Tejas Networks Ltd

Expanding Horizon to Mobility

N Ganapathy Subramaniam

At the outset, I'd like to honor the memory of Padma Vibhushan Mr. Ratan N Tata, Chairman Emeritus of Tata Sons, who sadly left us in October last year. Beyond being the most inspiring global business leader of our country, Mr. Tata demonstrated an unwavering commitment towards the nation, community and humanity. Mr. Tata's legacy of combining visionary leadership with compassionate humanism will continue to inspire us and future generations.

It gives me immense pleasure to write to you during the silver jubilee year of your company. Over the exciting journey of 25 years, your company achieved significant milestones to establish itself as a trusted end-to-end technology provider for mission-critical networks. I congratulate all of you on this momentous occasion and thank you for joining us on this incredible journey.

In my last year's letter, I shared with you about your company collaborating with Tata Consultancy Services Limited (TCS) and the Centre for Development of Telematics (C-DOT) with an ambitious objective to design and develop 4G/5G mobile networking stack and rollout over 100,000 radio sites pan-India for Bharat Sanchar Nigam Limited (BSNL). I am pleased to inform you that your company completed the supply of over 100,000 cell sites to BSNL in a record time of 18 months.

We believe that this is one of the largest single-vendor RAN network deployment in the world in recent history and it's a matter of great pride that India is now one of the very few countries in the world to possess its own end-to-end 4G/5G mobile technology stack.

I am pleased to inform you that FY25 was yet again a landmark year for your company, recording revenue of over USD 1 Billion. In FY25, your company grew its net revenues to _ 8,923 crore (YoY growth of 261%) and profit after tax (PAT) to _ 447 crore (YoY growth of 609%).

In FY25, your company signed another strategic multi-year network equipment contract for its optical networking and packet transport products with Vodafone Idea Limited (VIL), a leading telecom service provider in India. As per this agreement Tejas will provide industry leading optical transport technology, TJ1400 and TJ1600, to boost VIL's network performance and customer experience across multiple telecom circles.

In addition, your company has embarked on a strategic partnership with NEC Corporation, Japan through a technology transfer and collaboration agreement to develop advanced wireless technologies for 5G and beyond. This partnership will provide access to NEC technology and product portfolio which will further complement Tejas' next-generation wireless portfolio, and your company will be able to address larger opportunities on a global scale.

Global telecom industry is experiencing exponential data growth due to increased adoption of smartphones and bandwidth-intensive applications such as high-definition video streaming, and AI-based consumer and business applications. This will further increase the adoption of mobile broadband technology, multi-gigabyte fiber broadband and cloud connectivity resulting in higher investment into building 4G/5G networks by operators and mission-critical networks by enterprises.

Recent advances in satellite communications, and their growing convergence with mobile

During 2024-25, we delivered a fully indigenous

" 4G/5G mobile radio technology stack and supplied over 100,000 cell sites to BSNL in record time. We will be able to address large global opportunities in the coming years with our expanded ‘Designed and Made in India' portfolio.

technologies in the form of NTN (Non-Terrestrial Networks) will be addressing the global objective to connect the unconnected.

With the current geopolitical situation, the Government of India recognizes that in order to realize the vision of a "Viksit Bharat" by 2047, it is important for the country to achieve technological sovereignty in all critical telecom product areas that underpin a modern, resilient and secure network infrastructure.

India is being increasingly viewed as the "Voice of the Global South", so success in India is a credible reference in the emerging markets of Africa, South-East Asia, SAARC and Latin America. Developed economies such as USA, Western Europe, Australia and Japan too are actively refreshing their existing wireless and wireline networks with trusted technology alternatives.

With the above-mentioned mega trends and with the world-class converged end-to-end portfolio, I believe your company is uniquely positioned to address current and future global opportunities. As India's leading R&D and IPR-driven company in this sector, your company has established itself as a trusted network equipment partner globally.

With the current strong foundation, we would like to steer the company to be a significant global player in the coming years. Going forward, our strategy is to accelerate our current business momentum by focusing on three key priority areas for the company.

First, we will continue to invest in R&D to enhance our converged wireless and wireline portfolio substantiated further by Mobile-Satellite convergence and Broadcast solutions to address both developing and developed markets. We will further incorporate the latest advancements in Artificial Intelligence (AI) to enhance our technology and cost leadership.

Second, we will expand our global presence by further strengthening the international team and fostering strategic partnerships with global SI partners to enhance the global market reach. We will further leverage the power of the Tata brand to establish ourselves with top-tier customers and enterprises.

Third, your company will boost its research investments in frontier technology areas such as NTN (Non-Terrestrial Networks), ISAC (Integrated Sensing and Communications), RIS (Reconfigurable Intelligent Surfaces), AI and actively contribute to emerging 5G-Advanced and 6G standards.

The recent appointment of Sanjay Malik as the Chief Strategy & Business Officer to drive overall corporate strategy and business management will reinforce our ongoing efforts in this area. I also take this opportunity to welcome Asha Ranjan Mathews, a seasoned HR professional, as our new Chief Human Resources Officer.

On behalf of the Board of Directors of Tejas Networks, I thank the respective Governments, nodal agencies of India, the Government of Karnataka, all Government agencies and, Governments of various countries where we have business operations. We would also like to express our deep appreciation and gratitude to our customers, employees, shareholders, suppliers, and bankers, for their steadfast partnership throughout the year.

In conclusion, FY25 was a redefining year for your company, marked by exceptional delivery and financial results. Our performance this year has reinforced our confidence that your company is well-positioned to shape the future of networks by delivering intelligent, sustainable and secure technology on the global stage and unlocking its full potential in the coming years.

Warm regards,