As of 6 Nov 2026, Mahanagar Telephone Nigam is loss-making on a trailing 12-month basis, with a net loss of ₹3,006 Cr, so it has no P/E ratio. The share price is ₹26.86, 36% below its 52-week high. Sales fell 21% a year over 3 years. Its net worth is negative, as liabilities exceed assets, and borrowings are ₹35,445 Cr. It is a small-cap company with a market cap of ₹1,692 Cr, ranked 10th of 20 Telecom Services companies by market cap; the shares fell 42% over the past year.
- ₹24.75
- ₹28.49
- ₹24.02
- ₹24.17
- 8.3 Cr
Health check
- ReturnsBehind
−42.3% over a year, better than 0 of 7 peers.
- Price tagNegative equity
Book value is below zero, so P/E and P/B mislead here.
- GrowthShrinking
Sales −21.5% a year over 3 years.
- ProfitabilityDistorted
With negative net worth, return ratios are meaningless.
- Balance sheetStretched
Negative net worth: liabilities exceed assets.
- Red flags4 to check
Loss-making over the last twelve months.
Small cap
Defensive
Key metrics
- Market cap
- ₹1,692 Cr
- Small cap
- P/E
- n/a
- Industry 18.5
- Price to book
- −0.06
- 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 ₹35,445 Cr
- EPS (TTM)
- −₹47.72
- Face value ₹10
- OPM (TTM)
- −12.5%
- Net margin 0.0%
- Sales growth
- +25.9%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 1.69
- EV/EBITDA 68.0
Strengths and risks
Strengths
- Quarterly sales up 25.9% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Loss-making over the last twelve months.
- Negative net worth: liabilities exceed assets.
- 36% below its 52-week high.
- Interest coverage of only 0.0×.
About Mahanagar Telephone Nigam
Mahanagar Telephone Nigam Limited, together with its subsidiaries, provides telecommunication services in India. It operates through three segments: Basic, Cellular, and Infrastructure Leasing. The company offers mobile, voice, roaming, and internet services; and international long distance services. It also provides remote monitoring; capacity building and skill development programme; ICT Solution with operation and maintenance services; launch, operate,…
- Headquarters
- New Delhi
- Employees
- 2,795
- Sector
- Communication Services
- ISIN
- INE153A01019
- Website
- mtnl.in
Price range
- Avg volume (3M)
- 44.7 L
- 1-year return
- minus 42.3%
- From 52-week high
- minus 36.4%
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% |
| MTNLMahanagar Telephone Nigam | 26.86 | plus 11.13% | 1,692 | – | 1309.8 | – | −12.5% | – | −21.5% | minus 42.3% |
| 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 |
|---|---|---|---|---|---|
| 172 | 190 | 198 | 371 | 217 | |
| 251 | 298 | 238 | 310 | 250 | |
| −79 | −108 | −40.7 | 60.1 | −33 | |
| −45.9% | −57.1% | −20.6% | 16.2% | −15.2% | |
| 35.4 | 31.9 | 34.6 | 511 | 75.5 | |
| 754 | 742 | 749 | 738 | 748 | |
| 145 | 142 | 142 | 139 | 137 | |
| −943 | −960 | −897 | −307 | −842 | |
| – | – | – | 0.0% | – | |
| −943 | −960 | −897 | −307 | −842 | |
| -14.97 | -15.24 | -14.24 | -4.87 | -13.37 |
Profit & loss
- Sales CAGR 3Y
- −21.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 877 | 759 | 663 | 425 | |
| – | minus 13.4% | minus 12.6% | minus 36.0% | |
| 1,186 | 1,162 | 531 | 397 | |
| −310 | −402 | 132 | 27.8 | |
| −35.3% | −53.0% | 19.9% | 6.5% | |
| 405 | 301 | −181 | −185 | |
| 2,226 | 2,487 | 2,661 | 2,768 | |
| 730 | 666 | 612 | 568 | |
| −55.6 | −12.6 | −7.1 | 386 | |
| −2,916 | −3,268 | −3,328 | −3,107 | |
| 0.0% | 0.0% | 0.0% | 0.0% | |
| −2,915 | −3,268 | −3,328 | −3,107 | |
| -46.27 | -51.87 | -52.82 | -49.32 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 630 | 630 | 630 | 630 | |
| −21,485 | −24,274 | −27,549 | −30,590 | |
| 28,351 | 30,141 | 32,655 | 35,445 | |
| 4,148 | 4,220 | 4,490 | 4,591 | |
| 11,644 | 10,717 | 10,226 | 10,076 | |
| 3,196 | 2,924 | 2,674 | 2,322 | |
| 61.2 | 88.2 | 32.8 | 19.9 | |
| 195 | – | 222 | 728 | |
| 224 | 136 | 229 | 776 | |
| 7,968 | 7,569 | 7,068 | 6,230 | |
| 11,644 | 10,717 | 10,226 | 10,076 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 63.9 | 130 | 340 | 176 | |
| −174 | 107 | −28.7 | −201 | |
| 177 | −319 | −215 | −19.3 | |
| 67.1 | −81.3 | 95.7 | −43.4 | |
| −43.7 | −73.1 | −35.8 | −24.9 | |
| 20.2 | 57 | 304 | 152 |
Shareholding pattern
- Promoters56.25%
- Public43.75%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 56.25% | 43.75% | 0.00 | |
| 30 Jun 2026 | 56.25% | 43.75% | 0.00 | |
| 31 Mar 2026 | 56.25% | 43.75% | 0.00 | |
| 31 Dec 2025 | 56.25% | 43.75% | 0.00 | |
| 30 Sep 2025 | 56.25% | 43.75% | – |
Major shareholders
Filings & events
News
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