Mahanagar Telephone Nigam financials and balance sheet

NSE: MTNLBSE: 500108Telecom - ServicesSmall Cap

₹22.76₹1.88 (7.63%)BSE ₹22.82

Share price at the NSE close on 23 Oct 2026. Previous close ₹24.64.

52-week range of traded prices to 23 Oct 2026

₹21.26Low, 30 Mar 2026₹44.67High, 3 Nov 2025

Next results date: the board meets on 13 Nov 2026 to consider: financial results.

Market cap: ₹1,434 Cr1,191st largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
ROCE: −12.5%
Debt to equity: Net worth zero or below
Volume, NSE: 46,24,80620.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mahanagar Telephone Nigam annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 10 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 198.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹956 Cr, differs from its quarters added, ₹917 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue956
Materials and goods−3.4
Employee costs−523
Other expenses−572
Operating profit−142
Depreciation−568
Other income+585
One-off items0.0
Finance costs−2,983
Profit before tax−3,109
Tax−0.1
Joint ventures+1.4
Net profit−3,107

What the company owns

Plant, investments and other assets₹8,963 Cr
Cash and bank₹776 Cr
Receivables₹330 Cr
Inventory₹7 Cr

What pays for it: net worth and liabilities

Borrowings₹35,425 Cr
Owed to suppliers₹1,033 Cr

Mahanagar Telephone Nigam business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Mahanagar Telephone Nigam segment results by quarter

Revenue by segment

₹958 CrTotal

Infrastructure Leasing₹507 Cr53.0% of total
Basic & other Services₹364 Cr38.1% of total
Cellular₹86 Cr9.0% of total

Profit by segment

Infrastructure Leasing₹407 Cr100.0% of total

Segment results by year

Consolidated from the year to Mar 2020, standalone before, ₹ crore, years to March.

Infrastructure Leasing
Revenue, ₹ crore
507
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
407
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Basic & other Services
Revenue, ₹ crore
1,715
1,384
1,181
993
811
700
616
364
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1,169
−1,497
99
−141
−68
−163
−36
−110
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Cellular
Revenue, ₹ crore
277
240
209
158
126
100
83
86
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−649
−631
−481
−437
−496
−438
−410
−501
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,992	1,624	1,389	1,150	937	800	699	958
Company revenue, as in its results	1,988	1,624	1,388	1,149	935	799	698	956
Revenue	–	–	–	–	–	–	–	507
Profit	–	–	–	–	–	–	–	407
Margin	–	–	–	–	–	–	–	80.2%
Return on capital	–	–	–	–	–	–	–	699.9%
Assets	–	–	–	–	–	–	–	58
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	58
Revenue	1,715	1,384	1,181	993	811	700	616	364
Revenue growth	–	–	−14.7%	−15.9%	−18.3%	−13.7%	−11.9%	−40.9%
Profit	−1,169	−1,497	99	−141	−68	−163	−36	−110
Margin	−68.2%	−108.1%	8.4%	−14.2%	−8.4%	−23.3%	−5.8%	−30.2%
Return on capital	−34.2%	−112.6%	2.2%	−3.6%	−1.8%	−4.7%	−0.9%	−3.0%
Assets	7,675	7,291	7,124	6,634	6,381	5,982	6,363	6,136
Liabilities	4,254	5,962	2,586	2,689	2,501	2,481	2,500	2,436
Capital employed	3,422	1,330	4,538	3,945	3,881	3,501	3,862	3,699
Revenue	277	240	209	158	126	100	83	86
Revenue growth	–	–	−13.1%	−24.4%	−20.3%	−20.4%	−17.1%	3.6%
Profit	−649	−631	−481	−437	−496	−438	−410	−501
Margin	−234.2%	−263.3%	−230.4%	−277.2%	−394.3%	−437.3%	−494.2%	−582.3%
Assets	4,953	4,962	4,522	4,067	3,664	3,245	2,780	2,347
Liabilities	21,145	22,536	24,109	26,093	28,088	30,273	32,506	35,058
Capital employed	−16,192	−17,574	−19,587	−22,026	−24,424	−27,027	−29,726	−32,711
Revenue	–	1	0	0	0	0	0	0
Profit	–	234	−23	33	−9	1	10	56
Assets	–	4,435	1,730	1,616	1,599	1,490	1,084	1,535
Liabilities	–	1,773	2,725	2,203	1,910	1,608	2,139	2,541

