Telecommunication - Service Provider · Founded 1987 · www.gtllimited.com · BSE 500160 · NSE GTL LTD. · ISIN INE043A01012
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Business
GTL Ltd. is an Indian telecommunication service provider primarily involved in the infrastructure and network services segment of the telecom industry. Its core business model focuses on providing network solutions, managed services, and infrastructure deployment to major telecom operators and enterprises. This includes services such as network planning, design, deployment, operations, and maintenance for both wireless and wireline networks. The company makes money through service contracts, project-based revenue, and recurring fees for managing and maintaining telecom infrastructure.
Revenue Mix
Specific detailed breakdowns of key segments and their revenue contribution are not explicitly provided in the input. However, based on its sector, GTL Ltd.'s revenue likely stems from segments such as:
Network Rollout and Deployment Services (e.g., for 4G/5G expansion)
Managed Network Services (operations, maintenance, and optimization)
Network Planning and Design
Infrastructure Solutions (e.g., potentially tower infrastructure related services, although GTL Infrastructure Ltd. is a separate entity).
Without specific financial data, a precise revenue mix cannot be stated.
Industry
The Indian telecommunication service industry is characterized by intense competition, high capital expenditure, and rapid technological evolution. The market for direct consumer telecom services is dominated by a few large operators (Reliance Jio, Bharti Airtel, Vodafone Idea). GTL Ltd. operates more in the B2B space, positioning itself as a strategic partner to these major operators and enterprises, offering specialized services for network building, operation, and maintenance. Its positioning is that of an enabler of telecom infrastructure rather than a direct consumer service provider, operating in a niche that requires technical expertise and project management capabilities.
MOAT
GTL Ltd.'s potential competitive advantages could include:
Established Relationships: Long-standing relationships and experience working with major Indian telecom operators.
Technical Expertise: Specialized engineering and project management capabilities required for complex network deployments and managed services.
Scale of Operations (within its niche): The ability to handle large-scale, nationwide projects for network infrastructure.
However, the overall industry is highly competitive, and these advantages may not represent a wide and durable moat, as other players can also offer similar services.
Growth Drivers
Key factors that could drive GTL Ltd.'s growth over the next 3-5 years include:
5G Rollout and Expansion: Continued deployment and densification of 5G networks across India by major operators.
Increased Data Consumption: Growing demand for data services driving the need for enhanced network capacity and infrastructure.
Digital Transformation: Enterprises requiring robust and reliable communication infrastructure for their digital initiatives.
Outsourcing Trends: Telecom operators increasingly outsourcing network management and infrastructure development to specialized service providers to optimize costs and efficiency.
Infrastructure Sharing: Potential for growth through shared infrastructure services, reducing capital expenditure for operators.
Risks
GTL Ltd. faces several key business risks:
Intense Competition: High competition from other domestic and international telecom infrastructure and service providers.
Dependency on Major Operators: Significant reliance on contracts from a few large telecom operators, making it vulnerable to their investment cycles and strategic shifts.
Technology Obsolescence: Rapid advancements in telecom technology requiring continuous investment in new skills and equipment.
High Capital Expenditure: Potential for high capital requirements if the company needs to invest in new infrastructure or technology.
Regulatory Changes: Adverse changes in telecom policies or regulations by the Indian government.
Financial Health: The company has faced financial challenges in the past, which could impact its ability to secure new projects or invest in future growth.
Management & Ownership
Specific details on the current management quality and detailed ownership structure are not provided in the input. In Indian corporate context, many companies, especially historically, have been promoter-led. The effectiveness of the management in navigating the highly dynamic and competitive telecom sector, along with its financial turnaround capabilities, would be crucial.
