GTL (GTL) had a P/E of 0.1× on 6 Nov 2026, below the industry P/E of 18.5×, and the shares are 27% below their 52-week high. Sales and net profit grew 6.4% and 117% a year over 3 years, though net profit is above operating profit, which points to a one-off gain. Its net worth is negative, as liabilities exceed assets, and borrowings are ₹4,890 Cr. It is a small-cap company with a market cap of ₹108 Cr, ranked 16th of 20 Telecom Services companies by market cap; the shares fell 28% over the past year.
- ₹6.74
- ₹7.08
- ₹6.62
- ₹6.60
- 4.1 L
Health check
- ReturnsBehind
−27.8% over a year, better than 2 of 7 peers.
- Price tagNegative equity
Book value is below zero, so P/E and P/B mislead here.
- GrowthStrong
Sales +6.4%, profit +116.7% a year over 3 years.
- ProfitabilityDistorted
With negative net worth, return ratios are meaningless.
- Balance sheetStretched
Negative net worth: liabilities exceed assets.
- Red flags3 to check
Negative net worth: liabilities exceed assets.
Small cap
Defensive
Key metrics
- Market cap
- ₹108 Cr
- Small cap
- P/E
- 0.1
- Industry 18.5
- Price to book
- −0.02
- Peers 3.27
- Dividend yield
- 0.00%
- ROE
- n/a
- Peers 20.2%
- ROCE
- n/a
- Peers 18.6%
- Debt to equity
- n/a
- Debt ₹4,890 Cr
- EPS (TTM)
- ₹56.52
- Face value ₹10
- OPM (TTM)
- 27.2%
- Net margin 388.8%
- Sales growth
- +7.7%
- Latest quarter vs a year ago
- Profit growth
- +1965.1%
- Latest quarter vs a year ago
- Price to sales
- 0.47
- EV/EBITDA 62.6
Strengths and risks
Strengths
- Quarterly profit up 1965.1% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Negative net worth: liabilities exceed assets.
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
- Interest coverage of only 2.6×.
About GTL
GTL Limited provides network services in India. The company offers services and solutions to address the network life cycle requirements of telecom operators, technology providers, and tower companies. It also provides network operation and maintenance services, such as corrective and preventive maintenance of the network, capex sizing and planning services, remote monitoring and trouble ticketing, and technical support and process management services. In…
- Headquarters
- Mumbai
- Employees
- 1,397
- Sector
- Communication Services
- ISIN
- INE043A01012
- Website
- gtllimited.com
Price range
- Avg volume (3M)
- 2.1 L
- 1-year return
- minus 27.8%
- From 52-week high
- minus 26.6%
Peers · Telecom Services
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARTIARTLBharti Airtel | 2,107.20 | plus 2.45% | 13,15,371 | 41.5 | 12.1 | 16.7% | 57.1% | 1.00 | 14.9% | minus 2.7% |
| IDEAVodafone Idea | 12.76 | minus 1.01% | 1,38,246 | 3.7 | 17.1 | 36.9% | 42.7% | – | 2.1% | plus 37.0% |
| INDUSTOWERIndus Towers | 383.10 | minus 0.03% | 1,01,061 | 14.2 | 6.4 | 18.4% | 54.6% | 0.56 | 4.6% | minus 2.4% |
| BHARTIHEXABharti Hexacom | 1,664.40 | minus 2.01% | 83,220 | 42.3 | 17.3 | 21.1% | 52.9% | 0.86 | 12.4% | minus 9.3% |
| TATACOMMTata Communications | 1,704.80 | minus 0.52% | 48,601 | 44.1 | 12.3 | 15.3% | 19.9% | 3.71 | 11.6% | minus 10.1% |
| TTMLTata Teleservices (Maharashtra) | 39.77 | plus 12.57% | 7,775 | 26.0 | 43.1 | – | 55.0% | – | 1.5% | minus 36.3% |
| RAILTELRailtel Corporation Of India | 241.05 | minus 0.16% | 7,736 | 22.8 | 11.0 | 18.7% | 14.6% | 0.03 | 29.8% | minus 33.7% |
| GTLGTL | 6.84 | plus 3.64% | 108 | 0.1 | 52.5 | – | 33.8% | – | 6.4% | minus 27.8% |
| Median of 7 peers | – | −0.16% | 83,220 | 26.0 | 12.3 | 18.6% | 52.9% | 0.86 | 11.6% | −9.3% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 55.7 | 55.4 | 55 | 58.2 | 60 | |
| 39.9 | 36.1 | 46.6 | 27.9 | 55.9 | |
| 15.8 | 19.3 | 8.4 | 30.3 | 4.1 | |
| 28.3% | 34.9% | 15.4% | 52.1% | 6.8% | |
| 2.8 | −41.6 | 0 | −54.9 | −5.7 | |
| 9.2 | 8.4 | 9.2 | 9.2 | 9.5 | |
| 1.7 | 1.8 | 1.9 | 2.1 | 1 | |
| 11.3 | −10.3 | – | 609 | 334 | |
| 18.9 | −42.8 | −2.6 | 574 | 322 | |
| 17.5% | 7.7% | – | −6.2% | – | |
| 15.6 | −39.5 | −2.6 | 609 | 322 | |
| 0.99 | -2.51 | -0.17 | 38.72 | 20.48 |
Profit & loss
- Sales CAGR 3Y
- +6.4%
- Profit CAGR 3Y
- +116.7%
- EPS CAGR 3Y
- +116.8%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 186 | 202 | 254 | 224 | |
| – | +8.4% | +25.7% | minus 11.6% | |
| 118 | 118 | 184 | 135 | |
| 68.7 | 84.1 | 70.4 | 88.9 | |
| 36.9% | 41.7% | 27.7% | 39.6% | |
| −83.4 | −14.3 | 2.5 | −111 | |
| 24.2 | 27 | 31.8 | 33.8 | |
| 4.3 | 5.2 | 11.6 | 7.4 | |
| 100 | 173 | −2.5 | 610 | |
| 57.2 | 211 | 27 | 547 | |
| – | – | 131.1% | −6.5% | |
| 57.2 | 211 | −8.4 | 583 | |
| – | +268.5% | minus 104.0% | – | |
| 3.63 | 13.40 | -0.54 | 37.03 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 157 | 157 | 157 | 157 | |
| −6,389 | −6,179 | −6,187 | −5,603 | |
| 5,828 | 5,519 | 5,344 | 4,562 | |
| 662 | 708 | 791 | 1,017 | |
| 258 | 205 | 105 | 132 | |
| 50.2 | 30 | 15.8 | 15.1 | |
| 0.6 | 0.6 | 2.4 | 1.8 | |
| 5.1 | 0.4 | 0.4 | 3.1 | |
| 202 | 174 | 86.6 | 112 | |
| 258 | 205 | 105 | 132 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 18.1 | 175 | 198 | 166 | |
| 119 | 180 | −7.4 | −2.5 | |
| −134 | −355 | −191 | −161 | |
| 3 | – | 0 | 2.6 | |
| −2.4 | −2.8 | −11.9 | −4.9 | |
| 15.6 | 172 | 186 | 161 |
Shareholding pattern
- Promoters14.29%
- Public85.71%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 14.29% | 85.71% | 0.00 | |
| 30 Jun 2026 | 14.29% | 85.71% | 0.00 | |
| 31 Mar 2026 | 14.29% | 85.71% | 0.00 | |
| 31 Dec 2025 | 14.29% | 85.71% | 0.00 | |
| 30 Sep 2025 | 14.29% | 85.71% | – |
Major shareholders
Filings & events
News
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