Tanla Platforms Limited (NSE: TANLA) Q4 2026 Earnings Call dated Apr. 27, 2026
Corporate Participants:
Ritu Mehta — Director of Investor Relations
Uday Reddy — Founder, Chairman and Chief Executive Officer
Anubhav Batra — Chief Financial Officer
Deepak Goyal — Chief Executive Officer, Karix
Analysts:
Deepak Chokhani — Analyst
Keshav Garg — Analyst
Trupesh Shukla — Analyst
Amit Chandra — Analyst
Dipesh Mehta — Analyst
Sarat Kohli — Analyst
Amit Aggarwal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to The Tanla Platforms Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing STAR and then zero on your touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Ritu Mehta. Thank you. And over to you, ma’. Am.
Ritu Mehta — Director of Investor Relations
A very good evening and a warm welcome to the Q4 earnings call. Joining with us today are Uday Reddy, Founder, Chairman and CEO, Deepak Goyar, Executive Director and Anubhav Batra, cfo. Before we start the call, let me draw your attention to the fact that today’s discussion may feature statements that are forward looking in nature. All statements other than statements of historical fact would be deemed forward looking in nature. Such as. Such statements are inherently subject to risks and uncertainties, some of which cannot be quantified or predicted.
A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on our website. Audio recording and transcript will be available soon. Hope everybody got a chance to go through our investor presentation and shareholder letter. The management will be happy to answer questions and we will now open the floor for Q and A. Sourav, over to you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their touchstone phone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants. You may press STAR and then one to ask a question. Our first question comes from the line of Deepak Chokhani from Raid Capital. Please go ahead.
Deepak Chokhani
Thank you for this opportunity. I have three questions. We have cash of 1000 crore and of course the dividend is pretty handsomely given along with buybacks. I was just wondering why not think of some acquisitions in AI space, especially Voice. And why not explore acquisitions in related areas which can propel our growth. That’s my first question. Second question is last call. I think it was told that by March the company will sign another ATP deal with one more bank. So just want an update on that.
And the last question is we have 12 crores of FX loss. Of course, I know. I mean the USD has moved sharply against the rupee. However, are we not hedging and if at all, if you are hedging then what crore went wrong and how can we avoid this in future? And also can we show this as a separate line item in the P and L? Of course it’s mentioned in the investor presentation but I think it will help the investors to have more clarity and assess the overall EBITDA in a proper way. That’s it, thanks.
Uday Reddy
Hi Deepak Udai. Yeah, so let me answer the first and second question and third question I will pass on to Anubhav. So we had a very extensive discussion on the hedging in our last board meeting. So when it comes to the acquisition life we are pretty open but we are not really actively not looking for any acquisition but we’re pretty open. So as and when we find right investments I think we are quite keen. But we always believe in build versus buy and, and all these AI companies are, I mean the expectations are skyrocketing so we need to be real mindful.
So we would rather focus on build versus buy. So that’s what my comment lies. That’s number one. Number two, ATP. Yes, we have signed the third deal. In fact we went live last month we added the third bank which is a Bandhan bank. So we already integrated, we went live with them. I think we built for one month. We built one month for the Q4 of last year. And in terms of hedging.
Anubhav Batra
Yeah. So Deepak on hedging, basically it’s a non cash item because of mark to market of some payables. We do have a hedging policy and honestly our international payable and receivable provide a natural hedge fund. But this one is more of a specific liability balance sheet item which got restated and it obviously because of the USD INR excessive fluctuation, this hit us badly in this quarter. But we did call it out separately so that all the investors may get a fair view of our operational profitability.
We are reworking on our hedging policy to see if we can reduce the exposure and it is, it will get addressed not just by the policy but also we’re trying to settle this balance sheet item to ensure that there is minimalistic P and L volatility in the coming quarters. Because the timing of this payout was not certain. We could not go ahead and do a forward cover to this because of the uncertainty of timing of the cash flow. But we would want to take it out away from our balance sheet as soon as possible to reduce the volatility, so.
Deepak Chokhani
Right, understood. So just a follow up question this is on, on the first point, I do understand that the valuations are pretty high in the AI space. So you, you prefer building something versus acquiring. So could you, could you just tell us what, what new products are we working on and what new platforms you may be working on? If you can just throw some light on that.
