Mahanagar Telephone Nigam logo

Mahanagar Telephone Nigam financials: balance sheet, profit and loss, cash flow

NSE: MTNLBSE: 500108Telecom - ServicesSmall Cap

Mahanagar Telephone Nigam Limited · Face value ₹10 · Listed Feb 1999
Last close ₹22.66down ₹0.22 (0.96%)BSE ₹22.70

Share price at the NSE close on 28 Oct 2026. Previous close ₹22.88.

28 Oct: open ₹22.87, high ₹22.89, low ₹22.40

52-week range of traded prices to 28 Oct 2026
₹21.26Low, 30 Mar 2026₹44.67High, 3 Nov 2025
Market cap
₹1,428 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
7,47,25434.3% delivered

Mahanagar Telephone Nigam's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Mahanagar Telephone Nigam annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
2,969−2,936Mar 172,472−2,971Mar 182,085−3,388Mar 191,624−3,69421,851Mar 201,388−2,46124,098Mar 211,149−2,60326,606Mar 22935−2,91528,174Mar 23799−3,26830,028Mar 24698−3,32832,368Mar 25956−3,10735,425Mar 26
A loss in 10 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin
4.0%−476.7%−35.8%−46.8%−63.2%−89.8%4.0%−27.7%−47.7%−61.1%−68.8%−14.8%−98.9%−120.2%−162.5%−227.5%−177.4%−226.5%−311.7%−409.2%−476.7%−324.9%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

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

  1. Revenue956
  2. Materials and goods−3.4
  3. Employee costs−523
  4. Other expenses−572
  5. Operating profit−142
  6. Depreciation−568
  7. Other income+585
  8. One-off items0.0
  9. Finance costs−2,983
  10. Profit before tax−3,109
  11. Tax−0.1
  12. Joint ventures+1.4
  13. 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
    Profit, ₹ crore

  • Basic & other Services

    Revenue, ₹ crore
    Profit, ₹ crore

  • Cellular

    Revenue, ₹ crore
    Profit, ₹ crore
₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue of all businesses1,9921,6241,3891,150937800699958
Company revenue, as in its results1,9881,6241,3881,149935799698956
Revenue–––––––507
Profit–––––––407
Margin–––––––80.2%
Return on capital–––––––699.9%
Assets–––––––58
Liabilities–––––––0
Capital employed–––––––58
Revenue1,7151,3841,181993811700616364
Revenue2772402091581261008386
Revenue–1000000
Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Mahanagar Telephone Nigam quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 21 MayJun 2026Twelve monthsFiled 12 Aug
Revenue from operations2,9692,4722,0851,6241,3881,149935799698956975
4,0333,6293,4023,0821,3321,4681,3811,2861,1781,0981,097
Materials and goods bought–7225665534
Employee costs–––2,128417559549574575523527
Other expenses–––951911903825708599572566
Operating profit before depreciation−1,064−1,157−1,317−1,45855−319−446−488−480−142−122
Operating margin−35.8%−46.8%−63.2%−89.8%4.0%−27.7%−47.7%−61.1%−68.8%−14.8%−12.5%
Materials, % of revenue–––0.2%0.4%0.5%0.7%0.6%0.7%0.4%0.4%
Employee costs, % of revenue–––131.1%30.0%48.6%58.7%71.9%82.4%54.7%54.0%
Other expenses, % of revenue–––58.6%65.6%78.6%88.2%88.6%85.7%59.8%58.1%
Depreciation and amortisation1,1131,0541,002986893772730666612568561
Operating profit after depreciation−2,177−2,211−2,319−2,444−838−1,091−1,176−1,154−1,092−710−683
Other income685745636693485629613575681585651
Finance costs1,4481,5051,7031,9422,1072,1402,3542,6902,9182,9832,976
Profit before one-off items and tax−2,940−2,971−3,387−3,693−2,460−2,601−2,917−3,270−3,330−3,109−3,008
One-off items11−100000000
Profit before tax−2,940−2,970−3,387−3,693−2,460−2,601−2,917−3,270−3,330−3,109−3,008
−41112300−100
Share of profit of joint ventures and associates–––01112211
−2,936−2,971−3,388−3,694−2,461−2,603−2,915−3,268−3,328−3,107−3,006
Other comprehensive income–––−120−1−210−19−16410
Total comprehensive income–––−3,814−2,462−2,624−2,915−3,287−3,343−3,103−2,997
Net margin−98.9%−120.2%−162.5%−227.5%−177.4%−226.5%−311.7%−409.2%−476.7%−324.9%−308.5%
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.

