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Tata Communications

TATACOMM NSE
₹1,754.60 No trade today
P/E
52.87
View as Markdown
MCP
Close 4 Nov 2026 ₹1,754.60 −87.40 −4.74% 1Y
Start ₹1,842.00

Key Fundamentals

MidcapTelecom - ServicesTelecom

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.60%
Debt to Equity
3.55
EPS (TTM)
₹33.19
Book Value
₹119.30
Market Cap
—
P/E (TTM)
52.87
P/B
14.71
ROE
32.60%
Dividend Yield
0.99%
EBITDA
₹5,124 Cr
52W High
₹2,110.00
52W Low
₹1,322.50
Volume
0

Peer Comparison

Telecommunication › Telecom › Telecom Service Provider › Telecom - Cellular & Fixed line services

Tata Communications peer comparison
Bharti Airtel
₹2,067.6042.50₹12,79,365 Cr7.331.16%20.30%17.60%₹2,20,049 Cr₹36,413 Cr
Vodafone Idea
₹12.55—₹1,32,612 Cr—0.00%—−1.72%₹45,539 Cr₹37,406 Cr
Bharti Hexacom
₹1,718.8047.13₹85,730 Cr11.991.06%26.00%21.40%₹9,601 Cr₹1,824 Cr
Tata Communications (this company)
₹1,754.6052.87₹50,323 Cr14.710.99%32.60%14.60%₹25,426 Cr₹936 Cr
Tata Teleservices Maharashtra
₹35.13—₹6,760 Cr—0.00%—55.60%₹1,178 Cr₹38 Cr
Mahanagar Telephone Nigam
₹24.30—₹1,528 Cr—0.00%—−9.32%₹988 Cr−₹3,006 Cr
Reliance Communications
₹0.80—₹221 Cr—0.00%——₹305 Cr−₹9,374 Cr
Median 7 companies₹35.1347.13₹50,323 Cr11.990.00%26.00%16.10%₹9,601 Cr₹936 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
82
Strong
Returns, margins, earnings quality 22% weight
Valuation
38
Weak
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
26
Poor
Solvency, leverage, coverage 9% weight
Momentum
66
Good
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 47.5%
  • Company has been maintaining a healthy dividend payout of 45.9%

Weaknesses

4
  • Stock is trading at 13.9 times its book value
  • The company has delivered a poor sales growth of 7.72% over past five years.
  • Contingent liabilities of Rs.18,056 Cr.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish1711
OscillatorsBullish072
Moving AveragesStrong Bullish109

Key readings

RSI (14)
57.10
Neutral
MACD (12,26,9)
8.90
Bullish
SMA (50)
1,707.85
Bullish
SMA (200)
1,694.56
Bullish

As of

Analyst Rating

Based on 8 analysts
BUY63%

5 of 8 analysts rate Buy, 2 Hold, 1 Sell.

As of

BUY
5
63%
HOLD
2
25%
SELL
1
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+3.17%
5Y+7.72%
3Y+11.61%
1Y+7.33%
TTM+8.31%

Net profit

Net profit growth by window
10Y+58.44%
5Y−4.45%
3Y−17.89%
1Y−45.73%
TTM−44.75%

Operating cash flow

Operating cash flow growth by window
10Y+6.60%
5Y+7.09%
3Y+0.72%
1Y+53.86%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+6.03 pp
5Y−5.48 pp
3Y−4.77 pp
1Y−0.33 pp
TTM−0.13 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹17,620 Cr
Mar 2018₹16,772 Cr
Mar 2019₹16,525 Cr
Mar 2020₹17,068 Cr
Mar 2021₹17,100 Cr
Mar 2022₹16,725 Cr
Mar 2023₹17,838 Cr
Mar 2024₹20,969 Cr
Mar 2025₹23,109 Cr
Mar 2026₹24,803 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,235 Cr
Mar 2018−₹326 Cr
Mar 2019−₹80.00 Cr
Mar 2020−₹85.00 Cr
Mar 2021₹1,252 Cr
Mar 2022₹1,485 Cr
Mar 2023₹1,801 Cr
Mar 2024₹970 Cr
Mar 2025₹1,837 Cr
Mar 2026₹997 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,480 Cr +5.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Tata Communications Ltd trades at ₹1,755.5 as of 2026-11-02 with a market cap of ₹48,920.7 Cr, commanding a PE of 52.89x and a price-to-book of 14.72x. The company carries a debt-to-equity ratio of 3.55 and an ROE of 27.56%, reflecting a leveraged but profitable business model with revenue growing at 8% TTM against flat profit growth.

