TEJASNET Q2 FY27 Guidance vs Delivery (TEJASNET Management Mirror)

Sep'26 Qtr Receivables Clearance Delayed Against Expectations Set in Jun'26 Qtr; Q3 FY27 Recovery Now Guided

In Sep'26 Qtr, Tejas Networks reported continued working capital pressures as net debt increased to INR 4,384 crore from INR 4,277 crore in Q1 FY27. This fell short of the guidance provided in the Jun'26 Qtr concall, where management expected a significant portion of BSNL trade receivables to clear during Q1/Q2 based on advanced completion of pending site acceptance tests and delivery of deferred features. Management now guides that substantial cash collections from BSNL will be achieved in Q3 FY27 following milestone deliveries that began in Q2, which is expected to yield significant inventory and gross debt reduction over the coming quarters. Operational priorities aggressively focus on collections alongside expanding system integrator partnerships.