Daily Brief India: Tejas Networks Limited and more

• Tejas Networks is poised for significant growth, driven by a substantial contract from BSNL to supply 4G/5G Radio Access Network (RAN) equipment for 100,000 sites, which has led to a more than threefold increase in annual revenue.
• The company is a key beneficiary of the Indian government’s ‘Make in India’ and Production-Linked Incentive (PLI) schemes, which promote domestic manufacturing of telecom equipment and aim to reduce reliance on imports.
• Despite the massive revenue ramp-up, the company faces significant risks related to customer concentration, negative operating and free cash flows, and high working capital requirements, leading to increased short-term borrowings.

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