TANLA
Micro CapTanla Platforms Limited
IT
Tanla Platforms focuses on Digital Platforms (Innovation Engine) and Enterprise Communications (Scale with enterprise). Digital Platforms is 100% SaaS. Enterprise Communications holds ~35% market share in India, providing E2E omnichannel presence (SMS, Voice, OTT, chatbot) with 10k+ APIs deployed for enterprises.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +15% YoY · PAT +15% YoY · +5% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,178 Cr | +15.0% | +5.1% |
| EBITDA | ₹192 Cr | +17.8% | +0.5% |
| Operating margin | 16.0% | +0 bps | -100 bps |
| PAT | ₹134 Cr | +14.5% | +2.3% |
| PAT margin | 11.4% | -5 bps | -31 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 Revenue grew 15.0% YoY and 2.2% QoQ to ₹11,775 Mn. FY26 Revenue grew 9.7% YoY to ₹44,177 Mn. PAT growth was 14.5% YoY (Q4) and 0.4% YoY (FY26), impacted by rising indirect costs.
Revenue and gross profit growth remain robust, driven by both existing and new customers. However, the significant increase in indirect costs, particularly employee and forex, is compressing EBITDA and PAT margins, warranting close monitoring of efficiency.
Wisely Ai & MaaP Platform
YoY growth is led by Wisely Ai, MaaP platform and OTT channels.
Existing Customer Wallet Share
Sequential growth of ₹565 Mn was primarily organic, driven by increased wallet share from existing customers.
Net New Customers
Revenue growth of ₹3,900 Mn was driven by ₹1,998 Mn from net new customers in FY26.
OTT Channels
Enterprise Communication growth led by OTT channels.
Evolving CPaaS Industry in India
The CPaaS industry in India is evolving rapidly.
Pace of Digital Communication Adoption
The pace of digital communication adoption is a factor influencing results.
Increased Indirect Costs
Indirect costs, as a percentage of revenue, increased from 8.9% to 10.0% YoY primarily driven by higher employee cost and Forex.
Forex Fluctuations
Full-year forex impact was driven by currency fluctuations in USD and Euro.
RSU Costs
Increase in RSU costs by ₹186 Mn was due to issuance of performance-linked grants to drive growth.
Market Conditions
Changes in market conditions may cause actual results to differ materially.
Pricing Pressure and Competition
Pricing pressure and competition are significant risks.
Customer Concentration
Customer concentration is identified as a significant risk.
Cyber Security Incidents
Cyber security incidents are among the significant risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides both YoY and QoQ figures for Q4, indicating that sequential momentum is important for tracking execution and customer wallet share, while YoY provides a broader view of annual growth trends.
FY26 Revenue Growth
Delivered 9.7% YoY revenue growth to ₹44,177 Mn.
Q4 FY26 Revenue Growth
Revenue grew by 2.2% QoQ and 15.0% YoY to ₹11,775 Mn.
FY26 EBITDA Margin
EBITDA margin decreased by 77 bps to 16.4% in FY26.
Q4 FY26 Gross Profit Margin
Overall gross profit margin was 27.0% in Q4 FY26.
Conscious Investments for Growth
Gross profit to EBITDA conversion is at 61.6% in FY26 due to conscious investments made for growth.
Investment in Talent
Total investment in talent for FY26 was ₹457 Cr, representing 56% of total investment.
Shareholder Returns
₹12,600 Mn cash returned to shareholders over six years starting from FY21 to FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Indirect Costs as % of Revenue | 10.0% (FY26) | Trends in indirect costs relative to revenue, especially employee and forex impacts, given the increase. |
| Days Sales Outstanding (DSO) | 82 days (FY26) | Further increases in DSO, which could indicate potential working capital strain or collection issues. |
| Gross Profit to EBITDA Conversion | 61.6% (FY26) | The efficiency of converting gross profit to EBITDA, especially as management cites 'conscious investments for growth'. |
| Revenue from New Customers | ₹1,998 Mn (FY26) | Sustained contribution and growth from newly acquired customers as a driver of overall revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +16.0% / mo
Technical chart
TANLAdaily · 3Y-15.5%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 50.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 9.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 42.4%.
Main drags
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
- Valuation is weaker at 19/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 94th percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -4.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 94th pctile, median 68 · Micro: 93rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.1%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸ROCE trend is -4.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 13.10
- P/B
- 2.68
- EV/EBITDA
- 7.96
- Market Cap
- 6678.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 26.20%
- ROA
- 13.65%
- Dividend Y
- 2.39%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 181.00×
- Altman Z
- 6.22
- Book Value
- 188.00
Cash Flow
- FCF Yield
- 9.31%
- FCF Positive Y
- 11/5
- OCF
- 574.00 Cr
- EPS TTM
- 38.39
Shareholding
- Promoter Hold
- 46.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 34%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.