Tata Teleservices (Maharashtra) Limited (TTML)

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About

Tata Teleservices (Maharashtra) Limited provides cellular and fixed-line telecom services. Market cap ₹7,543.96 Cr, quarterly revenue ₹300 Cr. Maintains 50%+ operating margins; recent quarters show volatility with mostly negative net profits.

Face value: ₹10

Market cap

₹6,807 Cr

P/E

181.4×

P/B

—

Dividend yield

ROE

—

ROCE

—

Debt / equity

—

OPM

53.9%

EPS (TTM)

₹0.2

Book value

₹-102.2

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Revenue declining ₹343.5 Cr (Sep 2024) to ₹301.57 Cr (Jun 2026)—~12% drop; sustainability unclear
Profitability crisis: 7 of 8 recent quarters show losses ₹72–330 Cr despite 50%+ OPM; below-the-line charges eroding earnings
Earnings volatility masks health: Mar 2026's ₹580.93 Cr profit is outlier; determine if one-time (asset sale, tax reversal, etc.)
Valuation disconnect: PE 201.01 on depressed earnings; stock -32.45% in 1y; recovery path unclear

Generated analysis · source review pending

Growth drivers

Margin preservation via revenue stabilization: OPM held 40–59% range despite 12% revenue contraction; stabilization at current margins yields path to profitability
Below-the-line improvement: ₹180–200 Cr gap between operating profit (~₹160 Cr at 53%) and net loss implies material non-operating charges; debt/tax reduction could flip quarters into profit
Sector 5G/broadband growth: Verify subscriber trends, ARPU, capex intensity, competitive positioning; these drive telecom growth but absent from aggregate figures here

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹34.8-1%1Y

Quick read

rule-based

Pros

+High return on capital employed of 26.6%
+Healthy operating margin of 53.9%
+High promoter holding of 74.4% with no pledge

Cons

−Modest revenue growth of 2.1% a year over the last 5 years
−Weak interest coverage of 0.4×
−Expensive at 181.4× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 50
Growth: 22
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharti AirtelBHARTIARTLBHARTIARTL	₹10,86,655 Cr	₹12,08,327 Cr	₹2,20,049 Cr	₹1,25,139 Cr	56.7%	₹28,915 Cr	16%	19.6%	20.3%	-164
Vodafone Idea LimitedIDEAIDEA	₹1,36,946 Cr	₹2,86,401 Cr	₹45,539 Cr	₹19,425 Cr	42.4%	₹37,406 Cr	77%	-1.7%	—	-108
Bharti Hexacom LimitedBHARTIHEXABHARTIHEXA	₹68,960 Cr	₹71,654 Cr	₹9,601 Cr	₹5,052 Cr	52.3%	₹1,824 Cr	18.5%	22.7%	26.5%	-127
Tata Communications LimitedTATACOMMTATACOMM	₹47,966 Cr	₹58,547 Cr	₹25,426 Cr	₹4,916 Cr	19.4%	₹946 Cr	4%	16.1%	31%	-16
Tata Teleservices (Maharashtra) LimitedTTMLTTML	₹6,807 Cr	₹27,470 Cr	₹1,178 Cr	₹643 Cr	53.9%	₹38 Cr	-18.6%	—	—	-133
Mahanagar Telephone Nigam LimitedMTNLMTNL	₹1,554 Cr	₹36,979 Cr	₹975 Cr	₹-122 Cr	-14.8%	₹-3,006 Cr	-324.9%	—	—	-215
Reliance Communications LimitedRCOMRCOM	₹238 Cr	₹47,450 Cr	₹305 Cr	₹-167 Cr	-59.9%	₹-9,374 Cr	—	—	—	-2,545
Quadrant Televentures LtdQUADRANTQUADRANT	₹52 Cr	₹2,149 Cr	₹429 Cr	₹9 Cr	16.3%	₹-296 Cr	-11.1%	—	—	-58

