Tata Elxsi Limited (TATAELXSI)
₹3,850.10 +4.06% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tata Elxsi's revenue was ₹1,021 Cr (+14.5% year on year, +2.7% on the previous quarter), and net profit ₹171 Cr (+18.8% year on year); the operating margin was 21.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,021 | +14.5% | +2.7% |
| Operating profit | ₹216 | +15.5% | -11.8% |
| Net profit | ₹171 | +18.8% | -22.3% |
| EPS (₹) | 27.38 | +18.1% | -22.6% |
| Operating margin | 21.2% | — | — |
TATAELXSI delivery percentage, bulk deals and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 30.72% of the TATAELXSI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.21%. That is close to its usual level. It traded 2.7 times its average daily volume. In TATAELXSI futures, open interest rose 4.26% while the futures price rose 3.81%: long buildup (new long positions). 2 bulk or block deals were reported in TATAELXSI in the last 60 days: ₹180 Cr bought and ₹181 Cr sold.
Delivery in the last 5 sessions: 14.7% · 18.0% · 9.1% · 20.6% · 30.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 14 Oct | Sell | Graviton Research Capital Llp | ₹180.53 Cr | ₹3,656.53 | 493,713 | Bulk |
| 14 Oct | Buy | Graviton Research Capital Llp | ₹180.11 Cr | ₹3,653.27 | 492,998 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tata Elxsi reported Q2 FY27 revenue from operations of ₹1,055.7 crore, registering a growth of 3.4% QoQ and 15.0% YoY (2.3% QoQ in constant currency). Operating EBITDA reached ₹231.4 crore with margins expanding 70 bps QoQ to 21.9%, despite absorbing full company-wide salary revisions. Net profit stood flat sequentially at ₹170.3 crore (-0.2% QoQ) but up 10.0% YoY, impacted by lower other income (₹34.9 crore vs ₹41.5 crore in Q1). Growth was broad-based across segments, led by Healthcare (+3.5% CC QoQ), Media & Communications (+3.4% CC QoQ), and Transportation (+2.0% CC QoQ).
- Revenue from operations grew 3.4% QoQ and 15.0% YoY to ₹1,055.7 crore (2.3% QoQ constant currency)
- EBITDA rose 7.1% QoQ to ₹231.4 crore, with EBITDA margin improving by 70 bps QoQ to 21.9%
- PAT reported at ₹170.3 crore, up 10.0% YoY but down 0.2% QoQ; basic EPS stood at ₹27.34
- Headcount decreased to 11,149 from 11,336 in Q1 FY27, while attrition slightly eased to 15.9%
Tata Elxsi reported Q2 FY27 revenue from operations of ₹1,055.7 crore, up 3.4% QoQ (2.3% in constant currency) and 15.0% YoY. EBITDA grew 7.1% QoQ to ₹231.4 crore, leading to an EBITDA margin of 21.9% (expanding 70 bps QoQ despite company-wide salary revisions). Growth was broad-based, with constant currency growth of 2.0% in Transportation, 3.4% in Media & Communications, and 3.5% in Healthcare & Life Sciences. The company also announced key strategic deal wins across automotive telematics, GenAI assistants, and renal healthcare equipment.
- Revenue from operations reached ₹1,055.7 Cr, growing 3.4% QoQ and 15.0% YoY (2.3% QoQ constant currency)
- EBITDA stood at ₹231.4 Cr, up 7.1% QoQ, with an EBITDA margin of 21.9% (up 70 bps QoQ)
- Healthcare & Life Sciences vertical grew 3.5% QoQ cc; Media & Communications grew 3.4% QoQ cc
- Transportation vertical grew 2.0% QoQ cc and accounts for over 55% of the SDS segment
Tata Elxsi has announced its audited financial results for the quarter and half-year ended September 30, 2026. For the six-month period, net profit reached ₹340.90 Cr, up 13.9% from ₹299.19 Cr in the corresponding period of the previous year. Operating cash flow improved significantly to ₹373.85 Cr compared to ₹265.79 Cr in H1 FY26. The statutory auditors issued an unmodified audit opinion on the interim results.
