⚡ At a Glance
Tanla Platforms went from a random SMS vendor to a full-fledged CPaaS powerhouse, controlling over 63% of India’s A2P messaging traffic. It turned around from losses in FY20 to ₹507 Cr net profit in FY25. But after a wild bull run and a 70% fall from all-time highs, is the magic fading… or recharging?
1️⃣ From Spammy Texts to Sovereign-Grade Messaging
Let’s be clear. Tanla isn’t your average tech bro startup.
- Core Business? CPaaS = Communication Platform as a Service
- What it does: Enables enterprises (banks, telcos, apps) to send messages, OTPs, alerts
- Market Position:
- 63% of India’s A2P SMS traffic
- 800+ billion interactions processed annually
- 45% share in India’s national long-distance messaging (NLD)
- Trusted by government and telcos for spam protection
👑 Think of it as the Aadhaar of Indian messaging infra – invisible but everywhere.
2️⃣ The 5-Year Financial Glow-Up 🌟
| Metric | FY20 | FY25 | 5-Year CAGR |
|---|---|---|---|
| Revenue (₹ Cr) | 1,943 | 4,028 | 16.1% |
| Net Profit (₹ Cr) | -211 | 507 | NA 🧿 |
| EBITDA Margin (%) | 9% | 17% | Expanded |
| ROCE (%) | -24% | 29% | LOL → 💪 |
| Dividend Payout (%) | 0% | 32% | 🫰 Started |
📈 Chart: Profit Reincarnation Journey
plaintextCopyEditFY20 FY21 FY22 FY23 FY24 FY25
-211 → 356 → 539 → 448 → 548 → 507
(That’s a ₹718 Cr swing from FY20 to FY25!)
3️⃣ 📉 The Price Chart: Tanla’s Trauma Phase
- FY21 to FY22: Stock went from ₹100 → ₹2,100 (21x in 2 years)
- Now: Trading at ₹664 — down 70% from ATH, but still up 5x in 5 years
📉 If you entered at the top, condolences. If you entered at ₹30, congratulations — you’re a quiet millionaire uncle now.
4️⃣ 📲 Business Moats & New Bets
🛡️ Platform Strengths
- Trubloq: Blockchain-based DLT platform to block spam — mandated by TRAI. 100% adoption.
- Wisely: Privacy-first communication stack built with Microsoft, handling OTT, voice, and data — margins here are higher than legacy SMS.
💼 Enterprise Focus
- Clients: Jio, Airtel, Flipkart, SBI, Google, GoI
- Use cases: OTPs, alerts, order confirmations, scam protection
🔁 Buyback Alert
In June 2025, Tanla announced:
- ₹175 Cr Buyback @ ₹875 (31% premium to CMP)
- Confidence move? Or PE-boosting trick? Either way, cash flow supports it.
5️⃣ 👀 Promoter Moves + Shareholding Trends
| Category | FY22 | FY25 |
|---|---|---|
| Promoter | 43.7% | 44.1% ✅ |
| FIIs | 13.5% | 10.4% 🔻 |
| DIIs | 0.7% | 0.8% |
| Public | 42.1% | 44.5% 🔺 |
🧾 Promoters holding steady, FII exit likely post-peak. Public slowly absorbing supply.
6️⃣ 🔍 Fair Value Range: Let’s Do the Math
PE Valuation Approach
- EPS (FY25): ₹37.7
- Avg PE Band: 12x (base) → 22x (bull case)
| Case | PE | FV (₹) |
|---|---|---|
| Bear | 12x | ₹452 |
| Base | 16x | ₹603 |
| Bull | 22x | ₹830 |
🎯 Fair Value Range: ₹600 – ₹830
At CMP ₹664, Tanla is within fair value, with 25% upside in a bull case.
7️⃣ 🧠 EduInvesting Verdict: Trubloq or True Blockbuster?
Pros:
- Debt-free, cash-generating, high RoE
- India’s top CPaaS infra layer
- Buyback + decent dividends
- Strong moat via regulatory edge (TRAI compliance)
Cons:
- Revenue growth slowing (only 3% TTM)
- Margins plateauing (16–17%)
- FII outflows + stock still volatile
⚖️ Verdict:
Tanla may never be a VC darling again — but it’s profitable infra with a moat, not a fantasy SaaS story. Hold-worthy for cash flows, but don’t expect 20x magic again.
✍️ Written by Prashant | 📅 18 June 2025
Tags: tanla platforms stock, tanla platforms 2025, cpaas india, trubloq tanla, messaging infra india, tanla buyback, best tech midcap india, eduinvesting recap, fair value tanla platforms
