Mahanagar Telephone Nigam Ltd.

•

mtnl.net.in / www.bol.net.inBSE: 500108NSE: MTNL

Market Cap₹ 1,557 Cr.

Current Price

High / Low₹ 46 / 21

Stock P/E—

Book Value₹ -490

Price to Book-0.10

Dividend Yield0.00 %

ROCE-6.8 %

ROE0.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Basic & other Services: 88.1% • Cellular: 11.9%

AI Sector View

AI GENERATED

Telecommunication

Hold

Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.

Confidence

58%

View full sector analysis →

PROS

Company is almost debt free
Company generates healthy free cash flow

CONS

Net worth is negative - accumulated losses have eroded equity
Company is loss-making at the operating / net level
Company has a low return on capital employed of -7.5%
Company has a low return on equity of 0.0% over last 3 years
Receivables are growing faster than sales - a possible quality concern
Interest coverage is weak at -0.1x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

TelecommunicationTelecomTelecommunication - Service Provider

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHARTIARTL	1832.00	39.54	1143379.47	1.31	10011.60	34.89	58539.10	18.35	25.05	57.07
2.	IDEA	14.96	4.33	162081.18	0.00	-3754.00	43.19	11689.00	6.19	46.77	43.07
3.	INDUSTOWER	387.65	14.30	102268.38	3.61	1745.80	0.52	8431.10	4.64	30.51	53.11
4.	BHARTIHEXA	1543.45	42.31	77172.50	1.17	4824.00	1131.87	25099.00	1009.10	29.30	52.68
5.	TATACOMM	1763.25	53.15	50267.73	0.99	129.72	-31.78	6582.82	10.45	15.75	18.75
6.	RAILTEL	259.85	41.36	8339.58	1.25	38.39	48.51	467.61	24.08	23.03	15.86
7.	TTML	35.59	86.72	6957.59	0.00	-72.15	77.80	301.57	6.09	157.86	53.91
8.	HATHWAY	10.25	23.94	1814.36	0.00	24.56	-20.85	565.10	6.52	2.55	13.43
9.	MTNL	24.71	0.00	1556.73	0.00	-842.36	10.69	216.89	229.92	-6.76	-15.07
10.	GTL	7.25	0.14	114.04	0.00	4520.66	2243.77	497.08	-28.12	0.00	27.04

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	199	198	192	209	184	267	261	275	66	190	198	371	217
	354	331	318	284	295	294	298	292	251	298	238	310	1,135
Operating Profit	-154	-133	-126	-75	-111	-27	-37	-16	-186	-108	-41	60	-918
OPM %	-77.45%	-67.09%	-65.38%	-35.84%	-60.34%	-10.08%	-14.13%	-5.98%	-282.20%	-57.15%	-20.59%	16.22%	-423.17%
	113	174	143	145	198	60	78	55	141	31	34	511	75
Interest	645	665	691	689	705	769	728	716	754	742	749	738	748
Depreciation	166	170	166	164	156	155	150	151	145	142	142	139	137
Profit before Tax	-852	-794	-840	-784	-774	-891	-836	-829	-944	-961	-898	-306	-842
Tax %	-0.00%	-0.00%	-0.00%	0.02%	-0.00%	-0.00%	-0.00%	0.07%	-0.00%	-0.00%	-0.00%	-0.04%	-0.00%
Net Profit	0	0	0	0	-773	-890	-836	-828	-943	-960	-897	-307	-842
	-13.52	-12.58	-13.32	-12.44	-12.28	-14.13	-13.27	-13.14	-14.97	-15.24	-14.24	-4.87	-13.37

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	3,223	2,969	2,472	2,085	1,624	1,388	1,149	935	799	698	975
	4,015	4,033	3,629	3,402	3,073	1,322	1,460	1,371	1,282	1,168	1,982
Operating Profit	-792	-1,064	-1,157	-1,317	-1,449	65	-311	-436	-484	-470	-1,007
OPM %	-24.56%	-35.83%	-46.82%	-63.15%	-89.26%	4.71%	-27.05%	-46.64%	-60.58%	-67.37%	-103.30%
	571	685	745	636	693	485	629	613	575	680	651
Interest	1,351	1,448	1,505	1,703	1,951	2,117	2,147	2,364	2,694	2,928	2,976
Depreciation	1,178	1,113	1,053	1,002	986	893	772	730	666	612	561
Profit before Tax	-2,753	-2,940	-2,970	-3,387	-3,693	-2,459	-2,600	-2,916	-3,268	-3,328	-3,007
Tax %	17.84%	0.12%	-0.03%	-0.03%	-0.03%	-0.08%	-0.11%	0.02%	0.01%	0.02%	-0.00%
Net Profit	-2,262	-2,936	-2,971	-3,388	-3,694	-2,461	-2,603	-2,915	-3,268	-3,328	-3,007
EPS	-30.89	-46.60	-47.16	-53.78	-58.63	-39.07	-41.32	-46.27	-51.87	-52.82	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -15%
5 Years:: -16%
3 Years:: -15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 2%
5 Years:: 6%
3 Years:: 1%
1 Year:: -44%