Uday Reddy
Deepak, I think it’s not fair enough to share our innovation roadblock road plan, but roadmap. But having said that, we are expected to launch one gigantic platform this quarter. Really we have been betting big on this platform for quite some time. I’m personally working on this platform for the last 40 days. I think we should able to announce the market in the next probably a month’s time.
Deepak Chokhani
All the best, sir. Thank you.
Operator
Thank you. Our next question comes from the line of Keshav Garg from Countercyclical pms. Please go ahead.
Keshav Garg
Sir. I’m new to the company, so please pardon my ignorance. I am just trying to understand why our operating margins are continuously falling since FY22 and have they stabilized at these levels now at 16% EBITDA or do you see further dip or you see the same margin profile going forward or you expect a bounce back from these levels?
Anubhav Batra
So Keshav Anubhav here we do have seen a decline, but honestly we have become range bound. If you look at it, the operating profits at a gross margin level have improved slightly in last couple of quarters. At the same time at EBITDA level, we are making some conscious investments in GTM and we have called it out in earlier earnings call as well. On both innovation side and DTM side, we are investing in growth. So because of that the EBITDA percentage appears to be where it is, but we do see them improving as well as at least holding on in the near future.
And our investments are going to continue on the DTM side, but they will bear fruits in the coming quarters. And you already see that some marginal improvement have happened on the gross margin profile.
Keshav Garg
Great, that’s really reassuring to hear. And what about the top line? Looking at the kind of demand and feedback from our customers and so on, what kind of broad range do you expect the revenue for the next, let’s say three to five years that in our business we can sustain.
Uday Reddy
Deepak, you want to take that question? Deepak?
Deepak Goyal
Hi. Yeah. So you see we are seeing, you know, a growth of overall a revenue growth of CPAs industry for about, you can say 8% on average, 8 to 10%. There’s organic growth, how the industry is growing and we see Ourselves, you know, you know running a larger share on. On year, on year basis. Right. We. We expect that our market share would also increase with the kind of investments we have made. And so yeah, so you can, I mean is going to be definitely more than 10% a year.
Keshav Garg
Okay. Okay, understood. And sir, if you could just give us some idea about what has been the experience of our counterparts in western countries like the advanced markets of let’s say us. So are they still intermediates like us? The. The role that we are playing in India. Are they similar companies or they have an integrated model within the telcos or Some. Or the WhatsApp etc. They are directly doing what we are doing.
Deepak Goyal
If I understood your. Yeah, if I understood your question correctly you are saying, you know the model, the working model of C is the same as India in the us. Yeah, the answer is yes. In fact there are a few companies, international companies, they operate in India as well as in the US for example Cinch. Right. And there are more. So yeah, it’s more or less. It’s the same.
Keshav Garg
Okay, so what is our right to win? Like the example you gave of Bandhan bank who has recently joined us or is expected to join our customer list. So our competitors, what is their proposition versus what is our proposition? Is it hundred percent pricing based or is there something else also which tilts the balance in our favor?
Deepak Goyal
See it is always innovation led. Okay. So if you, if you. That’s what you know we always believe in having a differentiator over our competitors. And that’s why our customers, you know always keep their faith in us. So that reflects in our customer base. If you look at it, any seven or eight top 10 names in any vertical, if you pick up, you’ll find them as our customers. Having said that you talk about Bandhan bank. So what Uday mentioned, Bandhan bank was our. We acquired them for our anti phishing platform which is again, you know, great innovation which we did couple of years back.
And we are getting very good traction in the market and it and Bandhan bank has been using our SEPA services for quite some time from Carex anyway.
Keshav Garg
Understood. And what is the kind of Capex that we are looking at on a per annum basis? I can see that over the past 3, 4 years it’s between 100 and 150 crore. So is that trajectory expected to continue?
Uday Reddy
What is the question? So can you please repeat?
Keshav Garg
Yeah, so I just wanted to get a hang about the Capex requirements in this business over the past four, five years. It seems we are doing something like 100 to 150 crore per annum. So is that trajectory expected to continue in the future? 100 to 150 crore per annum Capex?
Deepak Goyal
Yes. Yes, yes. Absolutely yes.
Keshav Garg
Okay sir, understood. So thank you very much and I must congratulate for a very timely share buyback and the excellent dividend payout. So on behalf of all the shareholders I want to thank you. Thanks a lot.
