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Q2-2026 Earnings Call
AI Summary
Earnings Call on Oct 18, 2025
Platform Revenue Growth: The Wisely AI platform, deployed with Indosat, drove a strong uptick in platform revenue this quarter, with management optimistic about scaling this success to other telcos globally.
Margin Expansion: Gross margins reached a five-quarter high, primarily due to improved customer mix and a higher contribution from the platform business.
EBITDA Aspiration: Management reiterated their INR 800 crore EBITDA aspiration for the year but flagged a possible shortfall of around INR 50 crore, mainly due to the gaming industry slowdown and reduced WhatsApp incentives.
Gaming Industry Impact: A sudden downturn in the gaming sector, especially the loss of a major customer (Dream11), significantly affected revenue and EBITDA expectations.
Net Profit Pressure: Despite higher top-line and gross profit, net profit declined year-on-year because of increased investments in talent and technology.
OTT & SMS Trends: While OTT volumes dipped sequentially due to seasonal factors, underlying growth remains strong. SMS volumes are stable, and price erosion has moderated, supporting improved margins.
AI Commitment: The company continues to invest heavily in AI, with Wisely AI highlighted as a core technology for both product offerings and internal processes.
The Wisely AI platform's deployment with Indosat was a key growth driver for the quarter, operating on a SaaS model tied to subscriber protection. Management is optimistic about replicating this success with other telcos and enterprises both in India and internationally, emphasizing a strong pipeline of potential deals. Additional solutions are expected to be built on the platform, supporting further upselling opportunities and long-term revenue growth.
Gross margins improved to a five-quarter high, mainly due to a more favorable customer mix and a greater proportion of revenues from the higher-margin platform segment. Price erosion in SMS stabilized, helping the margin profile. However, net profit declined year-on-year as higher indirect costs—driven by increased investment in talent and technology—outpaced the gains in gross profit.
Management reaffirmed a target of INR 800 crores in EBITDA for the year but acknowledged a potential shortfall of about INR 50 crores. Two main risks identified were the sharp decline in the gaming industry (with Dream11, a major client, reducing business following regulatory changes) and the removal of certain WhatsApp (Meta) incentives. The company expects to end the year with at least INR 750 crores in EBITDA and is not formally revising the aspirational target.
The enterprise segment continues to grow year-over-year, though sequential growth was impacted by a pullback in OTT volumes following a strong prior quarter driven by seasonal events like IPL. Management stated that the underlying demand in OTT channels remains strong, with efforts by Meta and Google to shift usage from expensive marketing messages to transactional content. SMS volumes remained stable, and aggregate margin improvements were seen.
A major headwind this quarter was the regulatory-driven fallout in the gaming industry, which heavily impacted Tanla as a market leader in this vertical. The sudden reduction in business from clients like Dream11 and other gaming companies was cited as a primary reason for the expected EBITDA shortfall.
Tanla emphasized continued heavy investment in AI, positioning Wisely AI as a core offering for both clients and internal use cases. Management sees AI as a key differentiator in the CPaaS space and stated that further expansion of AI-driven solutions is both an internal and external strategic priority.
A shareholder raised concerns regarding communications and clarity about the financial rationale for the buyback, with management reiterating that decisions were guided by their bankers and encouraging further direct outreach for unresolved queries. Management committed to improving investor relations responsiveness.
Ladies and gentlemen, good day, and welcome to Tanla Platforms Limited Q2 FY '26 Earnings Conference Call.
[Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Ritu Mehta. Thank you, and over to you, ma'am.
A very good morning, and a warm welcome to our Q2 earnings call. Joining with us today are Uday Reddy, Founder, Chairman and CEO; Deepak Goyal, Executive Director; and Anubhav Batra, CFO.
Before we start the call, let me draw your attention to the fact that today's discussion may feature statements that are forward-looking in nature. All statements other than statements of historical fact could be deemed forward-looking in nature. Such statements are inheritently subject to risks and uncertainties, some of which cannot be quantified or predicted. A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on our website.
