MTNL
M T N L share price & financials
- Price
- ₹28.09
- Market cap
- ₹1.6k Cr
- Sector
- Telecommunication
What M T N L does
Mahanagar Telephone Nigam Limited is a Navratna central public-sector telecom company that provides landline, broadband/FTTH, GSM mobile, ISDN and leased-circuit services exclusively in the Delhi and Mumbai metro telecom circles. Since a 10-year Service Agreement with BSNL took effect on 1 January 2025, BSNL undertakes all day-to-day maintenance and operations of MTNL's Delhi and Mumbai network (including related capex/opex), while MTNL retains ownership of the network and real-estate assets and earns revenue from subscriber charges, leased circuits and renting out surplus buildings/land. Beyond its domestic network, MTNL owns Mahanagar Telephone (Mauritius) Ltd, a wholly owned overseas subsidiary offering 2G/3G/4G mobile, ILD and internet services under the CHILI brand, plus IT/data-centre and cloud service entities Millennium Telecom Ltd and MTNL STPI IT Services Ltd.
Segments
- Delhi Unit
- Mumbai Unit
- Overseas subsidiary (Mauritius)
- Service area
- Delhi and Mumbai metro telecom circles only
- Total telephone exchange switches
- 513 (284 in Delhi, 229 in Mumbai)
- Landline subscribers
- 1,742,882 (Delhi 729,995 + Mumbai 1,012,887)
- Mobile (GSM) subscribers
- 998,229 (Delhi 789,314 + Mumbai 208,915)
- Broadband subscribers
- 366,052 (Delhi 187,930 + Mumbai 178,122)
- FTTH subscribers
- 78,769 (Delhi 47,436 + Mumbai 31,333)
Quarterly results
Q1 FY27: revenue up 26.2%, net profit up 10.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 267 | 261 | 275 | 172 | 190 −29% | 211 −19% | 371 +35% | 217 +26% |
| EBITDA | -27 | -37 | -16 | -79 | -108 −300% | -28 +24% | 60 +475% | -33 +58% |
| Net profit | -890 | -836 | -828 | -943 | -960 −8% | -897 −7% | -307 +63% | -842 +11% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −44.9% 1Y
1Y: ₹44.87 on 10 Sept 2025 → ₹24.74. High ₹45.23 (17 Sept 2025), low ₹21.47 (30 Mar 2026).
Financials, as filed
Revenue grew 0.3% a year over 3 years, FY23 to FY26. Operating margin widened to -16.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹935 Cr | ₹798 Cr | ₹987 Cr | ₹944 Cr |
| Operating profit | ₹-446 Cr | ₹-488 Cr | ₹-191 Cr | ₹-155 Cr |
| Operating margin | -47.7% | -61.2% | -19.4% | -16.4% |
| Interest | ₹2.4k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹3.0k Cr |
| Depreciation | ₹729 Cr | ₹666 Cr | ₹612 Cr | ₹568 Cr |
| Net profit | ₹-2.9k Cr | ₹-3.3k Cr | ₹-3.3k Cr | ₹-3.1k Cr |
| Net margin | -311.9% | -409.5% | -337.1% | -329.1% |
| Cash from operations | ₹64 Cr | ₹130 Cr | ₹340 Cr | ₹176 Cr |
| Free cash flow | ₹20 Cr | ₹57 Cr | ₹304 Cr | ₹570 Cr |
| ROCE | -7.0% | -8.0% | -7.0% | -9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹630 Cr | ₹630 Cr | ₹630 Cr | ₹630 Cr | ₹630 Cr | ₹630 Cr |
| Reserves | ₹-16.7k Cr | ₹-19.3k Cr | ₹-21.5k Cr | ₹-24.3k Cr | ₹-29.4k Cr | ₹-30.6k Cr |
| Borrowings | ₹25.6k Cr | ₹26.8k Cr | ₹28.4k Cr | ₹30.1k Cr | ₹34.1k Cr | ₹35.4k Cr |
| Other liabilities | ₹3.8k Cr | ₹4.2k Cr | ₹4.2k Cr | ₹4.2k Cr | ₹4.3k Cr | ₹4.6k Cr |
| Total liabilities | ₹13.4k Cr | ₹12.3k Cr | ₹11.7k Cr | ₹10.7k Cr | ₹9.5k Cr | ₹10.1k Cr |
| Fixed assets | ₹6.3k Cr | ₹5.6k Cr | ₹5.0k Cr | ₹4.3k Cr | ₹3.5k Cr | ₹3.1k Cr |
| Capital work in progress | ₹184 Cr | ₹74 Cr | ₹59 Cr | ₹86 Cr | ₹24 Cr | ₹13 Cr |
| Investments | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹5 Cr | ₹5 Cr |
| Other assets | ₹7.0k Cr | ₹6.6k Cr | ₹6.6k Cr | ₹6.3k Cr | ₹6.1k Cr | ₹6.9k Cr |
| Total assets | ₹13.4k Cr | ₹12.3k Cr | ₹11.7k Cr | ₹10.7k Cr | ₹9.5k Cr | ₹10.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.16 pp while FIIs trimmed −0.14 pp. The shareholder count shrank 12% to 3,66,221.
- Promoters
- 56.3%
- FIIs
- 0.4%
- DIIs
- 13.4%
- Public
- 29.9%
Since Jun 2025
- Public +0.16 pp
- FIIs −0.14 pp
- DIIs −0.03 pp
How it drifted, 12 quarters
Over this window the public went from 28.9% to 29.9% — +1.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.8%, FIIs 0.4%, DIIs 13.9%, Public 28.9%.Dec '23: Promoters 56.3%, FIIs 0.5%, DIIs 13.8%, Public 29.5%.Mar '24: Promoters 56.3%, FIIs 0.6%, DIIs 13.6%, Public 29.6%.Jun '24: Promoters 56.3%, FIIs 0.4%, DIIs 13.6%, Public 29.7%.Sep '24: Promoters 56.3%, FIIs 0.1%, DIIs 13.5%, Public 30.2%.Dec '24: Promoters 56.3%, FIIs 0.1%, DIIs 13.5%, Public 30.2%.Mar '25: Promoters 56.3%, FIIs 0.1%, DIIs 13.5%, Public 30.1%.Jun '25: Promoters 56.3%, FIIs 0.5%, DIIs 13.5%, Public 29.8%.Sep '25: Promoters 56.3%, FIIs 0.0%, DIIs 13.5%, Public 30.3%.Dec '25: Promoters 56.3%, FIIs 0.1%, DIIs 13.4%, Public 30.3%.Mar '26: Promoters 56.3%, FIIs 0.5%, DIIs 13.4%, Public 29.8%.Jun '26: Promoters 56.3%, FIIs 0.4%, DIIs 13.4%, Public 29.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of M T N L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 56.25% | unchanged |
| Life Insurance Corporation Of India Insurer | 13.12% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse M T N L
Guides on how to read this kind of business and the numbers that matter.