TATACOMM
Tata Comm share price & financials
- Price
- ₹1,988.8
- Market cap
- ₹47.2k Cr
- Sector
- Telecommunication
- Calls analysed
- 5
Tata Comm Q1 FY27
What went well
- Consolidated revenue of ₹6,583 crores, up 10.5% YoY, driven by strong data revenue growth.
- Data revenue of ₹5,708 crores, up 11.3% YoY, with core connectivity growing 5.7% YoY (highest in 10 quarters) and digital portfolio growing 17.1% YoY.
- Normalised EBITDA margin at 19.4%, with normalised EBITDA growth of 12.7% YoY, indicating improving profitability across the digital portfolio.
What to watch
- EBITDA for the quarter had a one-off impact of ₹51 crore due to complexities in a customer program, leading to higher usage requirements and delivery delays.
- PAT for the quarter was ₹130 crore, impacted by ₹106 crore due to provisions related to a fire incident at a co-located third-party data center and contractual obligations.
What Tata Comm does
Tata Communications is a Tata Group global digital infrastructure and communications company that connects enterprises, carriers and mobile operators worldwide over its own subsea and terrestrial fibre backbone. It earns from two broad lines: Core Connectivity (network, next-gen connectivity and voice/wholesale minutes carried for telecom operators) and a Digital Platform business spanning cloud connectivity, cybersecurity, IoT, media services and collaboration/CPaaS (via brands such as IZO, MOVE, Vayu and Kaleyra.ai). It also holds a stake in an Indian data-centre business (via STT) that it has flagged for potential monetisation.
Segments
- Core Connectivity
- Digital Platform
- Global fibre network
- 500,000+ route km of subsea optical fibre and 200,000+ km of terrestrial fibre; largest wholly-owned subsea fibre network globally
- Global internet traffic carried on-net
- Over one-third of all global internet traffic routes on its network
- Customers served
- 5,000+ enterprise customers across 190 countries and territories, including ~300 of the Fortune 500
- Customers generating $1M+ annual revenue (FY25)
- 290 (30 generating $10M+, 35 generating $5-10M, 225 generating $1-5M)
- Mobile network operator (MNO) relationships
- 600+ MNO relationships spanning 170+ countries, connecting 4 of 5 mobile subscribers worldwide
- Industry recognition
- Named a Leader in the Gartner Magic Quadrant for Global WAN Services for 13 consecutive years
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 0 delivered 1 missed 11 open- CapEx to Sales Ratio went quiet said Q2 FY26 Promised: 11% to 12% Q1 FY27: New CEO mentioned capital discipline but did not provide a specific ratio.
- Total Business Revenue at risk said Q4 FY25 Promised: doubling our business to Rs. 28,000 crore Q1 FY27: Give 6 months, we will come up on the Investor Day, where we lay out what will be our longer term revenue and EBITDA plans.
- Digital Portfolio Margins on track said Q4 FY25 Promised: double digit margins Q1 FY27: Normalised digital portfolio EBITDA margins improved to -6.9%. Clear progress towards breakeven and then positive margins.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.5%, net profit down 31.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,728 | 5,798 | 5,990 | 5,960 | 6,100 +6% | 6,189 +7% | 6,554 +9% | 6,583 +10% |
| EBITDA | 1,129 | 1,181 | 1,122 | 1,137 | 1,174 +4% | 1,228 +4% | 1,284 +14% | 1,230 +8% |
| Net profit | 227 | 236 | 1,041 | 190 | 183 −19% | 364 +54% | 259 −75% | 130 −32% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +11.3% 1Y
1Y: ₹1,582.7 on 10 Sept 2025 → ₹1,761.6. High ₹2,061.7 (22 Jun 2026), low ₹1,347.9 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.2%
- 22 Jul
- Q4 FY26
- +0.8%
- 22 Apr
- Q3 FY26
- −5.5%
- 21 Jan
- Q2 FY26
- +3.3%
- 15 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 19.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹17.8k Cr | ₹20.9k Cr | ₹23.1k Cr | ₹24.8k Cr |
| Operating profit | ₹4.3k Cr | ₹4.3k Cr | ₹4.6k Cr | ₹4.8k Cr |
| Operating margin | 24.2% | 20.4% | 19.8% | 19.4% |
| Interest | ₹433 Cr | ₹638 Cr | ₹728 Cr | ₹762 Cr |
| Depreciation | ₹2.3k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.8k Cr |
| Net profit | ₹1.8k Cr | ₹970 Cr | ₹1.8k Cr | ₹996 Cr |
| Net margin | 10.1% | 4.6% | 7.9% | 4.0% |
| Cash from operations | ₹4.4k Cr | ₹3.2k Cr | ₹2.9k Cr | ₹4.5k Cr |
| Free cash flow | ₹2.9k Cr | ₹1.1k Cr | ₹711 Cr | ₹2.1k Cr |
| ROCE | 24.0% | 18.0% | 15.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹285 Cr | ₹285 Cr | ₹285 Cr | ₹285 Cr | ₹285 Cr | ₹285 Cr |
| Reserves | ₹-170 Cr | ₹643 Cr | ₹1.2k Cr | ₹1.5k Cr | ₹2.6k Cr | ₹3.2k Cr |
| Borrowings | ₹11.4k Cr | ₹9.1k Cr | ₹8.6k Cr | ₹11.3k Cr | ₹13.3k Cr | ₹12.2k Cr |
| Other liabilities | ₹9.8k Cr | ₹9.6k Cr | ₹10.4k Cr | ₹11.3k Cr | ₹11.0k Cr | ₹12.6k Cr |
| Total liabilities | ₹21.3k Cr | ₹19.6k Cr | ₹20.5k Cr | ₹24.4k Cr | ₹27.2k Cr | ₹28.3k Cr |
| Fixed assets | ₹11.5k Cr | ₹10.9k Cr | ₹10.5k Cr | ₹13.5k Cr | ₹14.0k Cr | ₹15.5k Cr |
| Capital work in progress | ₹493 Cr | ₹852 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹850 Cr |
| Investments | ₹2.2k Cr | ₹1.6k Cr | ₹2.0k Cr | ₹1.6k Cr | ₹2.5k Cr | ₹2.3k Cr |
| Other assets | ₹7.1k Cr | ₹6.3k Cr | ₹6.9k Cr | ₹8.0k Cr | ₹9.4k Cr | ₹9.7k Cr |
| Total assets | ₹21.3k Cr | ₹19.6k Cr | ₹20.5k Cr | ₹24.4k Cr | ₹27.2k Cr | ₹28.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +5.02 pp while FIIs trimmed −3.42 pp. The shareholder count shrank 10% to 1,72,357.
