Tanla Platforms Limited — Q4 FY26 earnings call

we're pretty open, but we are not actively not looking for any acquisition, but we're pretty open. So, as and when we find the right investments I think we are quite keen, but we always believe in build versus buy right. And, all these AI companies are, I mean, the expectations are skyrocketing. So, we need to very really mindful. So we would rather focus on build versus buy.

Management clarified its cautious stance on AI acquisitions due to high valuations, prioritizing organic 'build' over 'buy' strategies.

Asked by Deepak Chokhani

Yeah. So, Deepak on hedging, basically, it's a non-cash item because of mark-to-market of some payables. We do have a hedging policy. ... We are reworking on our hedging policy to see if we can reduce the exposure, and it will get addressed not just by the policy, but also we're trying to settle this balance sheet item to ensure that there is a minimalistic P&L volatility in the coming quarters.

Management explained the nature of the ₹12 crore FX loss and committed to revising its hedging policy to reduce future P&L volatility.

Asked by Deepak Chokhani

So, Keshav, Anubhav here. We do have seen a decline, but honestly, we have become range bound. If you look at it, the operating profit at a gross margin level has improved slightly in the last couple of quarters. At the same time, at EBITDA level, we are making some conscious investments in GTM, and we have called it out in earlier earnings call as well on both the innovation side and in GTM side, we're investing in growth.

Management acknowledged past margin declines but stated stabilization at 16% EBITDA, attributing current levels to growth investments and expecting future improvements.

Asked by Keshav Garg

Digital Platforms has a contribution from our traditional offerings as well as new offerings like Wisely Ai while the growth looks a little moderate, it is because some products are dependent on the channel base growth, which are growing at a steady pace. However, Wisely Ai kind of platforms obviously are growing at a much faster pace?

Analyst questioned the single-digit growth of the Digital Platform segment despite significant AI investments, prompting management to explain the growth drivers and future expectations.

Asked by Trupti Sukhla

So, you see, we are seeing a growth of overall, revenue growth of CPaaS industry for about, you can say, 8% on an average, 8% to 10%. There's organic growth, how the industry is growing. And, we see ourselves gunning a larger share on year-on-year basis. We expect that our market share would also increase with the kind of investments we have made. And, it's going to be definitely more than 10% a year.

Management provided insights into the CPaaS industry growth and Tanla's strategy to gain market share, projecting over 10% annual growth.

Asked by Amit Chandra

Dipesh, the reason actually continues to be the same. We are still coordinating with the key regulatory authority to fast track it as much as much as possible. And we are also looking at any alternate if it is possible, because it has caused significant delays. So, we are now also evaluating if there are any other ways to consolidate those businesses, because it's been a long time. ... No, it is just stuck at a RBI level because there are some old matters which had to be clarified, etc.

Management confirmed the ValueFirst international deal remains stalled at the RBI due to unresolved historical issues, indicating ongoing uncertainty.

Asked by Dipesh Mehta

Uday, I understand that. I was just wondering because there's no breakdown between Trubloq and ATP and this Indosat deal on the ₹400 crores of platform business, I was trying to understand from a modelling perspective, if you could just give some guidance, it's 100 million times 10 or ₹20 per subscriber. So, I can just say, okay, I can do some rough estimation, saying 100 million times, 10, it is 100 crores per year on Indosat? Is there anything you can help with that? Uday Kumar Reddy: Not right now, Sarad, probably next quarter

Management declined to provide specific financial breakdowns or projections for the Indosat platform business this quarter, deferring it to the next, which limits investor modeling.

Asked by Sarad Koli

That's not changing, I think Amit I think it is about; it is to do with the value of less than, let's say, we are talking about a particular denomination if you spend less than that money any currently also, there is no UPI notification on SMS. ... So that is on the regulated messages. And on in-app notification, honestly, it's not a new way of connecting with the user. ... So, I think in-app notification will not have significant impact because it has not had a significant impact on the business.

Management clarified that UPI's impact on SMS is limited to specific regulated messages and that in-app notifications are not expected to significantly affect their business.

Asked by Amit Aggarwal