Mahanagar Telephone Nigam
NSE: MTNL · Telecom - Cellular & Fixed line services · sector
₹22.77NSE close 2026-10-26
Key numbers
Market cap₹1,435 cr
Price₹22.77
52w high / low₹45 / ₹21
P/E–Sector median 27.1x
P/B–Sector median 11.4x
Book value₹-475.6
Dividend yield–Sector median 1.02%
ROE–Sector median 27.9%
ROCE-0.6%Sector median 25.9%
OPM-12.5%Sector median 40.3%
Debt / equity–Sector median 0.82x
EV/EBITDA–Sector median 14.3x
Interest cover-0.0x
Current ratio0.35x
Sales growth 3y+0.8%Sector median +1.2%
Profit growth 3y–Sector median +14.8%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in Telecom - Cellular & Fixed line services (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹776 cr vs borrowings ₹35,425 cr (FY26): borrowings are higher by ₹34,649 cr.
- Borrowings rose in each of the last 3 years (₹28,174 cr → ₹35,425 cr).
- Operating profit covered interest -0.0x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Net loss in 8 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Debtor days went from 234 (FY24) to 126 (FY26).
- No dividend in the last 5 financial years.
- Price ₹22.77 on 2026-10-26: -49.0% from the 52-week high, +7.1% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹58.56 · low ₹22.77
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 174 | 170 | 170 | 66 | 190 | 198 | 371 | 217 |
| EBITDA | -119 | -128 | -122 | -186 | -108 | -41 | 60 | -33 |
| OPM % | -68.5% | -75.3% | -71.8% | -282.2% | -57.1% | -20.6% | 16.2% | -15.2% |
| Other income | 152 | 169 | 160 | 141 | 31 | 34 | 511 | 75 |
| Net profit | -890 | -836 | -828 | -943 | -960 | -897 | -307 | -842 |
| EPS (₹) | -14.13 | -13.27 | -13.14 | -14.97 | -15.24 | -14.24 | -4.87 | -13.37 |
| Revenue YoY | +8.9% | +16.1% | +118.1% | +229.9% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,149 | 935 | 799 | 698 | 956 | 975 |
| EBITDA | -319 | -446 | -488 | -480 | -142 | -122 |
| Net profit | -2,603 | -2,915 | -3,268 | -3,328 | -3,107 | -3,006 |
| EPS (₹) | -41.32 | -46.27 | -51.87 | -52.82 | -49.32 | -47.72 |
| Revenue growth | -18.6% | -14.6% | -12.6% | +37.0% | +68.1% | |
| Profit growth | – | – | – | – | – | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +0.7% | -7.2% | +68.1% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -33.7% (2y) | -46.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | -20,855 | -23,644 | -26,919 | -29,960 |
| Borrowings | – | 28,174 | 30,028 | 32,368 | 35,425 |
| Cash & equivalents | – | 354 | 108 | 210 | 776 |
| Total assets | – | 11,644 | 10,717 | 10,226 | 10,076 |
| Fixed assets | – | 2,762 | 2,521 | 2,360 | 2,150 |
| Capital work in progress | – | 59 | 86 | 32 | 13 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 587 | 512 | 560 | 330 |
| Inventory | – | 5 | 6 | 6 | 7 |
| Payables | – | 1,032 | 1,078 | 1,000 | 1,033 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 704 | 64 | 130 | 340 | 176 |
| Cash from investing | 204 | -174 | 107 | -29 | -201 |
| Cash from financing | -936 | 177 | -319 | -215 | -19 |
| Capex | 13 | 44 | 73 | 36 | 25 |
| Free cash flow | 691 | 20 | 57 | 304 | 152 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 14.0% | 13.8% | 12.4% | 10.4% |
| ROCE % | – | -7.7% | -9.1% | -7.6% | -2.3% |
| Debtor days | – | 229 | 234 | 293 | 126 |
| Inventory days | – | 285 | 458 | 468 | 699 |
| Payable days | – | 58,237 | 85,350 | 78,846 | 1,09,573 |
| Cash conversion cycle (days) | – | -57,723 | -84,658 | -78,085 | -1,08,748 |
| Working capital days | – | -2,554 | -2,002 | -4,001 | -4,001 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 56.25% |
| FIIs | 0.01% |
| DIIs | 13.43% |
| of which Mutual funds | 0.00% |
| of which Insurance | 13.43% |
| Government | 0.00% |
| Public (non-institutions) | 30.31% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 56.25% | 56.25% | 56.25% | 56.25% | 56.25% | 56.25% | 56.25% | 56.25% |
| Promoter group | % |
|---|---|
| President of India | 56.25% |
| Public holders above 1% | % |
|---|---|
| Life Insurance Corporation of India | 13.12% |
3,58,426 shareholders. Pledged: 0.00% of promoter shares.
