Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Oct - Tata Communications and Air India launch EasyRoam travel SIM for international roaming in 30 countries.
Source: Bse
Tata Communications Limited (TATACOMM)
Mid CapTelecom stocks · Mid cap · NSE
Tata Communications is a global commtech player serving over 50% of the Global Fortune 500, with ~60% of revenue from international markets. It offers a broad portfolio including network backbone, cloud, security infrastructure, and an AI-enabled interaction fabric, aiming to provide unified infrastructure for enterprise AI transformation.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 01:59 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -3.0% / mo · MACD +
Stock trend: 39
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TATACOMMD candles · FIT view+7.4%Latest close ₹1691.70 on 2026-10-21
Bar
-1.5%
RSI
48
MACD hist
7.02
52W pos
47%
2026-10-21O ₹1718.00H ₹1738.40L ₹1663.00C ₹1691.70Vol 2.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TATACOMMNifty TelecommunicationsNifty 500
- TATACOMM
- -7.0%
- Nifty 500
- -6.5%
- Nifty Telecommunications
- +1.0%
- Vs Nifty 500
- -0.5 pp
Chart stats
21 Oct 2026- From 52W high
- -19.8%
- 52W range position
- 47%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹88.6 Cr
- 20D price channel
- ₹1,617.5 - ₹1,866
₹2,110
₹1,322.5 - ₹2,110
₹62.2
Latest completed session
20-session average
28.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +9.6% · PAT +83.4% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-697.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 80/100Rev +10% YoY · PAT +83% YoY · margin expansion · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,687.9 Cr | +9.6% | +1.6% |
| EBITDA | ₹1,421.9 Cr | +21.1% | +15.6% |
| Operating margin | 21.3% | +226 bps | +257 bps |
| PAT | ₹335.6 Cr | +83.4% | +158.7% |
| PAT margin | 5.0% | +202 bps | +305 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 41.00
- P/B
- 14.65
- EV/EBITDA
- 7.76
- Market Cap
- 49685.00Cr
Profitability
- ROE
- 32.60%
- ROCE
- 14.60%
- ROA
- 3.75%
- Dividend Y
- 1.05%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -4.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -15.00%
Balance Sheet
- Debt/Equity
- 3.93
- Interest Coverage
- 6.73×
- Altman Z
- 2.84
- Book Value
- 119.00
Cash Flow
- FCF Yield
- 6.13%
- FCF Positive Y
- 11/5
- OCF
- 4479.00 Cr
- EPS TTM
- 38.73
Shareholding
- Promoter Hold
- 58.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 6,688+1.6% vs prev
Net Profit
₹ CrLatest: 336+158.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 20% off 52W high · 28% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 3 Topping
1M return
-2.4%
3M return
-7.0%
6M return
+7.0%
1Y return
-11.4%
RS 1D
-2
RS 20D
+1
Sector rank
#7
Industry rank
#6
Stage evidence
- 17.9% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+1.4% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
improving
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 109.21-0.64%
RS vs Nifty 500109
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation1/30
Growth6/25
Quality15/20
Balance Sheet3/15
Cash Flow9/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 6.1%.
- Cash flow contributes 9/10 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Fair-value margin of safety is negative at -697.1%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
41.0
PB
14.7
EV/EBITDA
7.8
ROE
32.6%
ROCE
14.6%
FCF Yield
6.1%
Debt/Equity
3.9
MoS
-697.1%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-697.1%
Previous: -709.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
36
36
36
36
36
34
37
37
37
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹322.02
-425.3% MoS
Growth-justified P/E
5.5
Growth-justified Value
₹212.24
-697.1% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Telecom — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BHARTIHEXA
Large
Bharti Hexacom Limited
Telecom Services
match 80
59
43.9
26.0%
-6%
FAIR VALUE
TTML
Large
Tata Teleservices (Maharashtra) Limited
Telecom Services
match 79
32
—
—
-1304%
WATCHLIST
RCOM
Small
Reliance Communications Limited
Telecom Services
match 77
25
—
—
—
OVERVALUED
MTNL
Small
Mahanagar Telephone Nigam Limited
Telecom Services
match 77
16
—
—
—
OVERVALUED
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 76
57
19.6
28.9%
+53%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T07:55:37.281Z
Management commentary snapshot
Q4 FY26 consolidated revenue grew 9.4% YoY, with data revenue up 11.5% YoY and digital portfolio growing 16.7% YoY. EBITDA increased 14.4% YoY, and net debt-to-EBITDA improved to 1.99x. PAT declined significantly YoY due to prior year asset sales.
Management is focused on driving profitable growth and disciplined capital allocation, with strong momentum in the digital portfolio. The new CEO emphasizes integrating offerings to capitalize on enterprise AI and backend digitization, which aligns with long-term industry trends. Improving debt metrics and FCF are positive.
Current business mix
Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
International60.0%
India40.0%
Growth engines
Enterprise AI at Scale
Uniquely combining network, cloud, security, and AI-enabled Interaction Fabric into a programmable platform to power enterprise AI at scale globally.
Backend Digitization
Big opportunity in developing markets where customer front-end is digitized but supply chain, factories, and logistics back-end are not.
