Tata Teleservices (Maharashtra) Ltd.
NSE: TTMLTata Teleservices (Maharashtra) Ltd.: A 30-second snapshot
Tata Teleservices (Maharashtra) Ltd (TTML) is a small-cap telecom operator trading at ₹42.01, down 26.94% over 12 months and 48.21% off its 52-week high. FY26 results show an annual net loss of ₹215 Cr, negative net worth of ₹19,983 Cr, and 5-year revenue declining at a -4.1% CAGR — while EBITDA improved and subscribers grew year-over-year.
P/E
—
Forward P/E
—
ROE
—
Debt / Equity
—
Profit Margin
-18.6%
Div. Yield
—
5Y ROE > 15%
0/5
5Y FCF > 0
4/5
Quality
31/100
News
8 headlines · 0 positive · 3 negative
TTML Reports ₹215 Cr FY26 Loss; EBITDA Improves, Subscribers Grow - Whalesbook
Whalesbook
TTML Reports Q4 Revenue of ₹3B vs ₹3.1B YoY Despite Strong Profit Turnaround - scanx.trade
scanx.trade
TTML Q4 Profit Driven by AGR Reversal; Annual Loss Shrinks - Whalesbook
Whalesbook
TTML FY26 BRSR Filed; Negative Net Worth Highlights Financial State - Whalesbook
Whalesbook
TTML Files FY26 ESG Report, Negative Net Worth Tops ₹19,983 Cr - Whalesbook
Whalesbook
Recent context
- ·FY26 annual results (reported May 2026) show a ₹215 Cr net loss; Q4 reported a profit primarily due to an AGR (Adjusted Gross Revenue) liability reversal, a non-recurring regulatory item rather than operational improvement.
- ·The FY26 BRSR filing disclosed negative net worth of ₹19,983 Cr, a figure that represents a solvency-level structural risk distinct from the quarterly P&L fluctuations.
- ·News sentiment across 8 recent articles skews negative (3 negative, 5 neutral, 0 positive), with coverage centred on the annual loss, negative net worth disclosure, and the AGR-driven Q4 profit.
Strengths
- +FCF was positive in 4 of the available tracked years despite deeply negative profit margins, suggesting some operating cash generation relative to accounting losses.
- +Q4 FY26 showed a profit driven partly by an AGR liability reversal, and EBITDA margin improved year-over-year, indicating some operational stabilisation at the earnings-before-interest level.
- +Subscriber base grew year-over-year per FY26 results, representing a volume metric that diverges from the revenue-decline trend.
- +Stock is currently trading above its 50-DMA (₹42.01 vs SMA-50 ₹40.47), with RSI at 48.2 in neutral territory — near-term price is above the short-term moving average.
Weaknesses
- −Negative net worth stands at ₹19,983 Cr per the FY26 BRSR filing; combined with a profit margin of -18.56% and rising debt, the balance sheet reflects structurally impaired financial health.
- −Revenue has declined at a -4.1% CAGR over 5 years with zero years of ROE above 15%, and the fundamental consistency score of 15/100 is among the weakest in the telecom peer group.
- −Quality score of 29/100 ranks TTML 5th of 6 telecom peers (behind BHARTIARTL at 32, BHARTIHEXA at 50, IDEA at 40, and INDUSTOWER at 64), reflecting persistent underperformance versus the sector.
- −Stock is 48.21% below its 52-week high and 26.94% lower over 12 months, trading ~15% below its 200-DMA of ₹49.35; the medium-term price trend remains negative.
Open questions
- ?Does the EBITDA improvement and subscriber growth signal that the core telecom operations are stabilising, or do the fixed-cost structure and rising debt offset any operating leverage benefit?
- ?How reliant is the reported Q4 profit on the AGR liability reversal, and what does the trajectory look like for quarters where no such non-recurring items are present?
- ?Given negative net worth of ₹19,983 Cr, what is the path — if any — to balance-sheet rehabilitation, and what role does the Tata Group parentage play in that scenario?
- ?How does TTML's competitive positioning in the Maharashtra circle compare to Bharti Airtel and Reliance Jio in terms of market share trends and ARPU, and does subscriber growth translate to revenue recovery?
Peer comparison: Telecom
Ranks 5 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| TTML | Tata Teleservices (Maharashtra) Ltd.You're viewing | — | — | 29 |
| Industry avg | across 5 peers | 37.3 | +24.8% | 38 |
| INDUSTOWER | Indus Towers Ltd. | 15.8 | +19.8% | 64 |
| BHARTIHEXA | Bharti Hexacom Ltd. | 45.1 | +28.8% | 50 |
| IDEA | Vodafone Idea Ltd. | — | — | 40 |
| BHARTIARTL | Bharti Airtel Ltd. | 42.9 | +19.4% | 32 |
| TATACOMM | Tata Communications Ltd. | 45.5 | +31.1% | 5 |
Technical state
Current price
₹42.01
SMA 50
₹40.47
SMA 200
₹49.35
RSI (14)
48.2 (neutral)
From 52w high
-48.2%
1Y return
-26.9%
3M return
-7.5%
50-DMA
Above
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highNegative net worth reported at ₹19,983 Cr (per FY26 BRSR filing); profit margin of -18.56% and 5-year revenue CAGR of -4.1% indicate persistent core-business deterioration with no ROE above 15% in any tracked year.
- highFundamental consistency score of 15/100 and quality score of 29/100 — ranked 5th of 6 telecom peers, above only TATACOMM (qualityScore 5). FY26 annual loss of ₹215 Cr recorded.
- mediumStock is 48.21% below its 52-week high; down 26.94% over 12 months and 7.55% over 3 months. Trading below 200-DMA (₹42.01 vs SMA-200 ₹49.35), a gap of ~15%.
- mediumDebt trend classified as rising; D/E ratio unavailable. In the context of negative margins, declining revenue, and negative net worth, rising debt represents elevated financial stress. Q4 profit was driven by an AGR reversal, a non-recurring item.
Cross-section contradictions
- FCF was positive in 4 of available years despite persistent negative profit margins (-18.56%) and negative net worth; the divergence may reflect non-cash charges or working capital timing but warrants scrutiny of FCF quality.
- Stock is trading above its 50-DMA (₹42.01 vs SMA-50 ₹40.47) despite being 48.21% below its 52-week high and below the 200-DMA — near-term price recovery has not extended to medium-term trend direction.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 17 May 2026 · rotates through NIFTY 500 every ~5 days