · 31-MAR-26 · +1 DOC | ||||||||
| United States | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Digital Divide: As an always-on, high-speed broadband has emerged as a basic necessity in the post-Covid world, Governments around the globe, whether in India,…” AR p.79 · 31-MAR-26 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Less: Loss allowance (Refer Note no. 30A) (1.44) (1.95) Advances to employees 2.33 1.21 Others - 0.08 594.92 452.77 Break-up of securities details- Other asset…” AR p.173 · 31-MAR-26 · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Note 3: The Group had received GST demand orders of ` 4.85 and ` 1.23 for the financial years 2017-18 and 2019-20, respectively, in respect of its Karnataka GS…” AR p.191 · 31-MAR-26 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Consolidated Financial Statements222Annual Report 2025-26 (iii) Balances from/to related parties are as follows: in ` crore Particulars As at March 31, 2026 Ul…” AR p.197 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Less: Loss allowance (Refer Note no. 30A) (1.44) (1.95) Movements in deferred tax assets in ` crore Particulars Difference between tax base and carrying amount…” AR p.239 · 31-MAR-26 DOC | ||||||||
| BHARTIARTLBharti Airtel Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| TATACOMMTata Communications Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| Power Grid Corporation Ltd | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| PGCIL | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| OILOil India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| Business | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Macro Trends Driving Our Business Growth in Devices Ecosystem 4G/ 5G RAN & Core xPON Optical Network Terminal – Customer Premise Equipment AI-driven Intelligen…” AR p.15 · 31-MAR-25 DOC | ||||||||
| AXISBANKAxis Bank Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Less: Current maturities of long term debt (included in current borrowings) (33.01) - 118.15 - Current Unsecured borrowings a) Working capital demand loans fro…” AR p.169 · 31-MAR-25 DOC | ||||||||
| BANKBARODABank of Baroda | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Less: Current maturities of long term debt (included in current borrowings) (33.01) - 118.15 - Current Unsecured borrowings a) Working capital demand loans fro…” AR p.169 · 31-MAR-25 DOC | ||||||||
| Bharat Sanchar Nigam | CONTRACT | CT 1,500 | — | — | — | FY25 | EST | 65% |
| “Based on Consolidated Financial Statements in ₹ Crore except per share dataKey Highlights Completed supplies for one of the largest global single-vendor 4G/5G …” AR p.11 · 31-MAR-25 · +2 DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “As I said, we signed the contract for the supplies and so the revenue for that business will actually happen in FY27.” CONCALL p.10 · 30-APR-26 · +1 DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The Company has received from Arnob Roy, all relevant declarations including consent to act as Managing Director & CEO and also as a KMP of the Company and a d…” AR p.32 · 31-MAR-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8-digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR p.48 · 31-MAR-26 · +1 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “Going Global 2000-2005 2006-2010 2011-2015 2016-2020 2021- Present First customer wins at Airtel, Tata Communications, Power Grid (PGCIL), Oil India (OIL), Gas…” AR p.6 · 31-MAR-25 DOC | ||||||||
| Bharat Sanchar Nigam | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “Large BSNL order for Optical MADM equipment.” AR p.6 · 31-MAR-25 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| ITIITI Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Y ITI Naini has got empaneled with BREDA for the solar street light project and manufactured & supplied 120W Solar panels to the tune of approx. 10,000 Nos. Y …” AR · +1 DOC | ||||||||
| ITIITI Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “KSEDC (Karnataka State Educational Development Council), KITE (Kerala Infrastructure and Technology for Education), UREDA (Uttarakhand Renewable Energy Develop…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “State of the Business The Company successfully delivered one of the world’s largest single-vendor RAN (Radio Access Network) networks and India’s first indigen…” AR p.8 · 31-MAR-26 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “All Hazardous and E-waste disposal / recycling are being handled through Karnataka State Pollution control board (KSPCB) authorized vendors.” AR p.124 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(Yes/No) Frequency of Review by Board (Annually/ Half yearly/ Quarterly /Others – please specify) Web Link, if available Not Applicable PRINCIPLE 8 Businesses …” AR p.142 · 31-MAR-26 · +1 DOC | ||||||||
| TCSTata Consultancy Services Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Material related party balances are as follows: (` crore) As at March 31, 2025 As at March 31, 2024 Trade receivables and contract assets Jaguar Land Rover Lim…” AR · +2 DOC | ||||||||
| Business | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Significant Business Wins and Execution • Tejas supplied its radios and baseband equipment for one of the world’s largest single-vendor 4G RAN networks deliver…” AR p.73 · 31-MAR-25 DOC | ||||||||
| South East Asia | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Significant Business Wins and Execution • Tejas supplied its radios and baseband equipment for one of the world’s largest single-vendor 4G RAN networks deliver…” AR p.73 · 31-MAR-25 DOC | ||||||||
| Business | UNSTATED | — | — | — | R&D | FY25 | EST | 70% |
| “Examples: Risks due product/technology competitiveness, product/technology readiness, SEP licensing, component vendor consolidation, Operator consolidation to …” AR p.106 · 31-MAR-25 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Note no. 27: Other expenses in ` crore Particulars For the year ended March 31, 2025 For the year ended March 31, 2024 Consumables [Refer (b) below] 33.38 3.90…” AR p.243 · 31-MAR-25 DOC | ||||||||
| Bharat Sanchar Nigam | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The successful execution of the pan-India BSNL 4G/5G network has opened up significant opportunities for the company by establishing its credibility as a globa…” AR p.9 · 31-MAR-26 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | 2026-01 | EST | 60% |
| “We have been selected as a 5G RAN supplier on a section of the Delhi-Mumbai railway corridor for a pilot on the Kavach project that you are all familiar with.” CONCALL p.4 · 31-JAN-26 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 1/1 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 10-NOV-26 |
| ORDERS | 1/1 | 100% | 08-NOV-26 |
| RATINGS | 0/2 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +6.8% | 14-NOV-26 | from 15-OCT-26 · Bank of Baroda +20.1% w 0 · Axis Bank Ltd. +3.3% w 0 · Vodafone Idea Ltd. +0.4% w 0 · GAIL (India) Ltd. +11.0% w 0 · Oil India Ltd. -0.9% w 0 · Tata Communications Ltd. -1.2% w 0 |
| SUPP MOM 1M | +6.5% | 14-NOV-26 | from 15-OCT-26 · ITI Ltd. +10.5% w 1 · Tata Consultancy Services Ltd. +2.4% w 1 |