Next-Gen Connectivity Platforms
Leading the pack with 24% growth YoY, providing AI-ready connectivity with higher bandwidth and speed.
IZO Multi Cloud Connect
Connects across multiple locations, provides direct low latency, lowers egress cost, and is a scalable interconnect platform for large multi-cloud environments.
Capacity and execution
Data Center Connectivity
IZO DC-to-DC connectivity globally is a big opportunity, expected to be at least a $1 billion opportunity in India by 2030.
Data Center Bandwidth Demand
Mumbai expects 10-12 new data centers, leading to a 4x increase in data center bandwidth need, which TATACOMM is positioned to capture.
Tailwinds
AI-led Transformation
The real ROI of AI investments comes when AI works with enterprise intelligence and data, requiring unified infrastructure.
Backend Digitization Opportunity
Significant white space in developing markets for digitizing supply chains, factories, and logistics using network, cloud, and Edge capabilities.
Growth of GCCs in India
Ability to enable Global Capability Centers (GCCs) with secure, cloud-ready, globally connected network environments allows capitalization on their growth.
Exploding Data Center Demand in India
The number of data centers coming up in India is expected to explode, creating demand for resilient, low-latency B2B network connectivity.
Headwinds
Geopolitical Developments in West Asia
Potential near-term headwinds arising from geopolitical developments in West Asia.
Demand Side Risks from Geopolitics
Seeing some events getting postponed and cancelled, like F1 and MotoGP races, impacting demand.
Risk radar
Geopolitical Instability
Assessing multiple risks, including demand side impacts (postponed events) and potential cost side challenges (energy, chip-related costs).
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY comparison provides a clear view of overall business trends and full-year performance, while QoQ highlights sequential momentum, particularly in the fast-growing digital portfolio and for tracking quarterly margin shifts.
Sector KPIs management disclosed
Consolidated Revenue
FY26: INR 24,803 crore (+7.3% YoY); Q4 FY26: INR 6,554 crore (+9.4% YoY, +5.9% QoQ). Forex-normalized Q4 revenue growth: +3.7% YoY, +3.8% QoQ.
Data Revenue
FY26: INR 21,352 crore (+9.4% YoY); Q4 FY26: INR 5,684 crore (+11.5% YoY, +6.1% QoQ).
Digital Portfolio Growth
FY26: +16.7% YoY; Q4 FY26: +9.4% QoQ. Growth was broad-based, with Media and MOVE/IoT growing north of 20% QoQ.
Next-Gen Connectivity Growth
FY26: +24% YoY.
Management forward view
Prioritize Profitable Growth
Entering a phase to prioritize profitable growth, focusing on improving quality and durability of growth and absolute EBITDA growth YoY.
Strengthen Execution Momentum
Immediate priority is ensuring continuity in strategy, strengthening execution momentum, and delivering profitable growth.
Digital Portfolio Breakeven
Focus on improving digital product portfolio profitability and accelerating high-margin products to achieve breakeven at the earliest.
Integrated Storytelling
Need to do a better job of explaining the full, integrated portfolio and unified infrastructure story to customers to scale enterprise AI.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Digital Portfolio Profitability | Losses on the digital portfolio have come down in Q4. | Progress towards breakeven for the digital portfolio and sustained improvement in digital margins. |
| Absolute EBITDA Growth | Q4 absolute EBITDA grew in double-digits. | Sustained healthy YoY absolute EBITDA growth, indicating improved quality and durability of growth. |
| Order Book Conversion to Revenue | Healthy double-digit YoY order book growth, but underlying revenue growth is less than 9%. | Acceleration in revenue growth, ideally mid-teens or early teens, reflecting better conversion of the strong order book. |
| Impact of Geopolitical Developments | Demand side risks (postponed events) observed; cost side (energy, chip) tracked closely with no big issue yet. | Any material impact on demand or cost side from geopolitical events, especially in West Asia. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 69th percentile within Telecom. Main check: balance sheet trust is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
72 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Telecom: 69th pctile, median 66 · Mid: 31st pctile, median 76
Evidence depth
Financial-only
72 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
48
watch · leverage and solvency
Discipline
56
watch · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 58.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.1%.
- ▸11 years of positive FCF.
Trust risks
- ▸Debt/equity is 3.93.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Revenue CAGR is 12% but EPS CAGR is -15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tata Communications Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug - Tata Communications to attend Ashwamedh - Elara India Dialogue 2026 in Mumbai on September 1, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Restructuring 8 Sep - Kaleyra Africa, a non-operating indirect subsidiary, was dissolved on September 4, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Tata Communications will attend PL Capital Mid and Small Cap Conference 2026 on September 28, 2026 in Mumbai.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 5h - Tata Communications appoints Narottam Sharma as Chief Transformation Officer effective September 21, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Aug - Tata Communications and TMPV announce 5G connectivity for Sierra.ev on 25 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Aug - Allotment of 68,894 Equity Shares under Tata Communications Limited - Employee Stock Unit Plan 2023
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 13 Jun - Allotment of 16,749 Equity shares under Tata Communications Limited - Employee Stock Unit Plan 2023
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 9 May - Tata Communications signed SPA on May 8, 2026 to buy 26% in Clean Max Yuhdul for ₹26,000.
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 28 Apr - Earnings Call Transcript pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.