Tanla Platforms Limited (NSE: TANLA) Q1 2026 Earnings Call dated Jul. 25, 2025
Corporate Participants:
Unidentified Speaker
Ritu Mehta — Director of Investor Relations
Uday Kumar Reddy — Chief Executive Officer
Abhishek Jain — Chief Financial Officer
Deepak Goyal — Executive Director and Chief Business Officer
Analysts:
Unidentified Participant
Sambhav Jain — Analyst
Balaji Subramanian — Analyst
Amit Chandra — Analyst
Ram Tava — Analyst
Deepak Chokhani — Analyst
Bhavin Salva — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Tanhla platform’s Q1 FY26 earnings 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 then zero on your touch tone phone. I now hand the conference over to Ms. Ritu Mehta from Tanla Platforms. Thank you and over to you Ma’. Am.
Ritu Mehta — Director of Investor Relations
Good afternoon and welcome to our Q1 FY26 earnings call. Joining us with today are are Uday Reddy, Founder, Chairman and CEO, Deepak Goyal, Executive Director Abhishek Jain, CFO and Anubhav Batra, CFO Designate. Uday will share his perspectives on business imperatives and strategic progress made after his opening remarks. We’ll be happy to engage with participants and address their questions 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 could be deemed forward looking in nature and such statements are inherently subject to risks and uncertainty, some of which cannot be quantified or predicted.
A detailed disclosure in this regard is mentioned in the results presentation that is uploaded on the website. Audio recording and transcript will be available. I now hand over to Uday for his opening remarks.
Uday Kumar Reddy — Chief Executive Officer
Thank you Ritu. Good evening everyone. A very warm welcome to this call. We appreciate you reviewing our investor presentation and shareholders letter. We also hope you saw our recent announcement about our AI native platform. This platform will be launched with a leading Southeast Asian telco in the coming weeks. We are excited about this AI 80 platform which uses scalable AI infrastructure and agentic layer. We are developing multiple applications for both telcos and enterprises. Telcos have a vast, valuable but fragmented data which our platform addresses directly. Our platform is deeply embedded within the telco ecosystem, opening new use cases for both telcos and enterprises.
Results are promising and we are confident this deployment is just the start. We’re also seeing a strong momentum in our enterprise business focusing on increasing wallet share, securing new clients and becoming the preferred partner in India’s OTT space, supporting our goal of 20% EBITDA, CAGR CAGR over the next two years. For Q1FY26 we delivered our second consecutive quarter of revenue growth with the revenue up 1.6% on quarter on quarter, 3.8% on year on year to 1041 crore and the PAT of 118 crore. We also announced a 175 crore buyback bringing our total shareholder return to nearly 1000 crore over the past five years through dividends and buybacks, all while maintaining a zero debt balance sheet.
I would like to welcome Anubhav as our new CFO and also would like to thank Abhishek Jain for his contribution. We wish him all the best. Now let us move to Q and A. The management and I are ready to ready for your questions. Peter, we can open up for the questions.
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 one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use their handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Sambhav Jain from Varduman Investments. Please go ahead.
Sambhav Jain — Analyst
Good evening respected members. Am I audible?
operator
Yes sir. Please go ahead with your question.
Sambhav Jain — Analyst
Yes sir. Congratulations on your recent performance and results. Considering it was quite a challenging environment for most of the companies during this phase we’ve managed to get decent numbers while maintaining business as usual. So I just have a simple question on Value first as to when will we be able to see Value first numbers reflecting and is there some delay regarding approvals or regulatory matters as to why we are not able to get get the numbers of Value first because it’s been a while since we’ve been trying that. So just wanted to get some insight as to when we could expect Value first numbers also coming in.
And my second question would be since SBI started in the beginning of the quarter, SBI business, do the current numbers reflect, you know, SBI’s business fully baked in or it’s. It’s just a bit of SBI’s business on our top line. That’s it from me. Thanks.
Abhishek Jain — Chief Financial Officer
Thanks. This is Abhishek here. So on your second question, right, SBI deal, as I said, it’s a continuity of our services and we got the renewal of the RFP again this term. This is effective first April. So the volumes that we see is for the full quarter both in terms of the gross profit and the revenue top line. So we should not see any incremental data because of those. Of course, you know, some volumes here and there would have a quarter variations but it impacts on the first day of the quarter. On your first question, we have completed the acquisition of Value First India and Value First Singapore the other global companies of VF, while we intend to acquire is impending RBI approval.
