Mahanagar Telephone Nigam
- Market cap
- ₹ 1,436 Cr.
- P/E
- 28.8x
- 52-week range
- 21.26 – 44.67
- ROCE
- −2%
- Dividend yield
- 0%
- Sector
- Telecom - Services
- Industry
- Telecom - Cellular & Fixed line services
- Listed on
- NSE, BSE
About
Mahanagar Telephone Nigam Limited is an India-based telecommunication services company. The Company is a provider of fixed-line telecommunication service in the two metropolitan cities of Delhi and Mumbai. Its segments include Basic and Cellular. Its mobile services include prepaid, postpaid, third generation (3G) data plans, 3G settings, mobile television, international calling, value-added services, mobile connection requests, and mobile recharge. It also provides toll-free services, leased circuits, Web hosting, industrial training, toll-free services, universal access numbers, and virtual card calling. It offers mobile services in the city of Delhi, including Noida, Gurgaon, Faridabad and Ghaziabad and the Mumbai city, along with the areas falling under the Mumbai Municipal Corporation, New Mumbai Corporation and Thane Municipal Corporation. Its subsidiaries include Mahanagar Telephone (Mauritius) Limited, Millennium Telecom Limited, MTML International Limited and others.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Telecom - Cellular & Fixed line services: 9 companies →Mahanagar Telephone Nigam against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)28.8 against a typical 33.9: cheaper than most peers (1st = cheapest).4th of 8
- Sales growth+26.2% against a typical +8.4% from a year earlier.1st of 9
- Share price, 3 months−17.2% against a typical −1.4%.8th of 8
- Size₹ 1,435.8 Cr. market value against a typical ₹ 7,484.4 Cr. (1st = largest).6th of 9
Latest announcements
Exchange filings and their impact on the company.
- MTNL disclosed Rs 4,183 cr bank-loan default with total debt at Rs 37,553 cr, confirming deep insolvency.
MTNL disclosed that as of 30 September 2026 it has defaulted on Rs 4,183 crore of bank loans, comprising Rs 2,246 crore of principal and Rs 1,937 crore of interest, out of Rs 9,732 crore of bank facilities. It pegged total financial indebtedness at Rs 37,553 crore, including Rs 24,071 crore of sovereign-guaranteed bonds and Rs 3,750 crore of DoT loans. The filing confirms continued inability to service bank debt and points to rising losses, debt and solvency pressure over the next year.
- MTNL confirms Rs 9,732 cr of bank loans are NPA with Rs 1,937 cr interest overdue, deepening insolvency risk.
MTNL disclosed on 9 Oct 2026 that it defaulted on principal and interest to 7 banks as on 30 Sep 2026. Total bank borrowings of Rs 9,732 crore are now NPA, including Rs 1,937 crore of overdue interest and Rs 2,246 crore of overdue principal, with total debt of Rs 37,553 crore. With all bank loans classified NPA since Aug 2024-Feb 2025 and no repayment capacity, funding, operations and equity value remain under severe stress.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Look closer
Rated AAA to AA+ by 3 agencies- This high rating is only because someone else guarantees the company's loans. On its own, CRISIL rates the company D (in default).
- CRISIL and India Ratings have warned they may lower the rating soon.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| Brickwork | BWR AA + | Stable | 7 Oct 2026 |
| CRISIL | Crisil AAA (CE)/Watch Neg Unsupp rating Crisil D | — | 25 Aug 2026 |
| India Ratings | IND AAA(CE) | Rating Watch with Negative Implications | 18 Aug 2026 |
| CARE | Withdrawn | Stable | 16 Dec 2025 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 7 Oct 2026 | ▲ Upgrade | BWR AA + | Low | Brickwork | ₹ 6,500 Cr. | |
| 25 Aug 2026 | Reaffirmed | Crisil AAA (CE)/Watch Negative Unsupp rating Crisil D → Crisil AAA (CE)/Watch Neg Unsupp rating Crisil D | — | CRISIL | ₹ 6,520 Cr. | |
| 18 Aug 2026 | Reaffirmed | IND AAA(CE) | — | India Ratings | ₹ 17,571 Cr. | |
| 27 May 2026 | Reaffirmed | Crisil AAA(CE)/Watch Negative Unsup rating Crisil D → Crisil AAA (CE)/Watch Negative Unsupp rating Crisil D | — | CRISIL | ₹ 6,520 Cr. | |
