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Mahanagar Telephone Nigam Ltd (MTNL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500108 NSE: MTNL Telecommunication - Service Provider | Small Cap | Mahanagar Telephone Share Price

₹24.71 -0.43 (-1.71%)

As on 11-Sep'26 16:59

Mahanagar Telephone Nigam Ltd (MTNL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500108 NSE: MTNL Telecommunication - Service Provider | Small Cap | Mahanagar Telephone Share Price

₹24.71 -0.43 (-1.71%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,584 Cr.
Current Price
₹24.7
52-Week Low / High
₹20 / 46
TTM EPS
₹-47.7
TTM Sales
₹975 Cr.
Book Value per Share
₹-490
P/E Ratio
0.00
Industry PE
24.3
Price to Book (P/B)
-0.05
Higher than its 5-year historical median
Price to Sales (P/S)
1.62
Lower than its 5-year historical median
EV/EBITDA
68.45
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Underperforms industry median
Return on Capital Employed (ROCE)
-6.76%
Underperforms industry median
Return on Assets (ROA)
-31.78%
Operating Profit Margin
-67.4%
Net Profit Margin
-476.73%
Gross Profit Margin
-389.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-13.66%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
56.25%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-31,500 Cr.
Equity
₹630 Cr.
Face Value
₹10
All Time Low / High
₹4.49 / 390.00

Mahanagar Telephone Nigam stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Undervalued

Price Trend

Weak
Q.1 Is Mahanagar Telephone Nigam Ltd a good quality company?
Mahanagar Telephone Nigam Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Mahanagar Telephone Nigam Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Mahanagar Telephone Nigam Ltd vs industry peers?
Mahanagar Telephone Nigam Ltd revenue CAGR is -15.53%, compared to the industry median CAGR of 1.07%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Mahanagar Telephone Nigam Ltd?
Promoters hold 56.25% of the Mahanagar Telephone Nigam Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Mahanagar Telephone Nigam Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 1.4% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mahanagar Telephone Nigam Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -8.9%-12%-13%-16.4%-18.1%-3.8%-5.3%-7.2%-8.9%-6.7%-
Value Creation
Index
NANANANANANANANANANA-

Growth Parameters

Sales 3,1242,8702,3721,9881,5361,3041,070862728629903
Sales YoY Gr.--8.1%-17.4%-16.2%-22.7%-15.2%-17.9%-19.5%-15.5%-13.7%-
Adj EPS -35.4-46.6-47.1-53.8-58.6-39-41.3-46.2-52-52.8-47.7
YoY Gr.-NANANANANANANANANA-
BVPS (₹) -6.3-53.4-100.6-154.5-215.7-254.6-296.1-330.8-375.6-427.6-490.2
Adj Net
Profit
-2,232-2,938-2,965-3,388-3,694-2,457-2,600-2,910-3,277-3,328-3,003
Cash Flow from Ops. 1,025-1,050118-738-1,225-23070755.4133322-
Debt/CF from Ops. 13.1-14.5143.8-26.7-18.8-110.337.6508.8226.4100.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -16.3%-16.4%-16.2%-13.7%
Adj EPS NANANANA
BVPSNANANANA
Share Price 1.2% 5.9% -1.8% -44.5%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-267.1156.161.142.231.716.61514.714.713.210.4
Op. Profit
Mgn %
-24.9-37.9-49.4-66.4-95.74.1-29.6-51.2-67-75.2-14
Net Profit
Mgn %
-71.5-102.4-125-170.5-240.5-188.5-243.1-337.7-449.9-529.1-332.6
Debt to
Equity
-33.9-4.5-2.7-2-1.7-1.6-1.4-1.4-1.3-1.2-
Working Cap
Days
1,5021,0961,2451,3251,9012,2182,2262,6873,1033,565956
Cash Conv.
Cycle
30343755875575463758-1,951

