NSE: TANLA · BSE: 532790
TANLA PLATFORMS LIMITED
Operates as a Communications Platform as a Service (CPaaS) provider, selling cloud-based messaging, anti-phishing, and AI-driven communication products to enterprises, banks, and telecom operators. FY26 consolidated revenue was Rs 4,417.71 crore with an EBITDA margin of 17.23%; Q1 FY27 revenue was Rs 1,226 crore, up 17.8% YoY, with EBITDA margin at 16.4%. The product set spans SMS, WhatsApp Business, RCS messaging, the Wisely AI trust platform, and the ATP anti-phishing platform, with Wisely AI deployed with Indonesian telco Indosat covering 100 million subscribers on a per-subscriber-per-month, 5-year subscription, and ATP live with three banks including Bandhan Bank on a similar subscription basis. The portfolio runs 2 billion RCS messages monthly and Wisely.ai protects over 100 million users from spam and scam. A pending acquisition of ValueFirst Middle East FZC through subsidiary Karix Mobile FZ LLC adds CPaaS operations in UAE, Saudi Arabia and Indonesia for AED 58.25 million (Rs 148.52 crore enterprise consideration, including Rs 12 crore cash and Rs 136.52 crore assumed liabilities); the target had FY26 turnover of Rs 181.63 crore with negative net worth. Cost structure in FY26 was dominated by other operating expenses at 77.6% of revenue, with employee cost at 6.1% and depreciation at 2.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cloud Communication Services (CPaaS) (100%), Property Development (0%). Asset-light, subscription-tilted CPaaS and digital trust platform business with international expansion underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,206 | 3,355 | 3,928 | 4,028 | 4,418 |
| EBITDA (ex other income) | 700 | 588 | 732 | 691 | 724 |
| margin % | 21.8 | 17.5 | 18.6 | 17.2 | 16.4 |
| Owners' profit | 539 | 448 | 0 | 508 | 510 |
| EPS, as reported (₹) | 39.77 | 33.05 | 40.79 | 37.76 | 38.36 |
| ROE % · ROCE % | 39.8 · 48.0 | 29.5 · 35.6 | 28.2 · 34.4 | 22.4 · 27.3 | 20.5 · 25.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 486 | 247 | 590 | 642 | 574 |
| Capex | 0 | 0 | (159) | (128) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,001 | 1,000 | 1,024 | 1,041 | 1,078 | 1,121 | 1,178 | 1,226 |
| Profit before tax | 161 | 147 | 146 | 147 | 155 | 165 | 167 | 181 |
| Net profit | 130 | 119 | 117 | 118 | 125 | 131 | 134 | 142 |
| EPS (₹) | 9.70 | 8.82 | 8.74 | 8.82 | 9.43 | 9.95 | 10.18 | 10.77 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED ◆ | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.8 | 18.1 | 13 of 32 | 61% |
| P/B | 3.2 | 1.5 | 28 of 38 | 27% |
| ROCE | 25.0 | 4.8 | 4 of 40 | 92% |
| ROE | 20.5 | 3.5 | 4 of 38 | 92% |
| Debt / Equity | 0.0 | 0.0 | 1 of 38 | 51% |
| EBITDA margin | 17.6 | 17.2 | 17 of 35 | 53% |
| Revenue growth | 17.9 | 9.7 | 14 of 33 | 59% |
| Profit growth | 20.1 | (12.0) | 15 of 41 | 65% |
| Market cap | 7929 | 41 | 2 of 44 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY2026-27 unaudited results published in two newspapers | compliance | minimal | — | — |
| 27 Oct 2026 · Tanla Q2 FY27: revenue up 25.3%, margins decline | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 25.3%, PAT up 17.1%, but margins contract | investor communications | medium | — | — |
| 27 Oct 2026 · Tanla posts strong Q2 FY27 growth, completes ValueFirst overseas acquisition | compliance | low | — | — |
| 27 Oct 2026 · Tanla declares Rs 6 interim dividend; record date November 2, 2026 | corporate actions | high | — | — |
| 27 Oct 2026 · Tanla declares Rs 6 interim dividend for FY 2026-27 | corporate actions | high | — | — |
| 27 Oct 2026 · Tanla Q2 consolidated revenue up 25%, profit up 17%; ₹6 interim dividend per share | results | high | — | — |
| 27 Oct 2026 · Tanla Q2 FY27 revenue rises 25%, profit rises 17%; Rs 6 interim dividend | results | high | — | — |
| 21 Oct 2026 · Board meeting on Oct 27 to consider Q2 results and interim dividend | results | medium | — | — |
| 21 Oct 2026 · Board meeting on Oct 27 to consider Q2 FY27 results and interim dividend | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.