Outlook
GTL Ltd. operates in a crucial segment of India's rapidly evolving telecom industry. The continued thrust on digital infrastructure, 5G expansion, and increasing data consumption presents significant opportunities for companies providing network deployment and managed services (bull case). However, the company faces substantial headwinds, including intense competition from well-capitalized rivals, potential reliance on a few major clients, and historical financial challenges that could limit its operational flexibility and ability to secure new high-value contracts (bear case). Its future trajectory will depend on its ability to leverage its expertise, secure new projects, and manage its financial position effectively within a highly competitive landscape.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 43 | 66 | 63 | 70 | 51 | 70 | 56 | 55 | 55 | 58 |
| Other Income | 3 | 2 | 1 | 5 | 0 | 1 | 3 | 1 | 0 | 1 |
| Total Income | 46 | 67 | 64 | 75 | 51 | 71 | 58 | 56 | 55 | 59 |
| Total Expenditure | 34 | 31 | 34 | 44 | 77 | 35 | 40 | 78 | 47 | 84 |
| Operating Profit | 12 | 36 | 30 | 31 | -26 | 36 | 19 | -22 | 8 | -25 |
| Interest | 7 | 8 | 8 | 9 | 9 | 8 | 9 | 8 | 9 | 9 |
| Depreciation | 1 | 2 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 109 | 0 | 0 | 0 | 2 | 11 | -10 | 0 | 609 |
| Profit Before Tax | 4 | 136 | 19 | 19 | -37 | 26 | 19 | -43 | -3 | 574 |
| Provision for Tax | 0 | 0 | 6 | 10 | 5 | 15 | 3 | -3 | 0 | -35 |
| Profit After Tax | 4 | 136 | 13 | 9 | -42 | 11 | 16 | -39 | -3 | 609 |
| Adjustments | -0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 4 | 136 | 13 | 9 | -42 | 11 | 16 | -39 | -3 | 609 |
| Adjusted Earnings Per Share | 0.2 | 8.7 | 0.8 | 0.6 | -2.7 | 0.7 | 1 | -2.5 | -0.2 | 38.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2069 | 1242 | 1221 | 995 | 219 | 215 | 221 | 194 | 186 | 202 | 254 | 224 |
| Other Income | 91 | 40 | 34 | 10 | 20 | 12 | 35 | 5 | 6 | 11 | 7 | 5 |
| Total Income | 2160 | 1282 | 1255 | 1005 | 239 | 228 | 256 | 198 | 192 | 213 | 261 | 228 |
| Total Expenditure | 2215 | 1293 | 1295 | 1085 | 462 | 434 | 164 | 189 | 205 | 141 | 190 | 249 |
| Operating Profit | -54 | -10 | -41 | -80 | -224 | -207 | 93 | 10 | -13 | 72 | 71 | -20 |
| Interest | 468 | 560 | 547 | 19 | 17 | 19 | 21 | 23 | 26 | 29 | 34 | 35 |
| Depreciation | 126 | 99 | 47 | 17 | 5 | 5 | 5 | 4 | 4 | 5 | 12 | 8 |
| Exceptional Income / Expenses | -153 | -1744 | 0 | -2512 | 0 | 0 | 0 | 450 | 100 | 173 | 2 | 610 |
| Profit Before Tax | -801 | -2413 | -635 | -2628 | -245 | -231 | 67 | 432 | 57 | 211 | 27 | 547 |
| Provision for Tax | 0 | 0 | -5 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 35 | -35 |
| Profit After Tax | -801 | -2413 | -630 | -2628 | -245 | -231 | 67 | 432 | 57 | 211 | -8 | 583 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -801 | -2413 | -630 | -2628 | -245 | -231 | 67 | 432 | 57 | 211 | -8 | 583 |
| Adjusted Earnings Per Share | -50.9 | -153.4 | -40 | -167 | -15.6 | -14.7 | 4.3 | 27.5 | 3.6 | 13.4 | -0.5 | 37 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 26% | 9% | 3% | -19% |
