Tata Communications Q2 FY27 Share Price & Earnings Call Analysis
Part of: Nifty Midcap 150 · Nifty India Digital · NIFTY Midcap 100 · Nifty 200 · NIFTY LargeMidcap 250 · Nifty MidSmallcap 400 · +2 more
- Market cap
- ₹50,534 Cr
- P/E
- 41.72
- ROE
- 32.61%
- PEG
- -2.73
- Price to sales
- 1.94
- Debt to equity
- 3.93
- 52W high / low
- ₹2,062 / ₹1,348
- Sales growth (5Y)
- 7.72%
- EBITDA margin
- 19.85%
- Net profit margin
- 4.23%
- Promoter holding
- 58.85%
- Sales (last year)
- ₹26,014 Cr
Tata Communications was incorporated on March 19, 1986 as VSNL. In February 2002, the Government of India, as per their disinvestments plan, sold 25% of their holding in the company to the strategic partner. Consequently, the company was taken over under the administrative control of TATA. [1] It is the leading global digital ecosystem enabler. It has a leadership position in emerging markets, and an infrastructure that spans the globe. It delivers managed solutions to multinational companies and service providers. It partners with 300 of the Fortune 500 companies with their state-of the-art solutions, including a wide range of communication, collaboration, cloud, mobility, connected solutions, network and data center services. [2]
Guidance scorecard · Q2 FY27 call
What Tata Comm's management guided
and where it ranks in Telecom - Services
Telecom - Services
RevenueQ1 FY27 call
0–10%- Tata Communications expects continued growth in core connectivity and digital portfolio revenues.
- Data revenue grew 11.3% YoY in Q1, with core connectivity up 5.7% YoY and digital portfolio up 17%.
- Strong growth in next-gen connectivity platforms like Multi-Cloud Connect Fabric and ThreadSpan (31% YoY).
- Growth drivers include increased demand for programmable infrastructure, platform-based solutions, and expansion in DC-to-DC connectivity.
- The company is focused on profitable growth with a clear plan to increase EBITDA via better portfolio mix and operational leverage.
- Management is confident of maintaining market share in DC-to-DC connectivity amid a strong sales pipeline.
2 more points from Tata Comm's call on revenue
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MarginsQ1 FY27 call
FlatSee what Tata Comm said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Tata Communications is maintaining capital discipline while continuing to invest in key growth areas.
- The company is investing CapEx in subsea cables connecting critical routes to support future growth.
- Focus is on harvesting prior investments, including acquisitions like Kaleyra and Switch, and organic investments in interaction platforms.
- The upcoming 112 data centers will be connected with resilient and bandwidth-rich infrastructure, supporting DC-to-DC connectivity growth.
- Future strategic investments will be outlined during the Investor Day in the next six months, where longer-term revenue and EBITDA plans, as well as capital allocation strategies, will be shared.
- Near-term CapEx will focus on profitable growth and supporting next-gen connectivity platforms such as ThreadSpan, Multi-Cloud Connect Fabric, and MCN.
2 more points from Tata Comm's call on capex
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FundraisingQ1 FY27 call
See what Tata Comm said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Order book continues to be robust with strong customer demand.
- Significant wins across multiple segments including platform strategy (ThreadSpan and Commotion).
- Dynamic DC-to-DC connectivity is a key growth area benefiting from supply created by recent cable investments.
- The sales funnel and order book have been growing at a double-digit rate over the last 1-1.5 years.
- The company is focused on accelerating delivery and monetizing orders sooner.
