Mahanagar Telephone Nigam Limited
NSE: MTNLTelecom - Cellular & Fixed line services
Share price
₹22.91
+0.44% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
22
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1,443 Cr
P/E ratio
—
P/B ratio
-0.0
ROCE
-9.3%
ROE
—
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 1.3% over the past year, and -9.4% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from -30.5% to -17.3% over the last four years.
Whether it grew faster than its sector
It grew -9.4% a year against a sector median of 9.8% — 19.2 percentage points slower.
Room to re-rate, or risk of de-rating
It has no earnings, so there is no price-to-earnings to compare.
Whether growth justifies the valuation
It has no earnings to weigh the price against.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Mahanagar Telephone Nigam Limited — this one | -7%/yr | — | — |
| Vodafone Idea | 6%/yr | — | — |
| Bharti Hexacom Limited | 46%/yr | 42.0× | ₹0.91 |
| Tata Communications Limited | -15%/yr | 45.4× | — |
| Tata Teleservices (Maharashtra) Limited | 7%/yr | 169.2× | ₹24.2 |
| Reliance Communications Limited | 26%/yr | — | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Telecom - Cellular & Fixed line services), it ranks 6 of 6 on returns, 6 of 7 on growth, 6 of 7 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
It is losing money on the capital in the business, so there is no advantage to measure.
Whether its growth pays for itself
Yes — Over the last five years it made ₹1414 crore of cash from the business, spent ₹228 crore on plant and equipment, and returned ₹1312 crore to lenders and shareholders. It has not made a profit over 12 years.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
3 of 8 checks clear · 38%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 12 Aug 2026 · Consolidated · Unaudited
Revenue
₹217 Cr
Revenue vs last year
+36.4%
Revenue vs last quarter
-41.5%
Net profit
-₹842 Cr
Net margin
-388.4%
EPS
₹-13.37
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1,443 Cr
- Prev close
- ₹22.91
- 52w High
- ₹44.7
- 52w Low
- ₹21.3
- Enterprise value
- ₹36,112 Cr
- Beta
- 1.6
- Price CAGR 1y
- -45.0%
- Price CAGR 3y
- -5.0%
- Price CAGR 5y
- 4.0%
- Price CAGR 10y
- 2.0%
Ratios
- Return on assets
- -30.8%
- PEG ratio
- —
- P/E ratio
- —
- P/B ratio
- -0.0
- EV / EBITDA
- —
- Industry P/E
- 41.5
- ROCE
- -9.3%
- ROCE 5y average
- -7.2%
- ROE
- —
- Debt / Equity
- —
- Interest coverage
- -0.0
- Dividend yield
- 0.0%
- ROE 3y average
- —
- ROE last year
- —
Annual P&L
- Annual revenue
- ₹956 Cr
- Annual profit
- -₹3,107 Cr
- Operating margin
- -14.0%
- Net profit margin
- -325.0%
- EBITDA margin
- -13.5%
- Sales growth 3y
- 0.7%
- Sales growth 5y
- -7.2%
- Profit growth 3y
- -7.0%
- Profit growth 5y
- -11.0%
- EPS
- ₹-49.3
- Sales growth TTM
- 1.0%
- Profit growth TTM
- 14.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹217 Cr
- Profit latest quarter
- -₹842 Cr
- YoY quarterly sales growth
- 25.9%
- YoY quarterly profit growth
- —
- OPM latest quarter
- -15.2%
Balance Sheet
- Book Value
- —
- Face Value
- ₹10.0
- Total debt
- ₹35,445 Cr
- Total cash
- ₹776 Cr
- Borrowings
- ₹35,445 Cr
- Reserves / Equity
- -48.6
Cash Flow
- Operating cash flow
- ₹176 Cr
- Free cash flow
- ₹570 Cr
- FCF yield
- -168.0%
- Net cash flow
- -₹43 Cr
Shareholding
- Promoter holding
- 56.3%
- FII holding
- 0.4%
- DII holding
- 13.4%
- Public holding
- 29.9%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Bharti Airtel | 1,816.50 | 36.3 | 11,33,789 | 1.31 | 10,011.6 | 40.8 | 58,539.1 | 18.4 | 17.6 |
| Vodafone Idea | 12.93 | 1,40,088 | 0.00 | -3,754.0 | 18.9 | 11,689.0 | 6.0 | -1.7 | |
