Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
₹1,905.00 last close on 16 Oct 2026 +2.75%
Research updated
Tata Communications Ltd.
NSE: TATACOMMCommunication ServicesTelecom Services
- Last close
- ₹1,742.80
- Day change
- −₹20.90 (−1.19%)vs
- Market cap
- ₹47,293 crIndian rupees
- Research updated
- 3 reports
About Tata Communications
Tata Communications Ltd. is a leading global provider in the communications industry, specializing in delivering a wide array of telecommunication solutions to enterprises and service providers. As a pivotal player in the digital ecosystem, its primary function is to offer a seamless and efficient communication network that connects businesses around the world. The company's extensive product portfolio includes cloud networking, mobility services, managed services, and voice and data telecommunications. It significantly impacts various sectors, including IT, finance, healthcare, and media, by enabling robust digital transformations and enhancing their connectivity capabilities. Tata Communications operates an extensive subsea cable network, making it a critical infrastructure provider for international data traffic. Headquartered in Mumbai, India, it is known for its scale of operations and the strategic importance of its infrastructures, such as the Tata Global Network, which supports global communication routes. Tata Communications plays a crucial role in supporting businesses with their digital-first strategies, leveraging advancements in technology to cater to the evolving needs of its clientele.
- Sector
- Communication Services
- Industry
- Telecom Services
- Listing
- NSE: TATACOMM
- Chief executive
- Mr. Amur Swaminathan Lakshminarayanan
- Employees
- 5,852
- Headquarters
- Mumbai, India
- ISIN
- INE151A01013
- Website
- tatacommunications.com
Public research · Report of
Business model & financial foundation
Tata Communications (NSE: TATACOMM), Enterprise connectivity, digital platforms and managed services: revenue of ₹24,803 crore in FY26 (+7.3% on FY25), an EBITDA margin of 19.4%, net profit of ₹1,002 crore and net debt of ₹9,601 crore.
- Revenue, FY26 (₹ crore)
- 24,803
- consolidated
- Revenue growth, FY26
- +7.3%
- on FY25
- EBITDA margin, FY26
- 19.4%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 1,002
- to owners
- Return on equity, FY26
- 31.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 9,601
- Net debt (company stated)
- Market capitalisation (₹ crore)
- 47,293
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Tata Communications Limited |
| Exchange and ticker | NSE: TATACOMM; BSE: 500483 |
| ISIN | INE151A01013 |
| CIN | L64200MH1986PLC039266 |
| Sector | Communication Services |
| Industry | Enterprise connectivity, digital platforms and managed services |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2022 second term) |
| Market capitalisation | ₹47,293 crore (15 Oct 2026) |
| Shares outstanding | 28.50 crore shares (FY26) |
| Price | ₹1,659 (close, 15 Oct 2026) |
| 52-week range | ₹1,323 - ₹2,110 (to 15 Oct 2026) |
| Website | https://www.tatacommunications.com |
Corporate structure and shareholding
Parent: Panatone Finvest Limited / Tata Sons Private Limited.
| Entity | Holding | Business |
|---|---|---|
| Tata Communications (Netherlands) B.V. | 100% | International holding and operating subsidiary; acquired Commotion. |
| Kaleyra Inc. | 100% | Customer interaction and CPaaS; acquired October 2023. |
| The Switch Enterprises LLC | 100% | Media production and delivery; consolidated May 2023. |
| Commotion Inc. | 51% | AI SaaS and enterprise automation; acquired December 2025. |
| STT Global Data Centres India Private Limited | n.d. | Data-centre associate; current ownership percentage not retrieved. |
Material entities selected; detailed overseas ownership map incomplete, recorded in gaps.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | pbt adjustment, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Voice Solutions | 1,561 | 6.3% | 116.2 | 5.8% | ||
