Tata Communications Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • GDMS: 85.7% • GVS: 6.2% • Transformation Services: 3.8%
AI Sector View
AI GENERATEDTelecommunication
Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 55.0%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.86x)
- Company has been maintaining a healthy dividend payout of 49.8%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Company has a high debt-to-equity of 3.14x
- Recent results are weak - TTM profit is down 62.0% versus prior year
- A large part of profit comes from other income (34.2% of PBT)
- Contingent liabilities are large at 494.4% of net worth
- Company has delivered a poor profit growth of -4.3% over past five years
- Stock is trading at 11.4x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARTIARTL | 1837.00 | 39.65 | 1146500.05 | 1.31 | 10011.60 | 34.89 | 58539.10 | 18.35 | 25.05 | 57.07 |
| IDEA | 14.96 | 4.33 | 162081.18 | 0.00 | -3754.00 | 43.19 | 11689.00 | 6.19 | 46.77 | 43.07 |
| INDUSTOWER | 372.70 | 13.74 | 98324.33 | 3.76 | 1745.80 | 0.52 | 8431.10 | 4.64 | 30.51 | 53.11 |
| BHARTIHEXA | 1539.25 | 42.19 | 76962.50 | 1.17 | 4824.00 | 1131.87 | 25099.00 | 1009.10 | 29.30 | 52.68 |
| TATACOMM | 1763.90 | 53.17 | 50286.26 | 0.99 | 129.72 | -31.78 | 6582.82 | 10.45 | 15.75 | 18.75 |
| RAILTEL | 262.55 | 41.79 | 8426.24 | 1.24 | 38.39 | 48.51 | 467.61 | 24.08 | 23.03 | 15.86 |
| TTML | 35.93 | 87.55 | 7024.06 | 0.00 | -72.15 | 77.80 | 301.57 | 6.09 | 157.86 | 53.91 |
| HATHWAY | 10.19 | 23.80 | 1803.74 | 0.00 | 24.56 | -20.85 | 565.10 | 6.52 | 2.55 | 13.43 |
| MTNL | 25.14 | 0.00 | 1583.82 | 0.00 | -842.36 | 10.69 | 216.89 | 229.92 | -6.76 | -15.07 |
| GTL | 7.23 | 0.14 | 113.73 | 0.00 | 4520.66 | 2243.77 | 497.08 | -28.12 | 0.00 | 27.04 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,771 | 4,872 | 5,588 | 5,645 | 5,592 | 5,728 | 5,798 | 5,990 | 5,960 | 6,100 | 6,189 | 6,554 | 6,583 | |
| 3,747 | 3,857 | 4,435 | 4,569 | 4,456 | 4,598 | 4,617 | 4,868 | 4,823 | 4,926 | 4,961 | 5,270 | 6,278 | |
| Operating Profit | 1,024 | 1,015 | 1,153 | 1,076 | 1,137 | 1,129 | 1,181 | 1,122 | 1,137 | 1,174 | 1,228 | 1,284 | 305 |
| OPM % | 21.46% | 20.84% | 20.64% | 19.06% | 20.32% | 19.72% | 20.37% | 18.73% | 19.07% | 19.24% | 19.84% | 19.59% | 4.63% |
| 191 | 25 | -179 | 1 | 109 | 53 | 14 | 647 | -3 | -38 | 183 | 63 | 119 | |
| Interest | 131 | 137 | 184 | 186 | 170 | 189 | 187 | 182 | 177 | 202 | 201 | 182 | 186 |
| Depreciation | 580 | 605 | 603 | 651 | 634 | 648 | 637 | 672 | 666 | 679 | 751 | 731 | 739 |
| Profit before Tax | 504 | 298 | 187 | 240 | 441 | 345 | 371 | 914 | 291 | 255 | 458 | 434 | 216 |
| Tax % | 25.93% | 26.11% | 60.64% | -45.15% | 19.70% | 28.32% | 34.04% | 19.25% | 22.47% | 32.25% | 22.01% | 42.22% | 39.87% |
| Net Profit | 0 | 0 | 0 | 0 | 333 | 227 | 236 | 1,041 | 190 | 183 | 364 | 259 | 130 |
| 13.39 | 7.74 | 2.74 | 12.43 | 12.52 | 8.81 | 9.00 | 26.70 | 8.15 | 6.42 | 12.82 | 9.24 | 4.71 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 17,620 | 16,772 | 16,525 | 17,068 | 17,100 | 16,725 | 17,838 | 20,785 | 23,109 | 24,803 | 25,426 | |
| 15,232 | 14,425 | 13,812 | 13,805 | 12,898 | 12,509 | 13,563 | 16,469 | 18,566 | 20,171 | 21,435 | |
| Operating Profit | 2,388 | 2,347 | 2,713 | 3,263 | 4,202 | 4,216 | 4,276 | 4,316 | 4,543 | 4,632 | 3,990 |
| OPM % | 13.55% | 13.99% | 16.42% | 19.12% | 24.57% | 25.21% | 23.97% | 20.76% | 19.66% | 18.68% | 15.69% |
| -685 | -51 | 95 | -295 | 141 | 349 | 482 | 30 | 848 | 394 | 326 | |
| Interest | 367 | 344 | 397 | 471 | 420 | 360 | 432 | 630 | 729 | 762 | 771 |
| Depreciation | 1,866 | 1,906 | 2,068 | 2,358 | 2,314 | 2,205 | 2,262 | 2,397 | 2,592 | 2,827 | 2,900 |
| Profit before Tax | -530 | 46 | 343 | 140 | 1,609 | 2,000 | 2,063 | 1,318 | 2,070 | 1,438 | 1,362 |