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,972	2,703	1,869	1,277	1,078	1,044	1,094	1,106	1,192	1,308	1,160
	2,423	2,506	1,702	578	632	542	621	604	657	729	535
	549	197	166	700	446	502	473	502	535	579	625
OPM %	18.5%	7.3%	8.9%	54.8%	41.4%	48.1%	43.3%	45.4%	44.9%	44.2%	53.9%
Depreciation	—	—	533	178	195	169	160	147	150	168	142
Interest	755	1,274	1,569	1,559	1,545	1,561	1,539	1,502	1,622	1,694	1,361
	53	50	-7,906	369	-2,420	-769	11	2	9	8	662
Profit before tax	-498	-2,357	-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
PAT	-498	-2,357	-9,842	-668	-3,714	-1,997	-1,215	-1,145	-1,228	-1,275	-215
PAT margin %	-16.8%	-87.2%	-526.7%	-52.3%	-344.6%	-191.3%	-111.1%	-103.5%	-103.1%	-97.5%	-18.6%
EPS (₹)	-2.6	-12.1	-50.3	-3.4	-19	-10.2	-6.2	-5.9	-6.3	-6.5	-1.1
EPS adjusted (₹)	-2.6	-12.1	-50.3	-3.4	-19	-10.2	-6.2	-5.9	-6.3	-6.5	-1.1
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	-5,582	-5,941	-17,114	-16,775	-19,434	-20,446	-20,787	-21,009	-21,208	-21,525	-21,938
	6,938	10,940	13,169	12,639	10,477	12,959	13,780	19,825	19,954	20,342	20,663
	2,031	2,506	5,371	6,711	8,717	7,041	6,417	440	606	532	661
Total equity & liabilities	5,342	9,460	3,380	4,531	1,714	1,509	1,365	1,211	1,307	1,304	1,341
	3,526	3,363	847	718	680	830	779	740	788	798	939
CWIP	46	48	27	26	39	29	28	29	59	35	28
Investments	592	592	378	609	70	70	101	66	34	58	23
	1,178	5,457	2,129	3,178	924	580	457	374	425	413	351
Total assets	5,342	9,460	3,380	4,531	1,714	1,509	1,365	1,211	1,307	1,304	1,341

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	54.8%	41.4%	48.1%	43.3%	45.4%	44.9%	44.2%	53.9%
EBIT margin %	40.9%	23.3%	31.9%	28.6%	32.1%	32.3%	31.4%	41.6%
PAT margin %	-52.3%	-344.6%	-191.3%	-111.1%	-103.5%	-103.1%	-97.5%	-18.6%
Working capital
Receivable days	26	41	27	17	36	48	40	30
Inventory days	—	—	0	0	0	0	0	0
Payable days	132	2	174	132	127	148	105	163
NWC days	—	—	-147	-114	-90	-101	-65	-133
Leverage
Current ratio	0.26	0.05	0.05	0.04	0.03	0.04	0.03	0.01
Debt to EBITDA	18.07	23.51	25.83	29.13	39.49	37.3	35.16	33.06
Debt to equity	-0.85	-0.6	-0.7	-0.73	-1.04	-1.04	-1.04	-1.03
Interest coverage	0.4	0.2	0.2	0.2	0.2	0.2	0.2	0.4
Asset turnover	0.28	0.63	0.69	0.8	0.91	0.91	1	0.87
Return ratios
Return on assets %	-14.7%	-216.7%	-132.3%	-89%	-94.5%	-94%	-97.8%	-16.1%
Return on capital employed %	-6.2%	-2.3%	-4.1%	-4%	-4%	-6.3%	-4.8%	-2.9%
Return on equity %	4.5%	21.2%	10.8%	6.5%	6%	6.4%	6.5%	1.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%
	2.22%	2.26%	2.46%	2.38%	2.39%	2.34%	2.54%	2.82%	2.64%	2.64%	2.6%	2.52%
	0.07%	0.05%	0.06%	0.07%	0.09%	0.1%	0.12%	0.12%	0.13%	0.14%	0.17%	0.18%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.35%	23.33%	23.12%	23.19%	23.16%	23.2%	22.98%	22.7%	22.87%	22.86%	22.87%	22.94%
No. of shareholders	—	—	—	—	—	—	—	—	10,10,798	9,89,835	9,61,614	9,46,056

Promoter holding up 0 percentage points since Sep 2023.

