NSE: TATACOMM · BSE: 500483
TATA COMMUNICATIONS LTD
Provides data, voice and digital services to enterprise customers globally, carrying most of its revenue through a global subsea and terrestrial network. Data Services is the main line at 85.7% of FY26 segment revenue, sold to enterprise and wholesale customers and covering core connectivity, cloud, cybersecurity and other digital offerings. Voice Solutions (6.2%), Transformation Services (3.8%) and Campaign Registry (3.4%) make up the balance, while Real Estate (0.8%) is a small legacy book. The cost base is dominated by other operating expenses (60.6% of revenue) and employees (19.9%), with capex at 9.8% of revenue largely going into subsea and network infrastructure. In Q1 FY27, consolidated revenue was Rs 6,583 cr (+10.5% YoY), with Data revenue up 11.3% and next-gen platforms (MCC Fabric, ThreatSpan, MOVE) up 31% YoY. The company is committing USD 152 million to two new India-Singapore subsea systems adding roughly 98 Tbps of capacity (~20 Tbps on MIST and ~78 Tbps on Project CS), and is collaborating with Tata Tele Business Services to sell AI voice agents to India's 60 million small businesses. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Data Services (86%), Voice Solutions (6%), Transformation Services (4%), Campaign Registry (3%), Real Estate (1%). Asset-heavy, capital-intensive global B2B telecom with subsea and terrestrial network infrastructure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16,725 | 17,838 | 20,969 | 23,109 | 24,803 |
| EBITDA (ex other income) | 4,233 | 4,395 | 3,994 | 5,260 | 4,725 |
| margin % | 25.3 | 24.6 | 19.0 | 22.8 | 19.0 |
| Owners' profit | 1,482 | 1,796 | 968 | 1,836 | 1,002 |
| EPS, as reported (₹) | 51.99 | 63.02 | 33.98 | 64.44 | 35.14 |
| ROE % · ROCE % | 155.3 · 21.0 | 116.3 · 23.2 | 54.2 · 16.6 | 60.7 · 19.9 | 27.3 · 15.3 |
| Debt / equity (x) | 8.26 | 4.86 | 5.65 | 3.60 | 2.90 |
| Cash from operations | 4,204 | 4,384 | 3,182 | 2,911 | 4,479 |
| Capex | (1,656) | (1,493) | (2,082) | (2,206) | (2,433) |
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 | 5,767 | 5,798 | 5,990 | 5,960 | 6,100 | 6,189 | 6,554 | 6,583 |
| Profit before tax | 321 | 371 | 914 | 291 | 255 | 458 | 434 | 211 |
| Net profit | 227 | 236 | 1,041 | 190 | 183 | 364 | 259 | 130 |
| EPS (₹) | 7.97 | 8.28 | 36.50 | 6.67 | 6.42 | 12.82 | 9.24 | 4.71 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Voice Solutions | 1,561 | 6.2 |
| Data Services | 21,441 | 85.7 |
| Transformation Services | 959 | 3.8 |
| Real Estate | 207 | 0.8 |
| Campaign Registry | 844 | 3.4 |
| Total, before eliminations | 25,013 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHARTI AIRTEL LIMITED | 12,08,092 | 40.4 | 6.16 | 11.1 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED | 1,31,203 | 3.5 | — | 3.6 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED | 83,500 | 45.8 | 11.65 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD ◆ | 48,707 | 51.5 | 13.34 | 11.7 | 27.3 | 10.0 | 7.7 | 17.3 |
| TATA TELESERV(MAHARASTRA) | 8,035 | 216.3 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,436 | — | — | 82.9 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 42 | — | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 5 | — | — | — | 8.3 | (19.2) | — | 27.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 51.5 | 45.8 | 4 of 5 | 25% |
| P/B | 13.3 | 11.7 | 3 of 3 | 0% |
| ROCE | 10.0 | 11.9 | 5 of 7 | 33% |
| ROE | 27.3 | 24.2 | 1 of 3 | 100% |
| Debt / Equity | 2.9 | 0.6 | 3 of 3 | 0% |
| EBITDA margin | 17.3 | 41.3 | 7 of 8 | 14% |
| Revenue growth | 10.4 | 8.3 | 4 of 8 | 57% |
| Profit growth | (31.8) | 39.0 | 8 of 8 | 0% |
| Market cap | 48707 | 28371 | 4 of 8 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Tata Communications plans major AI network expansion in India | compliance | low | — | — |
| 23 Oct 2026 · 14,916 employee restricted stock units granted | corporate actions | low | — | — |
| 23 Oct 2026 · Tata Communications lists Rs 300 crore commercial paper | fund raising | medium | — | — |
| 22 Oct 2026 · 55,959 shares allotted under employee stock unit plan | capital market events | low | — | — |
| 22 Oct 2026 · Tata Communications files October 2026 earnings call transcript | investor communications | medium | — | — |
| 21 Oct 2026 · Spanish court annuls TC Spain VAT demand and penalty | regulatory legal | high | — | — |
| 15 Oct 2026 · Earnings call recording for Q2 FY27 uploaded on website | investor communications | low | — | — |
| 15 Oct 2026 · Tata Comm Q2FY27 Investor Presentation: Digital Margins Improving | investor communications | medium | — | — |
| 15 Oct 2026 · Q2 results: PAT jumps 83% YoY to Rs 335.6 cr; Kaleyra stake transfer approved | strategic transactions | medium | — | — |
| 15 Oct 2026 · Q2 results up sharply, Kaleyra stake transfer to subsidiary, new Company Secretary | management changes | medium | — | — |
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.