Audio recording and transcript will be available soon. Hope everybody got a chance to go through our investor presentation and shareholder letter. The management will be happy to answer any questions, and we will now open the floor for Q&A.
[Operator Instructions] The first question is from the line of Amit Chandra from HDFC Securities.
Happy Diwali to all. Sir, my first question is on the uptick that we are seeing on the Platform revenue. Obviously, Wisely.ai implementation has helped us to achieve this. So if you can elaborate a bit more, obviously, you have given a very detailed presentation on that. But still in terms of what is the contribution from Wisely AI in this quarter, whether it's a full quarter kind of contribution?
And also in terms of what are the other additional incremental revenue or how we can extend this partnership, you can give more like 1 year like kind of a view where how we can penetrate like deeper into the client?
Amit, this is Anubhav. So basically, in this quarter, we see the benefit, which has come from the Platform deal that we had mentioned earlier in our calls, where we have gone live with Indosat. So the quarter captures the benefit that has come from the deal. The contract, like Uday had mentioned in the past, is actually a SaaS-based model, which is dependent on the number of subscribers and the value-add that we do for protecting the users from scam. So it is dependent on the -- the commercials are dependent on the number of subscribers protected, and the benefit should continue in the coming quarters as well.
Okay. So in terms of cross-selling it within the existing client, that is one possibility; plus also in terms of expansion of this product across similar-sized telcos in terms of international expansion, if you can also throw some light there? And what could be the sustained growth we can see in the Platform and also the uptick in the other areas where we have invested in the Platform business?
Yes. So Amit, the plan is to replicate the success that we have seen with Indosat to other telcos as well as with other enterprises. The results that we have seen from the deployment and the launch is very, very encouraging. The customer is benefiting out of the solution that we have deployed. And there are other solutions that are being discussed, which are in the ancillary of the problem that we are solving for them.
There would be more solutions coming in, in the related areas with the same customer, which will obviously help in upselling more solutions to them as well as we are trying to replicate the solution with other telcos globally, like this is an awesome start for our global expansion.
We have been making efforts and now they have started translating into results for us. So definitely, it will -- it should multiply from here. And also on the other, not just on the Wisely AI front, but as well as on the other platforms like MaaP platform, we should see success coming in from -- or the success should grow on MaaP platform as well in the coming quarters.
Okay. And sir, on the enterprise side, obviously, it is growing strong Y-o-Y, but on a sequential basis, there has been some softness. So what's causing that? Maybe I'm not seeing it on a quarterly basis, but what could be the volume growth that we can assume for the OTT channel?
And also in terms of the enterprise ex of OTT, how is the domestic volumes and the international volumes like panning out? And how like one should see the technological -- inherent technological risk here in terms of shifting to alternate channels and whether we are seeing some cannibalization in terms of the domestic volume shifting to OTT, that's why we are not seeing like aggregate growth numbers?
No. In fact, Amit, this quarter, honestly, while the OTT sequentially has been a little soft, but I would say it is not the softness in the long term. It is basically because of certain high volumes done in quarter 1 for seasonal promotional spends, that is what has led to softness in this quarter sequentially. But otherwise, OTT is growing strong, not just WhatsApp, but RCS is also growing month-on-month, and it should continue.
So definitely, OTT continues to be our focus area where the growth should come from. And not just OTT, in fact, this quarter, we have seen even the SMS volumes have always grown, but kind of got cannibalized with the price erosion. But this quarter, the price has kind of behaved in a stable manner, the erosion is not that much. So there is an uptick in the gross margin in the enterprise communication space also, you would see the margins have improved.
And in fact, on the OTT side, while the contribution from 1 or 2 major customers were lower because of promotional spends, but it has improved our margin mix because the customer mix has changed in OTT, which has led to better margins. So we hope that the growth momentum and the price stability continues in enterprise communication and it should definitely lead to growth going forward.