Operator
Thank you. A reminder to all the participants if you wish to register for a question please press star and then one. Our next question comes from the line of Trupesh Shukla from Bullseye. Please go ahead.
Trupesh Shukla
Thanks sir, thanks for the opportunity. I have two questions from the digital platform segment. My first question is given the exceptional 98.3% gross margin of digital platform segment this is clearly the growth hind in profitability, future profitability but however achieving 395 crore in FY26 is in single digits despite of your heavy investment YCAI. So can you provide a broad.
Uday Reddy
Sorry to disturb your reckoning. Your voice is cracking.
Trupesh Shukla
Okay.
Uday Reddy
Think you have a very bad network. Voice is cracking.
Trupesh Shukla
Okay sir, I just wanted to know that 395 crore digital platform segment which represents single digit growth despite having investment in vital AI. So can you provide broad growth targets this division for FY27 and FY28 and specifically what percentage of your FY27 target is already logged in via signed contract or committed pipelines?
Anubhav Batra
So Tripty Digital platforms has a contribution from our traditional offerings as well as new offerings like Vaji AI. While the growth looks a little moderate it is because some products are dependent on the channel based growth which are growing at a steady pace. However, YG AI kind of platforms obviously are moving at a much faster pace. You would have seen that we onboarded one large telco globally and it contributed to a significant number this year. We basically expect the growth to be much faster in the coming years because of our we would like to multiply our efforts on value AI and it should actually bear more fruits in the coming quarters where we would be able to convert more of such customers and the growth rate should accelerate.
Trupesh Shukla
Okay, can provide me the percentage like the growth target and anything for FY27 and 28.
Anubhav Batra
Sorry Gupti, we don’t actually issue any, you know, forward looking statement so I can’t give a specific percentage but definitely we would want to aspire for higher percentage growth than the past.
Trupesh Shukla
So sir, Ana’s question like you have highlighted that 200 crore in revenue came from new logos and that 23% of the new client onboarded via WhatsApp and RCN. So could you break down exactly how much percentage of that flow directly into digital platform segment? And furthermore, looking at top 50 client, what is the current cost, sales, conversion rate migrating from them?
Anubhav Batra
Sorry Tripti, your voice is actually breaking quite a bit. The question is not clear
Trupesh Shukla
If you are using.
Operator
Ma’am, if you’re using a speakerphone or any external headset, may I request you to use the handset?
Trupesh Shukla
Okay.
Uday Reddy
So let her come back.
Operator
Sure. Ma’am, we request you to try calling us once again and thank you. Our next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead.
Amit Chandra
So thanks for the opportunity. So my first question is on the enterprise business. Obviously we are back on growth in the enterprise side. And a large part of that growth is being fueled by the OTT channel that we have built over the last three years. But based on the current run rate, we are already at 1000 crore kind of around it on OTT. So the base has expanded. So from here on, what kind of growth rate can we expect from the OTT channel? And in terms of the engagement with our existing clients, are we are seeing the penetration in terms of is actually coming from the clients or we are getting new clients on the OTT side and also on the enterprise business X of ott now what is the stability that we are seeing?
The business which obviously has stabilized but on the domestic piece, is it the existing clients are increasingly spend on this on the, on the existing channels or the CPAS channels or is there any like newer technologies that we are also working on in terms of offerings?
Deepak Goyal
Hi, hi Amit Deepak here. So firstly I would like to say that yes, you know, OTT channels are growing very fast. WhatsApp is growing very fast. And in terms of new channels, RCS adoption is, you know, is happening, you know, quite fast. And even SMS is also growing in terms of volumes because you are aware that, you know, most of the messages which are sent are mandated by the regulators like RBI and SEBI and irda. You know, all the banking alerts, UPI alerts, you know, you know, you are aware of it.
And so when these transactions go up, you know, so the volumes also go up. However, they may not be reflecting, you know, all everything into, you know, higher revenues because of, you know, there is always a price, you know, prices are also a little going down on the SMS side as far as OTT is, OTT is opening new use cases, very interesting use cases which is actually helping Us engaging, retaining our customers. And our focus was this year to increase our wallet share by offering new use cases, by offering, you know, very interested, interesting, you know, journeys to the customers and which has really helped us in, you know, solidifying our, you know, our existing customer base.