| Operating Profit CAGR | -1% | 92% | 0% | 0% |
| PAT CAGR | -104% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -27% | 8% | -10% | -3% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | -1% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 27 | -3055 | -3685 | -6312 | -6557 | -6788 | -6721 | -6289 | -6232 | -6021 | -6029 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1597 | 114 | 127 | 141 | 157 | 174 | 194 | 215 | 239 | 266 | 295 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 0 | 4 | 2 | 3 | 2 | 20 | 43 |
| Total Current Liabilities | 4376 | 6467 | 6876 | 6663 | 6710 | 6874 | 6722 | 6290 | 6249 | 5941 | 5796 |
| Total Liabilities | 6000 | 3528 | 3320 | 492 | 310 | 265 | 197 | 219 | 258 | 205 | 105 |
| Fixed Assets | 240 | 144 | 96 | 80 | 79 | 79 | 73 | 71 | 51 | 30 | 16 |
| Other Non-Current Assets | 4705 | 2792 | 2670 | 341 | 185 | 52 | 55 | 3 | 1 | 1 | 2 |
| Total Current Assets | 1055 | 592 | 554 | 71 | 46 | 134 | 70 | 144 | 206 | 175 | 87 |
| Total Assets | 6000 | 3528 | 3320 | 492 | 310 | 265 | 197 | 219 | 258 | 205 | 105 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 125 | 54 | 67 | 95 | 15 | 5 | 4 | 2 | 2 | 0 | 0 |
| Cash Flow from Operating Activities | 324 | 108 | 101 | 128 | 91 | 102 | 63 | 29 | 18 | 175 | 198 |
| Cash Flow from Investing Activities | 17 | 24 | 7 | 0 | 0 | 0 | -1 | 463 | 119 | 180 | -7 |
| Cash Flow from Financing Activities | -413 | -120 | -79 | -209 | -102 | -103 | -64 | -492 | -134 | -355 | -191 |
| Net Cash Inflow / Outflow | -71 | 13 | 28 | -80 | -11 | -1 | -1 | -0 | 3 | 0 | 0 |
| Closing Cash & Cash Equivalent | 55 | 67 | 95 | 15 | 5 | 4 | 2 | 2 | 5 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -50.94 | -153.43 | -40.04 | -167.05 | -15.56 | -14.65 | 4.27 | 27.46 | 3.64 | 13.4 | -0.53 |
| CEPS(Rs) | -42.92 | -147.17 | -37.03 | -165.94 | -15.27 | -14.37 | 4.57 | 27.74 | 3.91 | 13.73 | 0.2 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -39.64 | -194.18 | -234.25 | -401.28 | -416.83 | -431.51 | -427.25 | -399.81 | -396.18 | -382.79 | -383.3 |
| Core EBITDA Margin(%) | -7.02 | -4.1 | -6.07 | -9 | -111.02 | -101.64 | 25.88 | 2.4 | -10.12 | 29.93 | 25.17 |
| EBIT Margin(%) | -16.09 | -149.25 | -7.21 | -262.13 | -104.11 | -98.02 | 39.78 | 234.98 | 44.46 | 118.7 | 23.96 |
| Pre Tax Margin(%) | -38.72 | -194.37 | -52.02 | -263.99 | -111.72 | -107.02 | 30.43 | 223.18 | 30.69 | 104.4 | 10.62 |
| PAT Margin (%) | -38.72 | -194.37 | -51.58 | -263.96 | -111.74 | -107.02 | 30.43 | 223.18 | 30.69 | 104.4 | -3.3 |
| Cash Profit Margin (%) | -32.62 | -186.44 | -47.7 | -262.2 | -109.67 | -104.92 | 32.54 | 225.47 | 33 | 106.99 | 1.26 |
| ROA(%) | -12.64 | -50.66 | -18.4 | -137.87 | -61 | -80.21 | 29.11 | 207.61 | 24.01 | 91 | -5.39 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -10.53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivable days | 60.89 | 53.32 | 35.67 | 18.53 | 0.71 | 0.02 | 0.08 | 18.55 | 51.63 | 49.34 | 26.12 |