Just to add, this is Deepak here. Just to add what Anubhav has said. As he mentioned that in Q1, we had IPL and that has -- and during IPL there's a lot of promotions happening on OTT, especially on WhatsApp, which was not there in Q2. And on the other side, there is effort by the OTT players, especially Meta as well as Google, to lower the marketing messages, which are very expensive, if you see that, and move more towards utility and transactions.
So while the volumes are increasing, but there is a shift also happening and which will continue. But overall, as you've seen, we have increased our overall market share in OTT. We have been awarded as Partner of the Year by Meta. We are the largest partner for RCS with Google, and that should continue.
Okay. And my last question on the margin side. Obviously, we have seen good expansion on the gross margins, and we are at 5 quarters high there. So how do you see the gross margins panning out from here? And what's exactly causing the increase in the gross margins in the enterprise business like despite there is the pricing pressure from telcos?
Yes, so Amit...
It's primarily the change of mix. Yes, yes, Anubhav, please.
Yes. So Amit, as I mentioned, it is actually the customer mix, the change of mix, which is causing the -- or translating into better gross margin in enterprise communications space. It should continue. The erosion from the price decline has also kind of stabilized. So we hope that the trend continues and enterprise communication continues to contribute to the gross margins.
And obviously, the major lever for our gross margin uplift is the Platform business, which operates at a much higher gross margin level. So if the higher proportion of Platform sales should translate into better gross margins like we have seen already in this quarter. It should continue. The growth has to come -- accelerated growth has to come from the Platforms business, and that should definitely impact -- positively impact the gross margin going forward as well.
The next question is from the line of Deepak Chokhani from [ Rare Capital ].
Happy Diwali to you all. I have 3 quick questions. I'll go one by one, and you can probably answer one by one. So Uday, sir, last quarter, you had guided for a 20% aspirational EBITDA growth. You think we are on track on this aspiration for this year given that we may need additional INR 500 crore EBITDA in the next 2 quarters to achieve this aspiration?
Yes. So in fact, we had a long debate in the Board yesterday, and we have committed around INR 800 crores EBITDA this year, okay? So we see a bit of risk with around INR 50 crores. The reason being [indiscernible] Deepak explained so well yesterday. See, there are 2 reasons why we see a bit of risk with INR 50 crores EBITDA this year. Effectively, we may reach INR 750 crores, very effectively.
And we may miss, I'm not sure, but maximum we may miss INR 50 crores. The reason being, 2 reasons: One is the gaming industry, the whole story. We are one of the biggest guys who have been impacted. For example, like Dream11 is one of our largest customer and the rest is history, right? So that's number one.
Number 2 is we see a bit of slowdown in terms of WhatsApp incentives, okay? So these 2 things are -- 2 items are pulling down our aspiration number, but we are trying our best to recover in the next 2 quarters. Let's see how it goes.
Perfect, sir. My next question is Indosat revenue, sir, was for the entire quarter 2 or part of quarter 2?
Yes. So as Anubhav explained, like we have captured for 3 months, for the entire quarter. So let me explain. In fact Anubhav explained very well, right, but let me also try to deep dive like -- so basically, this is a long-term deal, and it's a subscription model. That's number one.
And we went ahead with the first 2 solutions, which is anti-spam and then anti-scam, so for which we signed for a long-term deal. And this platform is centrally deployed with Indosat, wherein we are allowed to launch as many solutions as we can. Of course, with -- of course, we are working very closely with the telco. And as and when we launch one more solution, so you can see an uptick in our revenues, that's number one.
Number two, these are all long-term deals. And number 2 is whenever we deploy this platform with other telcos, you can see the same uptick in terms of revenue. So one is we will land in telco, and we will try to grow. So we've landed in Indosat, which is doing phenomenally well, and we'll try to close even other telcos.
The next question is from the -- [Operator Instructions] The next question is from the line of [ Ram Pawa ] from [ Capita ] Investments.