Other than that, we have done, you know, very well in acquiring new logos as well. For example, we got, we won Reserve bank of India. Okay. So now Reserve bank of India is very closely working with us. We won bank of Baroda, which was not there with us is one of the largest bank which were, you know, were not there with us. And in terms of our existing customers, I just give you, let’s say one of the largest e commerce company. You know, they recently, you know we are able to increase our, increase our wallet share to more than 50% because they started, you know, earlier they were only giving us messaging business.
Now they are giving us OTT as well because the kind of, you know, solutions we created for them. So I’m overall very happy the way our team has, you know, has, you know, performed in terms of, on the OTT space. You must be aware that even Meta has, I mean the last financial year they, they recognize us as the partner of the year for, for India. Yeah. So that, and then Google, you know, acknowledged us as a partner of the year. So yeah, so we are, we are doing very well on OTT space. We are doing very well on the solutioning side.
And that is helping us winning new customers as well as increasing our wallet share with the existing customers.
Amit Chandra
Okay. And in terms of…
Deepak Goyal
And you also talk about new technologies. So for the CPA space, new technologies, what we call it new channels also which is rcs which is unlocking a lot of possibilities for us in terms of new platforms. I mean, you know, Tala keeps coming up with new ideas and new platforms. So that is helping us. Let’s say for example Bandhan bank we just closed, there’s one such example which Bandhan bank was working very closely with Carex for SEPA services and we are able to sell our anti phishing platform as well.
Similarly, we hope to win more banks in this financial year. And as Uday mentioned, Talna is working on new platforms and we are very excited that our enterprise team would be able to sell these platforms to our enterprise customers.
Amit Chandra
And also how we are preparing ourselves for the technology risk because in the AI world the tech is changing very fast and how we are preparing ourselves for that. And also there is a regulatory kind of another risk, but regulatory change that could also happen where sending SMS will no longer be compulsory. So are we also seeing or preparing ourselves for such kind of scenario and shifting our focus from that? Because what is happening in the voice or the SMS business? We are seeing volumes growth but there is a continuous pricing shrinkage that is happening both from the large banks and also from the government segment because volumes are coming but it’s not actually showing up in growth.
Deepak Goyal
Yeah, so please.
Uday Reddy
No, Deepak, go ahead.
Deepak Goyal
Yeah, I mean, so firstly Ude mentioned is, I mean we, we are AI native company. Right. Tanla is doing a lot of innovations and our platforms are built using AI. Right. So we are, we are very excited with those opportunities and those possibilities. So, so that is that on the, on the other side, what was the other question? And my follow up.
Amit Chandra
Government volumes and banks volumes which is.
Deepak Goyal
Yeah, see I hope, I see these things I mentioned earlier also. It happens and then there is always a reset happens. Right. So we hope soon we would, we may see some reset happening over there on the prices as well.
Amit Chandra
Okay. So what we’re expecting is that the prices are important out or we can see some divisions there in terms of pricing.
Deepak Goyal
It is, I mean it is on the cards when it will happen. I can’t say.
Amit Chandra
Okay, and what would be the mix of the government led institutions volume in our overall volume mix? If you can give some color on that.
Deepak Goyal
You mean government means central government or central state government or PSU banks and all that?
Amit Chandra
Yeah, no, so PSU banks also plus NIC or the government agencies? Central government agencies.
Deepak Goyal
See the PSU banks is a very, you know, good share of our overall volumes and it is growing as you must be aware that BSU banks are doing very well in the country today. Right. I mean with the, with all kind of focus from the central government and everything. And we manage very significantly large volumes for PSU banks and, and those volumes are growing. Right. On the government side we have NIC and then we have some small other government institutions. So primarily it is nic but again NIC is a very small percentage of our overall business.
Anubhav Batra
And also Amit, just to add from the total volumes that we do with PSUs and government, the regulated part of the messages is obviously a small subset of it because we do many more use cases than just the regulated messages.
Amit Chandra
Okay, okay. And on the, on the platform side, obviously sir, we have know being upfront in terms of investments and we have quite a lot good platforms there and we have closed some deals also both India and internationally. But it’s not getting reflected or it’s not getting converted into, you know, the Growth numbers as of now. So is it both a timing issue or you’re seeing some other structural challenges or some kind of challenges having come on scaling up. And also in terms of the international strategy, how you’re seeing the growth for the next year, domestic versus international.