Valuation of Mahanagar Telephone - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3,2232,9692,4722,0851,6241,3881,149935799698
Operating Expenses + 4,0154,0333,6293,4023,0731,3221,4601,3711,2821,168
Manufacturing Costs9881,015816802686611561494447390
Material Costs0072256655
Employee Cost 2,6432,6512,4492,2752,128417559549574575
Other Costs 385367358324256290334322257199
Operating Profit -792-1,064-1,157-1,317-1,44965-311-436-484-470
Operating Profit Margin (%) -24.6%-35.8%-46.8%-63.2%-89.3%4.7%-27.0%-46.6%-60.6%-67.4%
Other Income + 571685745636693485629613575681
Exceptional Items 0000000000
Interest 1,3511,4481,5051,7031,9512,1172,1472,3642,6942,928
Depreciation 1,1781,1131,0531,002986893772730666612
Profit Before Tax -2,753-2,940-2,970-3,387-3,693-2,459-2,600-2,916-3,268-3,328
Tax -491-411123-1-0-1
Profit After Tax -2,262-2,936-2,971-3,388-3,694-2,461-2,603-2,915-3,268-3,328
PAT Margin (%) -70.2%-98.9%-120.0%-162.0%-227.0%-177.0%-226.0%-311.0%-409.0%-476.0%
Adjusted EPS (₹)-30.9-46.6-47.2-53.8-58.6-39.1-41.3-46.3-51.9-52.8
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + -405-3,374-6,332-9,728-13,582-16,045-18,668-20,855-23,644-26,919
Share Capital 630630630630630630630630630630
Reserves -1,035-4,004-6,962-10,358-14,212-16,675-19,298-21,485-24,274-27,549
Debt +12,48714,92216,67519,05221,85123,84623,51124,18228,23930,222
Long Term Debt4,5637,01110,29311,43212,55418,17216,56619,50724,00623,482
Short Term Debt7,9247,9106,3827,6209,2965,6746,9454,6744,2336,740
Minority Interest0000000000
Trade Payables3994384295337967021,0481,0321,0781,000
Others Liabilities 6,1925,7085,5204,8477,6244,8726,4267,2865,0455,923
Total Liabilities 18,67217,69316,29114,70516,68813,37512,31711,64410,71710,226

Fixed Assets

Net Fixed Assets +9,5518,7068,1287,4316,8496,2095,5504,8994,2653,743
Gross Block27,48527,64428,09528,31828,64828,88728,97728,83528,71828,782
Accumulated Depreciation17,93418,93819,96620,88621,79922,67823,42723,93624,45325,039
CWIP 13729133132032818474598632
Investments 3444433344
Inventories301625251997566
Trade Receivables494492425611629772671587512560
Cash Equivalents 191115117140210320149354108210
Others Assets 8,2668,0707,2606,1738,6505,8785,8635,7365,7365,672
Total Assets 18,67217,69316,29114,70516,68813,37512,31711,64410,71710,226
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 1,078-1,024155-733-1,206-22570464130340
PBT -2,443-2,940-2,970-3,387-3,693-2,459-2,600-2,916-3,268-3,328
Adjustment 2,3222,1572,1932,5452,5973,0132,8213,1163,3593,415
Changes in Working Capital 735-414998119-126-969533-12365155
Tax Paid 464172-66-916191-49-13-2699
Cash Flow From Investing Activity + -37-30-492-297-43-259204-174107-29
Capex -301-417-512-310-143-100-13-44-73-36
Net Investments -1-141509-191144-138164-6
Others 26640151391327381613
Cash Flow From Financing Activity + -9579843451,0441,326414-936177-319-215
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -9502,4483,3451,4771,5946,006-194,5282,665-258
Interest Paid -1,336-1,451-1,472-1,671-1,881-1,859-2,111-2,002-2,477-2,415
Dividend Paid 0000000000
Others 1,328-14-1,5281,2381,612-3,7331,193-2,349-5072,458
Net Cash Flow 85-7171477-70-2867-8196
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ROCE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Asset Turnover Ratio0.140.160.150.130.10.090.090.080.070.07
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days45.1060.6067.7090.70139.40184.20229.10245.50251.30280.30
Inventory Days7.302.8034.4053.702.602.502.503.10
Payable Days0000000000

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Mahanagar Telephone Nigam Ltd FAQs

The current trading price of Mahanagar Telephone on 11-Sep-2026 16:59 is ₹24.71.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Mahanagar Telephone stood at ₹1,583.8 Cr

The latest P/E ratio of Mahanagar Telephone as of 10-Sep-2026 is 0.00.

