Tata Communications is a digital-infrastructure and connectivity company whose quarter will be read against a backdrop of surging Indian data-centre buildout and a rupee that has stayed weak year-on-year. The print will speak to whether reported EBITDA growth stays on the double-digit track management has flagged for FY27, and how quickly the still loss-making digital portfolio narrows toward breakeven.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,583 crores (+10.5% YoY) |
| Previous quarter PAT | Rs. 130 crores (included Rs. 106 crores of provisions) |
| Previous quarter EBITDA margin | 18.7% reported; 19.4% normalized |
| Net debt (latest quarter) | Rs. 10,400 crores (net debt-to-EBITDA 2.12x) |
| Market cap | Rs. 47,230.14 Cr |
| CMP | Rs. 1,656.7 |
Tata Communications is scheduled to report its Q2 FY 2026-2027 results on October 15, 2026. No board-meeting intimation text with a dividend agenda phrase was available in the source announcements for the period 2026-07-22 to 2026-10-14.
The quarter's central question is whether reported EBITDA growth stays on the double-digit track management has set as its FY27 objective, after Q1 delivered 8.2% reported and 12.7% normalized growth once a Rs. 51 crore customer-program one-off was stripped out. Forex remains the biggest swing factor: the rupee was down about 9.23% over the trailing 12 months as of early October, and in Q1 that gap turned 2.8% normalized consolidated revenue growth into 10.5% reported growth, with data revenue at Rs. 5,708 crores, up 11.3% YoY reported and 4.1% normalized. The Red Sea disruption extended into the quarter, with new damage to multiple submarine cable systems on September 6 forcing traffic rerouting, a headwind management had already flagged for margins alongside media-segment event cancellations linked to the West Asia conflict. On the demand side, India's data-centre absorption rose 31.1% YoY in H1 2026, supporting the DC-to-DC connectivity opportunity where the company has completed a dedicated NLD network build for a large hyperscaler between three metros. The digital portfolio's normalized EBITDA margin improved from negative 9.6% to negative 6.9% in Q1, though the net-to-gross revenue ratio slipped from 36% to 30%, and net debt-to-EBITDA at 2.12x remains above management's stated below-2x target. The call is also expected to cover progress toward the investor day, promised within six months of the Q1 FY27 call, where longer-term revenue and EBITDA plans will be presented.
FY27 double-digit EBITDA growth objective: Management has called double-digit reported EBITDA growth an aspirational target for FY27.
Leverage, ROCE and STT monetisation
Digital-portfolio path to breakeven
DC-to-DC connectivity, capex and AI Cloud
Q1 exceptional items and operating risks
The CEO said longer-term revenue and EBITDA plans will be presented at an investor day expected within six months of the Q1 FY27 call, with dates being set. He also promised a near-to-short-term and current-year view within 100 days.
Management described double-digit reported EBITDA growth in FY27 as an aspirational objective rather than formal guidance, and did not commit to the 10%-11% range an analyst proposed. It said the focus is on absolute EBITDA growth and the right portfolio mix of revenue growth.
Management said a potential IPO of STT's Indian assets is the leading option for value discovery of its 26% stake, subject to regulatory approval. Monetization timing and tranches will be decided closer to the transaction.
The digital portfolio's normalized EBITDA margin improved from negative 9.6% to negative 6.9% in Q1 FY27, which management described as a significant improvement. Management has prioritized reaching breakeven 'at the earliest' but has not given a dated commitment.