Tata Communications Limited (TATACOMM)

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Tata Communications Limited (TATACOMM) · mywealthgrid

About

Tata Communications Limited operates cellular and fixed-line telecom services in India's communication services sector. With market cap of ₹48,965.85 Cr and quarterly revenues spanning ₹1,803–₹6,583 Cr, the company operates at enterprise scale. The business shows strong capital efficiency (ROE 30.97%) but is shadowed by recent earnings deterioration and high leverage (D/E 3.07).

Face value: ₹10

Market cap

₹47,966 Cr

P/E

50.7×

P/B

13.9×

Dividend yield

ROE

31%

ROCE

16.1%

Debt / equity

3.07

OPM

19.4%

EPS (TTM)

₹33.2

Book value

₹120.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High debt-to-equity ratio of 3.07 constrains financial flexibility and raises refinancing risk if performance deteriorates; verify interest coverage and debt maturity profile
Severe EPS decline from ₹12.82 (Dec 2025) to ₹3.66 (Jun 2026) signals underlying business distress; verify whether this reflects temporary cyclical pressure or structural challenges
PE ratio of 51.77 leaves no margin for earnings disappointment and implies high market expectations given recent performance trajectory
Operating margin volatility (18–26% across recent quarters) combined with declining profits suggests inconsistent execution; drivers of instability should be clarified

Generated analysis · source review pending

Growth drivers

ROE of 30.97% demonstrates efficient capital deployment; verify if business stabilization and capital reallocation can support earnings recovery
Operating margins of 24–26% achieved in recent quarters show operational capability; restoring these levels consistently could support profit growth
Telecom sector exposure to 5G deployment, enterprise digital services, and data consumption growth presents opportunities; verify the company's competitive positioning and ability to gain market share

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,683.0+1.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 55.3% (3-yr avg)
+Dividend payout of 52.7% of profit

Cons

−Profit declined 4.3% a year over the last 5 years
−Modest revenue growth of 7.7% a year over the last 5 years
−Heavily leveraged (debt/equity 3.1)
−Trading at 13.9× book value

Research score

Structured signal from quality, growth, valuation and momentum.

30/100

Business quality: 40
Growth: 24
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16,651	16,525	17,068	17,100	16,725	17,838	20,969	23,109	24,803
	14,376	13,930	13,777	12,842	12,491	13,486	16,719	18,497	19,947
	2,275	2,595	3,291	4,258	4,234	4,352	4,250	4,612	4,855
OPM %	13.7%	15.7%	19.3%	24.9%	25.3%	24.4%	20.3%	20%	19.6%
Depreciation	1,906	2,068	2,358	2,314	2,205	2,262	2,470	2,592	2,827
Interest	344	397	471	420	360	432	644	729	762
	5	63	-321	82	338	440	47	1,033	162
Profit before tax	29	193	142	1,606	2,007	2,097	1,183	2,323	1,428
Tax	355	273	227	355	522	297	214	486	432
Tax %	1,210.9%	141.7%	159.8%	22.1%	26%	14.1%	18.1%	20.9%	30.2%
	-326	-80	-85	1,252	1,485	1,801	970	1,837	997
PAT margin %	-2%	-0.5%	-0.5%	7.3%	8.9%	10.1%	4.6%	8%	4%
EPS (₹)	-11.5	-2.9	-3	43.9	52	63	34	64.4	35.1
EPS adjusted (₹)	—	—	—	43.9	52	63	34	64.4	35.1
	—	—	—	31.9%	39.8%	33.3%	49.1%	38.8%	49.8%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	285	285	285	285	285	285	285
Reserves	-703	-170	643	1,233	1,501	2,736	3,162
Minority interest	—	28	28	30	4	3	204
	12,324	9,958	7,897	7,533	10,118	10,880	10,582
	13,421	11,231	10,815	11,471	12,653	12,680	14,171
Total equity & liabilities	25,327	21,333	19,668	20,553	24,561	26,585	28,404
	14,231	11,126	10,540	10,103	13,082	13,724	15,294
CWIP	669	394	779	1,003	1,177	1,005	762
Investments	1,766	2,627	1,962	2,348	1,994	2,909	2,485
	8,661	7,186	6,388	7,099	8,309	8,947	9,864
Total assets	25,327	21,333	19,668	20,553	24,561	26,585	28,404

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Data Services	21,440.61	1,180.51	20,305.91	11,509.38	8,796.53	13.42
Voice Solutions	1,561.23	116.16