So my question is: This Wisely AI, are there any prospective clients in the offering for the next quarter or next couple of quarters, which are almost on the verge of translating into signed deals? So anything prospective in Indonesia or outside Indonesia or within India, anywhere other than the Indosat?
Anubhav, this side. We have a very strong pipeline on Wisely AI, which is not just post the Indosat deployment, but more -- but also from the efforts that have gone to it in the past in India as well as globally. So there is definitely a very strong pipeline where a couple of leads are hot.
We should -- we are very, very optimistic in Platform's revenue growing and contributing to the -- our EBITDA aspirations. So definitely, we can see some conversions in the near term and obviously in the long term.
Okay. So I just want to understand why the net profit has grown negative Y-o-Y? The top line has increased, the gross profit has increased. Any specific reason that the net profit has come down?
So on quarter-on-quarter, it is positive. Year-on-year, the negative is because of the less efficiency in terms of overheads, and that is primarily because of the measured investments that we have been doing in talent and technology, and it should kind of continue because we have to motivate people, we have to hire the right talent to fuel growth. And I think the actions of those investments, which we have made in the last few quarters have started to show in this quarter.
So if you compare Y-o-Y, the reason is indirect cost going up as a percentage of sales. But I think as the gross margin profile improves, the efficiency will improve because the investments have been made, and we will continue to make some measured investment. But with growing gross margin, the efficiency should improve as well.
Okay. I'm not sure, I mean, this question has been asked because I joined late. So in the AGM meeting, 20% guidance has been given on the net profit. So still we abide by that guidance because there's a huge void between what we are now and if you have to achieve that 20% net profit increase, do you see abide or is there any amends to that?
So [ Ram ], Uday did answer this in the previous question, but first of all, the -- it is -- the guidance is actually an aspiration. We are just -- its internal target that we are -- we have taken on ourselves and we are gunning for it. It is an aspiration.
And second is, it is an aspiration on the EBITDA level for 20% CAGR. So the efforts are definitely aligned. There may be -- as we have done some working internally, we see that the targets -- if we have to meet the targets, it is actually quite steep. So there may be a little bit of variation, which may come in.
But realistically, there may be a slip, but we are actually believing that we will deliver it and all the teams are gunning towards that. So having said that, the target is steep and there may be a little bit of miss.
The next question is from the line of [ Mahek ] from [ Max ].
I wanted to ask that are we covering all subscribers of Indosat right now or only some of them? Like is the deployment phase by phase or is it -- have we covered all the subscribers right now?
Yes, the question was a little unclear. I was going to say that the voice was not very clear.
[Operator Instructions]
Yes, I'll join back in the queue then.
No, no, no, I can answer that question. I understood that question. What he's trying to ask you is there a Wisely AI, which is deployed with the Indosat right now is covering all subscribers or not yet? The answer is yes. We are -- this deployment is to cover the entire -- all the subscribers, and we went live with all the subscribers.
We'll take the next question from the line of [ Bhavin Savla ] from [ BK Corporation ].
Last time I had a question on buyback, and I was told that you guys will be getting back to me. Till now I have not received any e-mail or phone call. And the second thing today also I had joined on time, but was not able to hear the management's guidance or whatever they talked about, directly the music was going on. And when the question-and-answer session started, that time only, we were able to hear. So please, see to it that...
Sure, [ Bhavin ].
Anubhav, what is his question on the buyback? I didn't understand...
There is no question. I think...
Last time only I had given my question and the management was not able to answer it, and I was told that you guys will be getting back to me.
No, can you please repeat that question?
Last time I had asked the question that what are the financial calculations that we did before going for a buyback? Because certainly, they answered me in that way that it is in favor of the investors. And while taxation, it is only and only your rate of buying which is considered. And I was of an clear opinion that our buyback rate is only the rate which matters and not our purchase rate. So they were like, "No, we have done the calculations, and we'll get back to you." But till today, no one has got back to me.
