Tanla Q2 FY27: consolidated PAT +17% YoY to ₹146 Cr, margin slips as VF FZC lifts revenue

Tanla Platforms' consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹146.42 Cr, up 17.1% year-on-year and 3.0% sequentially, on revenue of ₹1,351.75 Cr (+25.3% YoY, +10.2% QoQ). Consolidated is the primary read; standalone PAT of ₹4.52 Cr reflects the holding company alone and is distorted quarter-on-quarter by a one-off (see below). Profit growth trailed revenue growth: net margin slipped to 10.8% from 11.5% a year ago and from 11.5% last quarter, even as EBITDA-level margin actually expanded to roughly 16.8% from 16.5% YoY and 16.4% QoQ — the squeeze sits below the operating line, not on it. Two items explain the gap between an improving operating margin and a compressing net margin. Depreciation and amortisation rose 25.9% YoY to ₹37.4 Cr, reflecting the goodwill (₹90.7 Cr provisional) and intangibles (₹72.6 Cr) recognised on the ValueFirst Middle East (VF FZC) acquisition, consolidated into Group results only from August 1, 2026. Second, the effective tax rate climbed to 21.8% from 19.6% a year ago (21.6% last quarter — so this is mainly a YoY shift, not sequential). Revenue growth is itself partly inorganic: VF FZC contributed roughly two months of revenue this quarter, and the company's Note 2 explicitly flags that Q2 and H1 FY27 figures are not comparable to the year-ago and preceding-quarter periods for this reason — so the headline 25.3% YoY growth overstates the organic run-rate. Against the April 2026 concall guidance — revenue growth above 10% annually, and EBITDA margins to 'stabilise or improve' from the then-16% level — the quarter nominally clears both bars, though the improvement is confined to the EBITDA line while net margin moved the other way. One guided catalyst slipped: management had flagged the ValueFirst UAE deal closing 'in the current quarter' on that April call (i.e., Q1 FY27), but it only completed on July 28/August 1, 2026 — a quarter later than indicated. This filing makes no reference to the 'gigantic platform' launch also flagged then. No quarter-specific Street estimate for Q2 FY27 could be located, since results were only announced today; the closest available benchmark is a general FY27 consensus PAT-growth band of 15-20% (sharpely.in), and this quarter's +17.1% YoY sits roughly mid-band. No standalone management press release was available in our records to cross-check against the regulatory filing. The Board separately declared a ₹6/share (600%) interim dividend, record date November 2, 2026 — the same per-share payout as a year ago despite the softer net margin. Q3 FY27 will be the first full quarter with VF FZC in the base on both sides of the YoY comparison, which should clarify how much of this quarter's growth was organic and whether the elevated D&A and tax rate are a one-time step-up from the acquisition or the new run-rate.