MTNL
Mahanagar Telephone Nigam Limited
Telecom operator providing fixed-line, broadband and cellular services
Telecommunication›Telecommunication›Telecom - Services›Telecom - Cellular & Fixed line services
mtnl.net.in(opens the company website in a new tab)Key metrics
Price as of 2026-10-19
Stock price
₹22.91
Market cap
1,443 Cr
Stock P/E
Loss (TTM EPS ₹-47.72)
ROCE (FY26)
-13.0%
Operating margin (FY26)
-74.3%
Debt / equity (FY26)
-0.01
OCF / EBITDA (FY21)
-405.4%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
Loading price history…
Compare with peers
Loading peers…
What you need to know
MTNL (Mahanagar Telephone Nigam) is a telecom company that provides wireline and mobile services to subscribers and leases out infrastructure, and it has made large losses for years.
Company snapshot
6thBy market cap
Ranked among 7 companies in Telecom - Cellular & Fixed line services.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 92.4% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Basic & other Services | 92.4% | 157 Cr | 26 Cr | 5,882 Cr |
| Cellular | 7.8% | 13 Cr | -143 Cr | 2,839 Cr |
| Unallocable | — | 0 Cr | 3 Cr | 1,399 Cr |
What we see
Positives
- ✓Debt-to-equity of -0.01x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Net margin is negative — the company is spending more than it earns right now.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 198 Cr | 192 Cr | 209 Cr | 184 Cr | 174 Cr | 170 Cr | 170 Cr | 66 Cr | 190 Cr | 198 Cr | 371 Cr | 217 Cr |
| Operating expenses (approx.) | 331 Cr | 318 Cr | 284 Cr | 295 Cr | 294 Cr | 298 Cr | 292 Cr | 251 Cr | 298 Cr | 238 Cr | 310 Cr | 250 Cr |
| EBITDA | -133 Cr | -126 Cr | -75 Cr | -111 Cr | -119 Cr | -128 Cr | -122 Cr | -186 Cr | -108 Cr | -41 Cr | 60 Cr | -33 Cr |
| OPM % | -67.1% | -65.4% | -35.8% | -60.3% | -68.5% | -75.3% | -71.8% | -282.2% | -57.1% | -20.6% | 16.2% | -15.2% |
| Other income | 174 Cr | 143 Cr | 145 Cr | 198 Cr | 152 Cr | 169 Cr | 160 Cr | 141 Cr | 31 Cr | 34 Cr | 511 Cr | 75 Cr |
| Interest | 665 Cr | 691 Cr | 689 Cr | 705 Cr | 769 Cr | 728 Cr | 716 Cr | 754 Cr | 742 Cr | 749 Cr | 738 Cr | 748 Cr |
| Depreciation | 170 Cr | 166 Cr | 164 Cr | 157 Cr | 155 Cr | 150 Cr | 151 Cr | 145 Cr | 142 Cr | 142 Cr | 139 Cr | 137 Cr |
| Profit before tax | -793 Cr | -839 Cr | -784 Cr | -773 Cr | -890 Cr | -836 Cr | -828 Cr | -943 Cr | -960 Cr | -897 Cr | -307 Cr | -842 Cr |
| Tax % | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% |
| Net profit | -793 Cr | -839 Cr | -784 Cr | -773 Cr | -890 Cr | -836 Cr | -828 Cr | -943 Cr | -960 Cr | -897 Cr | -307 Cr | -842 Cr |
| EPS (₹) | ₹-12.58 | ₹-13.32 | ₹-12.44 | ₹-12.28 | ₹-14.13 | ₹-13.27 | ₹-13.14 | ₹-14.97 | ₹-15.24 | ₹-14.24 | ₹-4.87 | ₹-13.37 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,969 Cr | 2,472 Cr | 2,085 Cr | 1,624 Cr | 1,388 Cr | 1,149 Cr | 935 Cr | 799 Cr | 698 Cr | 956 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 4,033 Cr | 3,629 Cr | 3,402 Cr | 3,082 Cr | 1,332 Cr | 1,468 Cr | 1,381 Cr | 1,286 Cr | 1,178 Cr | 1,098 Cr | Sign in free for the trailing twelve months |
| EBITDA | -1,064 Cr | -1,157 Cr | -1,317 Cr | -1,458 Cr | 55 Cr | -319 Cr | -446 Cr | -488 Cr | -480 Cr | -142 Cr | Sign in free for the trailing twelve months |
| OPM % | -35.8% | -46.8% | -63.2% | -89.8% | 4.0% | -27.7% | -47.7% | -61.1% | -68.8% | -14.8% | Sign in free for the trailing twelve months |
| Other income | 685 Cr | 745 Cr | 636 Cr | 693 Cr | 485 Cr | 629 Cr | 613 Cr | 575 Cr | 681 Cr | 585 Cr | Sign in free for the trailing twelve months |
| Interest | 1,448 Cr | 1,505 Cr | 1,703 Cr | 1,942 Cr | 2,107 Cr | 2,140 Cr | 2,354 Cr | 2,690 Cr | 2,918 Cr | 2,983 Cr | Sign in free for the trailing twelve months |