Peers in Telecom - Cellular & Fixed line services
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BHARTIARTL | ₹11,18,941 cr | 39.1x | 7.5x | 22.0% | 25.9% | 55.1% | +14.9% | 1.02% |
| IDEA | ₹1,29,470 cr | 3.5x | – | – | 51.1% | 174.9% | +2.1% | – |
| BHARTIHEXA | ₹81,475 cr | 44.7x | 11.4x | 27.9% | 30.3% | 52.3% | – | 0.61% |
| TATACOMM | ₹47,929 cr | 43.4x | 14.1x | 35.3% | 15.3% | 19.1% | +11.6% | 1.49% |
| TTML | ₹8,119 cr | 27.1x | – | – | – | 110.4% | +1.6% | – |
| MTNL | ₹1,435 cr | – | – | – | -0.6% | -12.5% | +0.8% | – |
| RCOM | ₹221 cr | – | – | – | – | 40.3% | -13.1% | – |
| QUADRANT | ₹43 cr | 1.6x | – | – | – | 14.7% | -19.1% | – |
| CITYONLINE | ₹5 cr | 7.5x | – | – | – | -7.7% | -9.4% | – |
All 9 companies in Telecom - Cellular & Fixed line services →
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Infrastructure Leasing | ₹507 cr | 53.0% | ₹407 cr | 80.2% |
| Basic & other Services | ₹364 cr | 38.1% | ₹-110 cr | -30.2% |
| Cellular | ₹86 cr | 9.0% | ₹-501 cr | -582.3% |
| Unallocable | ₹0 cr | – | ₹56 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-23 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-30 | Other | Annual General Meeting |
| 2021-11-17 | Other | Annual General Meeting |
| 2020-12-23 | Other | Annual General Meeting |
| 2019-09-19 | Other | Annual General Meeting |
| 2018-09-19 | Other | Annual General Meeting |
| 2017-09-19 | Other | Annual General Meeting |
| 2016-09-22 | Other | Annual General Meeting |
| 2015-09-21 | Other | Annual General Meeting |
| 2014-09-23 | Other | Annual General Meeting |
| 2013-09-23 | Other | Annual General Meeting |
| 2012-09-25 | Other | Annual General Meeting |
| 2011-09-23 | Other | Annual General Meeting |
| 2010-10-08 | Other | Annual General Meeting |
| 2009-09-17 | Dividend | Dividend-Rs.1/- Per Share |
| 2008-09-22 | Dividend | Agm/Dividend - 10% |
| 2008-02-21 | Dividend | Interim Dividend - 30% |
| 2007-09-19 | Dividend | Agm/Dividend-10% |
| 2007-02-19 | Dividend | Interim Dividend-30% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Basic & Other Services (Landline, Broadband, FTTH, Cellular): Telecommunications
- Infrastructure Leasing: Infrastructure Leasing
| Sector | Telecommunication |
| Industry | Telecom - Cellular & Fixed line services |
| Sub-industry | Telecom - Cellular & Fixed line services |
| Symbol | MTNL |
| BSE code | 500108 |
| ISIN | INE153A01019 |
| Face value | ₹10.0 |
| Incorporated | 1986-02-28 |
| Website | www.mtnl.in |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.