Tejas Networks Limited (TEJASNET.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1268.4%

-₹4,868.12

vs ₹416.65 price

Levered DCF

-₹4,963.04

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.74

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-7.52×	31.19×	199.59×	-245.06×	-71.48×	39.15×	-1.24×	11.12×
P/B	2.33×	3.62×	3.99×	2.89×	2.32×	1.32×	0.27×	1.24×
P/S	6.2×	1.56×	5.09×	9.33×	8.1×	2.83×	0.74×	1.82×
EV / EBITDA	-16.77×	13.51×	51.77×	452.95×	-57.16×	26.05×	-21.36×	8.26×
Gross margin	-26.4%	26.7%	35.5%	39.2%	43.8%	48.7%	48.1%	48.5%
Operating margin	-87.6%	19.2%	17.0%	8.0%	-5.8%	17.9%	-18.0%	23.0%
Net margin	-82.4%	5.0%	2.5%	-4.0%	-11.3%	7.1%	-59.9%	16.4%
Current ratio	1.2×	1.35×	1.43×	6.26×	10.45×	6.07×	6.91×	4.64×
Debt / equity	1.43×	0.89×	0.6×	0.02×	0.01×	0.02×	0.03×	0×
Interest coverage	-3.19×	8.21×	17.88×	4.86×	-32.77×	83.53×	-16.29×	12.71×
Dividend yield	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	3.8%	0.0%
Payout ratio	-4.9%	0.0%	0.0%	0.0%	0.0%	0.0%	-4.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-31.0%	11.6%	2.0%	-1.2%	-3.2%	3.3%	-21.9%	11.2%
Return on invested capital	-9.1%	14.8%	5.1%	2.0%	-0.9%	8.2%	-6.5%	15.4%
Return on assets	-9.7%	4.3%	0.8%	-1.0%	-3.0%	2.9%	-19.1%	9.3%
Free cash flow yield	-5.1%	-5.9%	-19.5%	-7.3%	-3.0%	5.0%	-31.4%	-9.9%
Earnings yield	-13.3%	3.2%	0.5%	-0.4%	-1.4%	2.5%	-80.8%	9.0%
Enterprise value	₹108.7B	₹169.9B	₹142.6B	₹85.6B	₹44.5B	₹14.6B	₹2.6B	₹16.2B
Net debt / EBITDA	-6.23×	2.44×	6.14×	-1.88×	0.36×	-0.56×	3.23×	-0.08×
Cash conversion cycle (days)	1,591	248	648	437	390	399	666	267