MarketFriction

Mahanagar Telephone Nigam Ltd

NSE MTNL · BSE 500108 · Telecom - Cellular & Fixed line services
₹24.66 +7.36%
NSE close2026-10-01
52 week range21.26 - 44.67
Market cap₹1,459 Cr.
Price band 20% Delivery 4.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales198192209184267261275172190211371217
Expenses331318284295294298292251298238311250
Operating Profit-133-126-75-111-27-37-16-79-108-2860-33
OPM %-67%-65%-36%-60%-10%-14%-6%-46%-57%-13%16%-15%
Other Income17514414519961785535322151175
Interest665691689705769728716754742749738748
Depreciation170166164156155150151145142142139137
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
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,2232,9692,4722,0851,6241,3881,1499357991,130956988
Expenses4,0134,0273,6173,3863,0701,3131,4531,3691,2801,1411,0861,097
Operating Profit-790-1,058-1,145-1,300-1,44775-304-434-482-11-129-109
OPM %-24%-36%-46%-62%-89%5%-26%-46%-60%-1.0%-14%-11%
Other Income882680734619691476623612575223586640
Interest1,3511,4481,5051,7031,9512,1172,1472,3642,6942,9282,9952,976
Depreciation1,1781,1131,0541,002986893772730666612568561
Profit before tax-2,437-2,940-2,970-3,387-3,693-2,459-2,600-2,916-3,268-3,328-3,107-3,006
Tax %-20%-0%0%0%0%0%0%-0%-0%-0%0%
Net Profit-1,946-2,936-2,971-3,388-3,694-2,461-2,603-2,915-3,268-3,328-3,107-3,006
EPS in Rs-30.89-46.60-47.16-53.78-58.63-39.07-41.32-46.27-51.87-52.82-49.32-47.72
Dividend Payout %0%0%0%0%0%0%-0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-11%-7%1%1%
Compounded Profit Growth-15%-11%-7%14%
Stock Price CAGR2%4%-10%-46%
Return on Equity%%%%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital630630630630630630630630630630630630
Reserves1,429-1,035-4,004-6,962-10,358-14,212-16,675-19,298-21,485-24,274-27,549-30,590
Borrowings16,60813,44115,20117,01919,73723,29125,60026,82028,35130,14132,65535,445
Other Liabilities8,2715,6395,8825,6114,7116,9973,8444,1914,1764,2484,5174,616
Total Liabilities26,93818,67517,70916,29814,72016,70613,40012,34211,67210,74510,25310,101
Fixed Assets10,5709,5758,7598,1647,4666,8896,2535,6184,9674,3333,8083,138
CWIP1341372913313203281847459863213
Investments40434444333445
Other Assets16,1948,9208,6547,7996,9309,4866,9606,6476,6426,3236,4096,946
Total Assets26,93818,67517,70916,29814,72016,70613,40012,34211,67210,74510,25310,101
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-1,1671,078-1,024155-733-1,206-22570464130340176
Cash from Investing Activity-107-37-30-492-297-43-259204-174107-29-201
Cash from Financing Activity1,110-9579843451,0441,326414-936177-319-215-19
Net Cash Flow-16485-7171477-70-2867-8196-43
Free Cash Flow-1,295779-1,441-357-1,043-1,348-3246912057304570
CFO/OP106%-78%113%-19%56%84%-553%-248%-18%-32%-2,159%-131%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days31566063107141203213229234181126
Inventory Days
Days Payable
Cash Conversion Cycle31566063107141203213229234181126
Working Capital Days-835-906-707-613-1,038-1,930-1,218-2,518-2,681-1,995-2,531-4,288
ROCE %-8%-7%-12%-13%-16%-18%-3%-5%-7%-8%-7%-9%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.82%56.25%56.25%56.25%56.25%56.25%56.25%56.25%56.25%56.25%56.25%56.25%
FIIs0.40%0.47%0.55%0.38%0.06%0.09%0.14%0.54%0.04%0.05%0.50%0.40%
DIIs13.88%13.75%13.63%13.63%13.47%13.49%13.46%13.46%13.46%13.43%13.43%13.43%
Public28.90%29.54%29.56%29.73%30.22%30.16%30.15%29.76%30.25%30.27%29.82%29.92%
No. of Shareholders1,82,1711,78,1991,94,9741,92,0494,66,1184,41,6294,37,4244,14,3954,00,2623,87,1973,74,9443,66,221