| Data Services | 21,441 | 86.4% | 1,181 | 59.2% | ||
| Transformation Services | 959.3 | 3.9% | 170.4 | 8.5% | ||
| Real Estate | 207.4 | 0.8% | 105.9 | 5.3% | ||
| Campaign Registry | 844.3 | 3.4% | 422.8 | 21.2% | ||
| Inter-segment revenue eliminations | -210.1 | -0.8% | ||||
| Other unallocable income net of expenditure | 203.8 | |||||
| Finance costs reconciliation | -761.6 |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharti Airtel (BHARTIARTL) | |
| Sify Technologies | |
| Tanla Platforms (TANLA) | CPaaS platforms competitor; asset-light relative to global network. |
| Route Mobile (ROUTE) | CPaaS/enterprise messaging competitor. |
| RailTel Corporation of India (RAILTEL) | Enterprise fibre/connectivity with government project exposure. |
| Indus Towers (INDUSTOWER) | Infrastructure cash-flow benchmark, not product competitor. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Income from operations | 16,725 | 17,838 | 20,785 | 23,109 | 24,803 |
| Cost of revenue (vendor classification) * | 6,201 | 6,376 | 8,090 | 10,052 | 11,366 |
| Other operating costs (vendor classification) * | 3,162 | 3,456 | 4,087 | 3,764 | 3,531 |
| EBITDA (vendor classification) * | 4,547 | 4,693 | 4,533 | 4,829 | 5,157 |
| EBIT * | 2,360 | 2,496 | 1,807 | 2,799 | 2,199 |
| Finance costs | 360.3 | 432.5 | 630.1 | 729.1 | 761.6 |
| Profit before tax and share in profit of associates | 2,000 | 2,063 | 1,318 | 2,070 | 1,438 |
| Total tax expense/(benefit) | 522.1 | 296.6 | 213.5 | 486.5 | 431.6 |
| Profit for the year (continuing and discontinued) | 1,485 | 1,801 | 969.6 | 1,837 | 996.9 |
| Diluted EPS (continuing and discontinued) (₹) | 51.99 | 63.01 | 33.96 | 64.35 | 35.08 |
| Network and transmission expenses | 8,079 | 10,048 | 11,362 | ||
| Employee benefits expenses | 4,343 | 4,557 | 4,939 | ||
| Other expenses | 4,046 | 3,935 | 3,680 | ||
| EBITDA (company definition) | 4,317 | 4,569 | 4,822 | ||
| Other income, net | 264.1 | 130.3 | 301.7 | ||
| Depreciation and amortisation expenses | 2,397 | 2,592 | 2,827 | ||
| Exceptional items gain/(loss) | -235.7 | 691.5 | -98.0 | ||
| Share in profit of associates | 20.0 | 42.5 | 32.8 | ||
| Profit/(loss) from discontinued operations after tax | -155.1 | 211.1 | -42.2 | ||
| Profit attributable to non-controlling interest | 1.24 | 0.42 | -4.72 | ||
| Profit attributable to equity holders of the parent | 968.3 | 1,836 | 1,002 | ||
| Lease interest expense, continuing operations | 73.9 | 101.0 | |||
| ROU depreciation, continuing operations | 317.8 | 453.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to equity holders of the parent | 956.1 | 1,549 | 1,790 | 3,021 | 3,447 |
| Current and non-current borrowings (excluding leases) | 9,122 | 8,577 | 11,263 | 10,880 | 10,582 |
| Cash and cash equivalents | 696.9 | 1,004 | 732.1 | 533.9 | 642.0 |
| Trade receivables | 2,582 | 2,735 | 3,758 | 4,006 | 4,171 |
| Inventories | 37.9 | 160.0 | 83.5 | 157.8 | 100.4 |
| Trade payables | 3,006 | 3,277 | 3,656 | 3,569 | 4,317 |
| Net property, plant and equipment | 1,149 | 996.8 | 1,103 | 7,638 | 8,133 |
| Capital work in progress * | 778.7 | 1,003 | 1,177 | 1,005 | 761.5 |
| Total assets * | 19,668 | 20,553 | 24,561 | 26,585 | 28,404 |
| Bank balances other than cash and cash equivalents | 53.5 | 53.4 | |||
| Other investments (current) | 915.7 | 295.9 | |||
| Net debt (company stated) | 9,377 | 9,601 | |||
| Net trade working capital | 185.7 | 594.8 | -45.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 2,281 | 2,292 | 3,182 | 2,911 | 4,479 |
| Free cash flow (vendor definition) * | 2,547 | 2,891 | 1,100 | 705.2 | 2,046 |
| Dividends paid (the provider's sign: an outflow is negative) * | -399.0 | -590.0 | -598.5 | -476.0 | -712.5 |
| Purchase of PP&E and intangible assets (outflow negative) | -1,650 | -1,485 | -2,082 | -2,206 | -2,433 |