We are working with them in clarifying all the questions that they have. We had earlier called out a date. We don’t want to call out the date because really the ball is not with us. As soon as we get any update or clarifications as to when we are going and go ahead, we will keep you guys posted. We are clarifying with all the questions that we are getting so we are hopeful that it should happen in some time. But right now it’s difficult to give us the date on when the global acquisition.
Sambhav Jain — Analyst
Thank you. Thank you sir.
Abhishek Jain — Chief Financial Officer
Thank you.
operator
Thank you. Our next question comes from the line of Balaji from iifl. Please go ahead.
Balaji Subramanian — Analyst
Thanks for taking my questions. In your opening remarks you talked about 20% revenue CAGR over two years. So what is the visibility on this? So I can see that you have signed two new deals, three new deals rather one is the AI native platform deal and the other there are two other MAP deals as well. So you know, just to get some color, you know how much will these two deal wins help towards, you know, achieving your 20% revenue CAGR? So you know once this question is answered I’ll come back with my follow up.
Abhishek Jain — Chief Financial Officer
Thanks Balaji. Just to clarify to you and to all what we said was we aspire to grow at 20% CAGR from EBITDA perspective. Of course there has to be a top line growth which would converge back to EBITDA impact. But what we are telling our aspiration is more from an EBITDA CAGR growth for two years. Yeah. And just to clarify on where we see our where we see things little promising at this stage is that if you see from last two quarters, it’s a good last two consecutive quarters of growth, we see some momentum back.
If I have to call out from an enterprise business, we continue to win new logos, we continue to mine the accounts that we are in and continue to win market share in our existing business and overall wallet shares. If you have to follow from an India domestic enterprise business perspective, we have also done a release in last couple of weeks, in 12 quarters, last couple of months on two large deal wins. One was AI NGD platform which we have talked a bit detail yesterday and day before yesterday. I think that’s a good deal that we have on and we believe that we’ll go live in by first week or sometime mid August that will start generating revenue and profit from quarter two onwards.
Similarly our MAP platform which we have deployed with the Two large telcos outside India should go live in soon, in coming weeks. That should also start giving us a revenue share from a market perspective. And third, in general, our global business, even from an enterprise perspective, is doing well. So these are the opportunities that we see ourselves, which gives us the confidence that will help us to expire the numbers that we have laid out at the beginning of the quarter. And of course, just to clarify to all that, you know, it’s not a guidance, right.
It is an aspiration that all of the management team has come together and to be honest, we are putting pressure on ourselves because we are taking the stretch target to achieve those. So it’s kind of a little bit of forward looking statement. But this is the aspiration that management is driving towards achieving that goal in next two years in terms of cagr.
Balaji Subramanian — Analyst
Yes, absolutely. Absolutely.
Abhishek Jain — Chief Financial Officer
Yeah.
Uday Kumar Reddy — Chief Executive Officer
Thanks Balaji. Thanks.
Uday Kumar Reddy — Chief Executive Officer
Yeah. Balaji, you have a question?
Balaji Subramanian — Analyst
Will it be. Actually I have two more if I have the time. So one is ILT revenue contribution. So it was, you know, the volumes were falling because of the price hikes that they were taken and there was migration that was happening to OTT channels. So is it fair to say that the entire ILD LED drag is now behind? And what would be the proportion of ILD as a percentage of your enterprise revenue or consolidated revenue?
Abhishek Jain — Chief Financial Officer
So if you ask me, I think ILB revenue has been pretty consistent for last one or two quarters now. It is higher single digit from a revenue contribution perspective and lower single digit from a gross margin contribution perspective. So it’s not an insignificant number for us now. So I don’t see any major impact from an IE perspective in the Excel part.
Balaji Subramanian — Analyst
Got it. And the last question is on the platform revenue. So, you know, I can see that from preq levels the platform revenues are down in 4Q as well as 1Q. While I do understand that there is a bit of seasonality, but is it fair to say that this is down, you know, despite the SBI deal now contributing from April? So if that is the case, you know, is there any, you know, legacy, you know, deal that is coming off or, you know, how should one look at these numbers?
Abhishek Jain — Chief Financial Officer
So SBI deal is largely on enterprise side, you know, of course, you know, we do have a revenue share and few things. So there could be a blip in last 12 quarters from a platform business perspective that you’ve seen? I don’t think so. We have lost any large or any of the deals from the platform side. Rather, we believe we are very strongly placed at this stage and Basis the last two announcements in the commentary that I just made in terms of RTS platform going live from a global perspective as well as our AI platform launch from current quarter, I think platform business looks really promising.