| Inventory Days | 1.26 | 0 | 1.78 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 44.34 | 82.72 | 47.59 | 35.35 | 160.47 | 202.86 | 102.82 | 84.69 | 159.49 | 174.45 | 152.77 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 1.22 | 0.4 | 1.35 | 0.7 | 0 |
| Price/Book(x) | -0.31 | -0.06 | -0.07 | -0.03 | -0.01 | -0 | -0.01 | -0.03 | -0.01 | -0.02 | -0.02 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.5 | 0.18 | 0.24 | 0.3 | 1.02 | 0.48 | 23.3 | 24.6 | 24.79 | 21.68 | 16.65 |
| EV/Core EBITDA(x) | -57.22 | -21.01 | -7.25 | -3.77 | -1 | -0.5 | 55.64 | 501.09 | -348.47 | 61.06 | 59.66 |
| Net Sales Growth(%) | -8.64 | -40 | -1.65 | -18.48 | -78 | -1.67 | 2.58 | -12.42 | -3.67 | 8.32 | 25.73 |
| EBIT Growth(%) | -450.43 | -456.42 | 95.25 | -2862.98 | 91.26 | 7.42 | 141.63 | 417.3 | -81.78 | 189.21 | -74.62 |
| PAT Growth(%) | -70.57 | -201.2 | 73.9 | -317.18 | 90.68 | 5.82 | 129.17 | 542.28 | -86.75 | 268.47 | -103.98 |
| EPS Growth(%) | -70.57 | -201.2 | 73.9 | -317.18 | 90.68 | 5.82 | 129.17 | 542.29 | -86.75 | 268.47 | -103.98 |
| Debt/Equity(x) | 87.74 | -0.04 | -0.03 | -0.02 | -0.02 | -0.03 | -0.76 | -0.73 | -0.73 | -0.71 | -0.68 |
| Current Ratio(x) | 0.24 | 0.09 | 0.08 | 0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.03 | 0.03 | 0.02 |
| Quick Ratio(x) | 0.24 | 0.09 | 0.08 | 0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.03 | 0.03 | 0.02 |
| Interest Cover(x) | -0.71 | -3.31 | -0.16 | -140.83 | -13.68 | -10.89 | 4.25 | 19.91 | 3.23 | 8.3 | 1.8 |
| Total Debt/Mcap(x) | 11.97 | 0.62 | 0.47 | 0.79 | 2.13 | 10.26 | 61.93 | 26.58 | 59.11 | 28.74 | 32.26 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 |
| FII | 0.38 | 0.43 | 0.42 | 0.2 | 0.16 | 0.07 | 0 | 0 | 0.03 | 0.01 |
| DII | 10.26 | 10.26 | 10.26 | 10.26 | 10.26 | 10.26 | 8.39 | 8.39 | 8.39 | 8.39 |
| Public | 75.06 | 75.01 | 75.03 | 75.25 | 75.28 | 75.37 | 77.32 | 77.32 | 77.28 | 77.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 |
| FII | 0.06 | 0.07 | 0.07 | 0.03 | 0.03 | 0.01 | 0 | 0 | 0.01 | 0 |
| DII | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.32 | 1.32 | 1.32 | 1.32 |
| Public | 11.81 | 11.8 | 11.8 | 11.84 | 11.84 | 11.86 | 12.16 | 12.16 | 12.16 | 12.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +26% | +9% | +3% | -19% |
| Operating Profit CAGR | -1% | +92% | — | — |
| PAT CAGR | -104% | 0% | — | — |
| Share Price CAGR | -27% | +8% | -10% | -3% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | -1% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 |
| FII | 0.38 | 0.43 | 0.42 | 0.2 | 0.16 | 0.07 | 0 | 0 | 0.03 | 0.01 |
| DII | 10.26 | 10.26 | 10.26 | 10.26 | 10.26 | 10.26 | 8.39 | 8.39 | 8.39 | 8.39 |
| Public | 85.71 | 85.71 | 85.71 | 85.71 | 85.71 | 85.71 | 85.71 | 85.71 | 85.71 | 85.71 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 |
| FII | 0.06 | 0.07 | 0.07 | 0.03 | 0.03 | 0.01 | 0 | 0 | 0.01 | 0 |
| DII | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.32 | 1.32 | 1.32 | 1.32 |
| Public | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 | 15.73 |
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