RETURN ON EQUITY

10 Years:: -28%
5 Years:: 0%
3 Years:: 0%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	630	630	630	630	630	630	630	630	630	630
	-1,035	-4,004	-6,962	-10,358	-14,212	-16,675	-19,298	-21,485	-24,274	-27,549
	15,734	17,480	19,209	20,203	23,508	25,835	27,019	26,468	28,532	30,485
Trade Payables	399	438	429	533	796	702	1,048	1,032	1,078	1,000
	2,945	3,149	2,986	3,696	5,966	2,883	2,918	4,999	4,752	5,660
Total Liabilities	18,672	17,693	16,291	14,705	16,688	13,375	12,317	11,644	10,717	10,226
	9,575	8,706	8,128	7,431	6,849	6,209	5,550	4,899	4,265	3,743
Capital Work in Progress	137	291	331	320	328	184	74	59	86	32
	3	4	4	4	4	3	3	3	4	4
	30	16	25	25	19	9	7	5	6	6
	0	0	0	0	0	0	0	0	512	560
Cash & Bank	191	115	117	140	210	320	149	354	108	210
	8,736	8,562	7,685	6,784	9,279	6,650	6,534	6,323	5,736	5,672
Total Assets	18,672	17,693	16,291	14,705	16,688	13,375	12,317	11,644	10,717	10,226

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	614	-1,197	220	-724	-1,222	-416	753	77	130	340
Cash from Investing	-37	-30	-492	-297	-43	-259	204	-174	107	-29
Cash from Financing	-957	984	345	1,044	1,326	414	-936	177	-319	-215
	85	-71	7	14	77	-70	-28	67	-81	96

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.25	56.25	56.25	56.25	56.25	56.25	56.25	56.25	56.25
	0.38	0.06	0.09	0.14	0.54	0.04	0.05	0.50	0.40
	13.63	13.47	13.49	13.46	13.46	13.46	13.43	13.43	13.43
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	29.73	30.22	30.17	30.16	29.75	30.26	30.27	29.81	29.92

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

General Updates

2026-09-09 - COMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION APPOINTMENT OF STATUTORY AUDITORS UNDER SECTION 139 OF THE COMPANIES ACT, 2013 FOR THE FINANCIAL YEAR 2026-2027

2026-09-09

Copy of Newspaper Publication

2026-09-09 - COMPLIANCE WITH REGULATION 30 & 47 OF SEBI (LODR) REGULATIONS, 2015 SUBMISSION OFNEWSPAPER ADVERTISEMENT

2026-09-05

Updates

2026-09-05 - 'SUBMISSION OF BUSINESS RESPONSIBILITY AND SUSTAINABILTY REPORT (BRSR) OF MTNL FOR FY 2025-26'.

2026-09-05

Updates

2026-09-05 - Mahanagar Telephone Nigam Limited has informed the Exchange regarding 'NOTICE OF CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS UNDERREGULATION 42 OF SEBI (LODR) REGULATIONS, 2015'.

2026-09-05

Shareholders meeting

2026-09-05 - NOTICE OF 40TH ANNUAL GENERAL MEETING (AGM) TO BE HELD ON WEDNESDAY, SEPTEMBER 30TH 2026 AT 11.30 AM, CUT-OFF DATE AND PERIOD OF REMOTE E-VOTING

2026-08-27

Credit Rating

2026-08-27 - Mahanagar Telephone Nigam Limited has informed the Exchange about Credit Rating

2026-08-27

General Updates

2026-08-27 - COMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTY

2026-08-26

General Updates

2026-08-26 - COMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTY

2026-08-19

Credit Rating

2026-08-19 - Mahanagar Telephone Nigam Limited has informed the Exchange about Credit Rating

News

Recent coverage and analyst commentary for MTNL

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Mahanagar Telephone Nigam Ltd.

