Mahanagar Telephone Nigam Limited (IN:MTNL)
:MTNL
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Mahanagar Telephone Nigam Limited
(MTNL)
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Rating:39Underperform
Price Target:
₹22.00
▼(-39.04% Downside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by very weak financial performance (losses, negative equity, and negative operating/free cash flow). Technicals add further pressure with a clear downtrend, though oversold readings slightly temper the downside. Valuation is also constrained by a negative P/E and no dividend yield data.
Positive Factors
Government ownership & metro footprint
State ownership and a concentrated metro footprint in Delhi and Mumbai provide structural advantages: higher likelihood of policy or financial support, long-standing local brand recognition, and access to dense urban customers and enterprises, supporting baseline demand and regulatory access over months.
Negative Factors
Persistent net losses & falling revenue
Ongoing net losses and declining top-line trend erode retained capital and hinder reinvestment in networks. Over months this reduces competitiveness versus better-capitalized rivals, constrains marketing and service upgrades, and increases the risk of further subscriber attrition and margin deterioration.
Read all positive and negative factors
Positive Factors
Negative Factors
Government ownership & metro footprint
State ownership and a concentrated metro footprint in Delhi and Mumbai provide structural advantages: higher likelihood of policy or financial support, long-standing local brand recognition, and access to dense urban customers and enterprises, supporting baseline demand and regulatory access over months.
Read all positive factors
Mahanagar Telephone Nigam Limited (MTNL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹15.06B
Dividend YieldN/A
Average Volume (3M)185.10K
Price to Earnings (P/E)―
Beta (1Y)1.66
Revenue Growth-21.58%
EPS Growth-8.54%
CountryIN
Employees3,309
SectorServices
Sector StrengthN/A
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-14.24
Shares Outstanding630,000,000
10 Day Avg. Volume108,092
30 Day Avg. Volume185,097
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)-0.11
Price to Sales (P/S)4.10
P/FCF Ratio-1.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mahanagar Telephone Nigam Limited Business Overview & Revenue Model
Company Description
Mahanagar Telephone Nigam Limited, together with its subsidiaries, provides telecommunication services in India and Mauritius. It operates in two segments, Basic and Other Services; and Cellular. The company offers basic telephony, broadband, and ...
How the Company Makes Money
MTNL earns revenue mainly by selling telecommunications services to consumers and enterprises within its licensed service areas. Key revenue streams include: (1) fixed-line voice services, where customers are billed via rentals/line charges and us...
Mahanagar Telephone Nigam Limited Financial Statement Overview
Summary
Income Statement
20
Very Negative
Balance Sheet
15
Very Negative
Cash Flow
25
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.95B | 6.98B | 7.99B | 9.35B | 11.49B | 13.88B |
| Gross Profit | 1.84B | -6.20B | -391.70M | 7.66B | 3.69B | -5.09B |
| EBITDA | -403.40M | 2.00B | 842.80M | 1.64B | 3.08B | 5.39B |
| Net Income | -35.67B | -33.28B | -32.68B | -29.15B | -26.03B | -24.61B |
Balance Sheet | ||||||
| Total Assets | 95.48B | 102.26B | 107.17B | 116.44B | 123.17B | 133.75B |
| Cash, Cash Equivalents and Short-Term Investments | 42.15B | 2.10B | 1.08B | 49.18B | 1.49B | 3.20B |
| Total Debt | 340.64B | 324.41B | 301.41B | 283.51B | 268.20B | 256.00B |
| Total Liabilities | 383.47B | 371.45B | 343.61B | 324.99B | 309.85B | 294.20B |
| Stockholders Equity | -287.99B | -269.19B | -236.44B | -208.55B | -186.68B | -160.45B |
Cash Flow | ||||||
| Free Cash Flow | -1.16B | -20.98B | 569.70M | 201.70M | 6.91B | -3.24B |
| Operating Cash Flow | -1.15B | -20.63B | 1.30B | 638.50M | 7.04B | -2.25B |
| Investing Cash Flow | 47.60M | -415.60M | 1.07B | -1.74B | 2.04B | -2.59B |
| Financing Cash Flow | -118.00M | 22.00B | -3.19B | 1.77B | -9.36B | 4.14B |
Mahanagar Telephone Nigam Limited Technical Analysis
Negative
36.09
Price Trends
29.66
Negative
33.93
Negative
40.14
Negative
Market Momentum
-1.81
Positive
33.14
Neutral
17.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MTNL, the sentiment is Negative. The current price of 36.09 is above the 20-day moving average (MA) of 26.42, above the 50-day MA of 29.66, and below the 200-day MA of 40.14, indicating a bearish trend. The MACD of -1.81 indicates Positive momentum. The RSI at 33.14 is Neutral, neither overbought nor oversold. The STOCH value of 17.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MTNL.