| Bharti Hexacom | 1,508.90 | 40.8 | 75,445 | 1.16 | 482.4 | 23.2 | 2,509.9 | 10.9 | 21.4 |
| Tata Comm | 1,686.00 | 46.2 | 48,065 | 1.03 | 129.7 | -25.4 | 6,582.8 | 10.4 | 14.6 |
| Tata Tele. Mah. | 33.48 | 6,545 | 0.00 | -72.2 | 77.5 | 301.6 | 6.1 | 55.6 | |
| M T N L | 22.90 | 1,443 | 0.00 | -842.4 | 10.7 | 216.9 | 25.9 | -9.3 | |
| Reliance Communi | 0.85 | 235 | 0.00 | -809.0 | 61.8 | 74.0 | -10.8 | ||
| Median | 33.48 | 40.8 | 48,065 | 0.00 | -72.2 | 23.2 | 2,509.9 | 10.4 | 16.1 |
Competes with: Bharti Airtel, Bharti Hexacom Limited, RCOM, Tata Communications Limited, Tata Teleservices (Maharashtra) Limited, Vodafone Idea
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 199 | 198 | 192 | 209 | 184 | 267 | 261 | 275 | 172 | 190 | 211 | 371 | 217 |
| Expenses | 354 | 331 | 318 | 284 | 295 | 294 | 298 | 292 | 251 | 298 | 238 | 311 | 250 |
| Material Cost | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Change in Inventories | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Purchases of Stock-in-Trade | 1.11 | 0.45 | 0.50 | 1.52 | 0.96 | 0.78 | |||||||
| Employee Cost | 149 | 134 | 113 | 121 | 155 | 137 | |||||||
| Other Expenses | 142 | 117 | 185 | 116 | 154 | 112 | |||||||
| Operating Profit | -154 | -133 | -126 | -75 | -111 | -27 | -37 | -16 | -79 | -108 | -28 | 60 | -33 |
| OPM % | -77 | -67 | -65 | -36 | -60 | -10 | -14 | -5.98 | -46 | -57 | -13 | 16 | -15 |
| Other Income | 113 | 175 | 144 | 145 | 199 | 61 | 78 | 55 | 35 | 32 | 21 | 511 | 75 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| 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 | -793 | -839 | -784 | -773 | -890 | -836 | -828 | -943 | -960 | -897 | -307 | -842 |
| Tax % | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -852 | -793 | -839 | -784 | -773 | -890 | -836 | -828 | -943 | -960 | -897 | -307 | -842 |
| EPS in Rs | -14 | -13 | -13 | -12 | -12 | -14 | -13 | -13 | -15 | -15 | -14 | -4.87 | -13 |
| Diluted EPS in Rs | -13 | -15 | -15 | -14 | -4.87 | -13 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,494 | 3,223 | 2,969 | 2,472 | 2,085 | 1,624 | 1,388 | 1,149 | 935 | 799 | 1,130 | 956 | 988 |
| Expenses | 4,237 | 4,013 | 4,027 | 3,617 | 3,386 | 3,070 | 1,313 | 1,453 | 1,369 | 1,280 | 1,141 | 1,086 | 1,097 |
| Material Cost | 0 | 0 | |||||||||||
| Change in Inventories | 0 | 0 | |||||||||||
| Purchases of Stock-in-Trade | 4.63 | 3.44 | |||||||||||
| Employee Cost | 575 | 523 | |||||||||||
| Other Expenses | 599 | 572 | |||||||||||
| Operating Profit | -743 | -790 | -1,058 | -1,145 | -1,300 | -1,447 | 75 | -304 | -434 | -482 | -11 | -129 | -109 |
| OPM % | -21 | -24 | -36 | -46 | -62 | -89 | 5 | -26 | -46 | -60 | -1 | -14 | -11 |
| Other Income | 443 | 882 | 680 | 734 | 619 | 691 | 476 | 623 | 612 | 575 | 223 | 586 | 640 |
| Exceptional items (within Other Income) | 0 | 0 | |||||||||||
| Interest | 1,440 | 1,351 | 1,448 | 1,505 | 1,703 | 1,951 | 2,117 | 2,147 | 2,364 | 2,694 | 2,928 | 2,995 | 2,976 |
| Depreciation | 1,158 | 1,178 | 1,113 | 1,054 | 1,002 | 986 | 893 | 772 | 730 | 666 | 612 | 568 | 561 |
| Profit before tax | -2,898 | -2,437 | -2,940 | -2,970 | -3,387 | -3,693 | -2,459 | -2,600 | -2,916 | -3,268 | -3,328 | -3,107 | -3,006 |
| Tax % | 0 | -20 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 | |
| Net Profit | -2,901 | -1,946 | -2,936 | -2,971 | -3,388 | -3,694 | -2,461 | -2,603 | -2,915 | -3,268 | -3,328 | -3,107 | -3,006 |
| EPS in Rs | -46 | -31 | -47 | -47 | -54 | -59 | -39 | -41 | -46 | -52 | -53 | -49 | -48 |
| Diluted EPS in Rs | -53 | -49 | |||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- -11%
