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Tata Group global enterprise connectivity provider operating undersea cables, cloud networking and communications services.
Tata Group global enterprise connectivity provider operating undersea cables, cloud networking and communications services.
Began as VSNL, India's state-run international telephone carrier, privatised in 2002 and bought by the Tata Group. Wholesale voice and connectivity sold to carriers is the older base, while newer services such as cloud networking, security and IoT, connected devices, are where growth is aimed. It owns and leases undersea cable capacity sold under long-term contracts.
In one line: India's global-network arm, similar to a smaller Lumen Technologies/Colt.
Moat: narrow (scale, installed base). One of the world's largest wholesale voice/data carriers with an extensive undersea cable network.
Headquarters: Mumbai, India · Founded: 1986 · Employees: 9,781
Size Tata Communications (TATACOMM.NS) is an India Communication Services company (Major Telecommunications) with a market value of $5.15B, the 205th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,705 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against -7.9% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +1.4%); the operating margin is 8.5% (peer median 11.1%).
Valuation It trades at 30.9× forward earnings against a peer median of 15.5× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +26 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.2 points below its cost of capital (16.2% WACC).
Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹260B | ₹248B | ₹231B | ₹208B | ₹178B |
| Revenue growth | — | +7% | +11% | +17% | — |
| Gross profit | ₹59.4B | ₹32.7B | ₹34.8B | ₹33.1B | ₹28.2B |
| EBITDA | ₹51.6B | ₹48.4B | ₹45.9B | ₹43.4B | ₹43.4B |
| Net income | ₹11.0B | ₹10.4B | ₹15.3B | ₹9.68B | ₹18.0B |
| Free cash flow | n/a | ₹15.6B | ₹1.60B | ₹6.00B | ₹25.5B |
| Capital expenditure | n/a | ₹24.3B | ₹22.1B | ₹20.8B | ₹14.9B |
| Total debt | ₹134B | ₹122B | ₹124B | ₹113B | ₹85.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tata Communications TATACOMM.NS | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% |
| Bharti Airtel BHARTIARTL.NS | $139B | +15% | +20% | 32% | 33.3× | 20.4% |
| Lumen Technologies LUMN | $4.12B | -59% | -8% | -3% | n/a | 5.1% |
| Ntt 9432.T | $86.6B | +5% | +8% | 12% | 12.7× | n/a |
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
| Verizon VZ | $189B | -3% | +1% | 24% | 8.8× | -7.2% |
| Cogent Communications CCOI | n/a | -76% | n/a | n/a | n/a | n/a |
| Sify Technologies Limited Sponsored ADR SIFY | $941M | -20% | +11% | 8% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TATACOMM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | +2.9% | 10th lowest of 21 |
| 6-month return | +7.0% | -7.9% | 6th highest of 21 |
| Distance from 52-week high | -19.2% | -19.1% | 11th highest of 21 |
| Revenue growth (TTM) | +9.1% | +1.4% | 3rd highest of 21 |
| Operating margin | 8.5% | 11.1% | 7th lowest of 21 |
| Forward P/E | 30.9× | 15.5× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 34.1% | 0.4% | most demanding of 18 |
| Growth delivered (Del g) | +7.7% | +2.7% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | +26.4 pp | -4.4 pp | most demanding of 18 |
| ROIC minus cost of capital | -6.2 pp | +1.0 pp | 4th lowest of 20 |
| EV / EBITDA | 11.9× | 8.6× | 4th most expensive of 18 |
| Net debt / EBITDA | 2.5× | 2.8× | 9th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 12.8× | 4.1% | +8.4% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 25.3× | 2.3% | +10.2% |
| Liberty Global LBTYA | United States | $3.28B | -19% | -27% | -1% | n/a | n/a | n/a |
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 44.5× | 16.0% | +2.3% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| ITI ITI.NS | India | $2.53B | -18% | -41% | -1% | n/a | n/a | n/a |
| Eutelsat Communications ETL.PA | France | $2.40B | -40% | -1% | -6% | n/a | n/a | n/a |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 19.5× | 5.7% | -2.2% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| Liberty Latin America LILA | United States | $1.73B | +72% | +1% | 17% | n/a | 0.5% | +3.4% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Guangdong South New Media 300770.SZ | China | $1.37B | +7% | -6% | 37% | 13.8× | -1.5% | +5.9% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| Gamma Communications GAMA.L | United Kingdom | $1.32B | +23% | +7% | 15% | 11.9× | -0.4% | +10.4% |