Tata Teleservices (Maharashtra) (TTML) had a P/E of 26.0× on 6 Nov 2026, above the industry P/E of 18.5×, and the shares are 28% below their 52-week high. Sales grew 1.5% a year over 3 years. Its net worth is negative, as liabilities exceed assets, and borrowings are ₹20,869 Cr. It is a small-cap company with a market cap of ₹7,775 Cr, ranked 6th of 20 Telecom Services companies by market cap; the shares fell 36% over the past year.
- ₹35.33
- ₹40.75
- ₹34.96
- ₹35.33
- 18.5 Cr
Health check
- ReturnsBehind
−36.3% 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.
- GrowthSlow
Sales +1.5% a year over 3 years.
- ProfitabilityDistorted
With negative net worth, return ratios are meaningless.
- Balance sheetStretched
Negative net worth: liabilities exceed assets.
- Red flags2 to check
Negative net worth: liabilities exceed assets.
Small cap
Defensive
Key metrics
- Market cap
- ₹7,775 Cr
- Small cap
- P/E
- 26.0
- Industry 18.5
- Price to book
- −0.39
- Peers 3.27
- Dividend yield
- 0.00%
- ROE
- n/a
- Peers 19.5%
- ROCE
- n/a
- Peers 18.4%
- Debt to equity
- n/a
- Debt ₹20,869 Cr
- EPS (TTM)
- ₹1.53
- Face value ₹10
- OPM (TTM)
- 55.0%
- Net margin 3.2%
- Sales growth
- +6.1%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 6.60
- EV/EBITDA 48.4
Strengths and risks
Strengths
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Negative net worth: liabilities exceed assets.
- Interest coverage of only 0.5×.
About Tata Teleservices (Maharashtra)
Tata Teleservices (Maharashtra) Limited provides wire line voice, data, and managed telecom services to enterprise customers in Maharashtra and Goa. The company offers its information and communication solutions under the Tata Tele Business Services brand name. It provides digital solutions, including connectivity, business communications, security, marketing, and managed services. The company provides cloud and SaaS services comprising smart cloud,…
- Headquarters
- Navi Mumbai
- Employees
- 396
- Sector
- Communication Services
- ISIN
- INE517B01013
- Website
- tatatelebusiness.com
Price range
- Avg volume (3M)
- 1.7 Cr
- 1-year return
- minus 36.3%
- From 52-week high
- minus 28.5%
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% |
| ROUTEROUTE MOBILE | 451.50 | minus 1.66% | 2,845 | 8.1 | 3.0 | 12.5% | 7.7% | 0.01 | 7.3% | minus 35.5% |
| Median of 7 peers | – | −0.52% | 83,220 | 22.8 | 12.1 | 18.4% | 42.7% | 0.71 | 11.6% | −9.3% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 284 | 294 | 296 | 302 | 310 | |
| 140 | 121 | 135 | 139 | 147 | |
| 145 | 174 | 161 | 163 | 163 | |
| 50.9% | 59.1% | 54.5% | 53.9% | 52.6% | |
| 2.2 | 2 | 2 | 3.4 | 1.9 | |
| 433 | 288 | 215 | 206 | 191 | |
| 37 | 35.7 | 31.7 | 33.3 | 33.7 | |
| −2 | −2.7 | 665 | 1.3 | 1.2 | |
| −325 | −150 | 581 | −72.2 | −59.2 | |
| −325 | −150 | 581 | −72.2 | −59.2 | |
| -1.66 | -0.77 | 2.97 | -0.37 | -0.30 |
Profit & loss
- Sales CAGR 3Y
- +1.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,101 | 1,187 | 1,301 | 1,150 | |
| – | +7.8% | +9.6% | minus 11.6% | |
| 608 | 659 | 728 | 532 | |
| 493 | 528 | 573 | 619 | |
| 44.8% | 44.5% | 44.0% | 53.8% | |
| 4.7 | 6.2 | 4.9 | 5.5 | |
| 1,499 | 1,621 | 1,691 | 1,360 | |
| 147 | 150 | 168 | 142 | |
| 3 | 8.7 | 5.8 | 663 | |
| −1,145 | −1,228 | −1,275 | −215 | |
| −1,145 | −1,228 | −1,275 | −215 | |
| -5.86 | -6.28 | -6.52 | -1.10 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,955 | 1,955 | 1,955 | 1,955 | |
| −21,009 | −21,208 | −21,525 | −21,938 | |
| 18,086 | 20,047 | 18,639 | 18,931 | |
| 2,179 | 513 | 2,236 | 2,394 | |
| 1,211 | 1,307 | 1,304 | 1,341 | |
| 768 | 844 | 830 | 969 | |
| 29.5 | 59.4 | 34.8 | 32.7 | |
| 4.6 | 4.2 | 6.8 | 8.1 | |
| 80.7 | 66.8 | 100 | 38.5 | |
| 328 | 333 | 332 | 292 | |
| 1,211 | 1,307 | 1,304 | 1,341 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 558 | 587 | 505 | 668 | |
| −66.2 | −65 | −109 | −90.6 | |
| −494 | −503 | −386 | −604 | |
| −2.5 | 18.2 | 10 | −27 | |
| −111 | −109 | −99.1 | −135 | |
| 447 | 478 | 406 | 532 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 2.0% (Yahoo estimate).
Major shareholders
Filings & events
News
No recent news coverage found.