₹ croreMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 21 May
−13,582−16,045−18,668−20,855−23,644−26,919−29,960
Share capital630630630630630630630
Reserves−14,212−16,675−19,298−21,485−24,274−27,549−30,590
21,85124,09826,60628,17430,02832,36835,425
16,92710,51613,61412,3389,76612,99416,069
13,34418,90417,37120,16124,59524,15223,801
Liabilities going with businesses held for sale––––––165
16,68813,37512,31711,64410,71710,22610,076
8,1557,1946,5085,8505,3264,8734,397
8,5336,1825,8095,7945,3875,3435,585
Net debt21,64123,77826,45827,82029,91932,15834,649
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.

₹ croreMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 21 May
−22570464130340176
−41683777156241169
−969513−12380155160
Receivables−226101−310−67220
Inventories−5−151−50−3
Payables−65346−1646−7833
Other working capital−67481−7738300−89
Tax paid191−49−13−26997
Capital spending1001344733625
Free cash flow−3246912057304152
−259204−174107−29−201
414−936177−319−215−19
Dividends paid000000
Shares bought back000000
Shares issued000000
Net change in cash−70−2867−8196−43
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.

Per share

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

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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)1,5121,1817563811,1811,4241,1372,0662,7081,353

Ratios

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

RatioMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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 pts4.6 pts5.6 pts4.6 pts2.4 pts−4.2 pts
From asset turnover––––−1.1 pts−0.7 pts−2.6 pts−1.6 pts−1.1 pts3.7 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–––141203213229234293126
Inventory days–––2,834634437285458468699
Payable days–––1,16,73049,12361,09258,23785,35078,8461,09,573
Cash conversion cycle, days–––−1,13,755−48,286−60,442−57,722−84,658−78,085−1,08,748
Working capital days–––156287663690701536376
Asset turnover–––0.100.090.090.080.070.070.09
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–––0.400.420.380.340.320.300.44
Capital spending to depreciation––––0.110.020.060.110.060.04
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%
Measure10 years5 years3 years
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–0.080.08
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.

₹ crore5 years3 yearsLatest year
Cash from operations1,414646176
Cash from investing−91−122−201
Cash from financing−1,312−554−19
Capital spending19013425
Dividends paid000
Shares bought back000
Shares issued for cash000
Borrowings raised29,49610,9981,830
Borrowings repaid19,6844,6960

Accounting checks

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

CheckMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––54536
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–37.224.146.111.8921.83−78.08
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–−162.62−37.32−35.8743.202.2836.64
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–−195.20309.60−15.67−9.23−27.63−9.86
Assets under construction, years of additionsOur threshold 2 years of additions–1.320.150.130.200.070.03
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.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
25 Aug 2026CRISIL Ratings LimitedNon Convertible DebenturesCrisil AAA (CE)/Watch Neg Unsupp rating Crisil DReview, Re-affirm20
25 Aug 2026CRISIL Ratings LimitedBondCrisil AAA (CE)/Watch Neg Unsupp rating Crisil DReview, Re-affirm2,138.60
18 Aug 2026India Ratings and Research Private LimitedNon-convertible debenturesIND AAA(CE) / Rating Watch with Negative ImplicationsReview, Other63.40
16 Dec 2025CARE Ratings LimitedFund-based - ST-Bank overdraftCARE DReview, Re-affirm5,902.95
16 Dec 2025CARE Ratings LimitedUnsupported ratingCARE DReview, Re-affirm
16 Dec 2025CARE Ratings LimitedTerm Loan-Short TermWithdrawnReview, Other
16 Dec 2025CARE Ratings LimitedTerm loan-LT/STCARE D / CARE DReview, Re-affirm2,752.48
16 Dec 2025CARE Ratings LimitedBondsCARE AAA (CE)Review, Re-affirmStable
16 Dec 2025CARE Ratings LimitedTerm loan-Long termCARE DReview, Re-affirm2,905.48
16 Dec 2025CARE Ratings LimitedNon-fund-based - ST-BG/LCCARE DReview, Re-affirm78
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.