TTML

Tata Teleservices (Maharashtra) Limited

Enterprise telecom and digital solutions provider under Tata Teleservices umbrella

Telecommunication›Telecommunication›Telecom - Services›Telecom - Cellular & Fixed line services

tatatelebusiness.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹33.55
Market cap
6,559 Cr
Stock P/E
174.8
ROCE (FY26)
71.1%
Operating margin (FY26)
41.6%
Debt / equity (FY26)
-1.03
OCF / EBITDA (FY26)
106.8%
OCF / EBITDA (3Y)
101.2%

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.

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Compare with peers

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What you need to know

TTML (Tata Teleservices (Maharashtra)) sells connectivity, collaboration, cloud and software-as-a-service, security and marketing solutions to businesses in India under the brand Tata Tele Business Services (TTBS).

Company snapshot

5thBy market cap

Ranked among 7 companies in Telecom - Cellular & Fixed line services.

What we see

Positives
  • ✓101% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales287 Cr296 Cr323 Cr324 Cr344 Cr333 Cr308 Cr284 Cr286 Cr294 Cr296 Cr302 Cr
Operating expenses (approx.)159 Cr157 Cr181 Cr187 Cr205 Cr182 Cr155 Cr138 Cr146 Cr119 Cr132 Cr137 Cr
EBITDA128 Cr139 Cr143 Cr137 Cr138 Cr150 Cr153 Cr147 Cr140 Cr175 Cr163 Cr165 Cr
OPM %44.5%46.8%44.1%42.3%40.3%45.2%49.6%51.6%48.9%59.6%55.3%54.7%
Other income2 Cr3 Cr2 Cr4 Cr2 Cr0.96 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Interest403 Cr411 Cr414 Cr423 Cr429 Cr423 Cr419 Cr433 Cr425 Cr288 Cr215 Cr206 Cr
Depreciation36 Cr38 Cr39 Cr41 Cr42 Cr43 Cr42 Cr37 Cr37 Cr36 Cr32 Cr33 Cr
Profit before tax-310 Cr-308 Cr-309 Cr-323 Cr-330 Cr-315 Cr-306 Cr-325 Cr-321 Cr-150 Cr581 Cr-72 Cr
Tax %0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net profit-310 Cr-308 Cr-309 Cr-323 Cr-330 Cr-315 Cr-306 Cr-325 Cr-321 Cr-150 Cr581 Cr-72 Cr
EPS (₹)₹-1.59₹-1.57₹-1.58₹-1.65₹-1.69₹-1.61₹-1.57₹-1.66₹-1.64₹-0.77₹2.97₹-0.37