Bull Case 7
  • Strong return on equity of 27.56% as of 2026-11-02, supported by a 3-year average ROE of 48% and 5-year average ROE of 74%, indicating consistently high capital efficiency
  • Compounded sales growth of 12% over 3 years and 8% TTM shows steady revenue momentum in the enterprise digital infrastructure segment
  • Healthy dividend payout ratio of 45.9% with a current dividend yield of 1.04%, providing tangible shareholder returns even at elevated valuations
  • 10-year compounded profit growth of 49% demonstrates the company's long-term earnings expansion capability through business transformation
  • Stock price of ₹1,755.5 sits well above its 52-week low of ₹1,322.5, representing a 32.7% recovery from the bottom, suggesting sustained investor interest
  • 10-year stock CAGR of 16% reflects meaningful long-term wealth creation for shareholders over a full market cycle
  • ROCE of 15.29% remains positive even with the leveraged balance sheet, indicating that borrowed capital is being deployed productively
Bear Case 7
  • Debt-to-equity ratio of 3.55 is significantly elevated, exposing the company to interest rate risk and limiting financial flexibility in a downturn
  • Price-to-book of 14.72x (approximately 13.9x book value) is extremely high, implying the market has priced in substantial future growth that may not materialise
  • Compounded profit growth has been negative over 3 years (-15%) and 5 years (-4%), with TTM profit growth at 0%, signalling earnings stagnation despite revenue increases
  • Contingent liabilities of ₹18,056 Cr are a material overhang — this figure is roughly 37% of the current market cap of ₹48,920.7 Cr and could crystallise into real obligations
  • 5-year compounded sales growth of only about 8% is modest for a stock trading at 52.89x earnings, creating a valuation-growth mismatch
  • Stock is 16.8% below its 52-week high of ₹2,110, and the 3-year stock CAGR of -3% indicates the share price has destroyed value over the medium term
  • Potential capitalisation of interest costs raises questions about reported profitability, as expensing these costs would reduce stated earnings and inflate the already high PE ratio further

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Tata Communications is making a bold infrastructure bet with its $450M AI Super Highway targeting India's booming DC-to-DC connectivity market, backed by strong Q2FY27 results showing 86.3% profit growth and 9.6% revenue growth. The existing global network of 500,000+ km subsea fibre and proven hyperscaler delivery provide a credible foundation. Key risks center on the absence of signed contracts for the new network, execution challenges from subsea outages, and pricing pressure in core connectivity. The next 6 months are critical as management converts advanced customer discussions into binding commitments — contract announcements will determine whether this is a first-mover advantage or premature capital deployment.

Headwinds 4
  • AI Super Highway contracts unsigned Oct 26

    Despite $450M planned investment over 3-5 years for a 10,000-km AI fibre network, the company is only in 'advanced discussions' with customers and has not yet announced any signed contracts for the AI Super Highway.

  • Subsea cable and outage risks Oct 26

    Red Sea disruptions affected operations from Q2 into Q3 FY26, and three cable systems went down in Q4 FY25 with repairs delayed by regional conflict, highlighting infrastructure vulnerability.

  • Utilisation risk on heavy capex Oct 26

    Roughly ₹4,350 crore of capex funded from internal cash flows could earn low returns if data-centre connectivity demand or commissioning timelines lag expectations.

Positives 5
  • $450M AI Super Highway investment Oct 26

    Tata Communications announced a $450M (~₹4,280 crore) investment to build a 10,000-km AI-ready fibre network targeting 30-40% of a DC-to-DC connectivity market estimated to exceed $1B by 2030, with Phase 1 covering Mumbai-Pune-Hyderabad-Chennai.

