Mahanagar Telephone Nigam Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2016 • Basic & Other Services: 79.8% • Cellular: 20.2% • Unallocable: 0.0%
AI Sector View
AI GENERATEDTelecommunication
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.
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 -7.6%
- 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARTIARTL | 1837.00 | 39.65 | 1146500.05 | 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 | 372.70 | 13.74 | 98324.33 | 3.76 | 1745.80 | 0.52 | 8431.10 | 4.64 | 30.51 | 53.11 |
| BHARTIHEXA | 1539.25 | 42.19 | 76962.50 | 1.17 | 4824.00 | 1131.87 | 25099.00 | 1009.10 | 29.30 | 52.68 |
| TATACOMM | 1763.90 | 53.17 | 50286.26 | 0.99 | 129.72 | -31.78 | 6582.82 | 10.45 | 15.75 | 18.75 |
| RAILTEL | 262.55 | 41.79 | 8426.24 | 1.24 | 38.39 | 48.51 | 467.61 | 24.08 | 23.03 | 15.86 |
| TTML | 35.93 | 87.55 | 7024.06 | 0.00 | -72.15 | 77.80 | 301.57 | 6.09 | 157.86 | 53.91 |
| HATHWAY | 10.19 | 23.80 | 1803.74 | 0.00 | 24.56 | -20.85 | 565.10 | 6.52 | 2.55 | 13.43 |
| MTNL | 25.14 | 0.00 | 1583.82 | 0.00 | -842.36 | 10.69 | 216.89 | 229.92 | -6.76 | -15.07 |
| GTL | 7.23 | 0.14 | 113.73 | 0.00 | 4520.66 | 2243.77 | 497.08 | -28.12 | 0.00 | 27.04 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 185 | 182 | 169 | 193 | 169 | 251 | 239 | 258 | 52 | 174 | 178 | 350 | 200 | |
| 339 | 316 | 299 | 304 | 280 | 278 | 280 | 274 | 236 | 283 | 222 | 290 | 1,116 | |
| Operating Profit | -154 | -134 | -130 | -112 | -111 | -27 | -40 | -16 | -184 | -109 | -44 | 60 | -916 |
| OPM % | -83.53% | -73.57% | -76.77% | -57.96% | -65.34% | -10.74% | -16.80% | -6.29% | -357.07% | -62.45% | -24.46% | 17.01% | -457.62% |
| 112 | 174 | 142 | 145 | 198 | 60 | 79 | 53 | 140 | 31 | 33 | 510 | 75 | |
| Interest | 645 | 665 | 691 | 689 | 705 | 769 | 728 | 716 | 754 | 742 | 749 | 738 | 748 |
| Depreciation | 163 | 168 | 163 | 162 | 154 | 152 | 147 | 148 | 142 | 139 | 139 | 136 | 135 |
| Profit before Tax | -850 | -793 | -842 | -818 | -772 | -888 | -836 | -827 | -941 | -959 | -898 | -304 | -841 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -850 | -793 | -842 | -818 | -772 | -888 | -836 | -827 | -941 | -959 | -898 | -304 | -841 |
| -13.49 | -12.58 | -13.36 | -12.98 | -12.25 | -14.10 | -13.27 | -13.13 | -14.94 | -15.22 | -14.26 | -4.83 | -13.35 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,124 | 2,870 | 2,372 | 1,988 | 1,536 | 1,304 | 1,070 | 862 | 728 | 629 | 903 | |
| 3,946 | 3,962 | 3,556 | 3,310 | 3,009 | 1,260 | 1,393 | 1,305 | 1,254 | 1,102 | 1,911 | |
| Operating Profit | -822 | -1,092 | -1,184 | -1,322 | -1,473 | 44 | -324 | -443 | -526 | -473 | -1,009 |
| OPM % | -26.31% | -38.06% | -49.91% | -66.52% | -95.87% | 3.38% | -30.26% | -51.43% | -72.15% | -75.23% | -111.71% |
| 569 | 683 | 745 | 619 | 691 | 485 | 627 | 612 | 573 | 678 | 649 | |