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,703 Cr1,869 Cr1,277 Cr1,078 Cr1,044 Cr1,094 Cr1,106 Cr1,192 Cr1,308 Cr1,160 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,008 Cr1,702 Cr578 Cr632 Cr542 Cr621 Cr604 Cr657 Cr729 Cr535 CrSign in free for the trailing twelve months
EBITDA695 Cr166 Cr700 Cr446 Cr502 Cr473 Cr502 Cr535 Cr579 Cr625 CrSign in free for the trailing twelve months
OPM %25.7%8.9%54.8%41.3%48.1%43.3%45.4%44.9%44.2%53.9%Sign in free for the trailing twelve months
Other income-14 Cr35 Cr38 Cr11 Cr11 Cr11 Cr7 Cr9 Cr8 Cr8 CrSign in free for the trailing twelve months
Interest1,282 Cr1,569 Cr1,559 Cr1,545 Cr1,561 Cr1,539 Cr1,502 Cr1,622 Cr1,694 Cr1,361 CrSign in free for the trailing twelve months
Depreciation796 Cr533 Cr178 Cr195 Cr169 Cr160 Cr147 Cr150 Cr168 Cr142 CrSign in free for the trailing twelve months
Profit before tax-2,356 Cr-9,842 Cr-668 Cr-3,714 Cr-1,997 Cr-1,215 Cr-1,145 Cr-1,228 Cr-1,275 Cr-215 CrSign in free for the trailing twelve months
Tax %—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Net profit-2,356 Cr-9,842 Cr-668 Cr-3,714 Cr-1,997 Cr-1,215 Cr-1,145 Cr-1,228 Cr-1,275 Cr-215 CrSign in free for the trailing twelve months
EPS (₹)₹-12.05₹-50.34₹-3.41₹-19.00₹-10.21₹-6.22₹-5.86₹-6.28₹-6.52₹-1.10Sign 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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,955 Cr1,955 Cr1,955 Cr1,955 Cr1,955 Cr1,955 Cr1,955 Cr1,955 Cr1,955 Cr1,955 Cr
Reserves-7,864 Cr-17,114 Cr-16,775 Cr-19,434 Cr-20,446 Cr-20,787 Cr-21,009 Cr-21,208 Cr-21,525 Cr-21,938 Cr
Borrowings14,968 Cr13,169 Cr12,639 Cr10,477 Cr12,959 Cr19,704 Cr19,825 Cr19,954 Cr20,342 Cr20,663 Cr
Other liabilities2,847 Cr5,371 Cr6,783 Cr8,717 Cr7,040 Cr493 Cr440 Cr606 Cr532 Cr661 Cr
Total liabilities11,906 Cr3,380 Cr4,602 Cr1,714 Cr1,509 Cr1,365 Cr1,211 Cr1,307 Cr1,304 Cr1,341 Cr
Fixed assets (net)1,592 Cr794 Cr675 Cr678 Cr676 Cr675 Cr674 Cr659 Cr683 Cr698 Cr
CWIP27 Cr27 Cr26 Cr39 Cr29 Cr28 Cr29 Cr59 Cr35 Cr28 Cr
Investments680 Cr378 Cr609 Cr0 Cr70 Cr101 Cr66 Cr34 Cr58 Cr23 Cr
Loans & advances——4 Cr82 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories2 Cr0.13 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Trade receivables227 Cr158 Cr163 Cr122 Cr78 Cr52 Cr110 Cr156 Cr145 Cr95 Cr
Cash & bank37 Cr39 Cr171 Cr85 Cr43 Cr17 Cr14 Cr32 Cr42 Cr15 Cr
Other assets9,341 Cr1,985 Cr2,955 Cr709 Cr612 Cr492 Cr317 Cr366 Cr341 Cr481 Cr
Total assets11,906 Cr3,380 Cr4,602 Cr1,714 Cr1,509 Cr1,365 Cr1,211 Cr1,307 Cr1,304 Cr1,341 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity730 Cr613 Cr-745 Cr-360 Cr567 Cr532 Cr558 Cr586 Cr505 Cr668 Cr
Cash from investing-2,198 Cr249 Cr-101 Cr510 Cr-177 Cr-132 Cr-66 Cr-64 Cr-109 Cr-91 Cr
Cash from financing1,041 Cr-516 Cr967 Cr-237 Cr-432 Cr-427 Cr-494 Cr-503 Cr-386 Cr-604 Cr
Net cash flow-427 Cr346 Cr120 Cr-87 Cr-42 Cr-26 Cr-2 Cr18 Cr10 Cr-27 Cr
Free cash flow (OCF − Capex)-1,409 Cr535 Cr-873 Cr-470 Cr453 Cr425 Cr447 Cr477 Cr406 Cr532 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—————35.9%46.1%54.8%53.2%71.1%
ROE %——————————
Debtor days31314641271736484030
Inventory days90000000000
Days payable229439456101927569825975
Cash conversion cycle-22822-63-10-59-65-57-33-34-18-45
OCF / EBITDA %105.0%369.1%-106.6%-80.7%113.1%112.5%111.2%109.5%87.3%106.8%
OCF / EBITDA % (3 years)——38.3%-37.5%-32.7%52.1%112.2%111.0%102.1%101.2%
Debt / equity———-0.0096-0.01-0.01-0.01-0.01-1.04-1.03
Current ratio0.180.180.100.050.050.040.030.040.030.01
Net debt / EBITDA21.49—17.8223.3225.7441.6139.4637.2435.0933.03