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Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹8500 Cr.
Stock P/E
-39.5
P/B
-0.4
Current Price
₹43.5
Book Value
₹ -102.2
Face Value
10
52W High
₹81.2
52W Low
₹ 30.1
Dividend Yield
0%

Tata Teleservice(Mah Overview

Business

Tata Teleservices (Maharashtra) Ltd. (TTML) is an Indian telecommunication service provider. After divesting its consumer mobile business, the company, operating under the brand "Tata Tele Business Services" (TTBS), primarily focuses on providing a comprehensive suite of connectivity, collaboration, cloud, and security solutions to enterprise customers across India. Its core business model involves offering various telecom services such as internet leased lines, VPN, SD-WAN, cloud communication, voice, data, and value-added services. TTML generates revenue through subscription fees, usage charges for its connectivity solutions, and fees for integrated business services provided to its enterprise client base.

Revenue Mix

TTML's revenue is now almost entirely derived from its enterprise business segment. This segment includes:

Data Services: Internet Leased Lines (ILL), MPLS-based Virtual Private Networks (VPN), Software Defined Wide Area Network (SD-WAN), cloud services, IoT solutions, and cybersecurity services.

Voice Services: Business landline services, Centrex, and other voice solutions for enterprises.

Cloud & SaaS: Offering various Software-as-a-Service and cloud-based communication and collaboration tools.

While specific contribution percentages are not always publicly segregated, the strategic focus and majority of revenue stem from its data and connectivity solutions for businesses.

Industry

TTML operates in the highly competitive Indian telecommunication services industry, specifically targeting the enterprise segment. The broader telecom sector is dominated by three large private players (Reliance Jio, Bharti Airtel, Vodafone Idea). TTML is positioned as a niche player within this ecosystem, focusing on B2B clients rather than the mass consumer market. It leverages its existing robust fiber optic network and the credibility of the Tata brand to compete with the enterprise divisions of larger telecom operators (e.g., Airtel Business, JioBusiness) and other specialized IT/telecom service providers.

MOAT

Brand Reputation: Being part of the Tata Group provides significant brand credibility, trust, and a perception of reliability, which is crucial for securing and retaining enterprise clients.

Established Network Infrastructure: TTML possesses an existing fiber optic network and data centers, providing a foundational asset for delivering its services, although not as extensive as the largest operators.

Focused Enterprise Strategy: Its dedicated focus on enterprise solutions allows for specialized service offerings and potentially deeper understanding of business client needs compared to players balancing both consumer and enterprise.

Switching Costs: For complex integrated enterprise solutions, switching providers can involve significant operational disruption and costs, creating a degree of customer stickiness.

Growth Drivers

Digital Transformation of Indian Businesses: Increasing adoption of digitalization, cloud computing, IoT, and cybersecurity by SMEs and large enterprises drives demand for robust and reliable connectivity and related services.

Expansion of Value-Added Services: Growing the portfolio of offerings beyond basic connectivity to include SD-WAN, Managed Security, Cloud Communications, and industry-specific IoT solutions can drive revenue growth and higher margins.

Government Initiatives: "Digital India" and other government thrusts on digitalization across sectors encourage greater adoption of enterprise communication and IT services.

Increased Data Consumption: The overall trend of higher data consumption by businesses fuels demand for high-bandwidth solutions like Internet Leased Lines.

Risks

Intense Competition: The enterprise telecom segment is highly competitive, with larger, financially stronger players like Airtel and Jio actively expanding their B2B offerings.

Financial Health and Legacy Debt: TTML has historically faced significant financial challenges, accumulated losses, and high debt. While some debt has been restructured (e.g., conversion of AGR dues to government equity), ongoing capital requirements for network upgrades and expansion remain a concern.

Regulatory Risks: The Indian telecom sector is subject to evolving regulations, spectrum pricing policies, and licensing conditions, which can impact operational costs and profitability.

Technological Obsolescence: Continuous need for capital expenditure to upgrade network infrastructure and adopt new technologies (e.g., 5G-enabled enterprise solutions) to remain competitive.

Limited Scale: Compared to dominant players, TTML's relatively smaller scale might limit its ability to achieve economies of scale in network operations and technology investments.

Management & Ownership

TTML is part of the esteemed Tata Group, which is its primary promoter. Tata Sons (the holding company of the Tata Group) holds a significant stake, reflecting strong promoter backing and governance oversight. The company's management consists of experienced professionals, operating under the strategic guidance and ethical framework of the Tata Group. Post the conversion of Adjusted Gross Revenue (AGR) dues interest into equity, the Government of India also holds a minority stake in the company.