Fundamentals

Market Cap₹ 1,459 Cr.
Current Price₹ 23.2
Book Value₹ -476
ROCE-9.32 %
ROE%
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)1%
Compounded Profit Growth (TTM)14%
Consolidated figures.
Valuation
Market capRs 1,554 Cr
Enterprise valueRs 36,222 Cr
Price to book-0.05x
Price to sales1.57x
EV / EBITDA68.27x
EV / sales36.67x
Price to cash flow8.81x
Earnings yield-193.52%
P/B, 3-year average-0.08x
P/B, 5-year average-0.07x
Profitability
Operating margin (excl. other income)-13.52%
Operating margin (incl. other income)47.77%
EBITDA margin53.71%
Pre-tax margin-304.36%
Net profit margin-304.37%
Net margin, latest quarter-388.38%
ROE10.93%
ROCE-1.99%
ROA-30.53%
ROE, 3-year average12.92%
ROCE, 3-year average-5.57%
ROA, 3-year average-30.46%
ROE, 5-year average13.70%
ROCE, 5-year average-5.78%
ROA, 5-year average-27.18%
ROIC (approx.)-0.64%
Tax rate-0.00%
Other income / net worth-1.96%
Growth
Sales growth (latest year)-15.34%
Sales CAGR, 3 years0.75%
Sales CAGR, 5 years-7.17%
Sales growth QoQ-41.46%
Sales growth YoY (latest quarter)25.94%
Per share
EPS (TTM)Rs -47.72
EPS (latest year)Rs -49.32
EPS (latest quarter)Rs -13.37
EPS, 3-year averageRs -51.34
EPS, 5-year averageRs -48.32
Book value per shareRs -475.55
Sales per shareRs 15.68
Cash flow per shareRs 2.80
Free cash flow per shareRs 9.05
Dividend per share, 5-year averageRs 0.02
Efficiency
Asset turnover0.09x
Fixed asset turnover0.30x
Inventory turnover8.47x
Inventory days43 days
Debtor days126 days
Debtors turnover2.90x
Cash conversion cycle126 days
Working capital days-4288 days
Leverage
Total debtRs 35,445 Cr
Cash and bankRs 776 Cr
Net debtRs 34,669 Cr
Debt to equity-1.18x
Net debt / EBITDA65.35x
Interest coverage-0.01x
Current ratio (filing 2026-03-31)0.35x
Quick ratio (filing 2026-03-31)0.35x
Trade payables (filing 2026-03-31)Rs 1,033 Cr
Owners' fund to total sources-296.61%
Debt to assets350.91%
Cash flow
Cash from Operating Activity (latest year)Rs 176 Cr
Cash from Investing Activity (latest year)Rs -201 Cr
Cash from Financing Activity (latest year)Rs -19 Cr
Net Cash Flow (latest year)Rs -43 Cr
Free cash flow (latest year)Rs 570 Cr
FCFE (approx.: FCF + change in debt)Rs 3,360 Cr
Sales to cash flow5.42x
Statement figures
Net sales (TTM)Rs 988 Cr
Net sales (latest year)Rs 956 Cr
Sales (latest quarter)Rs 217 Cr
Operating profit excl. other income (latest year)Rs -129 Cr
Operating profit (latest quarter)Rs -33 Cr
Other income (TTM)Rs 640 Cr
EBITDA (TTM)Rs 531 Cr
PBDT (TTM)Rs -2,446 Cr
Profit before tax (TTM)Rs -3,006 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs -3,006 Cr
Net profit (latest year)Rs -3,107 Cr
Net profit (latest quarter)Rs -842 Cr
Depreciation (TTM)Rs 561 Cr
Depreciation (latest quarter)Rs 137 Cr
Interest (TTM)Rs 2,976 Cr
Cost of goods sold (latest year)Rs 269 Cr
Total expenditure (latest year)Rs 1,086 Cr
Total income (latest year)Rs 1,543 Cr
Share capitalRs 630 Cr
ReservesRs -30,590 Cr
Shareholders' fundsRs -29,960 Cr
Total assetsRs 10,101 Cr
Net blockRs 3,138 Cr
Capital work in progressRs 13 Cr
InvestmentsRs 5 Cr
ReceivablesRs 330 Cr
InventoryRs 32 Cr
Other liabilitiesRs 4,616 Cr
Shares outstanding (crore)63.00
Ownership
Promoter holding56.25% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodMTNLNifty 50Difference
1 week+3.6%-2.8% +6.3 pts
1 month-7.6%-6.8% -0.8 pts
3 months-17.8%-7.6% -10.2 pts
6 months+14.9%+0.4% +14.5 pts
1 year-42.2%-9.9% -32.2 pts
2 years-54.9%-13.6% -41.3 pts
3 years-22.7%+14.2% -36.9 pts
5 years+29.1%+27.9% +1.2 pts
1 mutual fund schemes hold about ₹0 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 4 of 8
seriousNegative equity Shareholders' equity is negative
lookRepeated losses Net loss in each of the last two years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹217 Cr +26.2% vs Jun 2025. Net loss ₹842 Cr.

