Tanla Platforms Limited Q3 FY26 Earnings Call Summary

Summary

Tanla Platforms Limited - Q3 FY26 Earnings Call Summary Friday, January 23, 2026, 3:30 PM IST

Event Participants

Executives 5 Anubhav Batra (CFO), Deepak Goyal (Executive Director & CBO), Ritu Mehta (Head of IR), Seshanuradha Chava (General Counsel & CS), Uday Kumar Reddy (Founder, Chairman & CEO)

Analysts 7 Abhishek Chauhan (Eklavya Capital), Amit Chandra (HDFC Securities), Deepak Chokhani (Rade Capital), Dharwi Sharma (Mudita Growth Partners), Gopinath (Individual Investor), Jyoti Singh (Arihant Capital), Rahil Shah (Sapphire Capital)

Financials & KPIs

Geographic & Segment Commentary

• Enterprise Communication: The segment saw a recovery in both OTT and traditional SMS volumes. Growth was driven by new customer additions and a shift toward more profitable routes, including international message termination.
• Digital Platforms: Secured a new Anti-Phishing (ATP) deal with a major Indian bank, expected to commence billing in February 2026. The Wisely.ai platform is being positioned for global expansion to capitalize on geographical demand.
• OTT & RCS: Tanla was recognized as Meta’s “Partner of the Year,” strengthening its position in the WhatsApp business despite pricing volatility from Meta. RCS is emerging as a high-ROI, cheaper alternative channel where Tanla maintains market leadership.

Company-Specific & Strategic Commentary

• Innovation Engine: A new proprietary platform is scheduled to go live by the end of Q4 FY26, targeting both telcos and enterprises. The company is focusing on “category creator” products to expand its Addressable Market (TAM) beyond traditional CPaaS.
• Government Digital Transformation: Launched a citizen-engagement bot for the Tamil Nadu e-governance agency covering 55 departments. The project operates on a per-transaction revenue model, with similar state-level projects currently in the pipeline.
• Consolidation Strategy: Management noted the exit or decline of international competitors (Twilio/ValueFirst, Infobip) in India, reinforcing Tanla’s domestic dominance through local expertise and complex regulatory compliance.

Guidance & Outlook

Risks & Constraints

Q&A Highlights

Enterprise & OTT Recovery

• Question: What is driving the recovery in enterprise—seasonality or structural changes? (Amit Chandra)
• Answer: It is a mix of new customer additions and a focus on profitable routes. WhatsApp demand remains strong despite Meta’s price hikes because the ROI for enterprises is high (Deepak Goyal).

Platform Business & TAM

• Question: Is the CPaaS market saturating, and how will you use your ₹1,000 crore cash? (Deepak Chokhani)
• Answer: The market is not saturated, growing at 8-12%. We are spending on geographical expansion and internal innovation for “greenfield” opportunities to expand our TAM (Anubhav Batra).

New Technology Threats

• Question: Will “Passkeys” replace SMS-based OTPs and hurt volumes? (Dharwi Sharma)
• Answer: OTP remains the most secure channel and continues to grow. Even if some authentication shifts, notification volumes from UPI and digital transactions are “going through the roof” (Anubhav Batra).

ValueFirst & NIC Status

• Question: Why is the ValueFirst International deal delayed, and what is the impact of losing the NIC contract? (Gopinath)
• Answer: We are responding to regulatory queries on the acquisition (Anuradha Chava). The NIC SMS impact is not material to the bottom line, and we are contesting the tender award due to eligibility anomalies (Deepak Goyal).

Key Takeaway

Tanla Platforms delivered a resilient Q3 FY26, characterized by double-digit growth in its enterprise segment and a successful turnaround in volume momentum. The company leveraged its “Partner of the Year” status with Meta to scale OTT volumes while simultaneously positioning RCS as a cost-effective alternative. Strategically, Tanla is moving beyond traditional CPaaS into sovereign-scale projects, evidenced by its comprehensive e-governance deployment in Tamil Nadu and a new ATP platform deal with a domestic bank. With a robust cash reserve of ₹1,000 crores, the company is prioritizing R&D and global expansion to counter domestic pricing pressures. While the delay in the ValueFirst International acquisition and the loss of the NIC SMS tender present near-term hurdles, management remains focused on high-margin innovation. Tanla expects to maintain its growth trajectory through new platform launches in Q4 FY26 and increased wallet share in the mid-market customer segment.