| 26 Feb 2026 | Reaffirmed | Crisil AAA(CE)/Watch Negative Unsupp rating :Crisil D → Crisil AAA(CE)/Watch Negative Unsup rating Crisil D | — | CRISIL | ₹ 6,520 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 13 Nov 2026Upcoming | Financial Results | COMPLIANCE OF REGULATION 29 (1) (A) & 50 (1) (C) OF SEBI (LODR) REGULATIONS, 2015 INTIMATION OF BOARD MEETING FOR APPROVING THE UNAUDITED REVIEWED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30Th SEPTEMBER, 2026 |
| 12 Aug 2026 | Financial Results | COMPLIANCE OF REGULATION 29 (1) (A) & 50 (1) (C) OF SEBI (LODR) REGULATIONS, 2015 INTIMATION OF BOARD MEETING FOR APPROVING THE UNAUDITED REVIEWED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30Th JUNE, 2026 |
| 21 May 2026 | Financial Results | COMPLIANCE OF REGULATION 29 (1) (A) & 50 (1) (C) OF SEBI (LODR) REGULATIONS, 2015 INTIMATION OF BOARD MEETING FOR APPROVING THE AUDITED FINANCIAL STATEMENTS(STANDALONE & CONSOLIDATED) FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026. |
| 12 Feb 2026 | Financial Results | COMPLIANCE OF REGULATION 29 (1) (A) & 50 (1) (C) OF SEBI (LODR) REGULATIONS, 2015 INTIMATION OF BOARD MEETING FOR APPROVING THE UNAUDITED REVIEWED FINANCIAL RESULTS FOR THE 3RD QUARTER ENDED ON 31ST DECEMBER, 2025. |
| 14 Nov 2025 | Financial Results | COMPLIANCE OF REGULATION 29 (1) (A) & 50 (1) (C) OF SEBI (LODR) REGULATIONS, 2015 -INTIMATION OF BOARD MEETING FOR APPROVING THE UNAUDITED REVIEWED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30TH SEPTEMBER, 2025 |
| 13 Aug 2025 | Financial Results | COMPLIANCE OF REGULATION 29 (1) (A) & 50 (1) (C) OF SEBI (LODR) REGULATIONS, 2015 INTIMATION OF BOARD MEETING FOR APPROVING THE UNAUDITED REVIEWED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH JUNE, 2025 |
| 28 May 2025 | Financial Results | To consider and approve the financial results for the period ended March 31, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 198 | 192 | 209 | 184 | 267 | 261 | 275 | 172 | 190 | 211 | 371 | 217 |
| Expenses | 331 | 318 | 284 | 295 | 294 | 298 | 292 | 251 | 298 | 238 | 311 | 250 |
| Operating Profit | −133 | −126 | −75 | −111 | −27 | −37 | −16 | −79 | −108 | −28 | 60 | −33 |
| OPM % | −67% | −65% | −36% | −60% | −10% | −14% | −6% | −46% | −57% | −13% | 16% | −15% |
| Other Income | 175 | 144 | 145 | 199 | 61 | 78 | 55 | 35 | 32 | 21 | 511 | 75 |
| Interest | 665 | 691 | 689 | 705 | 769 | 728 | 716 | 754 | 742 | 749 | 738 | 748 |
| Depreciation | 170 | 166 | 164 | 156 | 155 | 150 | 151 | 145 | 142 | 142 | 139 | 137 |
| Profit before tax | −793 | −839 | −784 | −773 | −890 | −836 | −828 | −943 | −960 | −897 | −307 | −842 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | −793 | −839 | −784 | −773 | −890 | −836 | −828 | −943 | −960 | −897 | −307 | −842 |
| EPS in Rs | −12.58 | −13.32 | −12.44 | −12.28 | −14.13 | −13.27 | −13.14 | −14.97 | −15.24 | −14.24 | −4.87 | −13.37 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- −11%
- 5 Years
- −7%
- 3 Years
- 1%
- TTM
- 1%
- 10 Years
- −9%
- 5 Years
- −6%
- 3 Years
- −2%
- TTM
- 14%
- 10 Years
- 2%
- 5 Years
- 8%
- 3 Years
- 8%
- TTM
- —
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
Peers
Listed companies in the same business.
| Mahanagar Telephone Nigam | ₹ 22.52 | ₹ 1,436 Cr. | 28.8x | — | — | — |
| Bharti Airtel | ₹ 1,890.00 | ₹ 11,79,455 Cr. | 39.8x | 7.8x | 20.3% | 16% |
| Bharti Hexacom | ₹ 1,631.00 | ₹ 81,133 Cr. | 45.6x | 11.2x | 26.5% | 18.5% |
| Tata Communications | ₹ 1,665.65 | ₹ 47,670 Cr. | 46.9x | 15x | 32.3% | 4.1% |
| Tata Teleservices (Maharashtra) | ₹ 38.22 | ₹ 7,484 Cr. | — | — | — | −18.6% |
| Tanla Platforms | ₹ 557.90 | ₹ 7,419 Cr. | 15.3x | 3.1x | 21.4% | 11.5% |
Management
- Ravi A. Jerard
- Executive Chairman of the Board, Managing Director
- Vojna Das
- Director(Finance)
- Sanjeev Kumar
- Director - Technical, Executive Director
- Peeyush Aggarwal
- Executive Director, Mumbai
- B. K. Mittal
- Executive Director, Delhi
- Sudhakararao Papa
- Director - Technical
- D. P. Singh
- CGM, WS
- Ratan Mani Sumit
- Company Secretary
Prices are delayed and for information only. Nothing on this page is investment advice.