Activity

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DateClientSideQtyPrice
2026-10-01Silverleaf Capital Services Private LimitedSELL1,724,51325.45
2026-10-01Silverleaf Capital Services Private LimitedBUY1,724,51325.45
2026-10-01Nk Securities Research Private LimitedSELL1,881,29425.21
2026-10-01Nk Securities Research Private LimitedBUY1,881,29425.17
Ex-dateActionFactor
2024-09-23Annual General Meeting
2023-09-22Annual General Meeting
2022-09-30Annual General Meeting
2021-11-17 Annual General Meeting
2020-12-23 Annual General Meeting
2019-09-19 Annual General Meeting
2018-09-19 Annual General Meeting
2017-09-19 Annual General Meeting
2016-09-22 Annual General Meeting
2015-09-21 Annual General Meeting
2014-09-23Annual General Meeting
2013-09-23Annual General Meeting
2012-09-25Annual General Meeting
2011-09-23Annual General Meeting
2010-10-08Annual General Meeting
2009-09-17Dividend-Rs.1/- Per Share
2008-09-22Agm/Dividend - 10%
2008-02-21Interim Dividend - 30%
2007-09-19Agm/Dividend-10%
2007-02-19Interim Dividend-30%
2006-09-18Agm/Dividend-10%
DateTypeWhat it says
2026-10-01Shareholder meetingREGULATION 44(3) OF THE SEBI (LODR) REGULATIONS, 2015 - VOTING RESULTS & SCRUTINIZER S REPORT OF 40TH AGM HELD ON 30TH SEPTEMBER, 2026
2026-10-01General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION SALE OF MTNL PROPERTY AT POWAI PLOT-C, TECHN...
2026-09-30General UpdatesCOMPLIANCE OF REGULATION 30 OF SEBI (LODR) REGULATIONS, 2015- DISCLOSURE OF EVENTS OR INFORMATION EXTENSION OF ADDITIONAL CHARGE OF THE POST OF DIRE...
2026-09-30Shareholder meetingCOMPLIANCE OF REGULATION 30 OF SEBI (LODR) REGULATIONS, 2015 - PROCEEDINGS OF 40TH ANNUAL GENERAL MEETING (AGM) OF MTNL HELD ON 30.09.2026 AT 11:34 AM...
2026-09-25General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015- DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTIE...
2026-09-21General UpdatesGeneral Updates
2026-09-16General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015- DISCLOSURE OFEVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTIES...
2026-09-15General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION INTIMATION REGARDING CHANGE IN SENIOR MANAGEM...
2026-09-14General UpdatesCOMPLIANCE WITH REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 & SEBI CIRCULAR NO SEBI/HO/CFD/CMD1/CIR/P/2019/140 DATED 21.11.2019 INTIMATION O...
2026-09-09General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION APPOINTMENT OF STATUTORY AUDITORS UNDER SECT...
2026-09-05UpdatesSUBMISSION OF BUSINESS RESPONSIBILITY AND SUSTAINABILTY REPORT (BRSR) OF MTNL FOR FY 2025-26.
2026-09-05UpdatesNOTICE OF CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS UNDERREGULATION 42 OF SEBI (LODR) REGULATIONS, 2015.
2026-09-05Shareholder meetingNOTICE OF 40TH ANNUAL GENERAL MEETING (AGM) TO BE HELD ON WEDNESDAY, SEPTEMBER 30TH 2026 AT 11.30 AM, CUT-OFF DATE AND PERIOD OF REMOTE E-VOTING
2026-08-27Credit RatingCredit Rating
2026-08-27General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTY
2026-08-26General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTY
2026-08-19Credit RatingCredit Rating
2026-08-18General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015- DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTIE...
2026-08-13General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION REVISED BRIEF PROFILE OF GOVERNMENT NOMINEE ...
2026-08-13General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION BRIEF PROFILE OF GOVERNMENT NOMINEE DIRECTOR...
2026-08-12Board meeting outcomeCOMPLIANCE OF REGULATION 33 & 52 OF THE SEBI (LODR) REGULATIONS, 2015 & SEBI CIRCULAR NO SEBI/HO/CFD/CFD-POD-2/CIR/P/2024/185 DTD. 31.12.2024: INTEGRA...
2026-08-10LitigationCOMPLIANCE OF REGULATION 30 & 51 OF THE SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE REGARDING ORDER OF HON BLE BO...
2026-08-07General UpdatesCOMPLIANCE WITH REGULATION 30 OF SEBI (LODR) REGULATIONS, 2015 & SEBI CIRCULAR NO SEBI/HO/CFD/CMD1/CIR/P/2019/140 DATED 21.11.2019 INTIMATION OF DEF...
2026-08-06General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015- DISCLOSURE OF EVENTS OR INFORMATION APPOINTMENT OF GOVERNMENT NOMINEE DIRECTORS
2026-08-04General UpdatesCOMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015- DISCLOSURE OF EVENTS OR INFORMATION DISCLOSURE OF IMPOSITION OF FINES OR PENALTIE...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-02-13CESTATMAHANAGAR TELEPHONE NIGAM LTD ---VS.--- LTU DELHI
2019-11-11CESTATMAHANAGAR TELEPHONE NIGAM LIMITED ---VS.--- LTU DELHI
2019-10-21CESTATMAHANAGAR TELEPHONE NIGAM LIMITED ---VS.--- LTU DELHI
2019-08-28CESTATMAHANAGAR TELEPHONE NIGAM LIMITED ---VS.--- LTU DELHI
2019-08-08CESTATMAHANAGAR TELEPHONE NIGAM LTD ---VS.--- LTU DELHI
2019-05-17CESTATMAHANAGAR TELEPHONE NIGAM LTD ---VS.--- LTU DELHI
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
EPS in the scrip is zero (4 trailing quarters)Loss making
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03