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	16.6%	19.3%	24.9%	25.3%	24.2%	20.2%	19.8%	19.4%
EBIT margin %	4.1%	5.5%	11.4%	12.1%	11.5%	8.4%	8.6%	8%
PAT margin %	-0.5%	-0.5%	7.3%	8.9%	10.1%	4.6%	8%	4%
Working capital
Receivable days	—	—	56	56	56	65	63	61
Inventory days	—	—	1	1	4	2	3	2
Payable days	—	—	92	88	88	80	70	79
NWC days	—	—	-35	-30	-28	-12	-4	-16
Leverage
Current ratio	—	—	0.74	0.56	0.57	0.43	0.58	0.49
Debt to EBITDA	—	—	2.34	1.87	1.74	2.39	2.38	2.19
Debt to equity	—	—	86.25	8.51	4.96	5.66	3.6	3.07
Interest coverage	1.9	2.1	5	6.5	5.6	3.2	2.9	3
Asset turnover	—	—	0.8	0.85	0.87	0.85	0.87	0.87
Return ratios
Return on assets %	—	—	5.9%	7.5%	8.8%	3.9%	6.9%	3.5%
Return on capital employed %	—	—	15.5%	19%	22%	18.9%	16.9%	16.1%
Return on equity %	—	—	1,083.9%	160.1%	118.6%	54.3%	60.8%	28.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%	58.86%
	17.53%	19.2%	18.24%	18.08%	18.07%	17.8%	16.98%	17.16%	13.61%	14.46%	14.43%	13.75%
	13.55%	12.12%	13.13%	13.15%	13.45%	13.66%	14.51%	14.83%	19.03%	18.49%	19.14%	19.86%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	10.06%	9.82%	9.77%	9.91%	9.62%	9.68%	9.65%	9.15%	8.5%	8.19%	7.57%	7.53%
No. of shareholders	—	—	—	—	—	—	—	—	1,86,948	1,82,123	1,75,946	1,72,357

Promoter holding up 0 percentage points since Sep 2023.

35 deals · 24 Sept 2021 – 7 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE	Block	NSE	Sell	1,57,166	₹1,658.50	₹26.07 Cr
7 Oct 2025	GOLDMAN SACHS BANK EUROPESE	Block	NSE	Buy	1,57,166	₹1,658.50	₹26.07 Cr
21 Aug 2025	FS INV ICVC STEWART INVESTORS ASIA PACIFIC LEADERS FUND	Bulk	BSE	Sell	19,85,648	₹1,590.01	₹315.72 Cr
21 Aug 2025	NWBP AS DP OF FIRST STATE ASIA PAC LDRS FD A SUB FD OF FS INVTS ICVC	Bulk	NSE	Sell	14,79,382	₹1,602.34	₹237.05 Cr
30 Nov 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	59,88,714	₹1,704.10	₹1,020.54 Cr
30 Nov 2023	BLACKROCK GLOBAL FUNDS-INDIA FUND	Bulk	NSE	Buy	44,62,433	₹1,707.69	₹762.05 Cr
30 Nov 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	1,040	₹1,711.49	₹0.18 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	1,29,695	₹1,313.85	₹17.04 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,29,695	₹1,313.85	₹17.04 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,29,696	₹1,269.85	₹16.47 Cr

1–10 of 35

1 / 4

Mr. Ganapathy Subramaniam NatarajanNon-Executive - Non Independent Director-Chairperson
Satish RanadeChief Legal Officer
Mr. Ganapathi S. LakshminarayananExecutive Director-CEO-MD
Mr. Krishnakumar NatarajanNon-Executive - Independent Director
Mr. Ashok SinhaNon-Executive - Independent Director
Mr. Ankur VermaNon-Executive - Non Independent Director
Ms. Sangeeta AnandNon-Executive - Independent Director
Mr. Sujit Kumar VarmaNon-Executive - Independent Director
Mr. P. Jagdish RaoNon-Executive - Independent Director
Mr. Zubin PatelCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

4.51%

of the company's equity

All mutual funds

16.3%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

65 schemes · 14 fund houses

		Shares
India Opportunities Fund	ICICI Prudential Mutual Fund	22.6 L	389.57	1.02%	0.793%	+2.54 L
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	17.55 L	302.42	0.99%	0.616%	—
ELSS Tax Saver Fund	SBI Mutual Fund	16.01 L	275.99	0.87%	0.562%	-0
LARGE & MID CAP FUND	Tata Mutual Fund	9.5 L	163.72	2.13%	0.333%	-0
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	8.84 L	152.4	1.17%	0.31%	-0
Franklin India Multi Cap Fund	Franklin Templeton Mutual Fund	6.05 L	104.35	1.98%	0.212%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	5.9 L	101.68	0.19%	0.207%	—
DIGITAL INDIA FUND	Tata Mutual Fund	5.08 L	87.55	0.85%	0.178%	-0

1–8 of 65

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

5 announcementsExport CSV

29 Sept 2026, 1:13 pmCompany Update

Intimation Regarding Issuance, Allotment And Listing Of Commercial Paper Amounting To Rs. 550 Crore