No, no, no. So we were advised by the Kotak bankers and we...
That was told to me. But after that thing also, I was told that I'll be -- you guys will be getting back to me.
There is no need to get back to you, okay? We were guided by the Kotak, and they understand the regulations very well, okay? And yes, if you have any questions, please send the mail to investors at Tanla, then we'll reply, okay? Thank you.
Okay. Great. I will.
The next question is from the line of [ Ram Pawa ], who has rejoined the queue, from [ Capita Investments ].
So I just want to hear about Wisely ATP that happens to be a very functional product for us. And are you seeing any green shoots around that or is it a product which is no more we are banking upon, now we are more focusing on Wisely AI?
Yes, it's a good question. Anubhav, let me answer that.
Yes.
So the way we should look at is Wisely ATP is a solution, which we launched in India quite some time back. That is a solution, okay? So that solution is there to protect the end subscribers. So we call it as anti-scam solution line, okay? And the one we launched in Indosat is more a platform, which we call it as Wisely AI, okay?
On top of the platform, we are supposed to launch -- we have launched 2 solutions, including Wisely ATP, which we don't want to call it as Wisely ATP on top of Wisely AI, we call it the anti-scam solution; and the second solution is anti-spam solution.
So going forward, we deploy only Wisely AI wherever we get a chance to deploy with the telcos. So Wisely ATP, whatever we launched in India, we'd like to restrict ourselves only to India, but for global market, we will end up deploying only Wisely AI.
Yes. Understood. And so a suggestion from my sort of feedback, I'm not sure who is managing the Investor Relations for you, but there will be hardly any response. Last 2 years I've had written 3 to 4 e-mails to them, but not even a single e-mail I got a response from them. They didn't even bother to acknowledge the e-mail. So I request to look into that Investor Relations team whoever is managing that. So that will be helpful for us to resolve ourselves.
Ritu, do you want to comment on that? You are the one who has to reply to all these mails? Ritu?
Yes, Uday, I will check -- we've been responding, but I will recheck the mails that have not been responded.
[Operator Instructions] We'll take the next question from the line of Vaishnavi Gurune (sic) [ Vaishnavi Gurung ] from Craving Alpha.
Three, 4 questions from my side. My first question is on the top line growth. If we see from the last 3, 4 quarters, there has been little to no growth on a year-on-year basis. So if you can share a realistic revenue growth targets?
So Vaishnavi, you would have seen that there are 3 quarters of consequential -- consequent growth in top line. So we think we -- obviously, we feel that it should continue, but obviously, we can't comment on the numbers on a going-forward basis, but there has been growth in the last 3 quarters, and we are expecting it to continue.
So sir, if you can give like a broad range?
Can't comment on the range as well, Vaishnavi, looking-forwards statements can't be given.
Okay, sir. Sir, my second question is on the EBITDA side. As you mentioned that you will miss the guidance. And given the current H1 '26 performance, like we have not performed very well on the EBITDA side and may miss the margin. So sir, if you can share the expected EBITDA margin for FY '26? Are you going to revise the guidance given on the AGM?
Yes, we have not given a guidance. It is actually an internal target, which we indicated to the market. It is not a guidance given. We have taken an internal aspirational target, which we are trying to achieve. If you look at H1, break it into 2 quarters, definitely the second quarter, we have seen the growth coming in. So...
Anubhav, let me answer this. Okay. So Vaishnavi, the way it works is, when we worked on annual operating plan, we shared with the Board with certain assumptions, okay? So we have -- in fact, we have conducted one of the Board meetings only to consider certain assumptions. So a lot of assumptions are there. So based on the assumptions we have built our annual operating plan, and that's what we shared with the market. We call it as aspiration, right? That's the number one, okay?
So when we considered the aspirations with certain, what you call, this thing like, so where we went wrong was we never realized that like the gaming industry would be in trouble, right? So the gaming industry, you know the history, like including Dream11, which is one of our biggest clients, which Deepak will explain now, okay?
