New Delhi, Jan. 12 -- What began as a milestone year in 2024-25 for Tejas Networks Ltd-with the Tata group-backed telecom gear maker deploying a 4G network across about 100,000 sites for state-owned Bharat Sanchar Nigam Ltd (BSNL)-has given way to a prolonged financial struggle, as a delay in a critical order weighs on earnings.

For nearly a year, the Bengaluru-based firm has been waiting for BSNL's Rs.1,526 crore "add-on" order for 18,685 additional sites. This delay has forced it to hold sticky inventory levels exceeding Rs.2,300 crore for four consecutive quarters, resulting in quarterly losses driven by severe revenue constraints.

During the December-quarter earnings call on 9 January, growing impatience was palpable as stakeholders...