Ojas64 64T64R debut: Will Tejas Networks’ made-in-India 5G bet finally pay off?

In a move that could redefine India’s telecom manufacturing ambitions, Tejas Networks Limited (NSE: TEJASNET, BSE: 540595) unveiled its Ojas64 64T64R Massive MIMO radio at the India Mobile Congress (IMC) 2025 in New Delhi. The high-power 5G and 5G-Advanced radio, designed and built entirely in India, delivers up to 320 watts of output and promises multigigabit speeds with double-digit gains in spectral efficiency—all while lowering carbon emissions through energy-efficient architecture.

For the Tata-group-backed telecom equipment maker, the Ojas64 marks more than a product launch; it’s a test of credibility in a year defined by sharp earnings swings and volatile investor sentiment. After a bruising fiscal quarter and heightened scrutiny from institutional shareholders, Tejas Networks is betting that indigenous innovation can become its turnaround story—and perhaps a proof-point that India’s homegrown 5G engineering can rival global incumbents.

The Ojas64 is a high-output macro radio capable of delivering up to 320 watts of power while achieving multigigabit throughput and double-digit spectral-efficiency gains. Tejas Networks said the device drastically reduces power consumption and carbon emissions, signalling a sharper focus on energy-efficient network infrastructure. The product was launched by Union Minister Jyotiraditya Scindia, alongside senior Department of Telecommunications officials including Dr. Neeraj Mittal, in a ceremony that highlighted India’s ambition to become a telecom-product nation.

For Tejas Networks, the unveiling comes at a crucial time. The company’s stock has suffered from sharp volatility through 2025 following a surprise quarterly loss and project-execution delays. Against that backdrop, the Ojas64 debut serves not just as a technology milestone but as a litmus test for investor confidence in India’s home-grown telecom-equipment capabilities.

Why Tejas Networks chose to launch its Ojas64 massive MIMO radio during a period of weak investor confidence

Tejas Networks’ decision to showcase Ojas64 at IMC 2025 reflects both strategic timing and necessity. The company has been under pressure to prove its R&D depth and to differentiate itself within the fast-maturing Indian 5G supply chain. The government’s Atmanirbhar Bharat agenda has amplified expectations that domestic vendors will take on a larger share of the radio-access-network market historically dominated by global players such as Ericsson, Nokia and Samsung.

By unveiling a fully indigenous 64-transmit, 64-receive Massive MIMO radio, Tejas Networks is positioning itself as an OEM capable of matching international standards while retaining local manufacturing control. The launch also serves a signalling purpose to policymakers and state-backed operators, especially Bharat Sanchar Nigam Limited (BSNL), that Indian suppliers can meet carrier-grade requirements for upcoming 5G and 5G-Advanced deployments.

The event’s political optics were unmistakable. Minister Scindia emphasised that the development places India in a select group of nations with the engineering capability to design and build complex Massive MIMO systems domestically. For the Tata-group-backed manufacturer, this endorsement aligns with national industrial-policy goals while offering an opportunity to reinforce credibility after a difficult financial quarter.

How Tejas Networks’ stock has performed and what institutional sentiment reveals about near-term risk

Tejas Networks’ share price has endured wide swings in recent months, reflecting investor uncertainty about earnings visibility. As of early October 2025, the stock was trading near ₹586 per share, down sharply from its 52-week high of around ₹1,460. The counter has moved erratically, at times gaining two to five percent in short bursts but unable to hold momentum as quarterly losses eroded confidence.

In the first quarter of fiscal 2026, Tejas Networks reported a consolidated net loss of ₹194 crore compared with a profit of ₹77 crore in the same period a year earlier. The setback triggered a double-digit intraday decline and drove the stock to a new 52-week low. The downturn coincided with revenue-recognition delays tied to BSNL’s 4G modernisation project—executed via Tata Consultancy Services—further tightening cash flows.

Despite these pressures, promoter shareholding has remained steady. Panatone Finvest Limited, a Tata Sons subsidiary, continues to hold roughly 54 percent of equity, signalling long-term commitment from the parent group. However, institutional participation has thinned. Many domestic and foreign funds have adopted a cautious stance, preferring to wait for visibility on new contract wins and margin recovery.

Analysts tracking the counter describe sentiment as “guarded but watchful.” While the company retains strategic relevance in India’s telecom-equipment ecosystem, investors are seeking clearer evidence of operating leverage and order inflow before turning bullish again. In this climate, Ojas64’s commercial reception will likely determine whether the stock can regain institutional support.

What makes the Ojas64 launch a potential turning point in Tejas Networks’ product roadmap

Tejas Networks’ Chief Technology Officer Dr. Kumar Sivarajan described the Ojas64 as fully conceptualised, designed and built in India, marking what he called a significant step toward telecom self-reliance. The system employs advanced digital-beamforming algorithms and proprietary software to enhance capacity and coverage while maintaining compliance with global 3GPP and O-RAN standards.

For the company, the product opens a pathway into high-power macro-cell deployments where radio-frequency engineering precision and energy efficiency drive procurement decisions. If successfully commercialised, Ojas64 could boost Tejas Networks’ share of both domestic and export contracts, expanding revenue beyond its traditional optical-transport and IP portfolio.