2 more points from Tata Comm's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Telecom - Services
on management's own guidance
- Strong growth2
- Strong growth1
- Altius TelecomGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Tata Communications latest results (Sep 2026)
Revenue
₹6,688 Cr
+10% YoY
Net profit
₹336 Cr
+84% YoY
Operating margin
21%
EPS
₹11.96
Tata Communications shareholding (Sep 2026)
Promoters
58.85%
−0.01 pp QoQ
FIIs
13.55%
−0.20 pp QoQ
DIIs
20.21%
+0.36 pp QoQ
Public
7.40%
−0.13 pp QoQ
Peers
Telecom - Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹33,249 Cr | 38.3 | |
| 2 | 40%+ | Flat | ₹3,077 Cr | 14.1 | |
| 3 | Altius Telecom | 20–40% | Flat | ₹51,959 Cr | 41.1 |
| 4 | 20–40% | Flat | ₹3,489 Cr | 10.6 | |
| 5 | 20–40% | Flat | ₹601 Cr | 10.2 | |
| 6 | 20–40% | Flat | ₹34 Cr | 0.9 |
Sign up free to see every company in the sector ranking and track Tata Comm.
Pro shows every company guiding 40%+ revenue growth →Full Telecom - Services rankingTata Comm announcements
All announcements →- Capex / expansionNotableTata Communications to Build India’s AI Super Highway with Major Capacity Expansion
- Capex / expansionNotableTata Communications strengthens India-Singapore digital corridor with subsea investments
Financials of Tata Comm
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Tata Comm
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.86% | 58.85% |
| FIIs + | 19.20% | 18.24% | 18.09% | 18.06% | 17.80% | 16.99% | 17.17% | 13.61% | 14.46% | 14.44% | 13.75% | 13.55% |
| DIIs + | 12.12% | 13.14% | 13.15% | 13.45% | 13.66% | 14.51% | 14.83% | 19.03% | 18.49% | 19.14% | 19.85% | 20.21% |
| Public + | 9.81% | 9.77% | 9.91% | 9.62% | 9.68% | 9.63% | 9.14% | 8.50% | 8.19% | 7.56% | 7.53% | 7.40% |
| No. of Shareholders | 1,95,698 | 1,93,157 | 2,03,417 | 1,85,024 | 1,90,345 | 1,91,741 | 1,91,499 | 1,86,948 | 1,82,123 | 1,75,946 | 1,72,357 | 1,66,935 |
Financials of Tata Comm
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 4,872 | 5,588 | 5,645 | 5,592 | 5,728 | 5,798 | 5,990 | 5,960 | 6,100 | 6,189 | 6,554 | 6,583 | 6,688 |
| YoY Sales growth | +10% | +23% | +24% | +17% | +18% | +4% | +6% | +7% | +6% | +7% | +9% | +10% | +10% |
| Expenses + | 3,857 | 4,435 | 4,569 | 4,456 | 4,598 | 4,617 | 4,868 | 4,823 | 4,926 | 4,961 | 5,270 | 5,353 | 5,266 |
| Operating Profit | 1,015 | 1,153 | 1,076 | 1,137 | 1,129 | 1,181 | 1,122 | 1,137 | 1,174 | 1,228 | 1,284 | 1,230 | 1,422 |
| OPM % | 21% | 21% | 19% | 20% | 20% | 20% | 19% | 19% | 19% | 20% | 20% | 19% | 21% |
| Other Income + | 25 | -212 | -32 | 85 | 29 | -7 | 926 | -46 | -38 | 183 | 63 | -93 | -20 |
| Interest | 137 | 184 | 186 | 170 | 189 | 187 | 182 | 177 | 202 | 201 | 182 | 186 | 198 |
| Depreciation | 605 | 603 | 651 | 634 | 648 | 637 | 672 | 666 | 679 | 751 | 731 | 739 | 741 |
| Profit before tax | 298 | 154 | 207 | 417 | 321 | 350 | 1,193 | 249 | 255 | 458 | 434 | 211 | 463 |
| Tax % | 26% | 74% | -52% | 21% | 30% | 36% | 15% | 26% | 32% | 22% | 42% | 41% | 27% |
| Net Profit + | 221 | 45 | 322 | 333 | 227 | 236 | 1,041 | 190 | 183 | 364 | 259 | 130 | 336 |
| EPS in Rs | 7.74 | 1.57 | 11.27 | 11.68 | 7.97 | 8.28 | 36.50 | 6.67 | 6.42 | 12.82 | 9.24 | 4.71 | 11.96 |