44 deals · 19 Sept 2022 – 22 May 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 May 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,19,38,629	₹75.90	₹90.61 Cr
22 May 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,19,38,629	₹75.82	₹90.52 Cr
22 May 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	1,02,52,379	₹76.24	₹78.16 Cr
22 May 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	1,02,52,379	₹76.28	₹78.21 Cr
22 May 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,02,29,155	₹76.37	₹78.12 Cr
22 May 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,02,29,155	₹76.34	₹78.09 Cr
22 May 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	99,31,067	₹76.33	₹75.80 Cr
22 May 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	98,74,344	₹76.26	₹75.30 Cr
12 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,07,20,628	₹86.42	₹92.65 Cr
12 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,07,20,628	₹86.37	₹92.59 Cr

1–10 of 44

1 / 5

Mr. Amur Swaminathan LakshminarayananNon-Executive - Non Independent Director-Chairperson
Mrs. Vaijayanti Ajit PanditNon-Executive - Independent Director
Mr. Narendra Damodar JadhavNon-Executive - Independent Director
Mr. Kumar RamanathanNon-Executive - Independent Director
Mr. Nalin RanaNon-Executive - Non Independent Director
Mr. Harjit SinghExecutive Director-MD
Shinu MathaiChief Financial Officer
Mr. Amit GuptaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

0.12%

of the company's equity

All mutual funds

0.17%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

22 schemes · 9 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	8.01 L	3.09	0.09%	0.041%	+9,795
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	4.07 L	1.57	0.09%	0.021%	+4,553
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.95 L	1.14	0.09%	0.015%	+2,679
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	2.59 L	1	0.19%	0.013%	+129
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	1.8 L	0.69	0.09%	0.009%	+3,675
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	80,137	0.31	0.01%	0.004%	+2,749
NIFTY INDIA DIGITAL EXCHANGE TRADED FUND	Tata Mutual Fund	72,445	0.28	0.16%	0.004%	+336
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	57,676	0.22	0.09%	0.003%	-3,159

1–8 of 22

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Please see attached intimation relating to superannuation of Senior Management Personnel of the Company.30 Sept 2026 · Retirement
Please find enclosed Clarification on News Item.29 Sept 2026
The Exchange has sought clarification from Tata Teleservices (Maharashtra) Ltd on September 29, 2026, with reference to news appeared in https://www.moneycontrol.com/ dated September 29, ....29 Sept 2026 · Clarification
Clarification relating to "Volume Movement Letter".29 Sept 2026 · General
The Exchange has sought clarification from Tata Teleservices (Maharashtra) Ltd on September 29, 2026, with reference to Movement in Volume. The reply is awaited.29 Sept 2026 · Clarification
Please see attached Press Release dated September 16, 2026 on TTBS SME Digital Insights - 202616 Sept 2026 · Press Release / Media Release
Clarification relating to "Volume Movement"31 Aug 2026 · General
The Exchange has sought clarification from Tata Teleservices (Maharashtra) Ltd on August 31, 2026, with reference to Movement in Volume. The reply is awaited.31 Aug 2026 · Clarification
Please see attached Press Release dated July 28, 2026, titled, "Tata Tele Business Services and Tata Communications Join Forces to Bring Unified AI Infrastructure to India''s SMB Economy"28 Jul 2026 · Press Release / Media Release
Please see attached copies of the newspaper, wherein extracts of the Financial Results of the Company for the 1st Quarter ended June 30, 2026 were published today.23 Jul 2026 · Newspaper Publication
Oiutcome22 Jul 2026 · General
Appointment of Statutory Auditors22 Jul 2026 · Appointment of Statutory Auditor/s
Appointment of Senior Management Personnel of the Company22 Jul 2026 · Change in Management
Outcome of meeting of the Board of Directors - (1) Un-Audited Financial Results for the 1st quarter ended June 30, 2026 (2) Extension of term of redemption of Redeemable Preference Shares ....22 Jul 2026 · Outcome of Board Meeting
Financial Results for the 1st quarter ended June 30, 2026.22 Jul 2026 · Financial Results
Tata Teleservices (Maharashtra) Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 22/07/2026 ,inter alia, to consider and approve Meeting of ....18 Jul 2026 · Board Meeting
Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20159 Jul 2026 · General
Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for quarter ended June 30, 20267 Jul 2026 · Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Press Release titled "TTBS launches #RozBanateHainNayaKal, Celebrating the MSMEs Helping India Build Its Future Every Day"25 Jun 2026 · Press Release / Media Release
Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2025 - Order received from Commissioner, CGST and Central Excise Commissionerate , Belapur24 Jun 2026 · General
Intimation of closure of Trading Window under SEBI PIT Regulations.22 Jun 2026 · Closure of Trading Window
Financial Disincentive levied by TRAI of Rs. 2 Lakhs for alleged violation of Quality of Service parameters9 Jun 2026 · General
Clarification relating to "Volume Movement"8 Jun 2026 · General
The Exchange has sought clarification from Tata Teleservices (Maharashtra) Ltd on June 8, 2026, with reference to Movement in Volume. The reply is awaited.8 Jun 2026 · Clarification
Proceedings of 31st AGM inter allia approving the re-appointment of Harjit Singh as Managing Director of the Company for further period of three years.5 Jun 2026 · General
Outcome of 31st AGM is attached along with the Voting Results.5 Jun 2026 · AGM
Scrutiniser''s Report attached along with the voting results of 31st Annual General Meeting.5 Jun 2026 · AGM
Newspaper advertisement informing about e-Voting details, procedure for registering email address and 31st AGM of the Company.15 May 2026 · Newspaper Publication
Annual Secretarial Compliance Report of the Company for the financial year 2025-202613 May 2026 · Reg.24(A)-Annual Secretarial Compliance
Please see attached report of BRSR of the Company for the financial year ended March 31, 202613 May 2026 · Business Responsibility and Sustainability Reporting (BRSR)