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Mahanagar Telephone Nigam quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 28 Jul	Mar 2021Filed 13 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
Revenue from operations	2,969	2,472	2,085	1,624	1,388	1,149	935	799	698	956
	4,033	3,629	3,402	3,082	1,332	1,468	1,381	1,286	1,178	1,098
Materials and goods bought	–	7	2	2	5	6	6	5	5	3
Employee costs	–	–	–	2,128	417	559	549	574	575	523
Other expenses	–	–	–	951	911	903	825	708	599	572
Operating profit before depreciation	−1,064	−1,157	−1,317	−1,458	55	−319	−446	−488	−480	−142
Operating margin	−35.8%	−46.8%	−63.2%	−89.8%	4.0%	−27.7%	−47.7%	−61.1%	−68.8%	−14.8%
Materials, % of revenue	–	–	–	0.2%	0.4%	0.5%	0.7%	0.6%	0.7%	0.4%
Employee costs, % of revenue	–	–	–	131.1%	30.0%	48.6%	58.7%	71.9%	82.4%	54.7%
Other expenses, % of revenue	–	–	–	58.6%	65.6%	78.6%	88.2%	88.6%	85.7%	59.8%
Depreciation and amortisation	1,113	1,054	1,002	986	893	772	730	666	612	568
Operating profit after depreciation	−2,177	−2,211	−2,319	−2,444	−838	−1,091	−1,176	−1,154	−1,092	−710
Other income	685	745	636	693	485	629	613	575	681	585
Finance costs	1,448	1,505	1,703	1,942	2,107	2,140	2,354	2,690	2,918	2,983
Profit before one-off items and tax	−2,940	−2,971	−3,387	−3,693	−2,460	−2,601	−2,917	−3,270	−3,330	−3,109
One-off items	1	1	−1	0	0	0	0	0	0	0
Profit before tax	−2,940	−2,970	−3,387	−3,693	−2,460	−2,601	−2,917	−3,270	−3,330	−3,109
	−4	1	1	1	2	3	0	0	−1	0
Current tax	−4	0	0	0	2	2	0	0	0	1
Deferred tax	1	1	1	1	1	0	−1	0	−1	−1
Share of profit of joint ventures and associates	–	–	–	0	1	1	1	2	2	1
	−2,936	−2,971	−3,388	−3,694	−2,461	−2,603	−2,915	−3,268	−3,328	−3,107
Belonging to the company's shareholders	−2,936	−2,971	−3,388	−3,694	−2,461	−2,603	−2,915	−3,268	−3,328	−3,107
Other comprehensive income	–	–	–	−120	−1	−21	0	−19	−16	4
Total comprehensive income	–	–	–	−3,814	−2,462	−2,624	−2,915	−3,287	−3,343	−3,103
Net margin	−98.9%	−120.2%	−162.5%	−227.5%	−177.4%	−226.5%	−311.7%	−409.2%	−476.7%	−324.9%
Net margin without joint ventures and associates	–	–	–	−227.5%	−177.4%	−226.6%	−311.8%	−409.4%	−477.0%	−325.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018 and Mar 2019 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 28 Jul	Mar 2021Filed 13 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
	−13,582	−16,045	−18,668	−20,855	−23,644	−26,919	−29,960
Share capital	630	630	630	630	630	630	630
Reserves	−14,212	−16,675	−19,298	−21,485	−24,274	−27,549	−30,590
	21,851	24,098	26,606	28,174	30,028	32,368	35,425
Repayable after a year	12,554	18,353	16,566	19,507	24,006	23,482	23,181
Repayable within a year	9,296	5,745	10,041	8,667	6,022	8,886	12,244
	16,927	10,516	13,614	12,338	9,766	12,994	16,069
Trade payables	796	702	1,048	1,032	1,078	1,000	1,033
Other financial liabilities	6,001	3,255	1,897	2,027	2,083	2,163	1,946
Other liabilities	653	641	601	535	500	866	768
Provisions	180	171	25	78	83	78	78
Tax owed	0	1	2	0	0	0	1
	13,344	18,904	17,371	20,161	24,595	24,152	23,801
Other financial liabilities	422	209	339	206	145	221	207
Other liabilities	121	97	74	63	53	41	6
Provisions	240	239	386	379	385	402	402
Deferred tax	7	7	7	7	6	6	5
Liabilities going with businesses held for sale	–	–	–	–	–	–	165
	16,688	13,375	12,317	11,644	10,717	10,226	10,076
Held for sale or for a demerger	0	0	0	0	4	10	94
	8,155	7,194	6,508	5,850	5,326	4,873	4,397
Plant in use, after depreciation	4,083	3,329	3,045	2,762	2,521	2,360	2,150
Plant being built	328	184	74	59	86	32	13
Intangible assets	2,766	2,879	2,504	2,137	1,744	1,383	925
Property held to earn rent	40	44	69	68	68	66	63
Stakes in joint ventures and associates	4	3	3	3	4	4	5
Loans given	203	196	3	4	2	2	1
Other financial assets	1	12	216	209	268	501	728
Deferred tax	0	0	0	0	0	0	0
Other assets	731	545	594	608	634	526	513
	8,533	6,182	5,809	5,794	5,387	5,343	5,585
Inventories	19	9	7	5	6	6	7
Trade receivables	629	772	671	587	512	560	330
Cash and cash equivalents	197	127	99	166	85	181	137
Other bank balances	13	193	49	188	23	29	638
Loans given	3,545	3,659	3	15	2	2	1
Other financial assets	3,493	701	4,600	4,564	4,499	4,308	4,301
Tax paid in advance	0	0	0	0	0	0	0
Other assets	637	720	379	268	259	258	170
Net debt	21,641	23,778	26,458	27,820	29,919	32,158	34,649