So I would say it was a blip and a small minor drop in last two quarters. No major customer exits or no major business that has fallen.
Balaji Subramanian — Analyst
Got it. Thanks and all the best.
Abhishek Jain — Chief Financial Officer
Thank you.
operator
Thank you. Our next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead.
Amit Chandra — Analyst
Yeah, thanks for the opportunity. So my first question is on the enterprise enterprise growth. So most of the growth of the enterprise is being now driven by the OTT revenue. So if I X the OTT revenue there is a still the enterprise X of OTT has been declining both sequentially and Y OI over the last three quarters now. So this decline is despite of the new deals that we have signed in this quarter and those ramping up. So it’s not reflecting in terms of the enterprise revenue. So how to read this and do we expect you know, increase in the enterprise revenue which is X of the OTT from here on and also on the pricing front, Both on the WhatsApp pricing and the telco pricing domestic at telco pricing, what is the view and what are the changes in the pricing that will happen in the recent past? Also in terms of the margins, what we have been seeing is that the margin has been dragging downwards.
So obviously there has been investment that has been going on to the international expansion. But still most of the new deals that we are getting are these deals at a very low margin.
Abhishek Jain — Chief Financial Officer
Sure. Thanks Amit. I think it’s a lot of questions so I’ll take a shot first and then I’ll request Deepak to add to what I missed. So you know Pramin, I think it would be unfair in this era to see our enterprise business X of ott. Right. We are all up pivoting. We’re talking about AI, we are talking about smart communications and so forth and hence keeping OTT channel out would be little unfair in some sense. Right. But having said that, what we see from an enterprise SMS purely SMS perspective is that A the volume continues to grow B this continues to win new RFPs and wallet share as I said.
And three, it’s not reflecting on the revenue stream because of the price sensitivity. Right. We have seen a lot of price aggressiveness with our competition. Many, some of them those have settled but there are still players, one or two which are a little bit competitive which has eroded our realization versus the volume growth, there is the volume growth, but because of the price realization being lower, we see that not reflected in our SMS business as we speak. However, we feel very confident with the mix of OTT and the domestic SMF international business. With the mix of business that we have in the plan we’ve earlier called out that we will be happy in operating an operating margin or gross margin of 25% to 26%.
But with the new ambition that we’ve set for ourselves, I think it has to slowly improve from here on to meet our EBITDA targets as well. I think the new deals, I would say it is competitive but it’s not coming at a very unreasonable pricing, at least the last couple of minutes. But of course the price, it’s a price sensitive market from a domestic SMS perspective, which continues to be there, I think and from a WhatsApp perspective, I think the bosses continue to do fairly well. I think both Voxa R and True Color, all three as a channel, from an OTT perspective is, is contributing for the growth and I, I think they’ll continue to be a good stream of growth even going forward.
Deepak, you think you want to add anything.
Amit Chandra — Analyst
On the pricing?
Deepak Goyal — Executive Director and Chief Business Officer
Actually you have answered everything but yeah, just to, just to add to whatever you said. So I mean it’s like this. When we go to the customer, we offer omnichannel experience. When I say omnichannel, it is SMS. It is all the OTT channels that is RCS, WhatsApp, even true caller, right? Email, voice, everything has been the bouquet of services are offered to the customer and basically the use cases, we along with the customer decide which channel to choose. Not because we have multiple channels. So definitely some, you know, traffic has moved from SMS to OTT channels because, because of a better user experience.
Let’s say for example, I just give example, let’s say, you know, earlier when you send a message sms, your, this is your, you know, a payment reminder, right? Now if you send the same message via WhatsApp or RCS, you can attach the PDF bin also. Okay. You can in fact give them a payment button also. So the entire transaction can be done, you know, immediately, right? It is far more, you know, you know, easy for the customer to do the transaction is good for enterprise also. So that way we are, you know, wherever we see there’s a better use case, we move that, you know, particular use case to the ott.
Right? So, so this is how it has been done and we are, you know, and as I said, when we go to the customer, we Say we are here to increase, you know, enhance your user experience. Right? So that is the, that is the buzzword today. And, and we are, we continuously working on that.
