Tata Teleservices (Maharashtra) Ltd
TTML NSE
Tata Teleservices (Maharashtra) Ltd
TelecommunicationNSE: TTML BSE: 532371 Telecom - Services
Key Fundamentals
MicrocapTelecom Service ProviderTelecomMarket Cap
₹8,383 Cr
Volatility
Moderate
P/E Ratio
-39.1
EBITDA
₹633 Cr
Debt to Equity
0
Book Value
₹-141.71
52W High
₹69.75
52W Low
₹31.22
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.670 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 20d agoAI opinion · based on fundamentals
Risk high
SELL Better to reduce or avoid Conviction 7/10
TTML trades at a negative P/E of -39.7 with negative book value (P/B -0.31), zero dividend yield, and a 40% stock price decline in the last year. While the company shows some profit improvement (31% TTM), this is heavily reliant on other income of Rs.670 Cr rather than core operations, making the turnaround thesis fragile.
Bull Case 7
- Compounded profit growth of 31% TTM suggests improving bottom-line trajectory despite operational headwinds
- 5-year stock CAGR of 18% and 10-year CAGR of 21% indicate long-term wealth creation for patient investors
- Debtor days improved from 39.4 to 30.0 days, reflecting better working capital management and faster collections
- Market cap of Rs.8,533 Cr provides reasonable scale and liquidity for institutional participation
- 3-year compounded profit growth of 7% shows gradual and sustained earnings recovery trend
- Tata Group parentage provides strategic backing, potential for restructuring support and eventual value unlocking
- 5-year compounded sales growth of 2% indicates revenue stabilization after years of decline (-9% over 10 years)
Bear Case 8
- Negative P/E ratio of -39.7 confirms the company is loss-making at the net level, indicating no earnings support for valuation
- Negative P/B ratio of -0.31 implies negative net worth — liabilities exceed assets, raising solvency concerns
- Stock price crashed 40% in the last 1 year (1-year CAGR of -40%), reflecting severe market sentiment deterioration
- Low interest coverage ratio signals debt servicing stress and potential financial distress risk
- Earnings heavily dependent on other income of Rs.670 Cr, masking weak core operating performance
- Zero dividend yield with no ROE or ROCE data available, offering no return visibility to shareholders
- Poor sales growth of only 2.14% over past 5 years in a high-growth telecom sector indicates market share erosion
- TTM sales declining at -11% shows accelerating revenue deterioration in the most recent period
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 20d ago Neutral 2
- 31st AGM scheduled June 5 May 13
TTML scheduled its 31st AGM for June 5, 2026 via VC/OAVM, with agenda items including MD re-appointment and material related party transaction approvals worth up to ₹20,000 Crores.
- BRSR filed for FY2025-26 May 13
TTML submitted its Business Responsibility and Sustainability Report for FY2025-26, disclosing ESG performance, workforce data, environmental metrics, and regulatory compliance.
TL;DR: A quiet period for TTML with only routine corporate governance filings. The ₹20,000 Crore RPT approval on the AGM agenda signals continued reliance on intra-group transactions with Tata entities. No operational or financial catalysts emerged this cycle. Investors should watch the AGM outcome on June 5 for any strategic direction signals.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 280 | 286 | 287 | 296 | 323 | 324 | 344 | 333 | 308 | 284 | 286 | 294 | 296 |
| Expenses | 149 | 161 | 159 | 157 | 182 | 188 | 205 | 182 | 155 | 138 | 146 | 119 | 132 |
| Operating Profit | 131 | 125 | 128 | 139 | 141 | 135 | 138 | 150 | 153 | 147 | 140 | 175 | 163 |
| OPM % | 47% | 44% | 44% | 47% | 44% | 42% | 40% | 45% | 50% | 52% | 49% | 60% | 55% |
| Other Income | 2 | 4 | 2 | 3 | 3 | 5 | 2 | 1 | 2 | -2 | 2 | -2 | 665 |
| Interest | 379 | 394 | 403 | 411 | 414 | 423 | 429 | 423 | 419 | 433 | 425 | 288 | 215 |
| Depreciation | 32 | 36 | 36 | 38 | 39 | 41 | 42 | 43 | 42 | 37 | 37 | 36 | 32 |
| PBT | -277 | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 | 581 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -277 | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 | 581 |
| EPS in Rs | -1.42 | -1.54 | -1.59 | -1.57 | -1.58 | -1.65 | -1.69 | -1.61 | -1.57 | -1.66 | -1.64 | -0.77 | 2.97 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Expenses | 2,292 | 2,227 | 2,057 | 1,734 | 614 | 656 | 555 | 626 | 614 | 664 | 737 | 543 |
| Operating Profit | 601 | 745 | 646 | 135 | 664 | 422 | 489 | 468 | 492 | 527 | 571 | 617 |
| OPM % | 21% | 25% | 24% | 7% | 52% | 39% | 47% | 43% | 45% | 44% | 44% | 53% |
| Other Income | 45 | 40 | -924 | -7,875 | 400 | -2,396 | -756 | 17 | 11 | 16 | 16 | 670 |
| Interest | 651 | 684 | 1,282 | 1,569 | 1,554 | 1,545 | 1,561 | 1,539 | 1,502 | 1,622 | 1,694 | 1,361 |
| Depreciation | 611 | 460 | 796 | 533 | 178 | 195 | 169 | 160 | 147 | 150 | 168 | 142 |
| PBT | -615 | -358 | -2,356 | -9,842 | -668 | -3,714 | -1,997 | -1,215 | -1,145 | -1,228 | -1,275 | -215 |
| 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 |
| 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 |
| 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 | 19,354 | 19,794 | 19,869 | 20,047 | 20,416 | 20,869 |
| Other Liabilities | 1,602 | 1,794 | 1,595 | 2,961 | 2,805 | 2,298 | 646 | 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 | 587 | 505 | 668 |
| Investing | -785 | -1,183 | -2,198 | 259 | -101 | 510 | -177 | -130 | -66 | -65 | -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 | 483 | 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 | -88 | -3,058 | -3,310 | -2,239 | -2,724 | -5,675 |
| ROCE % | 1% | 5% | -1% | -5% | 50% | 42% | 245% | 35% | 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 ₹8382.73 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 -39.10. 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 ₹69.75. This range helps investors understand the stock's price volatility and recent trading levels.
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