Tata Teleservices (Maharashtra) Limited (TTML) AI Stock Analysis

• Market Cap: ₹74.15B
• Dividend Yield: N/A
• Average Volume (3M): 232.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.18
• Revenue Growth: -5.82%
• EPS Growth: 0.28%
• Country: IN
• Employees: 390
• Sector: Services
• Sector Strength: N/A
• Industry: Telecommunications Services
• EPS (TTM): -0.77
• Shares Outstanding: 1,954,927,700
• 10 Day Avg. Volume: 285,486
• 30 Day Avg. Volume: 232,655
• PEG Ratio: -2.39
• Price to Book (P/B): -0.60
• Price to Sales (P/S): 8.91
• P/FCF Ratio: 28.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: ₹37.00 ▼(-23.41% Downside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is held back primarily by balance-sheet risk (negative equity and high leverage) and ongoing net losses despite revenue growth and positive free cash flow. Technicals are also weak with price below key moving averages and negative MACD, while valuation is difficult to justify with a negative P/E and no dividend yield support.

Positive Factors

Recurring enterprise revenue growth

TTML's revenue growth reflects expanding enterprise subscriptions and usage-based connectivity sales. Recurring B2B contracts with SMEs, large corporates and government provide predictable revenue streams and durable top-line visibility, enabling multi-month planning and cross-sell of higher-value services.

Positive operating and free cash flow

Sustained positive operating cash flow that covers capex and produces free cash flow is a structural strength. It supports network maintenance, targeted investments and working capital without immediate reliance on external funding, improving resilience and enabling potential deleveraging over months.

Strong gross and operating margins

High gross margins and positive EBIT/EBITDA margins indicate efficient service delivery and favorable unit economics in enterprise offerings. This operational leverage supports sustainable profitability improvement as revenues scale and as higher-margin managed/cloud services are cross-sold.

Negative Factors

Negative shareholders' equity and high leverage

Negative equity and heavy leverage materially increase financial risk: they constrain capital-raising options, heighten refinancing and covenant pressures, and reduce buffer against adverse shocks. Over a multi-month horizon this limits strategic flexibility and heightens default or restructuring risk.

Ongoing net losses

Despite revenue growth and positive operating cash flow, persistent net losses erode retained earnings and hinder equity repair. Sustained profitability is required to rebuild balance sheet strength; continued losses over months will limit reinvestment capacity and weaken stakeholder confidence.

Consistently negative financing cash flows

Repeated negative financing cash flows suggest continuous debt servicing or refinancing activity that drains liquidity. Over time this reduces cash available for growth or reserves, increases sensitivity to interest costs, and can exacerbate leverage if new financing is costly or unavailable.

Tata Teleservices (Maharashtra) Limited Business Overview & Revenue Model

Company Description

Tata Teleservices (Maharashtra) Limited provides wireline voice, data, and managed telecom services to enterprise customers in Maharashtra and Goa, India. The company provides its connectivity and communication solutions under the Tata Tele Business Services brand name. It offers cloud and software as a services comprising content delivery network, digital survey, document management, cloud CRM, SmartFlo, fee collection, and live chat services; collaboration services, such as audio and web conferencing, international bridging, and webcasting services; data services, including business broadband, secure cloud connect, hub connect, Tata Tele Wi-Fi, smart VPN, Internet lease line connection, L2 multicast, and leased line; and voice services comprising PRI, centrex, SIP trunk, and SmartOffice, a business connectivity solution. The company also provides Internet of Things solutions comprising asset management, fleet management tracking, school bus tracking, and workforce management solutions; marketing solutions, such as call register, digital survey, hosted OBD and IVR, SMS solutions, and toll-free services; and cyber security solutions comprising email security, endpoint security, multifactor authentication, virtual firewall, and web security solutions. As of March 31, 2021, it had 17,000 kilometers of optical fiber transmission network. The company was incorporated in 1995 and is based in Navi Mumbai, India.