Amit Chandra — Analyst
Okay, so just to follow up on that, Deepak, so do we see the volume shifting from the traditional SMS channel to the ott? Because after the pricing set or the pricing changes in the WhatsApp, it has become even cheaper or even competitive to the traditional SMS now. So earlier most of the enterprises, larger ones, they were using all the channels, SMS WhatsApp at the same time for communication with the clients. Do you see a case where they choose only WhatsApp and don’t choose SMS? And we see a cannibalization of our SMS to WhatsApp.
Deepak Goyal — Executive Director and Chief Business Officer
So I tell you, if you really see effectively WhatsApp utility price, we call it utility, which is the official transactions, right? It has not come down. Okay. Because earlier they WhatsApp was offering, you know, a 24 hours window where enterprise could send, you know, unlimited messages. Okay, let’s example, let’s say earlier the price was, you know, maybe 12 or 13 paisa for a WhatsApp message. But with a 24 hours window and all, most of our enterprises, they send more than two messages to one particular number in 24 hour window. Okay. So now the price, they have reduced the price maybe by 20%.
But now it is just like SMS, they charge per transaction. Right? So effectively price has not come down, that has gone up. If you really see. So this is how it is and as I said, so as far price is concerned, that is not an issue at all. But as I said, there are definitely use cases where for a better user experience, customers would move to WhatsApp and they are moving at the same time the overall number of transactions are going up. So SMS volumes are also growing, growing just like that.
Amit Chandra — Analyst
Okay. And lastly on the margin front, obviously you have an aspiration of 20% EBITDA, CAGR. But is it mostly top line driven or. We also see margin expansion happening from here on because margins right now at multi quarter low.
Abhishek Jain — Chief Financial Officer
So I’ll take that Amit. So if you see from last couple of quarters I’ve been highlighting that we have been investing in go to market, in building up new platforms, in upgrading our technologies and so forth. And if you see each line item of our expenditure has gone up despite revenue being flat, I think that was a conscious call by the management team today. Deepak and other leaders have taken this conscious call on making those investments. Having said that, it would be a combination of both the top line has to grow but at the same time the efficiency has to kick in in terms of, for example, all the investments that we made, whether be from a go to market perspective on AI.
Just giving you an example. The revenue streams should start immediately as we speak from next week as we go live. Similarly, the RTS platform that we have deployed outside India has gone through a lot of GTM investments that should also start deploying it. And these are just a couple of examples that I’m giving. So I would say it would be a combination of both the top line growth as well as efficiency driven gross margin improvement and index cost improvement.
Amit Chandra — Analyst
Okay, so are we going back to 18 to 19% or is it fair to assume that we move back to the previous range or it will be more like a gradual kind of a move in terms of margins.
Abhishek Jain — Chief Financial Officer
Amit, you know, if I have to achieve a bit of 20% CAGR, you are smart enough to do that math even better than me. So. I can only say that, you know, we have aspired and given a bold decision, taken a bold decision and it’s already giving a lot of tremendous pressure internally. So we’ll stick by that right now and put our almighty to achieve that.
Amit Chandra — Analyst
Okay? Okay sir, thank you for the opportunity and all the best.
Abhishek Jain — Chief Financial Officer
Thank you.
operator
Thank you. Our next question comes from the line of Ram Tawa with Equinox Capital. Please go ahead.
Ram Tava — Analyst
Yeah, hi, can you all hear me?
Abhishek Jain — Chief Financial Officer
Yes.
Ram Tava — Analyst
Yeah, good afternoon all. So this is pertaining to the a native platform which you have disclosed during the AGM in the recent past. Right. So I just want to understand what is the industry benchmark for R2? Not necessarily for, but broadly across the market. What is the kind of R2 we can expect from this AI kind of AI native tool?
Uday Kumar Reddy — Chief Executive Officer
Sorry.
Ram Tava — Analyst
Hello?
Uday Kumar Reddy — Chief Executive Officer
Okay, so the way we have, the way we have closed the deal with the Telco is we get paid per user per month. So it is more of subscription model. Okay, so, so we have closed a deal for three and a half years and starting from, I mean this, this quarter onwards. So.
operator
Hello, ladies and gentlemen, may I request you to stay connected while we reconnect the management line. Thank you. Sam. Yes sir. Please go ahead.
Ram Tava — Analyst
Can you hear me? Ram here.
operator
So one moment please. So we have the management line reconnected now. Mr. Ram, can you repeat your question please?
Ritu Mehta — Director of Investor Relations
Hi, this is Ritul.
Ram Tava — Analyst
Can you hear me?
operator
Yes sir, one moment please. Mr. Ram, we have the management line reconnected.
