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Mahanagar Telephone Nigam Limited
(MTNL)
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Rating:42Neutral
Price Target:
₹22.50
▼(-16.79% Downside)
Action:Reiterated
Date:08/26/26
The score is held down primarily by weak financial fundamentals—large ongoing losses, negative equity, and high leverage—despite a 2026 revenue/margin rebound and improved cash flow. Technicals add further pressure with the stock trading below major moving averages and bearish momentum indicators. Valuation offers limited support because negative earnings make P/E less meaningful and no dividend yield is available.
Positive Factors
2026 Revenue Rebound
The sharp 2026 revenue rebound indicates renewed demand or service traction after several weaker years. If sustained, stronger top-line performance can improve operating absorption, support investment in the network and enterprise offering, and provide a foundation for eventual earnings recovery.
Negative Factors
Persistent Large Net Losses
Ongoing large net losses show that the core telecom business has not yet converted the revenue rebound into sustainable earnings. Persistent unprofitability limits internally generated capital, weakens financial resilience, and increases dependence on restructuring, support, or other measures to maintain operations.
Read all positive and negative factors
Positive Factors
Negative Factors
2026 Revenue Rebound
The sharp 2026 revenue rebound indicates renewed demand or service traction after several weaker years. If sustained, stronger top-line performance can improve operating absorption, support investment in the network and enterprise offering, and provide a foundation for eventual earnings recovery.
Read all positive factors
Mahanagar Telephone Nigam Limited (MTNL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹14.62B
Dividend Yield1.09%
Average Volume (3M)66.77K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth68.07%
EPS Growth14.04%
CountryIN
Employees2,795
SectorGeneral
Sector StrengthN/A
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-47.72
Shares Outstanding630,000,000
10 Day Avg. Volume65,024
30 Day Avg. Volume66,767
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 makes money mainly by charging customers for telecom connectivity and related services. Key revenue streams include: (1) Wireline voice services: recurring line rental/subscription fees and usage/call charges for fixed-line telephony, along w...
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 | 9.75B | 9.56B | 6.98B | 7.99B | 9.35B | 11.49B |
| Gross Profit | 3.45B | 8.64B | -6.20B | -391.70M | 7.66B | 3.69B |
| EBITDA | 4.21B | 4.44B | 2.00B | 842.80M | 1.64B | 3.08B |
| Net Income | -30.06B | -31.07B | -33.28B | -32.68B | -29.15B | -26.03B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 100.76B | 102.26B | 107.17B | 116.44B | 123.17B |
| Cash, Cash Equivalents and Short-Term Investments | 7.76B | 7.76B | 2.10B | 1.08B | 49.18B | 1.49B |
| Total Debt | 0.00 | 354.45B | 324.41B | 301.41B | 283.51B | 268.20B |
| Total Liabilities | 299.60B | 400.35B | 371.45B | 343.61B | 324.99B | 309.85B |
| Stockholders Equity | -299.60B | -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
Negative
27.04
Price Trends
26.14
Negative
28.01
Negative
29.58
Negative
Market Momentum
-0.92
Positive
29.17
Positive
20.71
Neutral
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 27.04 is above the 20-day moving average (MA) of 24.65, above the 50-day MA of 26.14, and below the 200-day MA of 29.58, indicating a bearish trend. The MACD of -0.92 indicates Positive momentum. The RSI at 29.17 is Positive, neither overbought nor oversold. The STOCH value of 20.71 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹11.08T | 36.65 | ― | 1.37% | 19.63% | -18.80% | |
60 Neutral | ₹83.17B | 24.64 | ― | 1.22% | 20.85% | 9.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹1.46T | 4.51 | ― | 0.72% | 3.30% | ― | |
49 Neutral | ₹471.57B | 49.90 | ― | 1.06% | 8.12% | -33.60% | |
42 Neutral | ₹14.62B | -0.48 | ― | 1.09% | 68.07% | 14.04% | |
42 Neutral | ₹68.87B | 180.53 | ― | ― | -7.19% | ― |
* General Sector Average
IN:MTNL
Mahanagar Telephone Nigam Limited
23.02
-20.07
-46.58%
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1,758.15
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12.95
4.42
51.82%
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266.30
-113.90
-29.96%
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Tata Communications Limited
1,655.70
59.27
3.71%
IN:TTML
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-20.86
-37.80%
Mahanagar Telephone Nigam Limited Corporate Events
MTNL AGM Highlights Revival Plan, BSNL Pact and Governance Measures
Sep 30, 2026
Mahanagar Telephone Nigam Limited convened its 40th Annual General Meeting on September 30, 2026 via video and audio conferencing, with 65 members in attendance including the authorised representative of the President of India. The meeting, chaire...
MTNL shuts trading window ahead of September-quarter results
Sep 14, 2026
Mahanagar Telephone Nigam Limited has announced the closure of its trading window in compliance with SEBI’s Prohibition of Insider Trading Regulations, 2015, ahead of the consideration and approval of its unaudited reviewed financial results...
Crisil keeps MTNL’s sovereign-backed bonds at AAA (CE) on negative watch amid payment-structure concerns
Aug 27, 2026
Mahanagar Telephone Nigam Limited has disclosed that Crisil Ratings has maintained its AAA (CE) rating with a ‘watch negative’ status on MTNL’s Rs 6,520 crore of government‑guaranteed bonds and debentures, reflecting contin...
MTNL Faces BSE Fine for SEBI Governance Non-Compliance, Seeks Waiver
Aug 26, 2026
Mahanagar Telephone Nigam Limited has disclosed that BSE has imposed fines totaling Rs. 12,66,140 for non-compliance with several SEBI listing regulations relating to board composition and key board committees. The company, which relies on the gov...
MTNL Discloses India Ratings’ Evaluation of Its Bond Issues
Aug 19, 2026
Mahanagar Telephone Nigam Limited has notified the stock exchanges that India Ratings and Research has issued a press release detailing its credit rating on bonds issued by the company, dated August 18, 2026. The disclosure, made under SEBI’...
MTNL Warns of Shortfall in Escrow Funding for Sovereign-Guaranteed Bond Interest
Jul 10, 2026
MTNL has disclosed that it is unable to fund the sixth semi-annual interest payment due on July 20, 2026, for its 7.59% Bond Series VIIIA into the designated escrow account at Bank of India, citing insufficient funds for the required pre-funding. ...
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.