Mahanagar Telephone Nigam Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | ₹12.01B | 9.77 | ― | ― | -3.51% | -14.31% | |
60 Neutral | ₹16.48B | 25.35 | ― | ― | 3.88% | -3.40% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
39 Underperform | ₹15.06B | -0.63 | ― | ― | -21.58% | -8.54% | |
39 Underperform | ₹13.07B | 18.97 | ― | ― | 2.19% | -7.20% |
* Services Sector Average
IN:MTNL
Mahanagar Telephone Nigam Limited
23.91
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-44.86%
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25.11
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GTL Infrastructure Ltd
1.02
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Hathway Cable & Datacom Ltd.
9.41
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612.20
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Mahanagar Telephone Nigam Limited Corporate Events
MTNL Discloses ₹9,188-Crore Loan Default to Consortium of Indian Banks
Mar 16, 2026
MTNL has disclosed that it has defaulted on payment of principal instalments and interest to a consortium of Indian banks, including Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab and Sind Bank, and...
MTNL Shuts Trading Window Ahead of FY26 Results in Line With SEBI Rules
Mar 5, 2026
Mahanagar Telephone Nigam Limited has announced the closure of its trading window in line with SEBI’s Prohibition of Insider Trading Regulations, 2015, ahead of the consideration and approval of its audited standalone and consolidated financ...
Government Extends Additional Charge of MTNL Finance Director Role for BSNL’s Rajiv Kumar
Mar 3, 2026
Mahanagar Telephone Nigam Limited has announced that the Department of Telecommunications has extended the additional charge of the post of Director (Finance) at MTNL assigned to Rajiv Kumar, who also serves as Director (Finance) at Bharat Sanchar...
MTNL Fined by NSE and BSE Over Board Composition Non-Compliance
Feb 28, 2026
Mahanagar Telephone Nigam Limited has disclosed that both the National Stock Exchange of India and BSE have imposed fines of Rs. 5,42,800 each for non-compliance with Regulation 17(1) of SEBI’s Listing Obligations and Disclosure Requirements...
MTNL Fined Rs 7 Lakh by TRAI for Service Quality Lapses, Sees No Material Impact
Feb 20, 2026
Mahanagar Telephone Nigam Limited has disclosed that the Telecom Regulatory Authority of India has imposed a financial disincentive of Rs 7,00,000 for contravention of the 2024 Standards of Quality of Service regulations. The penalty relates to sh...
MTNL Discloses Rs 3,337 Crore Loan Default Amid Rs 35,851 Crore Total Debt Load
Jan 15, 2026
MTNL has disclosed that, in compliance with SEBI’s disclosure norms on loan defaults, it has outstanding loans and revolving facilities from banks and financial institutions totaling Rs 9,036 crore as of December 31, 2025. Of this amount, Rs...
MTNL Reports Status of Special Window Physical Share Transfer During December 2025
Jan 14, 2026
MTNL has informed the stock exchanges that, pursuant to a recent Securities and Exchange Board of India (SEBI) circular on a special window for re-lodgement of transfer requests of physical shares, it has received a status report from its Registra...
MTNL Extends Additional Charge of Director (HR & EB) Role for BSNL Executive
Jan 2, 2026
MTNL has announced that the Department of Telecommunications has extended the additional charge of the post of Director (HR EB) at MTNL assigned to Dr. Kalyan Sagar Nippani, who is Director (HR) at state-owned peer Bharat Sanchar Nigam Limited, f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.