Uday Kumar Reddy — Chief Executive Officer
Yes, yes, yes.
Ram Tava — Analyst
Can you hear me?
Uday Kumar Reddy — Chief Executive Officer
Yes, yes, I can hear you. I can hear you.
Ram Tava — Analyst
Okay, do you want. Do you want me to repeat the question or.
Uday Kumar Reddy — Chief Executive Officer
No, No, I understood your question. All I’m trying to say is we are deploying. I mean basically let me explain about the bit of. Bit about the platform and the solution that you are trying to build on top of that ANA2 platform. Okay. So this platform is basically an A2 platform which is. Which is being deployed as part of the core network. Okay. What I mean by that is like you know, we will have access to the entire data of this telco of the users and enterprises and so on so forth. Then once we gather this data into AI native platform and which is sitting as part of the.
The core AI layer data layer and we are going to build, we are building the solutions on top of the AI platform, okay? The first solution is going to go live, okay. Wherein we find this solution for next three and a half years, wherein we get paid per user per month. So it is more of subscription model. Okay. The second like you know, as and when we launch some more applications, which we are planning to launch some more applications in the next one year’s time, we get paid separately for that solution. Again so it has nothing to do with the arpu, okay.
It is more to do with the subscription subscription pay fees that we’re being paid every month for the next three or three and a half year. Three and a half years. Sorry Ram, am I clear?
Ram Tava — Analyst
Yeah, you are clear. And this AI native platform when compared to other existing competitors in this space, how different it is and what are the key entry barriers or modes that you can expect of. I remember you were saying during the AGM that there is no competition for this product subjective to correction. I don’t firmly remember like you made that statement but I want to understand the mode and what kind of competition we have in this space.
Uday Kumar Reddy — Chief Executive Officer
Ram, the way I look at it, I think I would like to do one more call probably or we will come up with one more announcement once the platform goes live. I don’t want to hijack from. From the. From. From this esteemed customer. I want them to speak. I want. This is going to major announcement. Okay so you. You get to see the announcement coming from the. From the customer directly. They probably they should able to explain well and probably around second week or around 10th of August we should also give you some update on this platform.
So I would like to leave it here now. But we are very very excited about this platform.
Ram Tava — Analyst
Okay, so pertaining to this map platform, you are saying that you have implemented this map for Google rcs? Google rcs in India or is it confined only to India or it’s across the globe? No.
Uday Kumar Reddy — Chief Executive Officer
So this, the platform that we won is with the Indosat telcos. There are three telcos in Indonesia. Indosat, Telecom, Cell and Exiata. Okay, so we closed the deal with two telcos which is Telecom Cell and in the satisfaction Telecom represents around 52% and Indosat represents around 25%. The remaining is with Exiata. We have not closed. Rather Google has not closed the deal with Axiata so far. I hope they will close a deal with Exiata very soon. Once they close, Google closes the deal. We also would like to go and close deploy our platform. Then once we close the deal with Xiata we should able to go live.
So we’re just eagerly waiting for the Google to close with Xiata, which is the third operator.
Ram Tava — Analyst
Okay, I’m referring the other one actually the MAP platform. You’re saying that from 10 million users it got increased to a few billions during the agm. You are saying that is the rts, is it good in India?
Uday Kumar Reddy — Chief Executive Officer
Ram, it is. It is basically from India. Yes, India.
Ram Tava — Analyst
And so any plans to replicate it across the globe for Google with other countries or it’s just confined to India itself?
Uday Kumar Reddy — Chief Executive Officer
This is what I just told you. Like you know, so the one I referred to about the traffic is from India. Okay. And meanwhile we went ahead and deployed the same platform with the Indonesian two operators. We had to close up with the third operator. But once you close the third operator we will have 100% revenue market share with that in Indonesia. So the one I’m referring to is the two things. 1, 10 billion or 8 billion traffic that I’m talking about per month is from India. Another one, the platform, the deployment we are referring to Indonesia.
So that is going to go live sometime in the quarter.
Ram Tava — Analyst
There’s potential to replicate to other countries also in the future.
Uday Kumar Reddy — Chief Executive Officer
Obviously. Yes, because Indonesia is a separate deployment and we can do the same thing with other operators and other countries.
Ram Tava — Analyst
Yes, wonderful. Thank you. Thank you so much. That’s all from my side.
Abhishek Jain — Chief Financial Officer
Thank you.
operator
Thank you. The next question comes from the line of Deepak Chokhani with RAID Capital. Please go ahead.