Outlook

TTML is strategically focused on the enterprise segment, a growing market driven by digital transformation. The company benefits from the strong Tata brand, which enhances trust and credibility with business clients. Its dedicated focus on B2B services, including specialized data, voice, and cloud solutions, positions it to capture a share of this expanding market. However, the path to sustained profitability is challenged by intense competition from larger, better-capitalized players and the company's historical financial legacy, which necessitates careful capital management and efficient operations. Success hinges on its ability to continually innovate, expand its value-added services portfolio, and effectively leverage its existing network infrastructure while maintaining financial discipline.

Tata Teleservice(Mah Share Price

Live · BSE / NSE · Inception: 1995
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Tata Teleservice(Mah Quarterly Results

#(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 296 323 324 344 333 308 284 286 294 296
Other Income 5 3 6 3 2 5 4 4 3 4
Total Income 301 327 329 346 335 313 288 290 298 300
Total Expenditure 160 182 189 206 184 158 140 148 121 135
Operating Profit 141 144 140 140 151 155 149 142 177 165
Interest 411 414 423 429 423 419 433 425 288 215
Depreciation 38 39 41 42 43 42 37 37 36 32
Exceptional Income / Expenses 0 0 0 0 0 0 -4 0 -4 663
Profit Before Tax -308 -309 -323 -330 -315 -306 -325 -321 -150 581
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -308 -309 -323 -330 -315 -306 -325 -321 -150 581
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -308 -309 -323 -330 -315 -306 -325 -321 -150 581
Adjusted Earnings Per Share -1.6 -1.6 -1.7 -1.7 -1.6 -1.6 -1.7 -1.6 -0.8 3

Tata Teleservice(Mah Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 2972 2703 1869 1277 1078 1044 1094 1106 1192 1308 1160 1160
Other Income 69 104 211 533 35 24 17 17 16 16 15 15
Total Income 3041 2807 2079 1811 1112 1068 1111 1123 1208 1324 1175 1176
Total Expenditure 2256 2126 1878 1078 656 555 626 614 664 737 543 544
Operating Profit 785 681 202 733 456 513 485 509 544 587 633 633
Interest 684 1282 1569 1554 1545 1561 1539 1502 1622 1694 1361 1361
Depreciation 460 796 533 178 195 169 160 147 150 168 142 142
Exceptional Income / Expenses 0 -959 -7942 331 -2430 -780 0 -5 0 0 655 655
Profit Before Tax -358 -2356 -9842 -668 -3714 -1997 -1215 -1145 -1228 -1275 -215 -215
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax -358 -2356 -9842 -668 -3714 -1997 -1215 -1145 -1228 -1275 -215 -215
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -358 -2356 -9842 -668 -3714 -1997 -1215 -1145 -1228 -1275 -215 -215
Adjusted Earnings Per Share -1.8 -12.1 -50.3 -3.4 -19 -10.2 -6.2 -5.9 -6.3 -6.5 -1.1 -1.1

Tata Teleservice(Mah Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -3986 -5909 -15159 -14820 -17479 -18491 -18832 -19055 -19253 -19570 -19983
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 7245 10662 7862 5708 6138 9869 10711 10027 12957 10865 2920
Other Non-Current Liabilities 284 2 124 22 178 122 63 17 69 52 221
Total Current Liabilities 5919 7151 9230 11431 12877 10009 9423 10221 7535 9957 18184
Total Liabilities 9462 11906 3380 4531 1714 1509 1365 1211 1307 1304 1341
Fixed Assets 5364 9937 847 718 894 830 779 740 788 798 939
Other Non-Current Assets 3051 717 649 295 225 191 207 199 228 211 218
Total Current Assets 1047 1252 803 1107 596 488 378 271 290 294 184
Total Assets 9462 11906 3380 4531 1714 1509 1365 1211 1307 1304 1341

Tata Teleservice(Mah Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 49 65 37 39 171 85 43 17 14 32 42
Cash Flow from Operating Activities 766 730 603 -734 -360 567 530 558 587 505 668
Cash Flow from Investing Activities -1183 -2198 259 -101 510 -177 -130 -66 -65 -109 -91
Cash Flow from Financing Activities 434 1041 -860 967 -237 -432 -427 -494 -503 -386 -604
Net Cash Inflow / Outflow 18 -427 2 132 -87 -42 -26 -2 18 10 -27
Closing Cash & Cash Equivalent 67 -362 39 171 85 43 17 14 32 42 15