The latest P/B ratio of Mahanagar Telephone as of 10-Sep-2026 is -0.05.

The 52-week high of Mahanagar Telephone is ₹46.40 and the 52-week low is ₹20.30.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mahanagar Telephone is ₹903 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Mahanagar Telephone Nigam Ltd is a below average quality company.

The key valuation ratios of Mahanagar Telephone Nigam Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mahanagar Telephone Nigam Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Mahanagar Telephone Nigam Ltd

Mahanagar Telephone Nigam (MTNL) was set up on April1, 1986 by the Government of India to upgrade the quality of telecom services, expand the telecom network, introduce new services and to raise revenue for telecom development needs of India's key metros -- Delhi and Mumbai.

In the past 23 years, the company has taken rapid strides to emerge as India's leading and one of Asia's largest telecom operating companies. Besides having a strong financial base, MTNL has achieved a customer base of 8.06 million as on March 31, 2009.

The company has also been in the forefront of technology induction by converting 100% of its telephone exchange network into the state-of-the-art digital mode.

The Government of India currently holds 56.25% stake in the company.

Subsidiary

Millennium Telecom (MTL), incorporated on February 17, 2000, is a wholly owned subsidiary of MTNL that has been formed to do practically any type of telecom business with a focus on value added services. It intends to roll out a router-based packetised telecom network and create facilities like Application Development Centre, Internet Data Centre, STP facilities and payment gateway. Presently, it has a category ‘A’ ISP licence and is in the process of application development and rolling out the services.

Joint ventures

United Telecom Limited (UTL) MTNL has formed a joint venture company in Nepal by the name of United Telecom (UTL) in collaboration with Telecom Consultants India Limited (TCIL), Videsh Sanchar Nigam Limited (VSNL) and NVPL (Nepal Ventures Private Limited, a Nepalese Company). The company is operational since October 10, 2001 for providing WLL based basic services in Nepal. In Nepal against the switching capacity of 50K, 21K telephone connections are working.  

Mahanagar Telephone Mauritius Limited (MTML) MTNL has set up its 100% subsidiary -- Mahanagar Telephone Mauritius Limited (MTML) in Mauritius, for providing basic, mobile and international long distance services as 2nd operator in Mauritius. Necessary licenses have been obtained in January 2004. MTML has already started its ILD and CDMA based basic services in Mauritius. In Mauritius against the switching capacity of 50K, 8K telephone connections are working.   

MTNL-STPI IT Services Limited MTNL-STPI IT Services Ltd. is a 50:50 Joint Venture between Software Technology Parks of India (STPI) and Mahanagar Telephone Nigam Limited, (MTNL). The JV formed in 2006 combines the STPI.s rich experience as an ISP and MTNL’s track record of being India’s leading telecom operating company to offer niche portal services to the Indian community. The JV was formed to realize one of the 10-point agenda of MoC&IT, which are of extreme importance to India for bringing about an all round economic development. The JV aims to provide exclusive data center services, messaging services, business application services to the identified sectors of economic activity and thereby also popularizing the .in domain in the networked community across the world.    

Millenium Telecom Limited (MTL) MTNL has restructured Millenium Telecom Limited (MTL) as a joint venture company of MTNL and BSNL with 50% and 50% equity participation respectively. The company will now be entering into new business stream of international long distance operations and will be executing a project of submarine cable system, both east and west from India.

