Tata Teleservices (Maharashtra) Ltd
TTML NSE
Tata Teleservices (Maharashtra) Ltd
TelecommunicationNSE: TTML BSE: 532371 Telecom - Services
Key Fundamentals
MicrocapTelecom Service ProviderTelecomMarket Cap
₹7,454 Cr
Volatility
Moderate
P/E Ratio
196.68
EBITDA
₹633 Cr
Return on Equity
1.08%
Debt to Equity
0
Book Value
₹-141.71
52W High
₹60.62
52W Low
₹31.22
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Tata Teleservices (Maharashtra) Ltd insights
28 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Debtor days have improved from 39.4 to 30.0 days.
Weaknesses
3- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 2.14% over past five years.
- Earnings include an other income of Rs.666 Cr.
Growth Rate
Revenue Growth
-11.22% ↗
Net Income Growth
-83.12% ↗
Cash Flow Change
32.16% ↗
ROE
-83.44% ↘
ROCE
40.50% ↗
EBITDA Margin (Avg.)
21.46% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 49d agoAI opinion · based on fundamentals
Risk high
Tata Teleservices (Maharashtra) Ltd operates with a market cap of ~₹8,332 Cr, negative book value (PB of -0.3), and a PE of -38.9 reflecting continued losses. FY26 revenue declined 11.3% to ₹1,160 Cr while the net loss narrowed sharply to ₹215 Cr from ₹1,275 Cr in FY25, aided by ₹670 Cr of other income and lower finance costs.
Bull Case 7
- Net loss narrowed 83% from ₹1,275 Cr in FY25 to ₹215 Cr in FY26, showing improving profitability trajectory
- Operating profit margin expanded to 52.6% in FY26 from 43.7% in FY25, indicating better cost efficiency on a lower revenue base
- Tata Sons infused ₹5,166 Cr into parent TTSL during FY26, demonstrating strong promoter commitment to meet AGR obligations
- Promoter holding remains high at ~74.4%, with Tata Group backing providing implicit financial support through letters of comfort
- Debtor days improved from 39.4 to 30.0 days, reflecting tighter working capital management
- Operating profit grew from ₹470 Cr in FY22 to ₹617 Cr in FY26 — a steady CAGR of ~7% at EBITDA level over four years
- Enterprise connectivity business benefits from India's ongoing digital transformation and demand for managed services, providing a stable revenue base
Bear Case 8
- Revenue declined 11.3% YoY in FY26 to ₹1,160 Cr, with 5-year sales CAGR of just 2.1%, indicating structural top-line weakness
- Company has deeply negative net worth with reserves of approximately -₹29,659 Cr, resulting in a negative book value of -₹141.71 per share
- Interest costs of ₹1,361 Cr in FY26 vastly exceed operating profit of ₹617 Cr, reflecting very low interest coverage ratio
- FY26 earnings quality is poor — ₹670 Cr of other income constitutes ~58% of revenue, without which the company would report a far deeper loss
- AGR-related deferred payment obligations for the TTML entity alone stand at ₹3,367 Cr, creating long-term liability overhang
- Stock has declined 35% over 1 year and 16% CAGR decline over 3 years, reflecting persistent market skepticism
- Zero dividend yield with no payout history, offering no income return to shareholders
- Negative PE (-38.9) and negative PB (-0.3) make traditional valuation frameworks inapplicable, signalling balance sheet distress
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 49d ago Headwinds 2
- TRAI penalty for QoS violations Jun 9
TTML received a Rs 2 lakh financial disincentive from TRAI for quality of service violations in broadband services for the quarter ending June 2025.
- CGST penalty of Rs 7.57 Cr Jun 24
CGST order imposed a reduced penalty of Rs 7.57 Cr (down from Rs 36.14 Cr). Company disputes the order and plans to appeal.
Positives 1
- TTBS MSME campaign launch Jun 25
Tata Tele Business Services launched #RozBanateHainNayaKal campaign on MSME Day 2026, positioning the brand as a growth partner for India's MSME segment.
Neutral 1
- Trading window closed for Q1 results Jun 22
TTML closed its trading window for designated persons from July 1, 2026, until 48 hours after the Board meeting to approve Q1FY27 financial results.
TL;DR: TTML faces minor regulatory headwinds with a Rs 2 lakh TRAI penalty and a Rs 7.57 Cr CGST demand (under appeal). On the positive side, TTBS is actively building brand presence in the MSME segment. Overall newsflow is light with no material business developments; the upcoming Q1FY27 results will be the next key catalyst to watch.
