Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appoints joint statutory auditors for FY2026-27: S L Chhajed & Co LLP and S P A R K & Associates.
Source: Bse
Mahanagar Telephone Nigam Limited (MTNL)
Small CapTelecom stocks · Small cap · NSE
Mahanagar Telephone Nigam Limited operates in Telecom Services, within the Telecom sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result12 Aug, 09:14 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage10/14 · 71%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -8.6% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MTNLD candles · FIT view-25.2%Latest close ₹22.91 on 2026-10-19
Bar
-2.3%
RSI
41
MACD hist
0.09
52W pos
7%
2026-10-19O ₹23.44H ₹23.50L ₹22.77C ₹22.91Vol 7.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MTNLNifty TelecommunicationsNifty 500
- MTNL
- -18.5%
- Nifty 500
- -5.6%
- Nifty Telecommunications
- +3.9%
- Vs Nifty 500
- -13.0 pp
Chart stats
19 Oct 2026- From 52W high
- -48.7%
- 52W range position
- 7%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.15x
- Avg traded value
- ₹11.6 Cr
- 20D price channel
- ₹22.5 - ₹26.9
₹44.7
₹21.3 - ₹44.7
₹1
Latest completed session
20-session average
50.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED16
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +26.2% · PAT NDF YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +26% YoY · margin expansion
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹217 Cr | +26.2% | -41.5% |
| EBITDA | ₹-33 Cr | +58.2% | -155.0% |
| Operating margin | -15.0% | +3100 bps | -3100 bps |
| PAT | ₹-842 Cr | NDF | NDF |
| PAT margin | -388.0% | +16024 bps | -30527 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- —
- EV/EBITDA
- 81.65
- Market Cap
- 1461.00Cr
Profitability
- ROE
- —
- ROCE
- -9.32%
- ROA
- -29.76%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -7.00%
- EPS 5Y
- -11.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -7.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- -0.04×
- Altman Z
- -1.32
- Book Value
- -476.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 176.00 Cr
- EPS TTM
- -47.72
Shareholding
- Promoter Hold
- 56.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 988+3.3% vs prev
Net Profit
₹ CrLatest: -3,107+6.6% vs prev
Return on Equity
%No data
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.4% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 49% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
-3.7%
3M return
-18.5%
6M return
-28.7%
1Y return
-45.6%
RS 1D
0
RS 20D
0
Sector rank
#6
Industry rank
#33
Stage evidence
- Price is 17.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 55.22-1.50%
RS vs Nifty 50055
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth0/25
Quality0/20
Balance Sheet6/15
Cash Flow4/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
16
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
16/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 4/10 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is -1.3, in distress territory.
- Growth is weaker at 0/25; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
—
PB
—
EV/EBITDA
81.7
ROE
—
ROCE
-9.3%
FCF Yield
—
Debt/Equity
0.0
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
16
Previous: 16
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
16
16
16
16
16
16
16
16
16
16
16
16
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
3.6
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RCOM
Small
Reliance Communications Limited
Telecom Services
match 85
25
—
—
—
OVERVALUED
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 78
57
19.6
28.9%
+53%
FAIR VALUE
ACCORD
SME
Accord Synergy Ltd.
Telecom Services
match 78
5
84.8
6.0%
-680%
OVERVALUED
TTML
Large
Tata Teleservices (Maharashtra) Limited
Telecom Services
match 69
32
—
—
-1304%
WATCHLIST
TATACOMM
Mid
Tata Communications Limited
Telecom Services
match 68
37
41.0
32.6%
-710%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Mahanagar Telephone Nigam Limited operates in Telecom Services, within the Telecom sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 58th percentile within Telecom. Main check: results consistency is weak at 45/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Telecom: 58th pctile, median 66 · Small: 54th pctile, median 66
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 56.3%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸ROCE is low at -2.2%.
- ▸OPM spread across recent quarters is 73%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mahanagar Telephone Nigam Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 19 Aug - MTNL submits India Ratings press release on bond ratings.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.