- H1 FY27 profit for the period stood at ₹34,089.79 lakhs (₹340.9 Cr) vs ₹29,918.68 lakhs in H1 FY26
- Net cash generated from operating activities rose to ₹37,385.31 lakhs (₹373.85 Cr) from ₹26,578.89 lakhs YoY
- Dividend paid in H1 FY27 amounted to ₹46,722.80 lakhs (₹467.23 Cr)
- Closing cash and cash equivalents stood at ₹16,202.84 lakhs as of September 30, 2026
- Previous year included an exceptional labour code provision of ₹9,568.88 lakhs
Tata Elxsi Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed or rejected within prescribed timelines. Furthermore, the mutilated and cancelled certificates were properly substituted with depository names in the register of members. This represents a regular procedural quarterly disclosure with zero financial or operational impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- Confirmation issued under Regulation 74(5) of SEBI Depositories and Participants Regulations, 2018
- Issued by RTA MUFG Intime India Private Limited on October 7, 2026
Tata Elxsi Limited has announced the closure of its trading window starting Thursday, September 24, 2026, pursuant to SEBI Insider Trading regulations. The closure is in connection with the approval of audited financial results for the quarter and half-year ending September 30, 2026. The window will reopen 48 hours after the declaration and dissemination of the financial results. This is a mandatory regulatory filing and represents routine compliance.
- Trading window closes effective Thursday, September 24, 2026
- Closure pertains to audited results for the quarter and half-year ending September 30, 2026
- Trading window to reopen 48 hours after financial results are published
Tata Elxsi Limited has informed the exchanges that it will participate in a physical group meeting at the J.P. Morgan India Conference in Mumbai on September 22, 2026. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction. With a market capitalization of Rs 21,006 Cr and TTM revenue of Rs 2,711 Cr, this represents standard investor relations engagement.
- Scheduled meeting date: September 22, 2026
- Event: J.P. Morgan India Conference
- Format and location: Physical group meeting in Mumbai
- Explicitly stated that no unpublished price sensitive information (UPSI) will be shared
Tata Elxsi has announced a strategic investment in Silicon Valley-based KAVIA AI through its deep-tech startup engagement program, STEP.UP. The collaboration aims to accelerate AI Development Lifecycle (AIDLC) solutions for complex enterprise software engineering across brownfield environments. The companies have collaborated for the past 1 year, but financial terms, including the investment amount and equity stake acquired, were not disclosed. Given Tata Elxsi's TTM revenue of ₹2,711 Cr and cash-rich balance sheet, the investment appears modest and technologically focused.
- Strategic investment executed under Tata Elxsi's startup program, STEP.UP
- Partnership builds on 1 year of joint platform deployment for enterprise engineering use cases
- Deal terms and financial investment quantum were not disclosed in the announcement
- Targets AI Development Lifecycle (AIDLC) to enhance productivity in complex codebases
Tata Elxsi has signed a Memorandum of Understanding (MoU) with Sarla Aviation to develop 'Shunya', India's first indigenous electric vertical take-off and landing (eVTOL) aircraft. The platform is designed for a 6-seater plus 1 pilot configuration with a range exceeding 300 km. Under the agreement, Tata Elxsi will provide flight control systems, avionics engineering, software integration, testing, and validation support. The aircraft's maiden flight is targeted within the next 18 to 24 months, though commercial contract values were not disclosed.
- MoU signed to develop 'Shunya', a 6-seater plus 1 pilot indigenous eVTOL aircraft
- Aircraft designed for a operating range of 300 Km+ combining VTOL and fixed-wing cruise
- First test flight targeted within an 18 to 24 month execution window
- Tata Elxsi to handle avionics, flight control systems, software integration, and airworthiness certification support
- Commercial contract size and financial consideration were not disclosed
Tata Elxsi Limited has approved the allotment of 6,170 equity shares of face value Rs. 10 each on August 31, 2026, pursuant to the exercise of options under its Performance Stock Option Plan 2023. Following this allotment, the company's paid-up equity share capital increased marginally to Rs. 62.31 crore (6,23,05,731 shares) from Rs. 62.30 crore (6,22,99,561 shares). The dilution represents less than 0.01% of the total outstanding share capital and has negligible impact on earnings per share.