Quarterly Results
| Jun 2023 | 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 | 286 | 287 | 296 | 323 | 324 | 344 | 333 | 308 | 284 | 286 | 294 | 296 | 302 |
| Expenses | 161 | 159 | 157 | 182 | 188 | 205 | 182 | 155 | 138 | 146 | 119 | 132 | 137 |
| Operating Profit | 125 | 128 | 139 | 141 | 135 | 138 | 150 | 153 | 147 | 140 | 175 | 163 | 165 |
| OPM % | 44% | 44% | 47% | 44% | 42% | 40% | 45% | 50% | 52% | 49% | 60% | 55% | 55% |
| Other Income | 4 | 2 | 3 | 3 | 5 | 2 | 1 | 2 | -2 | 2 | -2 | 665 | 2 |
| Interest | 394 | 403 | 411 | 414 | 423 | 429 | 423 | 419 | 433 | 425 | 288 | 215 | 206 |
| Depreciation | 36 | 36 | 38 | 39 | 41 | 42 | 43 | 42 | 37 | 37 | 36 | 32 | 33 |
| PBT | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 | 581 | -72 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 | 581 | -72 |
| EPS in Rs | -1.54 | -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
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,893 | 2,972 | 2,703 | 1,869 | 1,277 | 1,078 | 1,044 | 1,094 | 1,106 | 1,192 | 1,308 | 1,160 | 1,178 |
| Expenses | 2,292 | 2,227 | 2,057 | 1,734 | 614 | 656 | 555 | 626 | 614 | 664 | 737 | 543 | 534 |
| Operating Profit | 601 | 745 | 646 | 135 | 664 | 422 | 489 | 468 | 492 | 527 | 571 | 617 | 643 |
| OPM % | 21% | 25% | 24% | 7% | 52% | 39% | 47% | 43% | 45% | 44% | 44% | 53% | 55% |
| Other Income | 45 | 40 | -924 | -7,875 | 400 | -2,396 | -756 | 17 | 11 | 16 | 16 | 670 | 666 |
| Interest | 651 | 684 | 1,282 | 1,569 | 1,554 | 1,545 | 1,561 | 1,539 | 1,502 | 1,622 | 1,694 | 1,361 | 1,134 |
| Depreciation | 611 | 460 | 796 | 533 | 178 | 195 | 169 | 160 | 147 | 150 | 168 | 142 | 138 |
| PBT | -615 | -358 | -2,356 | -9,842 | -668 | -3,714 | -1,997 | -1,215 | -1,145 | -1,228 | -1,275 | -215 | 38 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -615 | -358 | -2,356 | -9,842 | -668 | -3,714 | -1,997 | -1,215 | -1,145 | -1,228 | -1,275 | -215 | 38 |
| EPS in Rs | -3.15 | -1.83 | -12.05 | -50.35 | -3.42 | -19 | -10.21 | -6.22 | -5.86 | -6.28 | -6.52 | -1.1 | 0.19 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 |
| Reserves | -4,923 | -5,941 | -7,864 | -17,114 | -16,775 | -19,434 | -20,446 | -20,787 | -21,009 | -21,208 | -21,525 | -21,938 |
| Borrowings | 7,410 | 11,654 | 16,220 | 15,578 | 16,545 | 16,895 | 19,539 | 19,794 | 19,869 | 20,047 | 20,416 | 20,869 |
| Other Liabilities | 1,602 | 1,794 | 1,595 | 2,961 | 2,805 | 2,298 | 461 | 403 | 397 | 513 | 458 | 455 |
| Total Liabilities | 6,044 | 9,462 | 11,906 | 3,380 | 4,531 | 1,714 | 1,509 | 1,365 | 1,211 | 1,307 | 1,304 | 1,341 |
| Fixed Assets | 4,188 | 3,363 | 7,460 | 847 | 718 | 894 | 830 | 779 | 740 | 788 | 798 | 939 |
| CWIP | 46 | 4,246 | 2,504 | 27 | 26 | 39 | 29 | 28 | 34 | 59 | 35 | 28 |
| Investments | 0 | 592 | 680 | 378 | 609 | 0 | 70 | 100 | 66 | 34 | 58 | 23 |
| Other Assets | 1,809 | 1,260 | 1,263 | 2,129 | 3,178 | 781 | 580 | 457 | 369 | 425 | 413 | 351 |
| Total Assets | 6,044 | 9,462 | 11,906 | 3,380 | 4,531 | 1,714 | 1,509 | 1,365 | 1,211 | 1,307 | 1,304 | 1,341 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 636 | 766 | 730 | 603 | -734 | -360 | 567 | 530 | 558 | 586 | 505 | 668 |
| Investing | -785 | -1,183 | -2,198 | 259 | -101 | 510 | -177 | -130 | -66 | -64 | -109 | -91 |
| Financing | 177 | 434 | 1,041 | -860 | 967 | -237 | -432 | -427 | -494 | -503 | -386 | -604 |
| Net Cash Flow | 28 | 18 | -427 | 2 | 132 | -87 | -42 | -26 | -2 | 18 | 10 | -27 |
| Free Cash Flow | -149 | 513 | -1,401 | 526 | -861 | -469 | 457 | 426 | 449 | 482 | 413 | 535 |
| CFO/OP | 114 | 97 | 110 | 417 | -110 | -80 | 108 | 111 | 110 | 115 | 87 | 110 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 25 | 36 | 31 | 31 | 26 | 41 | 27 | 40 | 36 | 48 | 40 | 30 |
| Cash Conversion Cycle | 25 | 36 | 31 | 31 | 26 | 41 | 27 | 40 | 36 | 48 | 40 | 30 |