Financials of Tata Comm
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 19,913 | 18,149 | 17,620 | 16,772 | 16,525 | 17,068 | 17,100 | 16,725 | 17,838 | 20,969 | 23,109 | 24,803 | 26,014 |
| Sales growth | +12% | -9% | -3% | -5% | -1% | +3% | +0% | -2% | +7% | +18% | +10% | +7% | +9% |
| Expenses + | 16,919 | 15,714 | 15,214 | 14,359 | 13,780 | 13,779 | 12,840 | 12,498 | 13,520 | 16,739 | 18,540 | 19,980 | 20,850 |
| Operating Profit | 2,994 | 2,434 | 2,406 | 2,412 | 2,745 | 3,289 | 4,261 | 4,227 | 4,318 | 4,230 | 4,569 | 4,822 | 5,164 |
| OPM % | 15% | 13% | 14% | 14% | 17% | 19% | 25% | 25% | 24% | 20% | 20% | 19% | 20% |
| Other Income + | 291 | 82 | 1,294 | -116 | 62 | -321 | 82 | 338 | 440 | 47 | 1,033 | 162 | 132 |
| Interest | 751 | 409 | 367 | 344 | 397 | 471 | 420 | 360 | 432 | 644 | 729 | 762 | 767 |
| Depreciation | 2,161 | 1,864 | 1,866 | 1,906 | 2,068 | 2,358 | 2,314 | 2,205 | 2,262 | 2,470 | 2,592 | 2,827 | 2,963 |
| Profit before tax | 373 | 243 | 1,467 | 46 | 343 | 140 | 1,609 | 2,000 | 2,063 | 1,163 | 2,281 | 1,396 | 1,566 |
| Tax % | 99% | 96% | 16% | 778% | 80% | 162% | 22% | 26% | 14% | 18% | 21% | 31% | |
| Net Profit + | 3 | 10 | 1,235 | -326 | -80 | -85 | 1,252 | 1,485 | 1,801 | 970 | 1,837 | 997 | 1,089 |
| EPS in Rs | 0.05 | 0.30 | 43.26 | -11.53 | -2.89 | -3.02 | 43.88 | 51.99 | 63.02 | 33.98 | 64.43 | 35.14 | 38.73 |
| Dividend Payout % | 12,151% | 1,412% | 14% | -39% | -156% | -133% | 32% | 40% | 33% | 49% | 39% | 50% |
Financials of Tata Comm
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 |
| Reserves | 36 | -648 | 1,307 | 214 | -467 | -1,563 | -170 | 643 | 1,233 | 1,501 | 2,736 | 3,162 | 3,116 |
| Borrowings + | 13,076 | 14,231 | 9,214 | 8,927 | 9,935 | 12,413 | 11,394 | 9,122 | 8,577 | 11,263 | 12,357 | 12,249 | 13,369 |
| Other Liabilities + | 10,798 | 11,230 | 10,228 | 10,131 | 10,198 | 10,996 | 9,797 | 9,588 | 10,424 | 11,316 | 11,065 | 12,591 | 12,240 |
| Total Liabilities | 24,195 | 25,098 | 21,033 | 19,557 | 19,951 | 22,131 | 21,306 | 19,638 | 20,519 | 24,365 | 26,444 | 28,287 | 29,011 |
| Fixed Assets + | 14,704 | 14,444 | 10,929 | 10,797 | 11,289 | 12,768 | 11,520 | 10,936 | 10,500 | 13,467 | 13,919 | 15,481 | 15,323 |
| CWIP | 638 | 800 | 751 | 520 | 361 | 349 | 493 | 852 | 1,148 | 1,327 | 1,100 | 850 | 1,121 |
| Investments | 1,768 | 1,837 | 2,434 | 1,250 | 1,491 | 1,563 | 2,233 | 1,565 | 1,951 | 1,608 | 2,714 | 2,297 | 2,575 |
| Other Assets + | 7,086 | 8,017 | 6,920 | 6,990 | 6,809 | 7,451 | 7,060 | 6,284 | 6,921 | 7,963 | 8,711 | 9,659 | 9,992 |
| Total Assets | 24,195 | 25,098 | 21,033 | 19,557 | 19,951 | 22,131 | 21,306 | 19,638 | 20,519 | 24,365 | 26,444 | 28,287 | 29,011 |
Financials of Tata Comm
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 3,028 | 2,363 | 2,394 | 1,713 | 1,844 | 2,525 | 3,180 | 4,204 | 4,384 | 3,182 | 2,911 | 4,479 |
| Cash from Investing Activity + | -1,908 | -2,313 | 940 | -500 | -2,284 | -1,521 | -2,007 | -894 | -1,836 | -2,641 | -2,173 | -1,434 |
| Cash from Financing Activity + | -1,388 | -9 | -3,276 | -959 | -28 | -942 | -1,205 | -3,431 | -2,241 | -813 | -936 | -2,937 |