  • Strong Q2FY27 profit growth Oct 26

    Consolidated net profit rose 86.3% YoY to ₹341.03 crore in Q2FY27, with revenue from operations up 9.6% YoY to ₹6,687.89 crore. H1FY27 revenue reached ₹13,270.71 crore versus ₹12,059.60 crore a year ago.

  • Spain court annuls €33M VAT demand Oct 21

    The National Court of Spain annulled a VAT demand and penalty totaling over EUR 33 million against subsidiary TC Spain, though the ruling remains subject to further legal processes.

Neutral 4
  • Kaleyra intra-group merger completed Oct 31

    Tata Communications completed the merger of Kaleyra Inc into Kaleyra US Inc on October 31, 2026, simplifying group structure with no expected material impact on consolidated financials.

  • Core connectivity margins stable Oct 16

    Core connectivity margins estimated at 44.8% for the quarter, expected to remain stable, with the company targeting EBITDA positivity through revenue growth and operational efficiency.

  • Director Ashok Sinha exits board Oct 8

    Independent Director Ashok Sinha ceased his role on October 8, 2026, after completing his tenure on the Tata Communications board.

Quarterly Results

₹ Cr
TATACOMM quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
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
6,688
Expenses
3,747
3,857
4,435
4,569
4,456
4,598
4,617
4,868
4,823
4,926
4,961
5,270
5,353
5,266
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
1,230
—
OPM %
21%
21%
21%
19%
20%
20%
20%
19%
19%
19%
20%
20%
19%
—
Other Income
191
25
−212
−32
85
29
−7
926
−46
−38
183
63
−93
—
Interest
131
137
184
186
172
189
187
182
177
202
201
182
186
198
Depreciation
580
605
603
651
634
648
637
672
666
679
751
731
739
741
PBT
504
298
154
207
417
321
350
1,193
249
255
458
434
211
460
Tax %
26%
26%
74%
−52%
21%
30%
36%
15%
26%
32%
22%
42%
41%
27%
Net Profit
382
221
45
322
333
227
236
1,041
190
183
364
259
130
336
EPS (₹)
13.39
7.74
1.57
11.27
11.68
7.97
8.28
36.5
6.67
6.42
12.82
9.24
4.71
—

Sep 2026: from the results filed on 15 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
TATACOMM profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
19,913
18,149
17,620
16,772
16,525
17,068
17,100
16,725
17,838
20,969
23,109
24,803
25,426
Expenses
16,919
15,714
15,214
14,359
13,780
13,779
12,840
12,498
13,520
16,739
18,540
19,980
20,510
Operating Profit
2,994
2,434
2,406
2,412
2,745
3,289
4,261
4,227
4,318
4,230
4,569
4,822
4,916
OPM %
15%
13%
14%
14%
17%
19%
25%
25%
24%
20%
20%
19%
19%
Other Income
291
82
1,294
−116
62
−321
82
338
440
47
1,033
162
114
Interest
751
409
367
344
397
471
420
360
432
644
729
762
771
Depreciation
2,161
1,864
1,866
1,906
2,068
2,358
2,314
2,205
2,262
2,470
2,592
2,827
2,900
PBT
373
243
1,467
46
343
140
1,609
2,000
2,063
1,163
2,281
1,396
1,358
Tax %
99%
96%
16%
778%
80%
162%
22%
26%
14%
18%
21%
31%
—
Net Profit
3
10
1,235
−326
−80
−85
1,252
1,485
1,801
970
1,837
997
936
EPS (₹)
0.05
0.3
43.26
−11.53
−2.89
−3.02
43.88
51.99
63.02
33.98
64.43
35.14
33.19
Div. Payout %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
14%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
32%
40%
33%
49%
39%
50%
—