How the Company Makes Money

TTML primarily makes money by selling subscription-based and usage-based telecom and enterprise connectivity services to business customers. Key revenue streams include: (1) Recurring connectivity charges from enterprise internet access, dedicated/leased-line circuits, and private data networks (e.g., MPLS/WAN/SD-WAN) where customers pay monthly fees based on bandwidth, sites, and service levels. (2) Unified communications and collaboration services (e.g., SIP/hosted voice/UC solutions) that generate monthly seat/line rentals and, where applicable, call/usage charges. (3) Managed services revenue for operating and maintaining customer networks (e.g., managed routers/edge devices, monitoring, managed Wi‑Fi, security operations/services), typically billed as monthly managed service fees plus one-time setup/installation charges. (4) One-time implementation income from installation, provisioning, equipment/edge device supply (where bundled), and professional services for designing, integrating, or migrating customer connectivity/communications solutions. (5) Partner-led solution revenue where TTML combines its network services with third-party platforms (e.g., cloud, security, or collaboration ecosystems) and earns through bundled service pricing, resale margins, or service fees; specific partner names and commercial terms are null. Earnings are influenced by enterprise customer retention, contract tenures, network utilization, pricing/competition in B2B telecom, and the company’s ability to cross-sell higher-value managed and digital services on top of basic connectivity.

Tata Teleservices (Maharashtra) Limited Financial Statement Overview

Summary

Mixed fundamentals: revenue grew ~9.68% (2024 to 2025) and operating/free cash flow is positive, but profitability remains weak with negative net income. The balance sheet is the key drag due to negative stockholders’ equity and high leverage, increasing financial risk.

Income Statement

The company has shown consistent revenue growth over the years, with a 9.68% increase from 2024 to 2025. Gross profit margins are high, indicating strong cost management relative to revenue. However, the company is struggling with profitability, evidenced by negative net income and net profit margins. EBIT and EBITDA margins are positive, showing potential for operational efficiency improvements.

Balance Sheet

The balance sheet reveals a concerning financial structure with negative stockholders' equity, indicative of significant accumulated losses. The high debt-to-equity ratio signifies a heavily leveraged position, increasing financial risk. Despite this, the company maintains a stable asset base, although the equity ratio is negative due to the negative equity.

Cash Flow

Cash flow analysis shows a positive trend in operating cash flow, which covers capital expenditures resulting in positive free cash flow. The free cash flow to net income ratio is strong, suggesting good cash management. However, the company has experienced fluctuating free cash flow growth rates, and financing cash flows are consistently negative, reflecting ongoing debt repayments or financing challenges.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	12.11B	13.08B	11.92B	11.06B	10.94B	10.48B
Gross Profit	5.64B	5.91B	5.58B	5.24B	4.97B	5.11B
EBITDA	5.45B	5.18B	4.85B	4.56B	4.31B	4.44B
Net Income	-12.67B	-12.75B	-12.28B	-11.45B	-12.15B	-19.97B
Balance Sheet
Total Assets	12.35B	13.04B	13.07B	12.11B	13.65B	15.09B
Cash, Cash Equivalents and Short-Term Investments	731.00M	1.00B	668.40M	806.70M	1.18B	1.14B
Total Debt	205.02B	204.16B	200.47B	198.69B	197.56B	195.66B
Total Liabilities	209.79B	208.74B	205.60B	202.65B	201.97B	200.00B
Stockholders Equity	-197.44B	-195.70B	-192.53B	-190.55B	-188.32B	-184.91B
Cash Flow
Free Cash Flow	2.73B	4.06B	4.77B	4.47B	4.25B	4.53B
Operating Cash Flow	3.47B	5.05B	5.87B	5.58B	5.32B	5.67B
Investing Cash Flow	-799.60M	-1.09B	-649.80M	-662.00M	-1.32B	-1.77B
Financing Cash Flow	-3.05B	-3.86B	-5.03B	-4.94B	-4.27B	-4.32B

Tata Teleservices (Maharashtra) Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 48.31
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TTML, the sentiment is Negative. The current price of 48.31 is above the 20-day moving average (MA) of 39.79, above the 50-day MA of 42.70, and below the 200-day MA of 54.14, indicating a bearish trend. The MACD of -1.60 indicates Positive momentum. The RSI at 31.64 is Neutral, neither overbought nor oversold. The STOCH value of 28.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TTML.