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	16.6%	19.3%	24.9%	25.3%	24.2%	20.2%	19.8%	19.4%
EBIT margin %	4.1%	5.5%	11.4%	12.1%	11.5%	8.4%	8.6%	8%
PAT margin %	-0.5%	-0.5%	7.3%	8.9%	10.1%	4.6%	8%	4%
Working capital
Receivable days	—	—	56	56	56	65	63	61
Inventory days	—	—	1	1	4	2	3	2
Payable days	—	—	92	88	88	80	70	79
NWC days	—	—	-35	-30	-28	-12	-4	-16
Leverage
Current ratio	—	—	0.74	0.56	0.57	0.43	0.58	0.49
Debt to EBITDA	—	—	2.34	1.87	1.74	2.39	2.38	2.19
Debt to equity	—	—	86.25	8.51	4.96	5.66	3.6	3.07
Interest coverage	1.9	2.1	5	6.5	5.6	3.2	2.9	3
Asset turnover	—	—	0.8	0.85	0.87	0.85	0.87	0.87
Return ratios
Return on assets %	—	—	5.9%	7.5%	8.8%	3.9%	6.9%	3.5%
Return on capital employed %	—	—	15.5%	19%	22%	18.9%	16.9%	16.1%
Return on equity %	—	—	1,083.9%	160.1%	118.6%	54.3%	60.8%	28.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharti AirtelBHARTIARTLBHARTIARTL	₹10,86,655 Cr	₹12,08,327 Cr	₹2,20,049 Cr	₹1,25,139 Cr	56.7%	₹28,915 Cr	16%	19.6%	20.3%	-164
Vodafone Idea LimitedIDEAIDEA	₹1,36,946 Cr	₹2,86,401 Cr	₹45,539 Cr	₹19,425 Cr	42.4%	₹37,406 Cr	77%	-1.7%	—	-108
Bharti Hexacom LimitedBHARTIHEXABHARTIHEXA	₹68,960 Cr	₹71,654 Cr	₹9,601 Cr	₹5,052 Cr	52.3%	₹1,824 Cr	18.5%	22.7%	26.5%	-127
Tata Communications LimitedTATACOMMTATACOMM	₹47,966 Cr	₹58,547 Cr	₹25,426 Cr	₹4,916 Cr	19.4%	₹946 Cr	4%	16.1%	31%	-16
Tata Teleservices (Maharashtra) LimitedTTMLTTML	₹6,807 Cr	₹27,470 Cr	₹1,178 Cr	₹643 Cr	53.9%	₹38 Cr	-18.6%	—	—	-133
Mahanagar Telephone Nigam LimitedMTNLMTNL	₹1,554 Cr	₹36,979 Cr	₹975 Cr	₹-122 Cr	-14.8%	₹-3,006 Cr	-324.9%	—	—	-215
Reliance Communications LimitedRCOMRCOM	₹238 Cr	₹47,450 Cr	₹305 Cr	₹-167 Cr	-59.9%	₹-9,374 Cr	—	—	—	-2,545
Quadrant Televentures LtdQUADRANTQUADRANT	₹52 Cr	₹2,149 Cr	₹429 Cr	₹9 Cr	16.3%	₹-296 Cr	-11.1%	—	—	-58

Date	Category	Subject	Filing
29 Sept 2026, 1:13 pm	Company Update General	Intimation Regarding Issuance, Allotment And Listing Of Commercial Paper Amounting To Rs. 550 Crore	PDF
16 Sept 2026, 4:34 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
15 Sept 2026, 6:28 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Update On Material Litigation	PDF
15 Sept 2026, 6:16 pm	Company Update General	Intimation Regarding Issuance, Allotment And Listing Of Commercial Paper Amounting To Rs. 400 Crore	PDF
8 Sept 2026, 4:20 pm	Company Update Restructuring	Announcement under Regulation 30 (LODR)-Restructuring	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,363	2,394	1,713	1,844	2,525	3,180	4,204	4,384	3,182	2,911	4,479
	-2,311	943	-504	-2,288	-1,530	-2,005	-895	-1,842	-2,644	-2,179	-1,460
	-9	-3,276	-959	-28	-942	-1,205	-3,431	-2,241	-813	-936	-2,937
Net cash flow	43	61	250	-471	53	-30	-122	302	-275	-204	83
Free cash flow	—	—	—	—	—	1,816	2,547	2,891	1,100	705	2,046
CFO / Operating profit %	—	—	74.8%	67.2%	76.8%	74.6%	99.5%	101.5%	75.2%	63.7%	92.9%

Tata Communications Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

20

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Campaign Registry · revenue

Tata Communications Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Campaign Registry · revenue

20

1