| Net Cash Flow | -268 | 41 | 58 | 254 | -467 | 61 | -32 | -121 | 308 | -272 | -198 | 108 |
| Free Cash Flow | 1,257 | 334 | 598 | 102 | 106 | 844 | 1,828 | 2,554 | 2,899 | 1,110 | 711 | 2,060 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 105% | 114% | 130% | 82% | 88% | 85% | 86% | 97% | 106% | 80% | 82% | 108% |
Financials of Tata Comm
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 61 | 54 | 64 | 66 | 69 | 56 | 56 | 56 | 65 | 63 | 61 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 46 | 61 | 54 | 64 | 66 | 69 | 56 | 56 | 56 | 65 | 63 | 61 |
| Working Capital Days | -155 | -139 | -105 | -125 | -124 | -150 | -88 | -103 | -119 | -151 | -107 | -120 |
| ROCE % | 8% | 7% | 23% | 8% | 8% | 9% | 18% | 22% | 24% | 18% | 15% | 15% |
Guidance history
How Tata Comm's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 0–10% | Up 0–2% | Planned | — | Rising |
| Q1 FY26 call → | 10–20% | Up 0–2% | Planned | — | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
54 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | −6.1% | 46% |
| Last 6 months | +5.5% | 55% |
| Last 3 months | +3.2% | 67% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Tata Comm: 0.4 × 46 + 0.4 × 55 + 0.2 × 67 = 54.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Tata Communications: frequently asked questions
What is Tata Communications share price today?
Tata Communications last traded at ₹1,772.9, with a market capitalisation of ₹50,534 Cr and a P/E ratio of 41.7.
What were Tata Communications's latest quarterly results?
For the quarter ended Sep 2026, Tata Communications reported revenue of ₹6,688 Cr (+10% year on year) and net profit of ₹336 Cr, with an operating margin of 21%.
Is Tata Communications's profit growing?
Net profit was ₹336 Cr in Sep 2026 against ₹183 Cr in Sep 2025, a change of +84%.
What is Tata Communications's EPS?
Tata Communications's earnings per share for the quarter ended Sep 2026 was ₹11.96.
What is the promoter holding in Tata Communications?
Promoters held 58.85% of Tata Communications in Sep 2026 (−0.01 pp versus Jun 2026).
How much do FIIs and DIIs hold in Tata Communications?
In Sep 2026, foreign institutional investors held 13.55% and domestic institutions (including mutual funds) held 20.21% of Tata Communications.
What is Tata Communications's ROE and ROCE?
Tata Communications's return on equity is 32.6% and its return on capital employed is 14.6%.
Does Tata Communications pay a dividend?
Yes. Tata Communications's dividend yield is 1.03% at the current price. The full payout history is on the Tata Communications dividends page.
Which sector does Tata Communications belong to?
Tata Communications is in the Telecom - Services sector. Its peer comparison and sector ranking are on this page.
What did Tata Communications's management say on the latest earnings call?
Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Tata Communications's management.
How does Arthneeti AI analyse Tata Communications?
Arthneeti reads Tata Communications's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What Tata Comm's management said in earlier quarters
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