Tata Teleservices (Maharashtra) Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPSLTD	73 Outperform	₹25.79B	24.27	―	4.14%	16.76%	50.15%
HATHWAY	60 Neutral	₹17.35B	25.35	―	―	3.88%	-3.40%
GTPL	58 Neutral	₹6.54B	25.41	―	2.00%	8.43%	-36.53%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
TTML	45 Neutral	₹74.15B	-16.09	―	―	-5.82%	0.28%
MTNL	40 Underperform	₹15.49B	-0.63	―	―	-21.58%	-8.54%

Tata Teleservices (Maharashtra) Limited Corporate Events

Tata Teleservices (Maharashtra) Announces Resignation of Senior Managerial Executive

Tata Teleservices (Maharashtra) Limited has announced a senior management change, disclosing that Amee Joshi, who served as Company Secretary of the holding company and as a senior managerial personnel for the listed entity, has resigned to pursue opportunities outside the organisation. She was formally relieved of her duties at the close of business on 18 March 2026, and the company has clarified that there are no additional reasons for her departure beyond those stated in her resignation letter, signalling a routine leadership transition with limited immediate operational disruption expected.

The disclosure has been made under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, underscoring the company’s adherence to corporate governance and transparency standards mandated for listed entities. While no successor has been named in this communication, the change highlights ongoing churn in key compliance and governance roles, an area closely watched by investors and regulators in India’s telecom and digital services industry.

Tata Teleservices (Maharashtra) Names Amit Gupta Company Secretary and Compliance Officer

Tata Teleservices (Maharashtra) Limited has appointed Amit Gupta as its Company Secretary and Compliance Officer with effect from 2 March 2026, following the Board’s approval based on the Nomination and Remuneration Committee’s recommendation. Gupta, a legal and compliance professional with over 25 years’ experience in telecom and consumer electronics and more than two decades at Tata Teleservices entities, currently leads legal, compliance, and risk governance, signalling continuity and strengthening of the company’s governance and regulatory oversight framework.

The company disclosed that his appointment is on a whole-time employment basis, and the details have been shared with the stock exchanges and posted on its website in line with SEBI’s listing and disclosure requirements. By elevating an internal leader with deep litigation, compliance, and risk expertise, the company aims to reinforce its compliance architecture and governance processes, which is likely to be viewed positively by regulators, investors, and other stakeholders focused on corporate governance standards.

Tata Teleservices (Maharashtra) Names Key Executives to Oversee SEBI Disclosures

Tata Teleservices (Maharashtra) Limited has updated its governance framework by designating key managerial personnel as authorised persons under Regulation 30(5) of SEBI’s Listing Obligations and Disclosure Requirements. Managing Director Harjit Singh, Chief Financial Officer Shinu Mathai, and Company Secretary and Compliance Officer Amit Gupta have been empowered to assess the materiality of events or information and ensure timely disclosure to stock exchanges.

The move formalises responsibility for regulatory disclosures, aiming to strengthen compliance, improve transparency for investors, and streamline communication with BSE and NSE. By clearly assigning accountability for materiality decisions, the company aligns more closely with SEBI norms, which may reduce disclosure risks and enhance stakeholder confidence in its corporate governance practices.

TRAI Slaps Tata Teleservices (Maharashtra) With Penalty Over Unsolicited Communications

Tata Teleservices (Maharashtra) Limited has disclosed that the Telecom Regulatory Authority of India has imposed a financial disincentive of Rs 9.12 lakh for the March 2024 quarter, citing failure to adequately curb Unsolicited Commercial Communications sent through its network. The company has stated that it is reviewing the order, evaluating next steps, and that the impact is currently limited to the amount of the penalty, signaling a compliance setback but a modest direct financial effect.

The action by TRAI underscores ongoing regulatory scrutiny of spam and unsolicited communications in India’s telecom sector and highlights the operational importance of robust customer preference and anti-UCC controls. For stakeholders, the order points to elevated compliance expectations for telecom operators, though in this case the immediate monetary impact on Tata Teleservices (Maharashtra) appears contained to the levied disincentive.

Tata Teleservices (Maharashtra) Clarifies NSE Query on Surge in Share Trading Volume

Tata Teleservices (Maharashtra) Limited has responded to a query from the National Stock Exchange of India regarding a significant spurt in trading volumes of its shares. The company stated that it has been and will remain compliant with disclosure obligations under SEBI’s Listing Regulations and affirmed that there are currently no undisclosed events or developments requiring announcement, indicating that the recent volume surge is not driven by any internal, price-sensitive information known to management.