Milestones

  • 1911- Delhi telephones system with manual exchange was established.
  • 1926 - Lothian exchange, the first automatic exchange was inaugurated.
  • 1937 - Connaught Place exchange was opened.
  • 1945 - First Manual Trunk exchange was opened.
  • 1950 - Cantt exchange was opened.
  • 1953 - Tiz Hazari Exchange was commissioned whereas Lothian exchange ceased working.
  • 1955 - Secretariat exchange was commissioned
  • 1958 - Karol Bagh exchange (SXS) was commissioned.
  • 1961 - Jor Bagh exchange (SXS) was commissioned.
  • 1961- Shahadara exchange (SXS) was commissioned.
  • 1962- First STC service was opened at Agra.
  • 1963 - Delhi Gate (27) exchange was commissioned.
  • 1964 - Delhi telephone crosses 50,000 lines. 
  • 1966 - Exchanges at Nangloi, Narela, Najafgarh, Bahadurgarh and Ballabgarh were opened.
  • 1967 - Rajpath (38) exchange was commissioned.
  • 1968 - 1st X-Bar exchange (KB58) was commissioned. X-Bar exchange (JB62) was commissioned.
  • 1969 - Trunk automatic exchange (TAX) was commissioned.
  • 1970 - Okhla X-Bar exchange was commissioned.
  • 1972 - Idgah-I (51) Strowger exchange was opened.
  • 1972 - X-Bar (31) Janpath-I exchange was commissioned. Delhi telephones crosses 1 lakh lines.
  • 1973 - X-Bar (67) Chanakya Puri exchange was opened.
  • 1975 - X-Bar Janpath-IV (34) exchange and X-Bar Shahdara East (20) exchange was commissioned.
  • 1976 - Shakti Nagar (74) exchange, X-Bar exchange, Shahdara East (20) Extension-I, X-Bar exchange and Hauz Khas (65) X-Bar exchange were commissioned.
  • 1977 - STD Service to Indore and Ambala were started
  • 1978 - Rajouri Garden-I (59) X-Bar exchange, Hauz Khas -II (66) X-Bar exchange, Janpath-V (35) X-Bar exchange and Nehru Place (68) Strowger exchange were inaugurated.
  • 1986 - Mahanagar Telephones Nigam Limited was incorporated.
  • 1986 - First digital exchange world technology brought to India
  • 1987 - Introduction of large scale push button telephone made dialling easier.
  • 1988 - Phone Plus services multiplied benefits to telephone users.
  • 1992 - Voice Mail Service was introduced.
  • 1996 - ISDN services were introduced.
  • 1997 - Wireless in Local loop was introduced
  • 1999 -Internet services were introduced.
  • 2000 - Millennium Telecom Limited, a wholly owned subsidiary of MTNL was born.
  • 2001 - The company launched GSM Cellular Mobile service under the brand name Dolphin. WLL Mobile services under the brand name Garuda was also launched. The company got  listed at New York stock exchange (NYSE). United telecom, MTNL entered into joint venture in Nepal, for providing WLL based services in Nepal became operational. CLI based Internet express services was introduced.
  • 2002 - The company launched pre-paid GSM Mobile services under the brand name Trump. Email on PSTN lines were introduced under the brand name mtnlmail.
  • 2003 - CDMA 1x 2000 Technology under the brand name Garuda 1-x was introduced. A pilot project of ADSL based Broadband and Virtual Phone services were introduced. Mahanagar Telephone Mauritius bagged second operator license in Mauritius.
  • 2004 - The company expanded GSM & CDMA capacity by 800,000 lines each (total 1.6 million lines expanded) STD/ISD rates slashed by almost 60%. MTNL's subsidiary MTML obtained license to provide fixed, mobile and ILD services in Mauritius. Wi-Fi and digital certification services were launched. State of the art training centre ‘CETTM’ was commissioned.
  • 2005 - The company launched broadband services under the brand name ‘TRI BAND’. It also floated tender for 1 million 3G GSM lines.
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