Tata Teleservice(Mah Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -1.83 -12.05 -50.34 -3.42 -19 -10.21 -6.22 -5.86 -6.28 -6.52 -1.1
CEPS(Rs) 0.52 -7.98 -47.62 -2.51 -18 -9.35 -5.4 -5.1 -5.51 -5.66 -0.38
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -20.39 -30.23 -77.54 -75.81 -89.41 -94.59 -96.33 -97.47 -98.48 -100.11 -102.22
Core EBITDA Margin(%) 24.09 21.33 -0.48 15.59 39.13 46.84 42.75 44.52 44.26 43.64 53.21
EBIT Margin(%) 10.94 -39.74 -442.76 69.38 -201.26 -41.73 29.65 32.26 32.99 32.01 98.75
Pre Tax Margin(%) -12.06 -87.18 -526.73 -52.27 -344.62 -191.32 -111.08 -103.49 -103.09 -97.5 -18.56
PAT Margin (%) -12.06 -87.18 -526.73 -52.27 -344.62 -191.32 -111.08 -103.49 -103.09 -97.5 -18.56
Cash Profit Margin (%) 3.41 -57.74 -498.21 -38.37 -326.53 -175.15 -96.43 -90.18 -90.46 -84.66 -6.33
ROA(%) -4.62 -22.06 -128.77 -16.88 -118.95 -123.88 -84.56 -88.9 -97.58 -97.7 -16.28
ROE(%) 0 0 0 0 0 0 0 0 0 0 0
ROCE(%) 5.37 -11.95 -154.21 82.65 -457.8 -542.57 35.84 43.46 53.41 56.84 157.86
Receivable days 30.14 34.96 37.58 35.32 35.74 34.96 33.28 38.1 40.67 41.93 37.77
Inventory Days 1.05 0.45 0.21 0 0 0 0 0 0 0 0
Payable days 7073.11 0 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 0 0 0 0 0 0 0 0
Price/Book(x) -0.33 -0.24 -0.07 -0.04 -0.02 -0.15 -1.73 -0.57 -0.75 -0.56 -0.31
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 4.33 6.51 8.89 13.29 15.74 21.22 47.82 27.72 28.85 23.94 23.07
EV/Core EBITDA(x) 16.41 25.85 82.44 23.17 37.19 43.16 107.95 60.2 63.25 53.37 42.31
Net Sales Growth(%) 2.74 -9.06 -30.87 -31.65 -15.62 -3.16 4.8 1.13 7.73 9.77 -11.3
EBIT Growth(%) 815.54 -430.2 -670.23 110.71 -344.77 79.92 174.47 10.02 10.18 6.51 173.61
PAT Growth(%) 41.76 -557.61 -317.66 93.22 -456.34 46.24 39.15 5.78 -7.31 -3.82 83.12
EPS Growth(%) 41.76 -557.61 -317.66 93.22 -456.34 46.24 39.15 5.78 -7.31 -3.82 83.12
Debt/Equity(x) -2.92 -2.75 -1.03 -1.12 -0.96 -1.05 -1.05 -1.04 -1.04 -1.04 -1.03
Current Ratio(x) 0.18 0.18 0.09 0.1 0.05 0.05 0.04 0.03 0.04 0.03 0.01
Quick Ratio(x) 0.18 0.17 0.09 0.1 0.05 0.05 0.04 0.03 0.04 0.03 0.01
Interest Cover(x) 0.48 -0.84 -5.27 0.57 -1.4 -0.28 0.21 0.24 0.24 0.25 0.84
Total Debt/Mcap(x) 8.99 11.52 14.46 27.57 47.46 7.05 0.6 1.83 1.38 1.85 3.38

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -11% +2% +2% -9%
Operating Profit CAGR +8% +8% +4% -2%
PAT CAGR
Share Price CAGR -39% -18% +16% +21%
ROE Average 0% 0% 0% 0%
ROCE Average +158% +89% +69% -66%

Tata Teleservice(Mah Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 74.36 %
FII 2.6 %
DII (MF + Insurance) 0.17 %
Public (retail) 25.64 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.3674.3674.3674.3674.3674.3674.3674.3674.3674.36
FII 2.262.462.382.392.342.542.822.642.642.6
DII 0.050.060.070.090.10.110.120.130.140.17
Public 25.6425.6425.6425.6425.6425.6425.6425.6425.6425.64
Others 0000000000
Total 100100100100100100100100100100

Tata Teleservice(Mah Peer Comparison

Telecommunication - Service Provider Edit Columns

Tata Teleservice(Mah Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Tata Teleservice(Mah Pros & Cons

Pros

  • Stock is trading at -0.4 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
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