Analysts/Institutional Investor Meet/Con. Call Updates

October 22, 2026 The Secretary The Secretary National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C/1, Block G, P J Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: TEJASNET BSE Scrip Code: 540595 Dear Sir/Madam, Re: Q2 FY27 Earnings Conference Call – Transcript Please find enclosed the transcript of the Q2 FY27 Earnings Conference Call held on October 16, 2026. This is for your kind information and record. Yours sincerely, For Tejas Networks Limited Anantha Murthy N Company Secretary & Compliance Officer “Tejas Networks Limited Q2 FY27 Earnings Conference Call” October 16, 2026 M ANAGEMENT: M R. ARNOB ROY – MANAGING DIRECTOR AND CHAIRMAN –TEJAS NETWORKS LIMITED MR. AVS PRASAD – CHIEF FINANCIAL OFFICER –TEJAS NETWORKS LIMITED DR. KUMAR N. SIVARAJAN – CHIEF TECHNOLOGY OFFICER –TEJAS NETWORKS LIMITED MR. PREETHAM UTHAIAH – CHIEF OPERATING OFFICER –TEJAS NETWORKS LIMITED MR. SANJAY MALIK – CHIEF STRATEGY & BUSINESS OFFICER –TEJAS NETWORKS LIMITED MODERATOR: MR. ARYAN TRIPATHI – EMKAY GLOBAL FINANCIAL SERVICES LIMITED Tejas Networks Limited October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Tejas Networks Q2 FY27 Earnings Conference Call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Tripathi, Emkay Global Financial Services Limited. Thank you, and over to you, sir. Aryan Tripathi: Good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Arnob Roy, Managing Director and Chief Executive Officer; AVS Prasad, Chief Financial Officer; Dr. Kumar N. Sivarajan, Chief Technology Officer; Preetham Uthaiah, Chief Operating Officer; and Sanjay Malik, Chief Strategy and Business Officer. I shall now hand over the call to the management for the opening remarks. Over to you, gentlemen. Arnob Roy: Thank you. Good evening, and welcome to the Tejas Networks Earnings Call of Q2. I'd like to start with a summary of the quarter. We ended with a revenue of INR406 crores as opposed to INR262 crores on a year-on-year basis. The profit after tax was a loss of INR207 crores, which was an improvement from minus INR307 crores of Q2 of FY26. And order book at the end of the quarter was INR2,315 crores while Q1 order book was INR1,529 crores. From a revenue mix, India was 88% compared to the international revenues of 12%. And from an order book mix, 96% of India and 4% of international. And the key reason was because of our order book being -- it was a receipt of the LOI and subsequent POs for 18,000-plus 4G sites for the BSNL 4G network expansion. And that's the reason why the India component of the order book went up substantially. The Q2 revenues were driven by shipments of optical IP and FTTx products to our private operators and system integrators. And we also started the initial shipments of the BSNL expansion order. We also did initial shipments of our end-to-end 5G solution to international customer in South America. This is a business that we had won last quarter, and we started our shipments in this quarter. We filed 26 patents in Q2, taking our global patent count to 748. I'll now hand it over to our CFO to take us through the numbers. AVS Prasad: Good evening, everyone. The Q2 FY27 revenue from operations is around INR406 crores compared to Q2 of INR262 crores in FY26, an increase of around 55%. The improved scale reflects the continued recovery in terms of business performance. And at H1 levels compared to INR464 crores in H1 FY26, we are at INR808 crores. This represents approximately around 74% year-on- year growth. At the EBITDA level, compared to INR293 crores negative in Q2 of FY26, we are at INR108 crores negative in the current quarter. And at the PAT level compared to INR307 crores negative in Q2 FY26, we are at negative INR207 crores in Q2 FY27. Page 2 of 12 Tejas Networks Limited October 16, 2026 In terms of revenue comparison against Q1 FY27, against INR402 crores of revenue, we are at INR406 crores. And at the EBITDA level compared to the last quarter EBITDA of negative INR99 crores, we are at negative INR108 crores. In terms of the balance sheet items, the net working capital compared to Q1 FY27 is lower at INR4,235 crores. This reduction in terms of working capital significantly is on account of lower trade receivables on account of increased collections. And also as a business, we do a nonrecourse bill discounting which also has customer advance settlements, which happens on a regular basis. The reduction is on account of increased collections and nonrecourse discounting. In terms of inventory levels, compared to INR2,358 crores, we are at around INR2,314 crores. The high levels of inventory, we expect a significant portion of the inventories would be utilized in executing the BSNL 4G order in the coming quarters, for which the deliveries have already started in Q2 FY27. At the net debt position compared to INR4,277 crores in Q1 FY27, debt has increased to INR4,384 crores in Q2 FY27. This increase is on account of continued investments in terms of capex at Tejas as per the plan and also in terms of funding operational costs. Arnob Roy: Thanks, Prasad. Now for some more commentary on the quarter, a few business updates are as follows. For the wireless business, the most significant thing, as we mentioned, was receiving the LOI for 18,685 sites for which we have started shipments and the shipment of the end-to-end 5G mobile network. We did the initial RAN shipments and also shipped and deployed our 5G core in the network. We initiated multiple POC engagements in North America and Asia Pacific regions, many of them with end-to-end Tejas solutions and many of them in conjunction with partners, providing the complete end-to-end solution. We also had a few -- one of the interesting things that has also happened is we are engaged with discussions with several Tier 1 mobile network operators for custom 5G radio development with in custom bands as a combination of custom bands and also high-power radios in custom bands. So this is one of the interesting new engagements that has happened based on our radio technology that we have. From a wireline perspective, we continue to increase our market share in the BharatNet, and we received an LOI from a new SI partner to supply IP/MPLS routers for upgrading the BharatNet middle mile network in 3 states. We also won a significant order for building a strategic OTN network -- it's a pan-India network for a Government of India Enterprise. And we have received the orders subsequently for the shipment. We also received POs to supply our GPON FTTx products for high-speed broadband access networks from several leading ISPs in India. They are our existing customers who have increased their deployment of broadband connectivity to their customers. We also won a new Tier 1 pan- African telecom operator network and we were selected for optical equipment, our 400-gig optical equipment for this network. This is, again, a new customer footprint that we have won in that continent. Page 3 of 12 Tejas Networks Limited October 16, 2026 A few other corporate updates. We recently did a logo update, which you can see on the right- hand side of the slide, and we launched our new logo with the Tata Endorsement Mark at the India Mobile Congress in New Delhi. And this new logo gives a more refined and new feel to the company and also reinforces our Tata Group Association while retaining its familiar visual character. We won the TEPC Export Excellence Award in the large enterprise category. We contin [Showing first 8,000 characters — download PDF for full document]