- 5 years
- -7%
- 3 years
- 1%
- TTM
- 1%
Compounded profit growth
- 10 years
- -15%
- 5 years
- -11%
- 3 years
- -7%
- TTM
- 14%
Stock price CAGR
- 10 years
- 2%
- 5 years
- 4%
- 3 years
- -5%
- 1 year
- -45%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 630 | 630 | 630 | 630 | 630 | 630 | 630 | 630 | 630 | 630 | 630 | 630 |
| Reserves | 1,429 | -1,035 | -4,004 | -6,962 | -10,358 | -14,212 | -16,675 | -19,298 | -21,485 | -24,274 | -27,549 | -30,590 |
| Borrowings | 16,608 | 13,441 | 15,201 | 17,019 | 19,737 | 23,291 | 25,600 | 26,820 | 28,351 | 30,141 | 32,655 | 35,445 |
| Other Liabilities | 8,271 | 5,639 | 5,882 | 5,611 | 4,711 | 6,997 | 3,844 | 4,191 | 4,176 | 4,248 | 4,517 | 4,616 |
| Minority Interest | 0 | 0 | ||||||||||
| Total Liabilities | 26,938 | 18,675 | 17,709 | 16,298 | 14,720 | 16,706 | 13,400 | 12,342 | 11,672 | 10,745 | 10,253 | 10,101 |
| Fixed Assets | 10,570 | 9,575 | 8,759 | 8,164 | 7,466 | 6,889 | 6,253 | 5,618 | 4,967 | 4,333 | 3,808 | 3,138 |
| CWIP | 134 | 137 | 291 | 331 | 320 | 328 | 184 | 74 | 59 | 86 | 32 | 13 |
| Investments | 40 | 43 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 4 | 4 | 5 |
| Other Assets | 16,194 | 8,920 | 8,654 | 7,799 | 6,930 | 9,486 | 6,960 | 6,647 | 6,642 | 6,323 | 6,409 | 6,946 |
| Total Assets | 26,938 | 18,675 | 17,709 | 16,298 | 14,720 | 16,706 | 13,400 | 12,342 | 11,672 | 10,745 | 10,253 | 10,101 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -1,167 | 1,078 | -1,024 | 155 | -733 | -1,206 | -225 | 704 | 64 | 130 | 340 | 176 |
| Cash from Investing Activity | -107 | -37 | -30 | -492 | -297 | -43 | -259 | 204 | -174 | 107 | -29 | -201 |
| Cash from Financing Activity | 1,110 | -957 | 984 | 345 | 1,044 | 1,326 | 414 | -936 | 177 | -319 | -215 | -19 |
| Net Cash Flow | -164 | 85 | -71 | 7 | 14 | 77 | -70 | -28 | 67 | -81 | 96 | -43 |
| Free Cash Flow | -1,295 | 779 | -1,441 | -357 | -1,043 | -1,348 | -324 | 691 | 20 | 57 | 304 | 570 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 56 | 60 | 63 | 107 | 141 | 203 | 213 | 229 | 234 | 181 | 126 |
| Cash Conversion Cycle | 31 | 56 | 60 | 63 | 107 | 141 | 203 | 213 | 229 | 234 | 181 | 126 |
| Working Capital Days | -835 | -906 | -707 | -613 | -1,038 | -1,930 | -1,218 | -2,518 | -2,681 | -1,995 | -2,531 | -4,288 |
| ROCE % | -8 | -7 | -12 | -13 | -16 | -18 | -3 | -5 | -7 | -8 | -7 | -9 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
1.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
3,897cr
2026-06-30
total loans / revolving facilities outstanding at period end, the base of loan_default_cr
9,495cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
34,669inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
31,74,490inr
2026-03-31
News
News and filings about Mahanagar Telephone Nigam Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Products sold by
Buys from
- Aksh Optifibre Limited · FTTH services/projects and optical-fibre connectivity solutions
- Birla Cable Limited · optical fibre cables, copper telecommunication cables and accessories
- Finolex Cables Limited · telecommunication cables / jelly-filled telephone cables
- NBCC (India) Limited · land-parcel redevelopment / asset monetisation
- Power & Instrumentation (Gujarat) Limited · distribution substation for the telecom sector; FY25 AR milestone 2014: 'Commissioned Larg…
- Vindhya Telelinks Limited · Optical Fibre Cables, Copper Telecom Cables
Sells to
- Retail & enterprise telecom subscribers (Delhi & Mumbai) · fixed-line telephony, GSM mobile, broadband/FTTH
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Telecommunication
- Industry