Anubhav Batra
So it is, I mean it is honestly more of a timing issue. There is no structural changes or shift happening. It is basically to do with how quickly can we replicate our success like we have done with couple of banks in India, India and abroad. So we are obviously accelerating our efforts on the GTM side to ensure that the proportion becomes higher and it reflects in the overall performance of the company. So it’s basically just, it’s a matter of time that you start reflecting like that.
Amit Chandra
Okay. And the international expansion that we invested before the international expansion last year. So what kind of growth we can expect from domestic versus international?
Anubhav Batra
Yeah, so international actually continues to be a significant focus area. So I mean our efforts are equally distributed in expanding in India as well as other geographies. So it is a significant portion of growth is going to come from outside India as well.
Amit Chandra
Okay. Okay. For prankster and all the best.
Anubhav Batra
Thank you.
Operator
Thank you. Your next question comes from the line of Dipesh Mehta from MK Global. Please go ahead.
Dipesh Mehta
Yeah, thanks for the opportunity. A couple of questions. First on the FY26, can you provide some sense about volume and realization breaker or maybe quarter for whichever way you can provide some sense how it is playing out. Second question is on the ATP side entities, you said the deal which we signed, can you provide the earlier two deal how that has scaled and how it is. Let’s say whether revenue is linked with the number of messages which we block or it is fixed price deal. So some control around it how generally revenue scale up happen.
Third question is about the OTT channel. Now if I look let’s say last fourth quarter as a percentage of revenue, it largely remains stable around 31,32 percentage each quarter which in a way indicate OTT channel growth. Also moderated to the company average kind of thing. I just want to understand your borrowed thought process. Whether market has stabilized between different channel SMS versus other OTT channel. And if yes, what would be the reason? Because I presume OTT channels would have grown faster. Thank you.
Anubhav Batra
Yeah. So actually first and third question is linked in a way Dipesh because OTT continues to grow faster than sms. However, since SMS is more price sensitive in that. In that sense, so the volumes are growing at a much faster pa. Some stress on the pricing, although it has not declined Significantly but there is pricing pressure. So volumes grow faster in ott. The correction in price is obviously slower, it is less competitive. So overall we see significant growth in volumes and slight correction in prices.
That’s the mix of price, volume and on the ATP. On the second question, the ATP deals are basically per subscriber per month kind of basis. So it is not linked with the number of messages blocked. It is actually basis the number of subscribers protected. So that’s the model we work.
Dipesh Mehta
Just on the first and third which you link on OTT side. Now if, let’s say SMS is facing pricing pressure, then OTT shares would have increased, right? In your case, all four quarter OTT say remain flat is 31, 32 percentage kind of thing which in a way indicate OTT volume and realization both put together is not showing any different behavior than SMS growth.
Deepak Goyal
No, see, I tell you, see what happens is I think Anubhav also mentioned the same thing that when we talk about OTT, so it’s primarily WhatsApp which is more than, I would say 80% or 90%. Right. And because RCS is still gaining, I mean still small comparatively. And when we talk about WhatsApp, then there are, then there are promotional messages and then there are utility messages. And the focus, you know, is on, you know, so the WhatsApp is growing more on utility and they want to bring down the promotion because of customer complaints, the user experience is going bad and all that you must have seen, even your boxes must be getting cluttered with all kind of promotional messages which even matter doesn’t want, they want to bring it down.
And these, these messages are very expensive, I mean almost 10 times more expensive compared to your transactional messages or utility messages. Let’s say if you, you get any information or any transaction on your WhatsApp, right? So WhatsApp wants to grow those messages and bring, and bring the volume down for marketing. So even though the volumes are growing, but it may not be reflecting in the revenues or the revenue growth per se.
Dipesh Mehta
No, I understand. And that is what my bigger question was, whether now market is stabilizing. Because the way you are indicating because of the mix change between promotional and utility messages, blended realization might have come down for WhatsApp messages which is reflected in despite higher volume growth, lower blended realization giving you flat is kind of similar growth at company average. Do you think this would be the now stabilized kind of market which in a way indicate OTT channel growth will converge with overall market growth?