The platform’s emphasis on lower power consumption and compact hardware could also resonate with operators seeking to meet sustainability targets. In an industry where total-cost-of-ownership is scrutinised, such differentiators can influence vendor selection, particularly in emerging markets.

Yet the commercial upside remains contingent on execution. Industry observers note that turning a launch-stage prototype into a scalable, revenue-generating product requires successful field trials, interoperability validation, and pricing competitiveness against global incumbents.

What headwinds and structural challenges could limit Tejas Networks’ post-launch momentum

While the Ojas64 marks a technological milestone, Tejas Networks must navigate structural constraints before investors can price in a turnaround. The company’s earnings have been under pressure from rising input costs and supply-chain dependencies, particularly for semiconductors and power-amplifier components. These factors have compressed gross margins despite a healthy top-line pipeline.

Execution risk also looms large. Delays in public-sector contracts—most notably BSNL’s 4G and 5G rollouts—have directly affected Tejas’ revenue recognition. As a vendor embedded within a consortium led by TCS, its fortunes are partially tied to how efficiently that broader project progresses. Any slippage in timelines could again weigh on quarterly results.

Competition is another variable. Multinational equipment suppliers continue to dominate global 5G radio markets with scale advantages in R&D and component sourcing. While India’s localisation drive creates opportunities for Tejas, achieving volume parity will require aggressive cost management and sustained capital investment.

Finally, investor fatigue from repeated delays and losses means market reactions to new announcements may remain muted until tangible order wins are disclosed. Analysts point out that Tejas’ previous rallies following partnership news, such as its collaboration with Rakuten Symphony, have typically faded without sustained revenue delivery.

How Ojas64 could reshape Tejas Networks’ medium-term revenue outlook if adoption materialises

If Tejas Networks converts the Ojas64 into active deployments, it could materially change its revenue mix and margin profile over the next two years. Macro-cell radios often command higher average selling prices than optical-transport equipment, offering potential for gross-margin expansion once manufacturing scales. The company could also leverage its existing relationships with Indian telecom operators and government entities to fast-track pilot deployments.

Industry insiders believe that even a modest initial adoption—say, a few hundred units in targeted 5G zones—could provide proof of concept and strengthen export prospects in Africa and Southeast Asia. Such wins would enhance credibility and diversify geographic exposure beyond India’s capex cycles.

However, meaningful financial impact will depend on follow-on orders. Analysts expect that Tejas must demonstrate steady volume growth and cost efficiencies before any material earnings re-rating occurs. Investors will be watching forthcoming quarterly disclosures for indications that product shipments have begun and that the Ojas64 platform is contributing positively to margins rather than solely adding to R&D expenses.

What investors should monitor as Tejas Networks pursues its next phase of growth

Over the next few quarters, several data points will shape market perception of Tejas Networks. The first is contract visibility—particularly any mention of confirmed Ojas64 orders or commercial pilots in investor communications. The second is operating margin progression, which will indicate whether product-mix improvements are offsetting input-cost inflation.

Third, the balance between working-capital deployment and cash generation will be closely scrutinised. After a weak first quarter, the company must show discipline in inventory and receivables management to maintain liquidity. Fourth, institutional buying or promoter infusions could act as sentiment catalysts if financial performance stabilises.

From a broader perspective, India’s continued push for indigenous 5G and 6G development offers Tejas Networks a favourable policy environment. But competition, execution risk and investor skepticism will remain formidable hurdles.

Market strategists summarise the current stance as “neutral with selective optimism.” They note that while Tejas retains technological credibility, valuation recovery will hinge on turning innovation into recurring cash flows rather than relying on narrative-driven rallies.

Why the Ojas64 launch signals a broader shift in India’s telecom-manufacturing landscape

Beyond corporate implications, the Ojas64 launch reflects the maturing of India’s deep-tech manufacturing ecosystem. A decade ago, most 4G and 5G radios deployed in the country were imported. Tejas Networks’ ability to engineer a 64T64R system domestically demonstrates that Indian firms are increasingly capable of designing complex, high-frequency hardware that meets global interoperability benchmarks.

This shift has policy resonance. The Department of Telecommunications has been encouraging local IP ownership to reduce reliance on foreign vendors, a theme likely to intensify under the government’s forthcoming 6G innovation program. Tejas’ success—or failure—in monetising the Ojas64 will therefore be viewed as a test case for the broader vision of technological sovereignty in communications infrastructure.

If the company can secure deployment contracts and stabilise its balance sheet, it could become a reference model for how Indian hardware startups and mid-caps transition into globally competitive OEMs. Conversely, if financial stress persists, policymakers may need to recalibrate incentives to ensure such R&D investments remain commercially viable.

Can Tejas Networks turn its 5G hardware innovation into sustained profitability and investor trust?

The Ojas64 launch gives Tejas Networks a tangible technological anchor as it attempts to rebuild investor trust. Its immediate impact on the share price may be limited, but success in field trials and early orders could catalyse renewed institutional interest. The next fiscal year will be decisive in determining whether the company can turn innovation into profitability.

For now, the market consensus remains one of cautious optimism. Tejas Networks has made an ambitious bet on indigenous 5G hardware, and the coming months will reveal whether that bet translates into sustainable shareholder value.