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 13 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
	−225	704	64	130	340	176
	−416	837	77	156	241	169
	−969	513	−123	80	155	160
Receivables	−226	101	−31	0	−67	220
Inventories	−5	−15	1	−5	0	−3
Payables	−65	346	−16	46	−78	33
Other working capital	−674	81	−77	38	300	−89
Tax paid	191	−49	−13	−26	99	7
Capital spending	100	13	44	73	36	25
Free cash flow	−324	691	20	57	304	152
	−259	204	−174	107	−29	−201
Plant and property sold	0	0	0	0	0	419
Interest received	31	72	7	15	11	14
Dividends received	1	1	1	1	2	1
	414	−936	177	−319	−215	−19
Borrowings raised	6,500	3,945	14,553	6,661	2,507	1,830
Borrowings repaid	−4,117	−2,692	−12,296	−4,438	−258	0
Interest paid	−1,859	−2,111	−2,002	−2,477	−2,415	−1,832
Lease payments	−110	0	−78	−65	−49	−17
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−70	−28	67	−81	96	−43

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Mahanagar Telephone Nigam dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 28 Jul	Mar 2021Filed 13 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
Earnings per share	−₹46.60	−₹47.16	−₹53.78	−₹58.63	−₹39.07	−₹41.32	−₹46.27	−₹51.87	−₹52.82	−₹49.32
Diluted earnings per share	−₹46.60	–	−₹53.78	−₹58.63	−₹39.07	−₹41.32	−₹46.27	−₹51.87	−₹52.82	−₹49.32
Book value per share	–	–	–	−₹215.59	−₹254.67	−₹296.32	−₹331.03	−₹375.30	−₹427.29	−₹475.55
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,512	1,181	756	381	1,181	1,424	1,137	2,066	2,708	1,353