- Allotment of 6,170 equity shares of face value Rs. 10 each pursuant to ESOP exercise.
- Paid-up share capital increased from Rs. 62,29,95,610 to Rs. 62,30,57,310.
- Total outstanding shares increased from 6,22,99,561 to 6,23,05,731.
- Allotment executed on August 31, 2026 under the Tata Elxsi Limited Performance Stock Option Plan 2023.
Tata Elxsi has entered a strategic partnership with Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) to develop next-generation healthcare solutions. The collaboration combines SCTIMST's clinical research in cardiovascular and neurosciences with Tata Elxsi's expertise in AI, digital health, and product engineering. This move is part of the company's strategy to diversify its revenue base, which is currently 69% dependent on the transportation vertical. While no specific deal value was disclosed, the partnership aims to create an innovation ecosystem for global MedTech companies to develop and validate new products.
- Partnership with SCTIMST, an Institution of National Importance under the Department of Science and Technology.
- Focuses on high-growth segments: diagnostics, medical imaging, digital health, and biomedical engineering.
- Aims to reduce reliance on the Transportation vertical, which currently accounts for 69% of vertical revenue.
- Leverages Tata Elxsi's existing workforce of 12,414 employees for advanced R&D and IP creation.
- Includes joint research, academic engagement, and technology development initiatives.
Tata Elxsi Limited has received an order from the Commissioner of Income Tax (Appeals) [CIT(A)] regarding a penalty levied under Section 271(1) of the Income Tax Act. The total order amount is Rs 67,29,774. Given the company's TTM PAT of Rs 615 Cr, this penalty represents approximately 0.11% of annual profits. The company has stated that the order is not expected to have any material financial impact and is currently reviewing the document for further action.
- Order received from CIT(A) under Section 250 of the Income Tax Act on July 20, 2026
- Total penalty amount involved is Rs 67,29,774
- Penalty relates to Section 271(1) of the Income Tax Act, 1961
- Amount represents approximately 0.025% of TTM Revenue (Rs 2,711 Cr)
- Company assessment indicates no material impact on financial or operational activities
Tata Elxsi reported a milestone quarter with operating revenue reaching ₹1,021.1 Cr, a 6.5% YoY growth in constant currency. The Transportation vertical, contributing 55% of SDS revenue, grew 6.7% YoY CC, while Media & Communication saw a robust 11.5% YoY CC growth. EBITDA margins were 21.2%, impacted by higher onsite transition costs and subcontractor usage in the US. Management expects Q2 wage hikes to be partially offset by the roll-off of these one-time transition expenses.
- Quarterly operating revenue crossed the ₹1,000 Cr milestone for the first time, reaching ₹1,021.1 Cr.
- Transportation vertical now derives 78% of its revenue directly from OEMs, up from previous levels.
- Media & Communication vertical delivered robust growth of 11.5% YoY in constant currency terms.
- EBITDA stood at ₹216 Cr, representing a 15.7% YoY growth despite margin compression.
- Employee utilization rate was reported at 74.7%, nearing the management target of 75%.
Tata Elxsi has published the audio recording link for its investor conference call held on July 14, 2026. The call discussed the audited financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure following the release of quarterly earnings. Investors can access the recording to hear management's detailed commentary on operational performance and the outlook for the Transportation and Healthcare verticals.
- Conference call conducted on July 14, 2026, regarding Q1 FY27 results.
- Audio recording link provided as per SEBI (LODR) Regulations, 2015.
- Company reported TTM revenue of Rs 2,711 Cr prior to this period.
- Transportation vertical remains a key focus, previously contributing 69% of vertical revenue.