Deepak Goyal
Okay, so it’s like this. We operate, let’s Say when I talk about our enterprise business, so our enterprise business happen like about 75 to 80% business happening for the top 250 customers let’s say. Right. And then you have a long tail from where your 15, 20% business coming from another 50, 60,000 enterprises. So this is how the C market is tagged and as far we are concerned we are there and almost 80% of these customers we are present and now we’re trying to increase our wallet share. Having said that, now when we talk about OTT, I mean you would see that WhatsApp still growing year on year.
The growth is very, very high because they are venturing into SME market. So their target is maybe a 2 million SMEs in the country where currently we are not operating. Right. So where we are operating, yes, you are right that it is very well stabilized. But then there’s another huge market where you know, they have small, they call it tsps technology service providers and all that. Okay. We who are there in every city, every small little city and providing services to let’s say some salon, some grocery store or some, you know, could be any housing society and all of that. So that’s a very different market altogether where the growth is very, very high.
Dipesh Mehta
Understood, but good from tanla or enterprise market perspective. This is like now seeing some kind of stability OTT channel growth. That is right way to understand.
Deepak Goyal
Yes.
Dipesh Mehta
Okay. The last question is about the reason for delay in closure of Value First International because now almost three years now. Can you provide some sense what is leading to this delay?
Anubhav Batra
Depesh, the reason actually continues to be the same. We are still coordinating with the regulatory authority there to obviously fast track it as much as possible. And we are also looking at alternate, any alternate if it is possible because it has caused significant delays. So we are now also evaluating if there are any other ways to consolidate those businesses because it’s been a long time. So actually working on both sides in the sense that alternate approach as well as expediting approvals from rbi.
Dipesh Mehta
Sir, I’m not very clear what are the reasons you said it is regulatory approval but let’s say where it gets stuff.
Anubhav Batra
No, it is, it is stuck at a RBI level because there are some old matters which had to be clarified etc, there is a documentation going on with RBI, set of questions being asked, etc. So that’s where it is currently. That’s where we are currently.
Dipesh Mehta
Okay, thank you.
Operator
Thank you. Your next question comes from the line of Sarat Kohli, an individual investor. Please go ahead.
Sarat Kohli
Yeah, hi I have a few questions. The first question is can you give us because there’s never been any deep disclosure on what makes up the platform business. And recently that you guys signed the Indosat and I think from the last conference call you mentioned that it’s for entire subscriber base which is hundred million dollars, sorry, which is 100 million subscribers. Can you give some sense as to on a yearly basis you charge 10 rupees, 20 rupees, 30 rupees per subscriber. So it’s easy for us to kind of at least project some kind of growth of the 400 crore business that you have on the platform side.
That’s my first question. And similarly if you can just give a broad outline on how much do you collect per use on the banking side for the ATP product? Those are my questions on that. And then I know this UAE thing has been taking a while but when you made the acquisition first I think you had given a broad. I’d asked that question. Then I think the answer you gave was that the business when you acquired value first, the UAE subsidy was about 200 crores of top line and single digit gross margin.
Can you give us some kind of guidance on, on where that 200 crores has gone? Whether it has become 300 crores, 400 crores. And I know that you guys, once you acquire someone you kind of expand the margin. So it will be helpful to understand that low single digit gross margin, has that gone to double digits or not? And then the final question is just more broader picture at the board level. Do you guys have a sense of when you might be thinking of splitting? And this is not an immediate question but I mean it’s a question I’m asking now but it’s not an immediate event.
But are there any thoughts in terms of saying that now that the platform business gross margin is half, it’s about 100 plus crores half of the enterprise business. The Indian markets clearly are not valuing that business. And we have examples of companies listed in the US and which derive a much higher multiple. Is there any thought saying that? Okay, once we get to 300 crore or 400 crore gross margin business on the platform side we will look to split this companies and list that in a different market. Those are my questions.
Operator
Sorry to interrupt. Sarat. So the line for the management has been dropped. Just please stay connected while we reconnect the line to the management.
Sarat Kohli
Okay.
Operator
Ladies and gentlemen, thank you for staying connected. We have the line for the management reconnected. Please go ahead. Yes,
Uday Reddy
Sharath are you there?
Sarat Kohli
Yeah, I’m here, thanks.
Uday Reddy
Let me start with the last question first. Like you know, so we don’t have any such plans but our top focus is to grow the top sorry platform margin stroke revenues as fast as we can. We’re also expecting a good growth this year though I’m not in a position to share anything beyond that. But we are pretty much focused. Opportunities are very big as you know. Like you know we had the first deployment with Indosat which is outside India. That platform is doing phenomenal job. So, so, so we, we are investing outside India.