| Interest | 1,351 | 1,448 | 1,505 | 1,703 | 1,942 | 2,111 | 2,147 | 2,364 | 2,694 | 2,928 | 2,976 |
| Depreciation | 1,152 | 1,088 | 1,029 | 984 | 972 | 880 | 759 | 717 | 656 | 600 | 549 |
| Profit before Tax | -2,756 | -2,945 | -2,973 | -3,390 | -3,696 | -2,462 | -2,603 | -2,911 | -3,302 | -3,324 | -3,003 |
| Tax % | 17.86% | 0.15% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -2,263 | -2,941 | -2,973 | -3,390 | -3,696 | -2,462 | -2,603 | -2,911 | -3,302 | -3,324 | -3,003 |
| EPS | -30.91 | -46.68 | -47.19 | -53.81 | -58.66 | -39.08 | -41.31 | -46.20 | -52.42 | -52.75 | — |
| 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:
- -16%
- 5 Years:
- -16%
- 3 Years:
- -16%
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:
- -27%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| -1,026 | -3,997 | -6,967 | -10,365 | -14,216 | -16,670 | -19,286 | -21,473 | -24,293 | -27,566 | |
| 15,733 | 17,480 | 19,209 | 20,202 | 23,507 | 25,834 | 27,018 | 26,467 | 28,532 | 30,485 | |
| Trade Payables | 389 | 430 | 429 | 530 | 782 | 689 | 1,040 | 1,024 | 1,070 | 992 |
| 2,918 | 3,120 | 2,950 | 3,680 | 5,952 | 2,867 | 2,902 | 4,987 | 4,738 | 5,643 | |
| Total Liabilities | 18,644 | 17,663 | 16,250 | 14,677 | 16,656 | 13,351 | 12,304 | 11,635 | 10,677 | 10,184 |
| 9,438 | 8,585 | 8,014 | 7,336 | 6,756 | 6,131 | 5,487 | 4,835 | 4,207 | 3,676 | |
| Capital Work in Progress | 137 | 291 | 331 | 320 | 328 | 184 | 74 | 59 | 86 | 32 |
| 142 | 142 | 106 | 106 | 106 | 106 | 106 | 106 | 106 | 106 | |
| 30 | 15 | 25 | 24 | 19 | 9 | 7 | 4 | 5 | 5 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 496 | 545 | |
| Cash & Bank | 163 | 88 | 66 | 95 | 156 | 259 | 89 | 301 | 61 | 164 |
| 8,735 | 8,542 | 7,708 | 6,796 | 9,291 | 6,662 | 6,541 | 6,329 | 5,716 | 5,657 | |
| Total Assets | 18,644 | 17,663 | 16,250 | 14,677 | 16,656 | 13,351 | 12,304 | 11,635 | 10,677 | 10,184 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 562 | -1,223 | 184 | -729 | -1,242 | -421 | 755 | 67 | 133 | 322 | |
| Cash from Investing | -4 | -9 | -496 | -286 | -33 | -224 | 202 | -164 | 100 | -4 |
| Cash from Financing | -936 | 993 | 345 | 1,044 | 1,326 | 414 | -936 | 177 | -318 | -215 |
| 84 | -67 | -33 | 20 | 68 | -39 | -27 | 69 | -86 | 103 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - COMPLIANCE WITH REGULATION 30 & 47 OF SEBI (LODR) REGULATIONS, 2015 SUBMISSION OFNEWSPAPER ADVERTISEMENT
2026-09-05 - 'SUBMISSION OF BUSINESS RESPONSIBILITY AND SUSTAINABILTY REPORT (BRSR) OF MTNL FOR FY 2025-26'.
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 - 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 - Mahanagar Telephone Nigam Limited has informed the Exchange about Credit Rating
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 - 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 - 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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