- Promoters
- 58.9%
- FIIs
- 13.8%
- DIIs
- 19.9%
- Public
- 7.5%
Since Jun 2025
- DIIs +5.02 pp
- FIIs −3.42 pp
- Public −1.61 pp
How it drifted, 12 quarters
Over this window DIIs went from 13.6% to 19.9% — +6.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.9%, FIIs 17.5%, DIIs 13.6%, Public 10.1%.Dec '23: Promoters 58.9%, FIIs 19.2%, DIIs 12.1%, Public 9.8%.Mar '24: Promoters 58.9%, FIIs 18.2%, DIIs 13.1%, Public 9.8%.Jun '24: Promoters 58.9%, FIIs 18.1%, DIIs 13.2%, Public 9.9%.Sep '24: Promoters 58.9%, FIIs 18.1%, DIIs 13.4%, Public 9.6%.Dec '24: Promoters 58.9%, FIIs 17.8%, DIIs 13.7%, Public 9.7%.Mar '25: Promoters 58.9%, FIIs 17.0%, DIIs 14.5%, Public 9.6%.Jun '25: Promoters 58.9%, FIIs 17.2%, DIIs 14.8%, Public 9.1%.Sep '25: Promoters 58.9%, FIIs 13.6%, DIIs 19.0%, Public 8.5%.Dec '25: Promoters 58.9%, FIIs 14.5%, DIIs 18.5%, Public 8.2%.Mar '26: Promoters 58.9%, FIIs 14.4%, DIIs 19.1%, Public 7.6%.Jun '26: Promoters 58.9%, FIIs 13.8%, DIIs 19.9%, Public 7.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Large & Midcap Fund Mutual fund +0.24 pp 4.19% held
- HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund +0.20 pp 4.94% held
- Sir Ratan Tata Trust (Mr. Noel N. Tata, Chairman Mr. Venu Srinivasan, Vice Chairman Mr. Vijay Singh, Vice Chairman Mr. Jimmy N. Tata Mr. Jehangir H.C. Jehangir Mr. Darius Khambata) newly disclosed 0.00% held
- Sir Dorabji Tata Trust (Mr. Noel N. Tata, Chairman Mr. Venu Srinivasan, Vice Chairman Mr. Vijay Singh, Vice Chairman Mr. Pramit Jhaveri Mr. Darius Khambata Mr. Neville Tata Mr. Bhaskar Bhat) newly disclosed 0.00% held
- PT TQCert Indonesia newly disclosed 0.00% held
- TQ Cert Services LLC, Qatar newly disclosed 0.00% held
- Artifex Systems Slovakia s. r. o. newly disclosed 0.00% held
- Tata International West Asia FZCO newly disclosed 0.00% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tata Comm above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Panatone Finvest Limited | 44.79% | unchanged |
| Tata Sons Private Limited | 14.07% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 4.94% | +0.20 pp |
| Mirae Asset Large & Midcap Fund Mutual fund | 4.19% | +0.24 pp |
| Quant Mutual Fund-Quant Mid Cap Fund Mutual fund | 1.81% | unchanged |
| Rekha Jhunjhunwala - 2 | 1.58% | unchanged |
| Government Pension Fund Global Sovereign | 1.47% | unchanged |
| ICICI Prudential India Opportunities Fund Mutual fund | 1.03% | −0.73 pp |
| Tata Consumer Products Limited | 0.00% | unchanged |
| Voltas Limited | 0.00% | unchanged |
| The Tata Power Company Limited | 0.00% | unchanged |
| Titan Company Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TATACOMM
Filings to Aug 2026
0 new, 7 added, 1 trimmed, 0 sold out — net +1.81 L shares (+3.0%).
- Held by funds
- ₹1.1k Cr
- 17 schemes
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹276 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹276 Cr | held | Aug '25 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹237 Cr | held | Dec '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹131 Cr | held | Dec '22 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹102 Cr | held | Feb '22 |
| HDFC Value Fund HDFC Mutual Fund | ₹80 Cr | held | Apr '26 |
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹68 Cr | +1.67 L | May '26 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹58 Cr | held | Oct '25 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹46 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 1 trimmed — net +1.81 L shares (+3.0%)
- Funds are sitting on
- +26%
- vs est. average cost
- Held by funds
- ₹1.1k Cr
- 17 schemes · ≈ 2.7% of the company
- Biggest holder
- SBI ELSS Tax Saver Fund
- ₹276 Cr · 0.9% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 6y 3m · since Jun '20
Shares held by these funds −58%
Aug '23 61.21 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Tata Comm
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