We in fact we are, we are recruiting the people outside India first time. So yeah, but, but we don’t have any intention to get listed outside India right now. So that’s number one. And when it comes to Indosat, where both the platform YZ AI and YZATP which is deployed in India like you know, they get paid per user per month. Okay. So that’s how it works. Like it’s more of subscription model and they’re all long term deals. If I’m allowed to say we closed with three banks in India on the ATP they’re all, I think, if I remember correctly like it’s all long term deals which are around five years deals.
And same with Indosac. It’s a pretty long long term deals subscription model. Whenever they add the subscribers, we get paid for that subscriber part from that month. Right. So that’s how we, that’s how it works.
Sarat Kohli
No ode I understand that. I was just wondering because there’s no breakdown between True Block and ATP and this Indosat deal on the 400 crores of platform business. I was trying to understand from a modeling perspective. If you could just give some guidance. It’s 100 million times 10 rupees or 20 rupees per subscriber. So you know, I can just say, okay, I can do some rough estimation saying 100 million times 10 rupees is 100 crores per year on Indosat. Is anything you can help with that?
Uday Reddy
Not right now, probably next quarter. Next quarter.
Sarat Kohli
Okay. And then on the, on the UAE side, I don’t know if you heard that question, but my question,
Uday Reddy
Yes, yes. On the, on the UAE side like you know, as I think has given the reasons why it’s got delayed. But I think we had very extensive discussion in the board meeting last week and I think we asked our consultants to look at different options, legal options. Right. And I think we should able to see some light in this quarter. That’s what we Kind of realized last week. So that’s number one and effectively we should able to close the deal in this quarter. Let me commit that. That’s number one. Number two, yes, in terms of the margins I think our Carex team is helping them to improve the margins which I think they have grown from I think to almost 22% gross margin.
But in terms of top line I think they are still around 150 to 170 crores as we speak per annum. But it’s question of once we transfer this business to our teams outside India, you see the magic. So let me commit that we will close the Wealth International this quarter probably effectively around 150 to 170 crores. Top line with around 22% gross margin is going to add to this to this financial year.
Sarat Kohli
So you guys have basically expanded your margin by almost doubled your margin. So that’s great to hear.
Uday Reddy
Yeah, thank You.
Sarat Kohli
Thanks.
Operator
Thank you. Your next question comes from the line of Amit Aggarwal from Leeway Investments. Please go ahead.
Amit Aggarwal
Good afternoon sir. There was an article in the newspaper regarding that UP will do away with SMS notifications. How much business will be effective affected because of that development. And my second question is more and more bigger companies are going for in house in app notifications as they are cost effective. How much business. So what is the future of our SMS and WhatsApp notifications because bigger companies are going for in app notifications. These are my two questions.
Anubhav Batra
So Amit, like we mentioned in the earlier question as well, we do a lot of use case studies just for PSU and other government banks but other government organizations, but honestly regulated I would say there would be an impact but it’s a single digit percentage of our overall volumes that we do which fall into the strictly regulated kind of messages and there would be alternate methods of doing that communication and we are obviously building enhancing our product portfolio to ensure if there is any other way of authenticating the users we also kind of participate participate in that channel.
For example there would be network APIs etc from, from telcos which can be used as alternate. So that that is on the regulated messages and on in app notification. Honestly it’s not a new way of connecting with the user. It has been there for many, many years now. But the kind of use cases we do on, on, on OTT and other SMS channels it is much more engaging in nature. So I think in app notification will not have significant impact because it has not had significant impact on the business. So I, we don’t think that There will be a, there’ll be any, there’ll be an impact there because of notification
Amit Aggarwal
And because my worries, companies like Blinket and Swiggy, which are the biggest growing e commerce companies, they hardly use our system, I suppose. Am I right?
Anubhav Batra
Yes. They already use us.
Amit Aggarwal
Yeah.
Deepak Goyal
So here I tell you, firstly, both are our customers. Tomato as well as Swiggy. Okay. They both are number one, number two. So you see the difference why they don’t. You may not be getting too much of SMS notifications when you order a food. Yes, right. Or you order anything. The reason being because this is a very, very unique case over here that, that you, you, you pick up your phone, you order food. That time your eyes are very much there, you know, and then, and there the deal gets closed, okay.