| Lease-liability cash repayments including interest | 399.0 | 571.7 | |||
| Cash principal repayments of lease liabilities | n.d. | n.d. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 28.50 | 28.50 | 28.50 | 28.50 | 28.50 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Income from operations | 5,798 | 5,990 | 5,960 | 6,100 | 6,189 | 6,554 | 6,583 | 6,688 |
| Cost of revenue (vendor classification) * | 2,513 | 2,712 | 2,729 | 2,836 | 3,081 | 3,144 | ||
| Other operating costs (vendor classification) * | 979.7 | 1,020 | 876.2 | 913.1 | 949.0 | 968.9 | ||
| EBITDA (vendor classification) * | 1,210 | 1,191 | 1,154 | 1,487 | 1,327 | 1,243 | ||
| EBIT * | 557.6 | 1,096 | 467.8 | 659.3 | 615.8 | 397.3 | ||
| Finance costs | 186.9 | 182.4 | 176.5 | 202.0 | 201.4 | 181.7 | 185.9 | 197.9 |
| Profit before tax and share in profit of associates | 370.7 | 913.7 | 291.3 | 254.6 | 457.9 | 434.1 | 211.4 | 462.9 |
| Total tax expense/(benefit) | 126.2 | 175.9 | 65.4 | 82.1 | 100.8 | 183.3 | 86.0 | 124.0 |
| Profit for the period (continuing and discontinued) | 236.1 | 1,041 | 190.1 | 183.2 | 364.2 | 259.3 | 129.7 | 335.6 |
| Diluted EPS, continuing and discontinued operations (₹) | 8.27 | 36.45 | 6.65 | 6.41 | 12.80 | 9.22 | 4.70 | 11.94 |
| Network and transmission expense | 2,513 | 2,712 | 2,729 | 2,715 | 2,836 | 3,081 | 3,144 | 3,181 |
| Employee benefits expense | 1,124 | 1,136 | 1,218 | 1,270 | 1,211 | 1,240 | 1,240 | 1,179 |
| Other expenses | 979.7 | 1,020 | 876.2 | 941.2 | 913.1 | 949.0 | 968.9 | 905.8 |
| EBITDA (revenue less network, employee and other expenses) | 1,181 | 1,122 | 1,137 | 1,174 | 1,228 | 1,284 | 1,230 | 1,422 |
| Other income/(loss), net | 28.7 | 68.8 | 17.1 | -17.2 | 259.3 | 42.6 | 12.9 | 16.4 |
| Depreciation and amortisation expense | 637.1 | 672.5 | 665.7 | 678.8 | 751.3 | 731.0 | 739.4 | 740.9 |
| Exceptional items gain/(loss) | -14.9 | 577.8 | -20.4 | -21.0 | -76.8 | 20.3 | -106.4 | -36.5 |
| Share in profit/(losses) of associates | 12.2 | 23.3 | 6.51 | 10.7 | 7.11 | 8.45 | 4.35 | -3.25 |
| Profit/(loss) from discontinued operations after tax | -20.7 | 279.3 | -42.2 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit attributable to non-controlling interest | 0.12 | 0.17 | 0.16 | 0.15 | -1.05 | -3.98 | -4.51 | -5.42 |
| Profit attributable to equity holders of parent | 236.0 | 1,040 | 190.0 | 183.1 | 365.3 | 263.3 | 134.2 | 341.0 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -2.2% | 6.7% | 16.5% | 11.2% | 7.3% |
| EBITDA margin | 20.8% | 19.8% | 19.4% | ||
| Net margin | 4.7% | 7.9% | 4.0% | ||
| Return on equity | 58.0% | 76.3% | 31.0% | ||
| Return on capital employed | 21.8% | 24.7% | 15.6% | 20.8% | 15.8% |
| Return on assets | 4.3% | 7.2% | 3.6% | ||
| Net debt (₹ crore) | 9,377 | 9,601 | |||
| Net debt / EBITDA | 2.05x | 1.99x | |||
| Interest cover | 6.55x | 5.77x | 2.87x | 3.84x | 2.89x |
| Asset turnover | 0.82x | 0.89x | 0.92x | 0.90x | 0.90x |
| Receivable days | 56 | 56 | 66 | 63 | 61 |
| Inventory days (on revenue) | 1 | 3 | 1 | 2 | 1 |
| Payable days (on revenue) | 66 | 67 | 64 | 56 | 64 |
| Cash conversion | 3.29x | 1.59x | 4.47x | ||
| Capex intensity | 9.9% | 8.3% | 10.0% | 9.5% | 9.8% |
| Free cash flow (₹ crore) | 630.6 | 807.0 | 1,100 | 705.2 | 2,046 |
| Dividend payout | 61.8% | 25.9% | 71.1% | ||
| EPS, diluted (₹) | 51.99 | 63.01 | 33.96 | 64.35 | 35.08 |
| Book value per share (₹) | 33.55 | 54.34 | 62.82 | 106.0 | 120.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company stated); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (continuing and discontinued)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tata Communications includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tata Communications
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 17 Oct 2026.
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