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Free 5nance Account

Name

BHARTIARTL

1832.00

39.54

1143379.47

1.31

10011.60

34.89

58539.10

18.35

25.05

57.07

IDEA

14.96

4.33

162081.18

0.00

-3754.00

43.19

11689.00

6.19

46.77

43.07

INDUSTOWER

387.65

14.30

102268.38

3.61

1745.80

0.52

8431.10

4.64

30.51

53.11

BHARTIHEXA

1543.45

42.31

77172.50

1.17

4824.00

1131.87

25099.00

1009.10

29.30

52.68

TATACOMM

1763.25

53.15

50267.73

0.99

129.72

-31.78

6582.82

10.45

15.75

18.75

RAILTEL

259.85

41.36

8339.58

1.25

38.39

48.51

467.61

24.08

23.03

15.86

TTML

35.59

86.72

6957.59

0.00

-72.15

77.80

301.57

6.09

157.86

53.91

HATHWAY

10.25

23.94

1814.36

0.00

24.56

-20.85

565.10

6.52

2.55

13.43

MTNL

24.71

0.00

1556.73

0.00

-842.36

10.69

216.89

229.92

-6.76

-15.07

GTL

7.25

0.14

114.04

0.00

4520.66

2243.77

497.08

-28.12

0.00

27.04

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

199

198

192

209

184

267

261

275

190

198

371

217

354

331

318

284

295

294

298

292

251

298

238

310

1,135

Operating Profit

-154

-133

-126

-75

-111

-27

-37

-16

-186

-108

-41

-918

OPM %

-77.45%

-67.09%

-65.38%

-35.84%

-60.34%

-10.08%

-14.13%

-5.98%

-282.20%

-57.15%

-20.59%

16.22%

-423.17%

113

174

143

145

198

141

511

Interest

645

665

691

689

705

769

728

716

754

742

749

738

748

Depreciation

166

170

166

164

156

155

150

151

145

142

139

137

Profit before Tax

-852

-794

-840

-784

-774

-891

-836

-829

-944

-961

-898

-306

-842

Tax %

-0.00%

0.02%

-0.00%

0.07%

-0.00%

-0.04%

-0.00%

Net Profit

-773

-890

-836

-828

-943

-960

-897

-307

-842

-13.52

-12.58

-13.32

-12.44

-12.28

-14.13

-13.27

-13.14

-14.97

-15.24

-14.24

-4.87

-13.37

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

3,223

2,969

2,472

2,085

1,624

1,388

1,149

935

799

698

975

4,015

4,033

3,629

3,402

3,073

1,322

1,460

1,371

1,282

1,168

1,982

Operating Profit

-792

-1,064

-1,157

-1,317

-1,449

-311

-436

-484

-470

-1,007

OPM %

-24.56%

-35.83%

-46.82%

-63.15%

-89.26%

4.71%

-27.05%

-46.64%

-60.58%

-67.37%

-103.30%

571

685

745

636

693

485

629

613

575

680

651

Interest

1,351

1,448

1,505

1,703

1,951

2,117

2,147

2,364

2,694

2,928

2,976

Depreciation

1,178

1,113

1,053

1,002

986

893

772

730

666

612

561

Profit before Tax

-2,753

-2,940

-2,970

-3,387

-3,693

-2,459

-2,600

-2,916

-3,268

-3,328

-3,007

Tax %

17.84%

0.12%

-0.03%

-0.08%

-0.11%

0.02%

0.01%

0.02%

-0.00%

Net Profit

-2,262

-2,936

-2,971

-3,388

-3,694

-2,461

-2,603

-2,915

-3,268

-3,328

-3,007

EPS

-30.89

-46.60

-47.16

-53.78

-58.63

-39.07

-41.32

-46.27

-51.87

-52.82

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

630

-1,035

-4,004

-6,962

-10,358

-14,212

-16,675

-19,298

-21,485

-24,274

-27,549

15,734

17,480

19,209

20,203

23,508

25,835

27,019

26,468

28,532

30,485

Trade Payables

399

438

429

533

796

702

1,048

1,032

1,078

1,000

2,945

3,149

2,986

3,696

5,966

2,883

2,918

4,999

4,752

5,660

Total Liabilities

18,672

17,693

16,291

14,705

16,688

13,375

12,317

11,644

10,717

10,226

9,575

8,706

8,128

7,431

6,849

6,209

5,550

4,899

4,265

3,743

Capital Work in Progress

137

291

331

320

328

184

512

560

Cash & Bank

191

115

117

140

210

320

149

354

108

210

8,736

8,562

7,685

6,784

9,279

6,650

6,534

6,323

5,736

5,672

Total Assets

18,672

17,693

16,291

14,705

16,688

13,375

12,317

11,644

10,717

10,226

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

614

-1,197

220

-724

-1,222

-416

753

130

340

Cash from Investing

-37

-30

-492

-297

-43

-259

204

-174

107

-29

Cash from Financing

-957

984

345

1,044

1,326

414

-936

177

-319

-215

-71

-70

-28

-81

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

56.25

0.38

0.06

0.09

0.14

0.54

0.04

0.05

0.50

0.40

13.63

13.47

13.49

13.46

13.43

Government

0.00

29.73

30.22

30.17

30.16

29.75

30.26

30.27

29.81

29.92

Mahanagar Telephone Nigam Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Mahanagar Telephone Nigam Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI