Mahanagar Telephone Nigam Limited (IN:MTNL)
:MTNL
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Mahanagar Telephone Nigam Limited
(MTNL)
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Rating:43Neutral
Price Target:
₹29.00
▲(1.15% Upside)
Action:Reiterated
Date:05/26/26
The score is primarily weighed down by stressed financials—persistent large losses, negative and deteriorating equity, and high leverage—despite a notable 2026 revenue/margin rebound and improved (but inconsistent) cash generation. Technicals are mixed with weak long-term trend and negative MACD, while valuation is constrained by negative earnings and no dividend yield data.
Positive Factors
Revenue Rebound
A roughly 61% revenue rebound in 2026 signals structural demand recovery in MTNL's service areas and the ability to restore top-line scale after declines. Sustained higher revenue provides a base for margin improvement and operational leverage over the coming quarters.
Negative Factors
Negative Equity
Persistent negative shareholders' equity is a fundamental weakness that constrains financing options and regulatory flexibility. It increases bankruptcy and restructuring risk, complicates capital raises, and makes leverage metrics structurally elevated even without further borrowing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
A roughly 61% revenue rebound in 2026 signals structural demand recovery in MTNL's service areas and the ability to restore top-line scale after declines. Sustained higher revenue provides a base for margin improvement and operational leverage over the coming quarters.
Read all positive factors
Mahanagar Telephone Nigam Limited (MTNL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹19.61B
Dividend YieldN/A
Average Volume (3M)185.10K
Price to Earnings (P/E)―
Beta (1Y)1.87
Revenue Growth17.98%
EPS Growth6.63%
CountryIN
Employees3,309
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-56.62
Shares Outstanding630,000,000
10 Day Avg. Volume108,092
30 Day Avg. Volume185,097
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)-0.05
Price to Sales (P/S)1.41
P/FCF Ratio8.93
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 (MTNL), alongside its subsidiary companies, offers a range of telecommunication services across India and Mauritius. Its operations are structured into two main divisions: Basic and Other Services, and Cellular. T...
How the Company Makes Money
MTNL generates revenue mainly by providing telecommunications services and monetizing its network and associated infrastructure within its service areas. Key revenue streams typically include: (1) Fixed-line voice services: customer charges for la...
Mahanagar Telephone Nigam Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.95B | 9.56B | 6.98B | 7.99B | 9.35B | 11.49B |
| Gross Profit | 1.84B | 8.64B | -6.20B | -391.70M | 7.66B | 3.69B |
| EBITDA | -403.40M | 4.44B | 2.00B | 842.80M | 1.64B | 3.08B |
| Net Income | -35.67B | -31.07B | -33.28B | -32.68B | -29.15B | -26.03B |
Balance Sheet | ||||||
| Total Assets | 95.48B | 100.76B | 102.26B | 107.17B | 116.44B | 123.17B |
| Cash, Cash Equivalents and Short-Term Investments | 42.15B | 50.77B | 2.10B | 1.08B | 49.18B | 1.49B |
| Total Debt | 340.64B | 354.45B | 324.41B | 301.41B | 283.51B | 268.20B |
| Total Liabilities | 383.47B | 400.35B | 371.45B | 343.61B | 324.99B | 309.85B |
| Stockholders Equity | -287.99B | -299.60B | -269.19B | -236.44B | -208.55B | -186.68B |
Cash Flow | ||||||
| Free Cash Flow | -1.16B | 1.52B | -20.98B | 569.70M | 201.70M | 6.91B |
| Operating Cash Flow | -1.15B | 1.76B | -20.63B | 1.30B | 638.50M | 7.04B |
| Investing Cash Flow | 47.60M | -2.01B | -415.60M | 1.07B | -1.74B | 2.04B |
| Financing Cash Flow | -118.00M | -192.90M | 22.00B | -3.19B | 1.77B | -9.36B |
Mahanagar Telephone Nigam Limited Technical Analysis
Positive
28.67
Price Trends
30.09
Positive
29.55
Positive
35.09
Negative
Market Momentum
0.10
Negative
56.15
Neutral
45.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MTNL, the sentiment is Positive. The current price of 28.67 is below the 20-day moving average (MA) of 29.92, below the 50-day MA of 30.09, and below the 200-day MA of 35.09, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 45.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MTNL.
Mahanagar Telephone Nigam Limited Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹102.22B | 29.80 | ― | 0.79% | 23.00% | 15.55% | |
61 Neutral | ₹11.21T | 40.58 | ― | 0.75% | 21.96% | -19.61% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | ₹554.81B | 54.43 | ― | 1.39% | 6.96% | -31.56% | |
49 Neutral | ₹89.32B | -40.71 | ― | ― | -11.30% | 83.12% | |
47 Neutral | ₹1.62T | 4.58 | ― | ― | 2.99% | ― | |
43 Neutral | ₹19.61B | -0.63 | ― | ― | 17.98% | 6.63% |
* Communication Services Sector Average
IN:MTNL
Mahanagar Telephone Nigam Limited
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Mahanagar Telephone Nigam Limited Corporate Events
MTNL Says SEBI Large Corporate Debt Norms Do Not Apply for FY 2025-26
Apr 27, 2026
Mahanagar Telephone Nigam Limited has informed stock exchanges that it does not qualify as a “Large Corporate” under the Securities and Exchange Board of India framework for fund-raising through debt securities as of March 31, 2026. Th...
Government Confirms No Encumbrance on MTNL Promoter Shares for FY 2025-26
Apr 7, 2026
The Government of India, acting through the Ministry of Communication’s Department of Telecommunications and as promoter of Mahanagar Telephone Nigam Limited, has disclosed that the President of India has not created any encumbrance on MTNL ...
MTNL Reaffirms Compliance Officer and RTA Appointments for March 2026 Quarter
Apr 1, 2026
Mahanagar Telephone Nigam Limited has disclosed details of its compliance officer and registrar and transfer agent for the quarter ended 31 March 2026, reaffirming adherence to SEBI Listing Obligations and Disclosure Requirements Regulations. The ...
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...
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.