And you, you get to know that you know your order is accepted. Everything has happened in, within the app itself. Okay. So there’s nothing much, is there? Right? But let’s say if you look at those still Zomato does and a lot of other use cases over there. But if you, if you, let’s say look at, if you order from Flipkart, okay. So. So the delivery takes about four days, six days, whatever. So you will get a message, your order is accepted that you, you will see in your app. But next day you will get a message that your order is on the way.
Be ready for the delivery. Here is your otp. Okay. Then, then you get another message is delivered. So all those, then those would be sent by via SMS or via WhatsApp, right? Because very. Because that time you are not in your app.
Amit Aggarwal
So there’s not much users in Blinket, I suppose. Right? Is that right?
Deepak Goyal
So, so for certain use case, as I said, for certain, you know, cases the use is less. But that is there for. It’s not that it has come down now. It is always like that. Let’s say even for when you book Ola or Uber Cabs, right? Again, you are, you are very much there in the app and it is getting. The entire journey is getting completed then and there. Okay? That is a different kind of use case altogether. You are not. You are you. You know, when you come out of the app, everything is over, right?
You don’t need any other confirmations or anything. So, so that is
Amit Aggarwal
As far as I understood that within the future we should be more dependent on the smaller enterprises rather than the very big enterprises.
Deepak Goyal
No, no, it is not about small or big enterprises here. I’m talking about very, very few unique cases where you can say call about Quick commerce or let’s say you talk about those, you know, cabs and all. Otherwise you know, we look at large. I mean you look at Flipkart, look at Amazon, you look at Myntra, look at Nika
Amit Aggarwal
Misho.
Deepak Goyal
All right. Bigbasket. They all are customers. They all are. And their number of transactions are going up and even our transactions are going up along with them. Right. Okay.
Amit Aggarwal
And my, my question is how much business are we going to do because of UPI is doing a with SMS notifications in the future?
Deepak Goyal
UPS doing away SMS notifications I, I’m not aware of
Amit Aggarwal
Because it came in the newspaper just I think in the month of February.
Deepak Goyal
No, no, you must be talking about the silent authentication for OTPs.
Amit Aggarwal
No, no, I’m talking about the up notation that you know, 100 rupees has been sent to you. 5,000 rupees have been sent, sent to you. Whatever,
Anubhav Batra
That’s not changing. I think, I mean I think it is about. It is to do with the value of less than. Let’s say we’re talking about a particular denomination. If you send less than that money then. And currently also there is no UPI notification on sms.
Amit Aggarwal
No, that I think that, that we discussed I think two or three conferences back. But there was a news article, I can send it to you next time maybe we can discuss. There was an article that they are doing.
Deepak Goyal
I tell you a lot of banks, they have their own rules. Okay. And they are, you know, RBI is also flexible about it where certain banks, they say that we will not send notification for less than 100 rupees. That’s going on for you know, multiple years now, for two, three years back. You know, banks have adopted certain things, right? As some banks say we will not send any notification for less than 500 rupees. That is already in force.
Amit Aggarwal
But how much business we get from upi? Are you able to disclose that?
Deepak Goyal
Sorry, how much business are we getting from ups?
Amit Aggarwal
Yeah.
Deepak Goyal
No, we will not be able to call out that number.
Amit Aggarwal
And my second question is regarding like Indonesian deal. How many telco can we expect in next two or three years? Is it difficult to. Because there are hundreds of telecom companies around the world. So how much difficult is to crack some more telecom companies around the world?
Anubhav Batra
So Amit, the sales cycle is long but obviously like you mentioned the universe is humongous. So we are actually running for as much as acquisition of telco client as possible. We can’t give a number as such but obviously the pipeline is huge and the opportunity is huge and we want to convert it asa.
Amit Aggarwal
Okay, thank you. Thank you. Better flock.
Anubhav Batra
Thank you so much.
Operator
Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to Mr. Ritu Mehta for closing comments.
Ritu Mehta
Thank you, everybody, for joining. In case we could not answer your calls, answer your questions, please reach out to investor helpdesk. We will be happy to answer. Thank you. Good evening.
Operator
Thank you on behalf of Tanla Platforms limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.