Deepak Chokhani — Analyst
Hi, thank you for this opportunity. My question, I have two questions. First is how confident are we of. Achieving the 20% EBITDA growth numbers and. Will it largely be back ended towards the end of the year or broadly. Equally spread over the next three quarters? So that’s my first question.
Uday Kumar Reddy — Chief Executive Officer
Deepak, go ahead with other questions.
Deepak Chokhani — Analyst
Yeah, the next question is what other. Geographies are we planning to other than. India, Middle east and Southeast Asia, are. We planning to enter any other geographies? For now, that’s it from my side. Thanks.
Uday Kumar Reddy — Chief Executive Officer
But in terms of Deepak, in terms of other geographies, I think we would like to quickly consolidate in Indonesia. That’s where we’re going live with our MAM platform and we’re also planning to set up an office there in this quarter. So we are investing in Indonesia in big way. Okay. We have recruited people and we are planning to open the office there. So we are bidding big on Indonesia to start with. Okay. So we would like to see at least we would like to see how it goes with Indonesia next two quarters, the quarter two and quarter three before you look at another geography.
So that’s number one. Number two, the 20% CAGR growth. Yes. We have a solid plan from this quarter Q2 onwards you will see the growth, you’ll see the numbers kicking off from Q2 onwards. So I think we should able to throw some more light during the Q2 call. So I would like to leave it there.
Deepak Chokhani — Analyst
Perfect sir. Thank you.
operator
Thank you. Our next question comes from the line of Bhavin Savla with PK Corporation. Please go ahead.
Bhavin Salva — Analyst
Congratulations to Tanla team on the new deployment and new beginnings. I would just like to know about buyback. A basic thing, how do we consider that are we going to go like open for market buybacks or tendering? So why did we consider tender and not the market buyback?
Abhishek Jain — Chief Financial Officer
Thanks Pawan. You know open market offer is no more there as part of the regulations and hence we have gone ahead with the tender route. The window would be open between 29th to 4th of August and for that within one week or around that time frame the cash dispersion will happen. We should send out the email soon in terms of the entitlement and so forth and providing all the details in this email so that the details for my back perspective.
Bhavin Salva — Analyst
But is it tax free after the new guidelines came for the income tax?
Abhishek Jain — Chief Financial Officer
So you know it will depend on the purchase price and the effective tax. Rate for the respective initial. So definitely it doesn’t make sense.
Bhavin Salva — Analyst
It doesn’t. It doesn’t. That’s what I’m telling that. Have you gone through the new guidelines before putting in buyback? Because in this buy your buying price is not considered only. It is only the money which you get in your account. The full money is considered as your income and you have to pay income tax on the full amount. That’s the reason buybacks have stopped and we are talking that our buying price is considered. So have you have it gone through this?
Abhishek Jain — Chief Financial Officer
Yes, we have gone through it. Basis the portfolio of shareholders and mix of shareholders that we have and the premium that we have given. Basis the spot price. At the date of the announcement there was a very clear delta and the premium that we offered. You know, any buyback, whether the pre regime or now may not be. You know, it may not. You know, it depends on what the investors look looking for. Right? They are with the company for the EPS growth and so forth. So basis failed. Hello.
operator
Yes sir, Please go ahead.
Abhishek Jain — Chief Financial Officer
Okay. Basis the current mix of shareholders and their average buying price and others. I think basis our evaluation it do make sense to a good portion of our shareholders base.
Bhavin Salva — Analyst
I will request if you can share your calculations and all because I think there is a big mistake. As last time also before a few years I had told that we had calculated that our money was in liquid fund. But what it was not in liquid fund, it was in debt funds which we had lost it. And this time also seems that there is some mistake. Please, please check it out and do give me the calculations what we had done. I’ll be very happy to get it.
Abhishek Jain — Chief Financial Officer
No issues. I’ll happy to clarify that I don’t believe there is any mistake. We have evaluated to our merchant bankers as well.
Uday Kumar Reddy — Chief Executive Officer
And Kotaki is our merchant banker. Right. So we have done a lot of meetings with them. So. So. So we have done. But.
Abhishek Jain — Chief Financial Officer
But we are happy to get into a call with you and clarify.
Bhavin Salva — Analyst
Great, great. Thanks. You’re waiting for a call. Thank you.
operator
Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Ms. Ritu Mehta.
Ritu Mehta — Director of Investor Relations
Thank you everyone. In case you have any other questions, you can reach out to investor help there. Thank you.
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.