| Depreciation | 1,113 Cr | 1,054 Cr | 1,002 Cr | 986 Cr | 893 Cr | 772 Cr | 730 Cr | 666 Cr | 612 Cr | 568 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -2,940 Cr | -2,970 Cr | -3,387 Cr | -3,693 Cr | -2,459 Cr | -2,600 Cr | -2,916 Cr | -3,268 Cr | -3,328 Cr | -3,107 Cr | Sign in free for the trailing twelve months |
| Tax % | 0.1% | -0.0% | -0.0% | -0.0% | -0.1% | -0.1% | 0.0% | 0.0% | 0.0% | -0.0% | Sign in free for the trailing twelve months |
| Net profit | -2,936 Cr | -2,971 Cr | -3,388 Cr | -3,694 Cr | -2,461 Cr | -2,603 Cr | -2,915 Cr | -3,268 Cr | -3,328 Cr | -3,107 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-46.60 | ₹-47.15 | ₹-53.78 | ₹-58.63 | ₹-39.07 | ₹-41.32 | ₹-46.27 | ₹-51.87 | ₹-52.82 | ₹-49.32 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | — | — | — | — | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 630 Cr | 630 Cr | 630 Cr | 630 Cr | 630 Cr | 630 Cr | 630 Cr | 630 Cr | 630 Cr | 630 Cr |
| Reserves | -4,004 Cr | -6,962 Cr | -10,358 Cr | -14,212 Cr | -16,675 Cr | -19,298 Cr | -21,485 Cr | -24,274 Cr | -27,549 Cr | -30,590 Cr |
| Borrowings | 14,922 Cr | 16,675 Cr | 19,052 Cr | 21,851 Cr | 24,098 Cr | 26,606 Cr | 28,174 Cr | 30,028 Cr | 32,368 Cr | 35,425 Cr |
| Other liabilities | 6,146 Cr | 5,948 Cr | 5,380 Cr | 8,420 Cr | 5,322 Cr | 4,379 Cr | 4,325 Cr | 4,334 Cr | 4,777 Cr | 4,610 Cr |
| Total liabilities | 17,693 Cr | 16,291 Cr | 14,705 Cr | 16,688 Cr | 13,375 Cr | 12,317 Cr | 11,644 Cr | 10,717 Cr | 10,226 Cr | 10,076 Cr |
| Fixed assets (net) | 4,928 Cr | 4,688 Cr | 4,330 Cr | 4,083 Cr | 3,329 Cr | 3,045 Cr | 2,762 Cr | 2,521 Cr | 2,360 Cr | 2,150 Cr |
| CWIP | 291 Cr | 331 Cr | 320 Cr | 328 Cr | 184 Cr | 74 Cr | 59 Cr | 86 Cr | 32 Cr | 13 Cr |
| Investments | 4 Cr | 4 Cr | 4 Cr | 43 Cr | 47 Cr | 72 Cr | 71 Cr | 71 Cr | 69 Cr | 68 Cr |
| Loans & advances | — | — | — | 3,545 Cr | 3,659 Cr | 3 Cr | 15 Cr | 2 Cr | 2 Cr | 1 Cr |
| Inventories | 16 Cr | 25 Cr | 25 Cr | 19 Cr | 9 Cr | 7 Cr | 5 Cr | 6 Cr | 6 Cr | 7 Cr |
| Trade receivables | 492 Cr | 425 Cr | 611 Cr | 629 Cr | 772 Cr | 671 Cr | 587 Cr | 512 Cr | 560 Cr | 330 Cr |
| Cash & bank | 98 Cr | 105 Cr | 120 Cr | 197 Cr | 127 Cr | 99 Cr | 166 Cr | 85 Cr | 181 Cr | 137 Cr |
| Other assets | 11,864 Cr | 10,712 Cr | 9,295 Cr | 7,844 Cr | 5,247 Cr | 8,345 Cr | 7,978 Cr | 7,434 Cr | 7,017 Cr | 7,370 Cr |
| Total assets | 17,693 Cr | 16,291 Cr | 14,705 Cr | 16,688 Cr | 13,375 Cr | 12,317 Cr | 11,644 Cr | 10,717 Cr | 10,226 Cr | 10,076 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | -1,024 Cr | 155 Cr | -733 Cr | -1,206 Cr | -225 Cr | 704 Cr | 64 Cr | 130 Cr | 340 Cr | 176 Cr |
| Cash from investing | -30 Cr | -492 Cr | -297 Cr | -43 Cr | -259 Cr | 204 Cr | -174 Cr | 107 Cr | -29 Cr | -201 Cr |
| Cash from financing | 984 Cr | 345 Cr | 1,044 Cr | 1,326 Cr | 414 Cr | -936 Cr | 177 Cr | -319 Cr | -215 Cr | -19 Cr |
| Net cash flow | -71 Cr | 7 Cr | 14 Cr | 77 Cr | -70 Cr | -28 Cr | 67 Cr | -81 Cr | 96 Cr | -43 Cr |
| Free cash flow (OCF − Capex) | -1,441 Cr | -357 Cr | -1,043 Cr | -1,348 Cr | -324 Cr | 691 Cr | 20 Cr | 57 Cr | 304 Cr | 152 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | — | — | — | -29.6% | -10.4% | -13.7% | -16.1% | -18.1% | -20.0% | -13.0% |
| ROE % | — | — | — | — | — | — | — | — | — | — |
| Debtor days | 60 | 63 | 107 | 141 | 202 | 213 | 229 | 234 | 292 | 126 |
| Inventory days | 2 | 4 | 4 | 4 | 2 | 2 | 2 | 3 | 3 | 3 |
| Days payable | 54 | 63 | 93 | 179 | 184 | 332 | 402 | 493 | 522 | 393 |
| Cash conversion cycle | 9 | 3 | 18 | -33 | 21 | -117 | -171 | -256 | -227 | -265 |
| OCF / EBITDA % | — | — | — | — | -405.4% | — | — | — | — | — |
| Debt / equity | — | — | — | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 | 0.01 | -0.01 |
| Current ratio | 0.47 | 0.56 | 0.50 | 0.50 | 0.59 | 0.43 | 0.47 | 0.55 | 0.41 | 0.35 |
| Net debt / EBITDA | — | — | — | — | 432.85 | — | — | — | — | — |