- Telecom - Cellular & Fixed line services
- Classification
- Telecommunication › Telecom - Cellular & Fixed line services
- ISIN
- INE153A01019
Business segments
- Infrastructure Leasing · 53%
- Basic & other Services · 38%
- Cellular · 9%
Plants
- MTNL Delhi telephone exchanges & telecom network
- MTNL Mumbai telephone exchanges & telecom network
News impact
Big market events that reach Mahanagar Telephone Nigam Limited, and how the effect spreads.
1 Oct, 14:21 IST · Market event · high impact
MTNL shares rally 17% as board approves Rs 892 crore Powai property sale amid debt worries
MTNL's board approved selling its Powai property for Rs 892 crore to cut a Rs 40,000 crore debt pile, lifting its shares 17% while leaving rivals and suppliers untouched.
Who it hits first
- MTNL's board approved selling its Powai property in Mumbai to the Income Tax Department for Rs 891.53 crore.
- The cash goes against liabilities of around Rs 40,000 crore, so the sale retires only about 2% of the debt pile.
- Shares rallied 17% on the approval as traders cheered the first visible debt reduction, though the company's losses and negative net worth are unchanged.
- No subscribers, tariffs, spectrum or supplier orders move: this is a balance-sheet tidy-up at one small state-run operator, not a sector event.
Who may gain
- MTNL itself: Rs 891.53 crore of cash against its debt pile, worth about 2% of liabilities, plus a sentiment lift.
- The Income Tax Department: secures a ready Mumbai property in Powai for its offices.
- No listed rival or supplier benefits: no subscribers, tariffs, spectrum or equipment orders move in this deal.
Along the supply chain
Downstream
Downstream there is nothing: the graph shows no customers for MTNL, and phone subscribers see no change in service or tariffs from a property sale.
Upstream
Upstream, cable and equipment suppliers such as Birla Cable, Vindhya Telelinks, Finolex Cables and NBCC get no new orders, since selling a building is not network spending.
Where demand moves
Business
Business demand is untouched: no new phone customers, no tariff change, no network orders. The only business effect is a slightly lighter debt load, which trims future interest but fixes none of MTNL's operating losses.
Capital
Capital chased the deleveraging headline, pushing MTNL shares up 17%, but Rs 892 crore against Rs 40,000 crore of debt leaves the equity story distressed, so follow-through buying looks thin.
How it spreads across sectors
Telecommunication
Negligible: MTNL is too small and too distressed for a 2% debt trim to move pricing, subscribers or costs for any other telecom company.
When it plays out
Immediate
MTNL shares stay volatile as the 17% rally meets profit-taking; no other telecom name reacts.
Medium term
The stock reverts to awaiting much larger asset sales or merger progress; this 2% trim alone changes nothing structural.
Short term
Cash receipt and a small debt repayment confirm the deal; attention shifts to which property MTNL sells next.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 17 Sep 2009 | unspecified | ₹1 |
|---|
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 1 Oct 2026 | NK SECURITIES RESEARCH PRIVATE LIMITED | SELL | 18,81,294 | ₹25.21 |
| 1 Oct 2026 | NK SECURITIES RESEARCH PRIVATE LIMITED | BUY | 18,81,294 | ₹25.17 |
| 1 Oct 2026 | SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED | SELL | 17,24,513 | ₹25.45 |
| 1 Oct 2026 | SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED | BUY | 17,24,513 | ₹25.45 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2024-2530 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.