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results22 Jul 2026

1

Bonus 2:157 Aug 2013 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

30 Sept 2026, 10:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Retirement

Retirement PDF

29 Sept 2026, 10:54 pmOthers

Rumour verification - Regulation 30(11)

Exchange filing PDF

29 Sept 2026, 2:17 pmCompany Update

Clarification sought from Tata Teleservices (Maharashtra) Ltd

Clarification

29 Sept 2026, 11:38 amCompany Update

Volume Movement Letter

General PDF

29 Sept 2026, 10:51 amCompany Update

Clarification sought from Tata Teleservices (Maharashtra) Ltd

Clarification

16 Sept 2026, 12:42 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

31 Aug 2026, 2:12 pmCompany Update

Volume Movement

General PDF

31 Aug 2026, 12:47 pmCompany Update

Clarification sought from Tata Teleservices (Maharashtra) Ltd

Clarification

Date	Category	Subject	Filing
30 Sept 2026, 10:17 pm	Company Update Retirement	Announcement under Regulation 30 (LODR)-Retirement	PDF
29 Sept 2026, 10:54 pm	Others	Rumour verification - Regulation 30(11)	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	54.8%	41.4%	48.1%	43.3%	45.4%	44.9%	44.2%	53.9%
EBIT margin %	40.9%	23.3%	31.9%	28.6%	32.1%	32.3%	31.4%	41.6%
PAT margin %	-52.3%	-344.6%	-191.3%	-111.1%	-103.5%	-103.1%	-97.5%	-18.6%
Working capital
Receivable days	26	41	27	17	36	48	40	30
Inventory days	—	—	0	0	0	0	0	0
Payable days	132	2	174	132	127	148	105	163
NWC days	—	—	-147	-114	-90	-101	-65	-133
Leverage
Current ratio	0.26	0.05	0.05	0.04	0.03	0.04	0.03	0.01
Debt to EBITDA	18.07	23.51	25.83	29.13	39.49	37.3	35.16	33.06
Debt to equity	-0.85	-0.6	-0.7	-0.73	-1.04	-1.04	-1.04	-1.03
Interest coverage	0.4	0.2	0.2	0.2	0.2	0.2	0.2	0.4
Asset turnover	0.28	0.63	0.69	0.8	0.91	0.91	1	0.87
Return ratios
Return on assets %	-14.7%	-216.7%	-132.3%	-89%	-94.5%	-94%	-97.8%	-16.1%
Return on capital employed %	-6.2%	-2.3%	-4.1%	-4%	-4%	-6.3%	-4.8%	-2.9%
Return on equity %	4.5%	21.2%	10.8%	6.5%	6%	6.4%	6.5%	1.1%

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	766	730	567	532	558	586	505	668
	-1,183	-2,198	-177	-132	-66	-64	-109	-91
	434	1,438	-432	-427	-494	-503	-386	-604
Net cash flow	18	-30	-42	-26	-2	18	10	-27
Free cash flow	—	—	453	425	447	477	406	532
CFO / Operating profit %	139.4%	370.2%	113.1%	112.5%	111.2%	109.6%	87.3%	106.8%

Tata Teleservices (Maharashtra) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Board meetings1

Bonus issues1

Announcements

Board meetings1

Bonus issues1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

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