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Tanla Platforms Ltd

| Q2 FY26 Earnings Conference Call

NEUTRAL SENTIMENT

Report Source

⬤18th Oct 25

Summary : Tanla Platforms shows platform revenue growth from Wisely.ai and Indosat, but faces risks from gaming regulations and reduced WhatsApp incentives, potentially missing its aspirational EBITDA target.

Management Perspective positive : We are very, very optimistic in platforms revenue growing and contributing to our EBITDA aspirations. So, definitely, we can see some conversions in the near-term and, obviously, in the long-term.

Concall Report Analysis & Insights

Business Overview

  1. Wisely.ai platform implementation with Indosat has driven platform revenue growth.
  2. The Indosat contract is a SaaS-based model dependent on subscriber numbers and scam protection value.
  3. Enterprise Communication saw improved gross margins due to customer mix and stable pricing.
  4. OTT business experienced sequential softness due to seasonal promotional spends in Q1.
  5. Company is a market leader in enterprise communication verticals, including OTT and RCS.

Future Growth Prospects

  1. Plan to replicate Wisely.ai success with Indosat to other global telcos and enterprises.
  2. Expect continued growth in MaaP platform business in coming quarters.
  3. Anticipate launching more solutions on the Indosat platform for revenue uptick.
  4. Strong pipeline for Wisely.ai conversions in the near and long term.
  5. Continued investment in AI for solutions, products, platforms, and internal processes.

Management Insights

  1. The Indosat deal is a long-term, subscription-based model covering all subscribers.
  2. Wisely.ai platform is centrally deployed with Indosat, allowing for multiple solution launches.
  3. OTT volumes are increasing, but there's a shift towards utility and transactional messages.
  4. Company was awarded Partner of the Year by Meta and is the largest RCS partner with Google.
  5. Committed to an aspirational EBITDA target of ₹800 crores for FY26, with a potential ₹50 crore miss.

Signs of Skepticism

  1. Management did not provide a realistic revenue growth target range despite repeated requests.
  2. An investor's previous buyback question and follow-up emails to Investor Relations were not addressed.
  3. Management acknowledged a potential miss on their aspirational EBITDA target for FY26.
  4. Unclear communication regarding the status of Wisely ATP versus Wisely.ai in global markets.

Risk Factors

  1. Aspirational EBITDA target for FY26 has a potential miss of ₹50 crores.
  2. Impact from the gaming industry due to regulatory changes affecting large customers like Dream11.
  3. WhatsApp incentives from Meta were reduced, impacting gross margin calculations.
  4. Net profit grew negatively year-on-year due to less efficiency in overheads and talent investments.
  5. Potential for larger companies to develop AI solutions internally.

Good To Know

  1. Q2 FY26 earnings call duration was 33 minutes.
  2. The company's Investor Relations team was criticized for not responding to investor emails.
  3. The Indosat deployment covers all subscribers for anti-spam and anti-scam solutions.
  4. The company considers its 20% EBITDA CAGR an internal aspiration, not a market guidance.

Key Drivers

  1. Wisely.ai global telco replication.
  2. New solutions on Indosat platform.
  3. Continued growth in MaaP platform.
  4. AI investments driving innovation.

Key Analyst Discussions

Competitive Environment

  1. Questions on how the company plans to tackle bigger companies evolving and doing things internally.
  2. Inquiries about market share in OTT and partnerships with Meta and Google.

Market Trends & Consumer Behavior

  1. Questions about the impact of gaming industry regulations on business.
  2. Inquiries about the shift in OTT messaging towards utility and transactions.
  3. Concerns about the impact of reduced WhatsApp incentives from Meta.

Financial Highlights

  1. Questions on Wisely.ai's contribution to platform revenue and future growth.
  2. Inquiries about gross margin expansion and factors driving it in enterprise business.
  3. Questions regarding the 20% aspirational EBITDA growth target for FY26.
  4. Clarification on Indosat revenue contribution for the entire quarter.
  5. Concerns about negative YoY net profit growth despite top-line increase.

Product Composition

  1. Questions on the focus between Wisely ATP and Wisely.ai for future deployments.
  2. Inquiries about the growth of OTT channels like WhatsApp and RCS.
  3. Discussion on the stability of SMS volumes and pricing.

Strategic Considerations

  1. Questions on replicating Indosat success to other telcos and enterprises globally.
  2. Inquiries about the company's investment in AI and its deployment internally.
  3. Questions about the strategy to deepen client penetration with Wisely.ai.