| Tax % | -44.59% | 778.16% | 79.64% | 162.30% | 22.06% | 26.11% | 14.37% | 16.20% | 23.51% | 30.02% | 33.19% |
| Net Profit | -766 | -309 | 70 | -87 | 1,254 | 1,478 | 1,767 | 1,105 | 1,583 | 1,006 | 910 |
| EPS | 43.26 | -11.53 | -2.89 | -3.02 | 43.88 | 51.99 | 63.01 | 33.98 | 64.43 | 35.14 | — |
| Dividend Payout % | 13.87% | -39.03% | -155.70% | -132.62% | 31.90% | 39.81% | 33.32% | 49.15% | 38.80% | 49.80% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 8%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 61%
- 5 Years:
- -4%
- 3 Years:
- -18%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 5%
- 3 Years:
- -2%
- 1 Year:
- 11%
RETURN ON EQUITY
- 10 Years:
- 48%
- 5 Years:
- 119%
- 3 Years:
- 55%
- Last Year:
- 32%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 |
| Minority Interest | 18 | 4 | 6 | 5 | 28 | 28 | 30 | 4 | 3 | 204 |
| 1,307 | 214 | -467 | -1,563 | -170 | 643 | 1,233 | 1,497 | 2,703 | 3,084 | |
| 12,105 | 11,115 | 12,541 | 13,732 | 13,764 | 10,199 | 9,280 | 11,308 | 13,606 | 12,048 | |
| Trade Payables | 3,581 | 3,472 | 3,689 | 3,845 | 3,239 | 3,006 | 3,277 | 3,656 | 3,569 | 4,317 |
| 3,737 | 4,419 | 3,809 | 5,578 | 3,876 | 5,289 | 6,091 | 7,094 | 5,611 | 7,564 | |
| Total Liabilities | 21,033 | 19,510 | 19,862 | 21,882 | 21,023 | 19,451 | 20,197 | 23,844 | 25,778 | 27,503 |
| 10,714 | 10,584 | 11,016 | 12,390 | 11,126 | 10,540 | 10,103 | 13,082 | 13,724 | 15,294 | |
| Capital Work in Progress | 629 | 440 | 298 | 286 | 394 | 779 | 1,003 | 1,177 | 1,005 | 762 |
| 2,434 | 1,250 | 1,491 | 1,563 | 2,233 | 1,565 | 1,951 | 1,608 | 2,714 | 2,297 | |
| 19 | 27 | 77 | 73 | 34 | 38 | 160 | 84 | 158 | 100 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,758 | 4,006 | 4,171 | |
| Cash & Bank | 1,079 | 1,296 | 852 | 909 | 927 | 743 | 1,063 | 842 | 587 | 695 |
| 6,158 | 5,913 | 6,128 | 6,660 | 6,307 | 5,786 | 5,918 | 3,294 | 3,584 | 4,183 | |
| Total Assets | 21,033 | 19,510 | 19,862 | 21,882 | 21,023 | 19,451 | 20,197 | 23,844 | 25,778 | 27,503 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3,134 | 1,978 | 2,412 | 2,804 | 3,676 | 4,115 | 4,588 | 3,182 | 2,911 | 4,479 | |
| Cash from Investing | 943 | -504 | -2,288 | -1,530 | -2,005 | -895 | -1,842 | -2,644 | -2,179 | -1,460 |
| Cash from Financing | -3,276 | -959 | -28 | -942 | -1,205 | -3,431 | -2,241 | -813 | -936 | -2,937 |
| 61 | 250 | -471 | 53 | -30 | -122 | 302 | -275 | -204 | 83 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Tata Communications Limited has informed the Exchange about dissolution of a wholly owned indirect subsidiary.
2026-08-27 - Tata Communications Limited has informed the Exchange about Schedule of meet
2026-08-25 - Tata Communications Limited has informed the Exchange regarding a press release dated August 25, 2026, titled "Tata Communications, Tata Motors Passenger Vehicles join forces to accelerate Software-Defined Vehicle Deployment in India Introduces in-built 5G cellular connectivity in the Sierra.ev".
2026-08-24 - Tata Communications Limited has informed the Exchange about Intimation regarding issuance, allotment and listing of Commercial Paper amounting to Rs. 300 crore
2026-08-21 - Tata Communications Limited has informed the Exchange regarding Allotment of 68,894 Equity Shares under Employee Stock Unit Plan 2023
2026-08-19 - Tata Communications Limited has informed the Exchange about Intimation regarding issuance, allotment and listing of Commercial Paper amounting to Rs. 250 crore
2026-08-07 - Tata Communications Limited has informed the Exchange about Schedule of meet
2026-07-28 - Tata Communications Limited has informed the Exchange about Grant of stock options under Tata Communications Limited - Stock Unit Plan 2023 .
2026-07-28 - Tata Communications Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for TATACOMM
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