Tanla margin trails IT peer median as ValueFirst weighs on EBITDA
Consolidated operating margin was 15.86%, 3.71 percentage points below the 24-peer median; management cited ValueFirst operations and investment in GTM and innovation.
Filed 27 Oct 2026, 17:29 IST · after market close · Tanla Platforms Ltd (TANLA)
Key takeaways
- Tanla’s consolidated operating margin was 15.86%, 3.71 percentage points below the 19.57% median for 24 IT peers.
- Management said the consolidation of ValueFirst’s lower-profitability international operations affected EBITDA growth, while operating profit was Rs 214.33 cr.
- Management said Digital Platforms grew 1.6% sequentially and 6.4% year on year, led by Wisely.ai and the RCS MaaP Platform.
Price around the results
Profitability was the key read-through
Tanla reported consolidated operating profit of Rs 214.33 cr on revenue of Rs 1,351.75 cr, translating to a 15.86% operating margin. Net profit was Rs 146.42 cr, while other income contributed Rs 12.06 cr against profit before tax of Rs 187.30 cr. The quarter therefore needs to be read mainly through operating profitability rather than non-operating income.
ValueFirst added mix pressure
Management said the consolidation of ValueFirst’s international operations, which currently have lower profitability, affected EBITDA growth. The company also said it was investing in talent across go-to-market and innovation to support long-term growth. These factors add to the explanation for the quarter’s operating-margin profile.
Digital Platforms supplied the growth momentum
Management said Digital Platforms grew 1.6% sequentially and 6.4% year on year in Q2FY27, led by Wisely.ai and the RCS MaaP Platform. It said Enterprise Communications also grew sequentially and year on year, driven by OTT expansion among existing customers. WhatsApp and RCS accounted for 48% of new customers, according to the company.
Margin remained below the IT peer median
Tanla’s 15.86% operating margin was 3.71 percentage points below the 19.57% median for 24 IT companies that had reported the same quarter, ranking eighth from the bottom. The results were filed after market close, so there is no post-results stock reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,352 cr |
| Other income | ₹12 cr |
| Expenses | ₹1,137 cr |
| Operating profit | ₹214 cr |
| Operating margin (%) | 15.86% |
| Interest | ₹2 cr |
| Depreciation | ₹37 cr |
| Profit before tax | ₹187 cr |
| Tax | ₹41 cr |
| Net profit | ₹146 cr |
| EPS (₹) | ₹11.09 |
Operating margin of 15.86% compares with a Information Technology sector median of 19.57% across 24 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Digital Platforms grew 1.6% sequentially and 6.4% year on year in Q2 FY27.
- Digital Platforms’ year-on-year growth was led by Wisely.ai and the RCS MaaP Platform.
- Enterprise Communications growth was driven by strong OTT expansion across existing customers.
- Forty-eight percent of new customers were added on WhatsApp and RCS.
Expansion
- The company consolidated ValueFirst’s international operations, which currently operate at lower profitability levels.
New initiatives
- The company is investing in talent across go-to-market and innovation to support long-term growth.
Problems & risks
- The company said EBITDA growth was affected by ValueFirst’s international operations, which have lower profitability levels.
- EBITDA and PAT growth were partially impacted by the ValueFirst overseas acquisition.
What to watch
- Whether consolidated operating margin moves above or below 15.86% as ValueFirst’s international operations remain in the mix.
- Whether Digital Platforms sustains growth relative to 1.6% sequentially and 6.4% year on year.
- The share of new customers added on WhatsApp and RCS versus 48%.