The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue stabilizes after mid-year volatility, but profitability remains under pressure amid shifting debt structure and broadband upgrades.
Long-term borrowings fall from ₹491.0 Cr to ₹96.6 Cr from Q1 FY26 to Q1 FY27, strengthening the balance sheet.
Short-term borrowings climb from ₹695.6 Cr to ₹1,182.1 Cr from Q1 FY26 to Q1 FY27, raising liquidity concerns.
Premium broadband adoption (51-100 Mbps) rebounds from 35% to 39% from Q4 FY26 to Q1 FY27, confirming strong enterprise demand.
EBITDA margin falls from 13.5% to 2.2% in Q3 FY26, then recovers to 9.7% in Q1 FY27, revealing persistent cost structure challenges.
USA origination revenue share surges from 26% to 30% from Q4 FY26 to Q1 FY27, driving overall revenue growth.
Operating expenses rise from ₹1,027.5 Cr to ₹1,084.9 Cr from Q1 FY26 to Q1 FY27, pressuring profitability margins.
Interest expense drops from ₹158.7 Cr to ₹45.5 Cr from Q3 FY26 to Q1 FY27, easing the debt servicing burden.
Trade receivables increase from ₹727.7 Cr to ₹919.3 Cr from Q2 FY26 to Q1 FY27, signaling slower cash conversion cycles.
Net treasury surplus recovers from ₹5,227 Cr to ₹5,326 Cr from Q3 FY26 to Q1 FY27, ensuring stable debt coverage.
Tech Media & Telecom revenue share declines from 53% to 46% from Q1 FY26 to Q1 FY27, signaling market share erosion.
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