Balance Sheet

₹ Cr
TATACOMM balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
285
285
285
285
285
285
285
285
285
285
285
285
Reserves
36
−648
1,307
214
−467
−1,563
−170
643
1,233
1,501
2,736
3,162
Borrowings
13,076
14,231
9,214
8,927
9,935
12,413
11,394
9,122
8,577
11,263
12,357
12,249
Other Liabilities
10,798
11,230
10,228
10,131
10,198
10,996
9,797
9,588
10,424
11,316
11,065
12,591
Total Liabilities
24,195
25,098
21,033
19,557
19,951
22,131
21,306
19,638
20,519
24,365
26,444
28,287
Fixed Assets
14,704
14,444
10,929
10,797
11,289
12,768
11,520
10,936
10,500
13,467
13,919
15,481
CWIP
638
800
751
520
361
349
493
852
1,148
1,327
1,100
850
Investments
1,768
1,837
2,434
1,250
1,491
1,563
2,233
1,565
1,951
1,608
2,714
2,297
Other Assets
7,086
8,017
6,920
6,990
6,809
7,451
7,060
6,284
6,921
7,963
8,711
9,659
Total Assets
24,195
25,098
21,033
19,557
19,951
22,131
21,306
19,638
20,519
24,365
26,444
28,287

Cash Flow

₹ Cr
TATACOMM cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3,028
2,363
2,394
1,713
1,844
2,525
3,180
4,204
4,384
3,182
2,911
4,479
Investing
−1,908
−2,313
940
−500
−2,284
−1,521
−2,007
−894
−1,836
−2,641
−2,173
−1,434
Financing
−1,388
−9
−3,276
−959
−28
−942
−1,205
−3,431
−2,241
−813
−936
−2,937
Net Cash Flow
−268
41
58
254
−467
61
−32
−121
308
−272
−198
108
Free Cash Flow
1,257
334
598
102
106
844
1,828
2,554
2,899
1,110
711
2,060
CFO/OP
105
114
130
82
88
85
86
97
106
80
82
108

Ratios

TATACOMM financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
61
54
64
66
69
56
56
56
65
63
61
Cash Conversion Cycle
46
61
54
64
66
69
56
56
56
65
63
61
Working Capital Days
−155
−139
−105
−125
−124
−150
−88
−103
−119
−151
−107
−120
ROCE %
8%
7%
23%
8%
8%
9%
18%
22%
24%
18%
15%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Tata Communications insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.85%
  • DIIs 20.21%
  • FIIs 13.54%
  • Public 6.12%
  • Others 1.28%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Tata Communications

What does Tata Communications Ltd do?
Tata Communications was incorporated on March 19, 1986 as VSNL. In February 2002, the Government of India, as per their disinvestments plan, sold 25% of their holding in the company to the strategic partner. Consequently, the company was taken over under the administrative control of TATA.
Where is Tata Communications Ltd (TATACOMM) listed?
Tata Communications Ltd trades as TATACOMM on the NSE and under code 500483 on the BSE.
Which sector does Tata Communications Ltd belong to?
Tata Communications Ltd is classified under the Telecom sector, in the Telecom Service Provider industry.
What is the PE ratio of Tata Communications Ltd?
Tata Communications Ltd trades at a PE ratio of 52.87 as of 4 Nov 2026, on earnings per share of ₹33.19, against a book value of ₹119.3 per share.
What is the 52-week high and low of Tata Communications Ltd?
Over the last 52 weeks Tata Communications Ltd has traded between ₹1,322.5 and ₹2,110 as of 4 Nov 2026.
Does Tata Communications Ltd pay dividends?
Tata Communications Ltd has a dividend yield of 0.99%.
What is the Return on Equity (ROE) of Tata Communications Ltd?
Tata Communications Ltd reported a return on equity of 32.60%. Its debt-to-equity ratio is 3.55.

Company Information

Tata Communications was incorporated on March 19, 1986 as VSNL. In February 2002, the Government of India, as per their disinvestments plan, sold 25% of their holding in the company to the strategic partner. Consequently, the company was taken over under the administrative control of TATA. It is the leading global digital ecosystem enabler. It has a leadership position in emerging markets, and an infrastructure that spans the globe. It delivers managed solutions to multinational companies and service providers. It partners with 300 of the Fortune 500 companies with their state-of the-art solutions, including a wide range of communication, collaboration, cloud, mobility, connected solutions, network and data center services.

Website tatacommunications.com
CEO Mr. Amur Swaminathan Lakshminarayanan
Employees 5,852
Listed 12 Apr 1995
Face Value ₹10

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