India's Tejas Eyes 5G Turnaround at Home and Abroad

Why It Matters

Tejas’s push into 5G and open‑RAN could diversify India’s telecom supply chain and challenge incumbent European vendors, while opening new export opportunities for Indian hardware.

Key Takeaways

• Revenue jumped 361% to $960 M, then fell 89%
• BSNL 4G rollout covered 100,000 sites, 40% upgradeable
• R&D spend rose 28% to $70 M, staff up 23%
• Low‑band 5G radios target global 40 M‑unit market
• Tata backing and govt support aid international expansion

Pulse Analysis

India’s telecom equipment market has been a roller‑coaster, illustrated by Tejas Networks’ dramatic financial swing. After securing a massive 4G contract with state‑owned BSNL, the firm’s revenue surged to roughly $960 million, only to plunge to $83 million once the deployment concluded. This volatility mirrors the broader Indian 5G rollout, where Ericsson’s India sales fell from $3.3 billion to $1.6 billion within a year. Tejas’s experience underscores the high‑stakes nature of a market that lags global timelines yet offers massive scale once operators commit to new technology.

Facing that volatility, Tejas is betting on a strategic pivot toward 5G and open‑RAN. The company plans to upgrade up to 40% of BSNL’s 100,000 sites using low‑band spectrum (700 MHz, 2100 MHz, 2500 MHz), a move that could lower deployment costs and accelerate coverage in underserved areas. Heavy investment in research—$70 million this year and a 23% increase in engineers—signals a commitment to power‑efficient, lightweight radios that comply with emerging O‑RAN specifications. Backed by the Tata Group’s $180 billion revenue base and supportive Indian policy, Tejas aims to leverage its domestic success as a showcase for international customers.

Globally, Tejas is positioning itself for a market that could see 40 million radios replaced every decade, translating to roughly 4–5 million units annually. Proof‑of‑concept trials in Africa, Latin America, and an undisclosed Southeast Asian operator illustrate a proactive export strategy. While its R&D budget is modest—about 3% of Nokia’s mobile spend—Tejas’s focus on standardized, interchangeable radios could attract carriers seeking cost‑effective alternatives to Ericsson, Nokia, and Samsung. If the firm can deliver reliable low‑band 5G equipment at scale, it may reshape the competitive dynamics of the worldwide RAN market, offering a home‑grown option for both emerging and mature networks.