Tejas Networks gets ICRA reaffirmation of A+(Stable) on ₹6,000 crore facilities

Credit rating
telecom equipment

Blacklitt Research28 October 20262 min read

Lattice radio and telecommunications towers with dish antennas against a grey sky — acopbc, via Wikimedia Commons (CC0). Illustrative image.

Tejas Networks (NSE: TEJASNET) had its credit ratings reaffirmed by ICRA Limited on credit facilities aggregating ₹6,000 crore and a commercial paper programme of ₹500 crore, it said in a filing on 28 Oct 2026. The rating actions followed the announcement of the Q2 FY27 results.

Key highlights

Rated credit facilities: ₹6,000 crore in aggregate
Fund based limits: ₹4,127 crore at [ICRA]A+(Stable)/[ICRA]A1+
Term loans: ₹1,833 crore at [ICRA]A+(Stable)
Commercial paper: ₹500 crore at [ICRA]A1+

The rating action in numbers

Item	Detail
Rating agency	ICRA Limited
Action	Reaffirmed on all instruments listed
Credit facilities aggregate	₹6,000 crore
Fund based limits	₹4,127 crore, [ICRA]A+(Stable)/[ICRA]A1+
Non fund based facilities	₹40 crore, [ICRA]A+(Stable)/[ICRA]A1+
Term loans	₹1,833 crore, [ICRA]A+(Stable)
Commercial paper programme	₹500 crore, [ICRA]A1+
Letter date	28 Oct 2026

What was reaffirmed

ICRA's Rating Committee reaffirmed the ratings on Tejas Networks' credit facilities aggregating ₹6,000 crore and its ₹500 crore commercial paper programme. The company's own table totals ₹6,500 crore, which is the sum of the instruments listed in it, and differs from the ₹6,000 crore aggregate given in the text and in the ICRA letter.

The bank-wise annexure lists the term loans of ₹1,833 crore from Axis Bank, Bank of Baroda, DBS, EXIM Bank and RBL Bank, rated [ICRA]A+(Stable) on 27 Oct 2026. Fund based and non fund based limits are spread across several banks, including Kotak Mahindra Bank, Federal Bank, Citibank, Canara Bank, Yes Bank and ICICI Bank.

Rating scale and the company's size

The long term rating of [ICRA]A+(Stable) pairs a long term grade with a stable outlook, and the A1+ short term grade applies to the fund based limits and the commercial paper.

The rated amount is small against the company's market value of ₹7,480 crore at the 28 Oct 2026 close. The company reported a consolidated net loss of ₹206.94 crore for Q2 FY27 on total income of ₹413.45 crore, reported on 16 Oct 2026.

What the reaffirmation means for Tejas Networks' shareholders

It does not say whether the company plans new borrowings under these facilities, and it does not give the reason ICRA gave for the reaffirmation; ICRA says the rating rationale will be released on its website on an immediate basis.

Reference: Original filing (PDF)

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