Tanla Platforms Limited — Q4 FY26

Tanla reported a steady quarter with enterprise business returning to growth, driven by OTT channels like WhatsApp and RCS. The digital platform segment grew modestly at single digits, but management highlighted strong traction in AI-based platforms (Wisely ATP, Vi.ai) with new client wins including Bandhan Bank and a large global telco. EBITDA margins remained rangebound around 16% due to conscious investments in GTM and innovation. The company guided for revenue growth exceeding 10% annually, driven by market share gains and international expansion. The ValueFirst acquisition remains delayed due to regulatory hurdles, but management expects closure this quarter. A key risk is pricing pressure in SMS and OTT channels, which could compress margins further.