Ratios

Consolidated, years to March.Mahanagar Telephone Nigam PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 28 Jul	Mar 2021Filed 13 Jul	Mar 2022Filed 15 Jun	Mar 2023Filed 30 May	Mar 2024Filed 11 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 21 May
Revenue growth	−10.1%	−16.8%	−15.6%	−22.1%	−14.5%	−17.2%	−18.6%	−14.6%	−12.6%	–
	–	–	–	27.2%	16.6%	15.0%	14.8%	14.7%	13.2%	10.9%
	–	–	–	–	−10.6 pts	−1.6 pts	−0.2 pts	−0.1 pts	−1.5 pts	−2.2 pts
From the net margin	–	–	–	–	−6.0 pts	4.6 pts	5.6 pts	4.6 pts	2.4 pts	−4.2 pts
From asset turnover	–	–	–	–	−1.1 pts	−0.7 pts	−2.6 pts	−1.6 pts	−1.1 pts	3.7 pts
From borrowing	–	–	–	–	−3.5 pts	−5.6 pts	−3.3 pts	−3.0 pts	−2.8 pts	−1.8 pts
Return on capital employed	–	–	–	−29.6%	−10.4%	−13.7%	−16.1%	−18.1%	−20.0%	−13.0%
Receivable days	–	–	–	141	203	213	229	234	293	126
Inventory days	–	–	–	2,834	634	437	285	458	468	699
Payable days	–	–	–	1,16,730	49,123	61,092	58,237	85,350	78,846	1,09,573
Cash conversion cycle, days	–	–	–	−1,13,755	−48,286	−60,442	−57,722	−84,658	−78,085	−1,08,748
Working capital days	–	–	–	156	287	663	690	701	536	376
Asset turnover	–	–	–	0.10	0.09	0.09	0.08	0.07	0.07	0.09
Assets per rupee of net worth	–	–	–	−1.23	−1.01	−0.74	−0.61	−0.50	−0.41	−0.36
Sales per rupee of plant	–	–	–	0.40	0.42	0.38	0.34	0.32	0.30	0.44
Capital spending to depreciation	–	–	–	–	0.11	0.02	0.06	0.11	0.06	0.04
Plant being built, % of plant in use	–	–	–	8.0%	5.5%	2.4%	2.2%	3.4%	1.4%	0.6%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Revenue growth is left blank for the year to Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −30.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−11.7%	−7.2%	0.7%
Return on equity, average	–	13.7%	12.9%
Return on capital employed, average	–	−16.2%	−17.0%
Operating margin, average	−45.2%	−44.0%	−48.2%
Net margin, average	−253.5%	−349.8%	−403.6%
Asset turnover, average	–	0.08	0.08
Cash conversion cycle, days, average	–	−77,931	−90,497

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,414	646	176
Cash from investing	−91	−122	−201
Cash from financing	−1,312	−554	−19
Capital spending	190	134	25
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	29,496	10,998	1,830
Borrowings repaid	19,684	4,696	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	4	5	3	6
Altman Z-scorePublished threshold 1.1	−7.25	−6.94	−10.15	−10.70	−11.15	−14.72	−17.59
Beneish M-scorePublished threshold −1.78	–	−2.88	−3.99	−3.85	−4.12	−4.13	−4.22
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−13.16	−27.33	−23.41	−31.35	−34.75	−30.37
Receivables growth less revenue growthOur threshold 0 percentage points	–	37.22	4.14	6.11	1.89	21.83	−78.08
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−162.62	−37.32	−35.87	43.20	2.28	36.64
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−195.20	309.60	−15.67	−9.23	−27.63	−9.86
Assets under construction, years of additionsOur threshold 2 years of additions	–	1.32	0.15	0.13	0.20	0.07	0.03

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAA (CE)/Watch Neg Unsupp rating Crisil DReview, Re-affirm		20
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond	Crisil AAA (CE)/Watch Neg Unsupp rating Crisil DReview, Re-affirm		2,138.60
18 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAA(CE) / Rating Watch with Negative ImplicationsReview, Other		63.40
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Bank overdraft	CARE DReview, Re-affirm		5,902.95
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Unsupported rating	CARE DReview, Re-affirm
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Term Loan-Short Term	WithdrawnReview, Other
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Term loan-LT/ST	CARE D / CARE DReview, Re-affirm		2,752.48
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Bonds	CARE AAA (CE)Review, Re-affirm	Stable
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Term loan-Long term	CARE DReview, Re-affirm		2,905.48
16 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE DReview, Re-affirm		78

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.