Tata Elxsi reported a 14.5% YoY increase in revenue to ₹1,021.1 Cr, marking its first quarter exceeding the ₹1,000 Cr milestone. While YoY performance was healthy, PAT declined 22.6% QoQ to ₹170.6 Cr, and EBITDA margins contracted significantly to 21.2% from 24.6% in the preceding quarter. The Transportation vertical grew 13.3% YoY, while Media & Communications saw robust 22.2% YoY growth. A strategic partnership with JSW Motors was announced to establish a technology center in Pune.
- Quarterly operating revenue reached ₹1,021.1 Cr, a 14.5% YoY increase.
- EBITDA margin contracted to 21.2% from 24.6% in Q4 FY26.
- Media & Communications vertical delivered strong growth of 22.2% YoY.
- Headcount decreased to 11,336 from 11,540 in the previous quarter, while attrition rose to 16.0%.
- Transportation segment revenue grew 13.3% YoY, with OEM revenues now 78% of automotive revenue.
Tata Elxsi reported a steady Q1 FY27 with operating revenue reaching ₹1,021.1 Cr, a 14.5% YoY increase and crossing the ₹1,000 Cr quarterly mark for the first time. While revenue grew, EBITDA margins at 21.2% are lower than the TTM OPM of 28.7%, reflecting targeted investments in AI talent and platforms. The Media & Communication vertical led growth at 22.2% YoY, while the Transportation segment grew 13.3% YoY, supported by a new partnership with JSW Motors. Net profit (PAT) rose 18.2% YoY to ₹170.6 Cr, maintaining a PAT margin of 16.1%.
- Operating revenue crossed the ₹1,000 Cr milestone, reaching ₹1,021.1 Cr in Q1 FY27, up 2.8% QoQ.
- Net Profit (PAT) grew 18.2% YoY to ₹170.6 Cr with a margin of 16.1%.
- Media & Communication vertical showed the strongest growth at 22.2% YoY through global operator ramp-ups.
- Transportation business grew 13.3% YoY, with OEM revenues now constituting 78% of automotive revenues.
- EBITDA stood at ₹216.0 Cr, representing a 15.7% YoY increase with a 21.2% margin.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, Media and Communications grew 6.8% QoQ driven by large deal ramp-ups, while Transportation grew 0.7% QoQ. Healthcare revenue declined by 2.3% QoQ. For the full year FY25, Transportation accounted for 54.2% of SDS revenue and Media & Communication for 32.5%.
Geographic Revenue Split
The US market is a primary driver, growing 7.9% QoQ in Q2 FY26. Exports overall contribute more than 80% of the total revenue, with significant presence in North America, Europe, and Japan.
Profitability Margins
PAT margin for Q2 FY26 stood at 16.0% (INR 154.8 Cr), improving from 15.5% in Q1 FY26 but significantly lower than the 22.5% recorded in Q2 FY25. PBT margin was 22.2% (INR 214.7 Cr) in Q2 FY26.
EBITDA Margin
EBITDA margin was 21.1% (INR 193.3 Cr) in Q2 FY26, representing a slight increase from 20.9% in Q1 FY26 but a sharp decline of 680 bps from 27.9% in Q2 FY25.
Capital Expenditure
Not explicitly disclosed in INR Cr for future periods, though the company invested in establishing design studios and labs in North America, Europe, and Japan during FY25.
Credit Rating & Borrowing
The company maintains a debt-free status with a strong financial risk profile. Historical ratings were [ICRA]AA (Stable) for long-term and [ICRA]A1+ for short-term facilities, though these were withdrawn in 2021 at the company's request.
Operational Drivers
Raw Materials
As a software services company, physical raw materials are not applicable; however, 'Human Capital' is the primary input, with employee costs being the largest expense. Workforce stood at 12,414 as of FY25.
Import Sources
Not applicable for software services; talent is primarily sourced from India (offshore) and local markets in the US and Europe (onsite).
Key Suppliers
Not applicable as the business model relies on professional engineering talent rather than physical material suppliers.
