Tata Communications Ltd(TATACOMM)

NSE: TATACOMMBSE: 500483

₹ 1,665.65-0.91%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 47,485 crWebsite: www.tatacommunications.comUpdated: 24 Oct 2026

About

Tata Communications is a global digital infrastructure company. It provides next-generation connectivity, cloud, customer interaction, IoT, media and cybersecurity services to enterprises in more than 190 countries and territories. It serves 300 of the Fortune 500 and connects businesses to 80% of the world's cloud giants. Revenue in FY26 was Rs 24,802.72 crore.^[1][2]

Business segments

Data Services: 85.7% of FY26 revenue (Rs 21,440.61 crore), EBIT margin 5.5%. Core connectivity plus a digital portfolio of cloud, interaction, IoT, media and security.^[1]
Voice Solutions: 6.2% of FY26 revenue (Rs 1,561.23 crore), EBIT margin 7.4%. Enterprise and wholesale voice.^[1]
Transformation Services: 3.8% of FY26 revenue (Rs 959.34 crore), EBIT margin 17.8%. Managed IT and professional services.^[1]
Campaign Registry (TCR/Kaleyra): 3.4% of FY26 revenue (Rs 844.30 crore), EBIT margin 50.1%. SMS/messaging campaign registry and CPaaS.^[1]

Products and services

The digital portfolio (47% of data revenue in FY25) covers next-gen connectivity, cloud fabric, interaction fabric (CPaaS/UCaaS), IoT fabric, media and cybersecurity. It has grown at a 21.4% CAGR since FY19-20.^[3]
The company describes a unified AI stack: GPU infrastructure in India for sovereign AI, plus Commotion for enterprise context graphs and omni-channel AI applications (Q2 FY27).^[4]
Tata Communications Vayu, an AI-powered cloud fabric, launched in FY25. About 1,000 liquid-cooled GPUs were deployed as of Q2 FY26.^[3]
Tata Communications GlobalRapide is a managed UCaaS platform that can replace PSTN service in 58 countries.^[3]
Next-gen connectivity platforms (Multi Cloud Connect Fabric, ThreadSpan, Multi-Cloud Networking) grew about 31% YoY in Q1 FY27.^[5]
SASE product ARR exceeded $50M in FY25, growing 15%+. IZO Multi-Cloud Network ARR was $10M+ as of FY25.^[6]

Network and operations

The global sub-sea optical fibre network spans 500,000+ km and is accessible from over 190 countries and territories.^[3]
As of Q1 FY27, the DC-to-DC connectivity platform reached 102 of 112 carrier-neutral data centres in India, plus 6 captive DCs.^[5]
Six dedicated R&D labs cover IP and wireless, edge and cloud computing, IoT, cybersecurity and other technologies. 149+ patents have been issued globally.^[3]
Employee headcount was 13,047 as of FY25.^[3]

Key operating numbers

Digital portfolio margin was -3.6% (-INR 107 Cr) in Q2 FY27, against -6.9% in Q1 FY27 and -9.7% (-INR 886 Cr) in FY25.^[4]
Data revenue was INR 5,708 crore in Q1 FY27, up 11.3% YoY. Core connectivity grew 5.7% YoY and the digital portfolio 17.1% YoY.^[5]
Core connectivity EBITDA margin was 43.6% in FY25, generating Rs 4,538 crore.^[6]
Customer AI deployments in Q2 FY27: 700+ AI agents live and 600K+ voice AI minutes per month, including a large FMCG field force and an insurer's contact centre.^[4]
Net debt was INR 10,400 crore and ROCE 14.7% in Q1 FY27.^[5]

Customers

300 of the Fortune 500 are customers. NPS was 82 as of FY25.^[3][7]
Million-Dollar Club customers rose to 290 in FY25 from 212 in FY21. Customers above $10M rose from 14 to 30 over the same period.^[6]
In FY25, 53% of MDC customers drew more than 50% of their revenue from digital services, and 60% of the order book came from multi-year deals.^[6]
The enterprise order book grew double-digit QoQ in Q2 FY26, with 60% of the funnel attributable to digital services.^[8]

Subsidiaries

TCR (Campaign Registry/Kaleyra) revenue grew 36.5% YoY in Q1 FY27, with EBITDA up 19.3%.^[5]
Kaleyra strengthened the customer interaction portfolio and has expanded into the UK and Europe.^[3]
The Switch, an acquired subsidiary, added media production capability and presence in North American media and entertainment.^[3]

Strategy and targets

The Q2 FY27 plan centres on absolute EBITDA growth, NPS and ESAT through digital profitability, a higher platforms mix, contribution-led sales and operational agility. The digital portfolio is on a path to breakeven.^[4]
CEO Ganesh Lakshminarayanan reorganised the company into four product towers (Network, Infra, Interaction, Services) and a unified Customer Success Group (Q1 FY27).^[5]
FY28 ambition: organic data revenue of Rs 28,000 crore, EBITDA margin of 23-25% and ROCE above 25%.^[6]
The digital portfolio is targeted to reach 65% of data revenue by FY28, from 47% in FY25.^[6]
From FY27, sales incentives are tied to contribution margin (net revenue minus all spend).^[5]

Recent developments

Ashok Sinha stepped down as Independent Director on 8 October 2026 on completing his tenure.^[9]
Zubin Adil Patel resigned as Company Secretary and Compliance Officer, effective 31 October 2026. A successor search began as of 25 September 2026.^[10]
In Q1 FY27 the company completed a dedicated NLD network build for a large hyperscaler linking three metros.^[5]
Media revenue in Q1 FY27 was hit by the cancellation of several sporting events due to the West Asia conflict.^[5]
Non-core asset sales raised Rs 1,400+ crore in FY25, including the Ambattur land parcel. The Chhatarpur and GK Delhi parcels are to follow.^[6]

Market Cap

₹47,485 Cr

High / Low

₹2,110 / 1,323

Stock P/E

43.0

Price / Book

14.0

Book Value

₹121

EPS

₹35.1

No. of Shares

28.5 Cr

ROCE

15.2%

ROE

31.0%

OPM

9.2%

Debt / Equity

3.07

Sales

₹24,803 Cr

Net Profit

₹997 Cr

Promoter holding

58.9%

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Tata Communications Ltd(TATACOMM)

About

Business segments

Products and services

Network and operations

Key operating numbers

Customers

Subsidiaries

Strategy and targets

Recent developments

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