Minerva Capital Research Solutions

Tata Teleservices (Maharashtra)

NSE: TTMLBSE: 532371
Compare with peers
₹ 38.69▼ 2.41 (−5.86%)28 Oct, 03:29 pm IST
Market cap
₹ 7,484 Cr.
52-week range
31.22 – 58.25
ROCE
56%
Dividend yield
0%
Sector
Telecom - Services
Industry
Telecom - Cellular & Fixed line services
Listed on
NSE, BSE

About

Tata Teleservices (Maharashtra) Limited is engaged in the business of providing telecommunication services. The Company, equipped with Unified Licenses (UL)-access service authorization for 17 License Service Area (LSA), caters to the regions of Maharashtra and Goa. It operates under the brand name of Tata Tele Business Services and offers a comprehensive suite of smart digital solutions comprising Network & Connectivity, Business Communications, Security, Marketing, and Managed Services. Its Network & Connectivity includes Business Wi-Fi, Smart WAN, Internet Leased Line and Broadband. Its Business Communication includes Outbound & Marketing Communications, Inbound Communications, and Integrated Solutions. Its Smartflo UCaaS offers business communication by integrating Microsoft Teams and PSTN. Its Smart Internet Telephony offers voice services over the internet. Its EZ Cloud Connect provides secure connectivity across offices, data centers and cloud ports.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Telecom - Cellular & Fixed line services: 9 companies →

Tata Teleservices (Maharashtra) 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.

  • Sales growth+8.4% against a typical +8.4% from a year earlier.5th of 9
  • Share price, 3 months+3.4% against a typical +1.1%.2nd of 8
  • Size₹ 7,484.4 Cr. market value against a typical ₹ 7,484.4 Cr. (1st = largest).5th of 9

Latest announcements

Exchange filings and their impact on the company.

  • 22 Oct 2026AppointmentMedium impactPositivePrice +18.6% that day
    Q2 revenue up 8% with sharply lower interest cost halving losses, but net worth stays deeply negative.

    Tata Teleservices (Maharashtra) reported Q2 FY27 revenue of Rs 309.65 crore, up 8.2% from last year, with EBITDA of Rs 164.61 crore and net loss narrowing to Rs 59.2 crore from Rs 320.8 crore. Finance costs more than halved year-on-year, lifting interest coverage above 1x. The company remains loss-making with negative net worth of Rs 18,933 crore, supported by a Tata Sons liquidity support letter, and also announced a new non-executive director and company secretary.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA- by 2 agencies
AA-
DefaultRiskyModerateSafeVery safe
  • All agencies agree and none has raised a warning.
AgencyCurrent ratingOutlookAs of
CARECARE AA-Stable7 Sep 2026
CRISILCrisil AA-Stable2 Dec 2025
Credit rating actions
RatingDetails
7 Sep 2026
Reaffirmed
CARE AA-—CARE₹ 9,951.5 Cr.
2 Dec 2025
Reaffirmed
Crisil AA-—CRISIL₹ 12,166 Cr.
29 Oct 2025
Reaffirmed
Crisil AA-—CRISIL₹ 12,166 Cr.
9 Oct 2025
Reaffirmed
CARE AA-—CARE₹ 9,951.5 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
22 Oct 2026Financial ResultsTo consider and approve the audited Financial Results for the 2nd quarter and half year ended September 30, 2026.
22 Jul 2026Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2026
23 Apr 2026Financial ResultsMeeting of the Board of Directors of the Company is scheduled to be held on April 23, 2026, inter alia, to consider and approve the financial results for the 4th quarter and year ended March 31, 2026.
20 Jan 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
23 Oct 2025Financial ResultsTo consider and approve the financial results for the period ended September 30, 2025
23 Jul 2025Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2025

Share price

1M change +6.91%
1 of 1 filing day came with a big price moveBiggest +18.6% on 22 Oct 2026AI reading matched the move 1 of 1
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales296323324344333308284286294296302310
Expenses157182188205182155138146119132137145
Operating Profit139141135138150153147140175163165164
OPM %47%44%42%40%45%50%52%49%60%55%55%53%
Other Income335212−22−266522
Interest411414423429423419433425288215206191
Depreciation383941424342373736323334
Profit before tax−308−309−323−330−315−306−325−321−150581−72−59
Tax %0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit−308−309−323−330−315−306−325−321−150581−72−59
EPS in Rs−1.57−1.58−1.65−1.69−1.61−1.57−1.66−1.64−0.772.97−0.37−0.3

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
−9%
5 Years
2%
3 Years
2%
TTM
−1%
Compounded Profit Growth
10 Years
—
5 Years
5%
3 Years
7%
TTM
72%
Stock Price CAGR
10 Years
18%
5 Years
−7%
3 Years
−24%
TTM
—
Return on Equity
10 Years
—
5 Years
—
3 Years
—
TTM
—

Shareholding

Latest: Sep 2026.

Promoters
74.36%
0 pts in a year
FIIs
2.43%
−0.21 pts in a year
DIIs
0.18%
+0.05 pts in a year
Public
23.03%
+0.16 pts in a year

Peers

Listed companies in the same business.

Peer comparison
Tata Teleservices (Maharashtra)₹ 38.69₹ 7,484 Cr.————
Bharti Airtel₹ 1,890.00₹ 11,79,455 Cr.39.8x7.8x20.3%16%
Bharti Hexacom₹ 1,631.00₹ 81,133 Cr.45.6x11.2x26.5%18.5%
Tata Communications₹ 1,665.65₹ 47,670 Cr.46.9x15x32.3%4.1%
Tanla Platforms₹ 557.90₹ 7,419 Cr.15.3x3.1x21.4%11.5%
Route Mobile₹ 416.20₹ 2,631 Cr.10.5x1.3x9.2%5.8%

Management

Shinu Mathai
Chief Financial Officer
Amit Gupta
Compliance Officer, Company Secretary
Harjit Singh
Managing Director, Executive Director

Prices are delayed and for information only. Nothing on this page is investment advice.