Mahanagar Telephone Nigam Ltd.

•

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

Market Cap₹ 1,584 Cr.

Current Price

High / Low₹ 46 / 21

Stock P/E0.0

Book Value₹ -490

Price to Book-0.10

Dividend Yield0.00 %

ROCE-6.7 %

ROE0.0 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2016 • Basic & Other Services: 79.8% • Cellular: 20.2% • Unallocable: 0.0%

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 -7.6%
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

TelecommunicationTelecomTelecommunication - Service Provider

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

S.No.	Name
1.	BHARTIARTL	1837.00	39.65	1146500.05	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	372.70	13.74	98324.33	3.76	1745.80	0.52	8431.10	4.64	30.51	53.11
4.	BHARTIHEXA	1539.25	42.19	76962.50	1.17	4824.00	1131.87	25099.00	1009.10	29.30	52.68
5.	TATACOMM	1763.90	53.17	50286.26	0.99	129.72	-31.78	6582.82	10.45	15.75	18.75
6.	RAILTEL	262.55	41.79	8426.24	1.24	38.39	48.51	467.61	24.08	23.03	15.86
7.	TTML	35.93	87.55	7024.06	0.00	-72.15	77.80	301.57	6.09	157.86	53.91
8.	HATHWAY	10.19	23.80	1803.74	0.00	24.56	-20.85	565.10	6.52	2.55	13.43
9.	MTNL	25.14	0.00	1583.82	0.00	-842.36	10.69	216.89	229.92	-6.76	-15.07
10.	GTL	7.23	0.14	113.73	0.00	4520.66	2243.77	497.08	-28.12	0.00	27.04

Detailed Comparison with:

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

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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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

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

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

-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

140

510

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

136

135

Profit before Tax

-850

-793

-842

-818

-772

-888

-836

-827

-941

-959

-898

-304

-841

Tax %

-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

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

-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%

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%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

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

142

106

496

545

Cash & Bank

163

156

259

301

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

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

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

-67

-33

-39

-27

-86

103

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

Sign in to Chat with AI

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