| Working Capital Days | -448 | -679 | -893 | -1,775 | -3,110 | -4,188 | -3,370 | -3,058 | -3,310 | -2,239 | -2,724 | -5,675 |
| ROCE % | 1% | 5% | -1% | -5% | 50% | 42% | 147% | 32% | 40% | 48% | 50% | 56% |
Documents
1
Clarification sought from Tata Teleservices (Maharashtra) Ltd
8 Jun - Exchange has sought clarification from Tata Teleservices (Maharashtra) Ltd on June 8, 2026, with reference to Movement in Volume. 8 Jun - Exchange has sought clarification from Tata Teleservices (Maharashtra) Ltd on June 8, 2026, with reference to Movement in Volume.
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
24 Apr - Copy of the newspaper copy for publishing extract of the audited financial results of the Company for the 4th quarter and financial year ended March … 24 Apr - Copy of the newspaper copy for publishing extract of the audited financial results of the Company for the 4th quarter and financial year ended March …
4
Board Meeting Outcome for Outcome Of Meeting Of The Board Scheduled On April 23, 2026
23 Apr - TTML approved FY26 audited results; profit ₹580.93 crore after ₹662.80 crore exceptional gain; auditors gave unmodified opinion. 23 Apr - TTML approved FY26 audited results; profit ₹580.93 crore after ₹662.80 crore exceptional gain; auditors gave unmodified opinion.
5
Announcement under Regulation 30 (LODR)-Change in Directorate
23 Apr - Harjit Singh reappointed Managing Director for three years from April 24, 2026, subject to shareholder approval. 23 Apr - Harjit Singh reappointed Managing Director for three years from April 24, 2026, subject to shareholder approval.
Frequently Asked Questions about Tata Teleservices (Maharashtra) Ltd
What does Tata Teleservices (Maharashtra) Ltd do?
Tata Teleservices Ltd is engaged in the business of Wired and wireless telecommunication activities and holds a Unified License with Access Service Authorisation in Maharashtra and Goa and also as in Internet Service Provider Category The co. is focused on providing various wireline voice, data...
Where is Tata Teleservices (Maharashtra) Ltd (TTML) listed?
Tata Teleservices (Maharashtra) Ltd is listed on the Indian stock exchanges. It is listed on NSE: TTML and BSE: 532371. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Tata Teleservices (Maharashtra) Ltd belong to?
Tata Teleservices (Maharashtra) Ltd operates in the Telecommunication sector within the Telecom - Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Tata Teleservices (Maharashtra) Ltd?
Tata Teleservices (Maharashtra) Ltd has a market capitalisation of approximately ₹7454.14 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Tata Teleservices (Maharashtra) Ltd?
The Price-to-Earnings (PE) ratio of Tata Teleservices (Maharashtra) Ltd is 196.68. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Tata Teleservices (Maharashtra) Ltd?
Over the past 52 weeks, Tata Teleservices (Maharashtra) Ltd has traded between a low of ₹31.22 and a high of ₹60.62. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Tata Teleservices (Maharashtra) Ltd?
Tata Teleservices (Maharashtra) Ltd has a Return on Equity (ROE) of 1.08%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Tata Teleservices (Maharashtra) Ltd on Tapetide?
On Tapetide, you can view Tata Teleservices (Maharashtra) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Tata Teleservices Ltd is engaged in the business of Wired and wireless telecommunication activities and holds a Unified License with Access Service Authorisation in Maharashtra and Goa and also as in Internet Service Provider Category The co. is focused on providing various wireline voice, data, and managed telecom services. [1][2]
Website tatateleservices.com
CEO Mr. Harjit Singh Chauhan
Employees 390
Listed 2000-10-20
Face Value ₹ 10
Issued Size 1,95,49,27,727