Capacity Expansion
Current capacity is defined by a workforce of 12,414 employees as of FY25. Expansion is driven by talent acquisition and new centers, such as the Cloud HIL center for Suzuki Motors in Thiruvananthapuram.
Raw Material Costs
Employee costs are the primary driver; attrition was maintained at a healthy 13.3% in FY25. Operating margins are sensitive to utilization rates and the onsite/offshore delivery mix.
Manufacturing Efficiency
Efficiency is measured by the offshore revenue mix, which stood at 73.9% in Q2 FY26, and the utilization of fixed-price contracts which accounted for 43.7% of revenue.
Logistics & Distribution
Not applicable; services are delivered digitally or via onsite consulting.
Strategic Growth
Expected Growth Rate
5%
Growth Strategy
Growth is targeted through a 'design-led' approach to win downstream development deals, pivoting towards OEMs in the transportation sector (69% of vertical revenue), and expanding into Semiconductor, Defense, and Aerospace verticals. The company is also leveraging its AVENIR SDV software suite to drive non-linear growth.
Products & Services
Software Defined Vehicle (SDV) suites, EV solutions, OTT platforms, network transformation solutions, digital health platforms, and advanced airport guidance systems.
Brand Portfolio
Tata Elxsi, AVENIR (SDV framework), xG-Force Lab.
New Products/Services
AVENIR (SDV suite) and 'MBC Now' (content aggregator) are key new platforms. The company is also focusing on Enterprise 5G and API adoption through its xG-Force Lab.
Market Expansion
Calibrated investments in North America, Europe, and Japan, including new design studios and labs to capture local R&D spend.
Market Share & Ranking
Not explicitly ranked by percentage, but recognized as a specialized technology partner in the ER&D (Engineering Research & Development) space.
Strategic Alliances
Partnerships include GSMA for 5G monetization, Suzuki Motors for engineering centers, and a healthcare transformation partnership with the University of Illinois and OSF HealthCare.
External Factors
Industry Trends
The industry is shifting toward Software Defined Vehicles (SDV), Gen AI integration for experience innovation, and 5G enterprise adoption. Tata Elxsi is positioning itself as a specialized partner for these technology shifts.
Competitive Landscape
Competes with global ER&D players and large IT service providers; differentiates through specialized engineering services rather than generic managed services.
Competitive Moat
The moat is built on the 'Tata' brand equity, a unique design-led engineering approach, and deep domain expertise in niche verticals like automotive electronics and broadcast media.
Macro Economic Sensitivity
Highly sensitive to global R&D spending cycles, particularly in the automotive and media sectors, which are influenced by global interest rates and consumer demand.
Consumer Behavior
Shift toward electric vehicles (EVs) and connected car experiences is driving OEM demand for Tata Elxsi’s SDV and EV software solutions.
Geopolitical Risks
Geopolitical uncertainties and protectionist policies in key operating regions (US/Europe) pose risks to onsite talent deployment and deal closures.
Regulatory & Governance
Industry Regulations
Operations must comply with international data privacy laws, automotive safety standards (ISO 26262), and healthcare regulatory requirements for medical devices.
Environmental Compliance
The company integrates sustainability dimensions into its product designs and solutions for clients.
Taxation Policy Impact
Effective tax rate is reflected in the PBT to PAT bridge (PBT INR 214.7 Cr vs PAT INR 154.8 Cr in Q2 FY26).
Risk Analysis
Key Uncertainties
Volatility in key markets and client-specific disruptions (e.g., cybersecurity incidents) can impact quarterly performance by up to 5-10%.
Geographic Concentration Risk
High concentration in the US and Europe, making the company vulnerable to regional economic downturns or changes in visa regulations.
Third Party Dependencies
Dependency on specialized software tool vendors and cloud providers for its development labs.
Technology Obsolescence Risk
Rapid shifts in AI and SDV technologies require continuous workforce upskilling to prevent service obsolescence.
Credit & Counterparty Risk
Clientele consists of reputed global OEMs and Tier-1 suppliers, generally indicating high receivables quality.