So that has really pulled down our number, okay? So that is -- that's number one, right? So the second line item, again, Deepak would explain now, is on the incentives of the WhatsApp, the Meta, okay? Because of that, we see a bit of risk with INR 50 crores, okay?
So we should be able to achieve a minimum of INR 750 crores EBITDA this year. So we're not going to revise any aspirations. We will try to achieve, but there is a bit of limitation here. Deepak, do you want to add anything here?
Yes, yes, Uday. So I just want to say it one more time. As we have mentioned several times in the past, that in the enterprise market, we lead in each and every vertical. So we are present in each and every vertical, and we are the leaders. So if -- I mean, it's very -- if any vertical is growing very fast, if the number of transactions are increasing, very likely Karix and ValueFirst business, our Enterprise business, will also grow.
But if any vertical is under threat, then that business will take a hit for us as well. So having said that, we were the market leaders in gaming industry. Dream11 was our largest customer in gaming. And then we had another customer like My11Circle, RummyCircle, then there are so many of them, right? You must have seen so many gaming companies doing either they are into a cricket or they are into poker and stuff like that.
So all these customers who are our customers, and overnightly, with one regulation, the entire business has gone. So that has impacted us and that will impact us in the future. And on the other side, about Meta though we are doing very well with OTT business, we are doing very well with WhatsApp business, but in middle of the year, Meta has taken away certain incentives, which we forecasted as a part of our gross margin calculations. So that has put us a little bit on the back foot.
But we are working on it. And we are working very closely with Meta and how we can make up for that, how we can compensate, how we can make more money. And we are closely working with them, and we are very hopeful to find some solutions over there.
Just 1 follow-up question. How big of an impact do you see from the incentive from Meta side that you mentioned on the margin side?
Anubhav?
Yes. Vaishnavi, I would suggest that -- I would basically say that there is -- Uday has already given an indication of the numbers that it may slip anyways, he mentioned that it's a target. So the quantum of miss that he has mentioned has the elements of assumptions which have gone in a negative way like impact of gaming, impact to WhatsApp incentive and a couple of other things. That's the -- the delta has already been mentioned.
Okay. Sir, my next question is on the AI side. So how is Tanla adapting to AI? And how are we seeing demand on the AI side? And sir, plus with bigger companies evolving and doing things internally, how are we planning to tackle that?
Uday, would you like to take that...
So Vaishnavi, we have already launched Wisely AI platform. I think we were the only company in the world which is on CPaaS like has taken AI very, very seriously. We have spent a lot of investments on this platform for the last 1 year and our platform that lies with Indosat and the solution that we deployed on top of this platform are massive, massive success-led, okay?
So we are here to invest on AI, not only for our solutions, products and platforms, but also we are trying to see how we can use the AI for our internal process. So we are the biggest believers of AI, and we continue to invest on AI.
Okay. Sir, and on the second question?
What is the second question?
Sir, my second question was on the company. As bigger companies evolve and they are planning to do things internally, so how are we handling that?
So that's what I told you, right? I've already answered that question, Vaishnavi. For our internal process also, we are trying to see where we can deploy our AI. So we are the biggest believers of AI. That's what I told you.
Okay, sir, last question on...
Sorry, we can't hear you. What is your last question?
Sir, I'm sorry. Ma'am -- sir, she has left the queue now, but we'll take that as the last question.
Okay.
Ladies and gentlemen, as that was the last question for today, I would now like to hand the conference over to Ms. Ritu Mehta for closing comments. Thank you, and over to you, ma'am.
Thank you very much. In case any questions are still not answered, please reach out to investor help desk. Wish you all a very Happy Diwali, and thank you.
Thank you, guys. Happy Diwali. Thank you. Bye-bye.
Thank you. Happy Diwali.
Thank you.
Thank you, members of the management. Thank you. Ladies and gentlemen, on behalf of Tanla Platforms Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.