Tata Teleservices (Maharashtra) Ltd

TTML

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Market Cap

₹ 10,054 Cr

P/E

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Tata Teleservices (Maharashtra) Limited (TTML) is a key provider of digital connectivity and communication solutions targeting business enterprises in Maharashtra and Goa under the brand name Tata Tele Business Services.

With 0.8 million subscribers, TTML offers wireline voice, data, cloud, and SaaS solutions, significantly strengthening the business connectivity ecosystem.

The company launched several advanced digital solutions, including Smart Internet Leased Line, Smartflo, and comprehensive cloud-based services, partnering notably with Microsoft and Google in 2023-24.

A notable historical development includes the transfer of TTML’s Consumer Mobile Business to Bharti Airtel in 2019, realigning the company’s strategic focus on enterprise services.

TTML is now focused on leveraging transformative AI power and cloud services to empower SMEs in expanding their business horizons.

Sector

Telecom-Service

Industry

Telecommunications - Service Provider

Market Cap

10,054 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

38.4

PEG Ratio

—

P/B Ratio

—

52W High

86.50

52W Low

44.60

Sales CAGR

7.97%

6.14%

3.95%

10Y

-8.72%

Profit CAGR

125.23%

—

10Y

—

ROE

TTM

6.42%

6.30%

7.21%

10Y

15.60%

ROCE

TTM

54.42%

-4.89%

-2.61%

10Y

15.52%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RAILTEL	331.70	14,908 Cr	79.54	8.65	0.61	10.89	13.55	6.04
TTML	51.43	10,054 Cr	—	0.00	0.00	6.42	54.42	-102.64
NAZARA	243.05	9,104 Cr	9.28	2.68	0.00	28.89	26.57	0.83
MTNL	36.85	2,322 Cr	—	0.00	0.00	12.39	-11.49	-37.36
HATHWAY	12.63	2,236 Cr	22.55	0.50	0.00	2.20	2.86	1.80
NELCO	746.60	1,706 Cr	397.69	13.27	0.13	3.34	9.18	1.39
ONMOBILE	60.31	642 Cr	54.39	0.98	0.00	1.80	3.87	0.85

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2008	Sep 2008	Dec 2008	Jun 2009	Sep 2009	Dec 2009
Sales	502	513	516	512	543	602
Expenses	350	357	367	356	428	468
Operating Profit	152	157	150	156	114	133
OPM %	30.24	30.49	29.00	30.55	21.07	22.18
Other Income	3.15	4.73	1.79	1.49	6.71	1.21
Interest	75	93	84	73	103	93
Depreciation	114	115	116	119	134	145
Profit Before Tax	-35	-47	-48	-34	-117	-103
Tax %	-0.58	-0.64	-0.62	-1.27	0.37	0.00
Net Profit	-35	-47	-49	-34	-116	-103
EPS in Rs	—	—	—	—	—	—

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,703	1,869	1,277	1,078	1,044	1,094	1,106	1,192	1,308	1,269
Expenses	2,126	1,805	620	656	555	626	614	664	737	680
Operating Profit	576	63	657	422	489	468	492	527	571	588
OPM %	21.33	3.38	51.47	39.13	46.84	42.75	44.52	44.26	43.64	46.37
Other Income	-855	-7,803	406	-2,396	-756	17	11	16	16	2.74
Interest	1,282	1,569	1,554	1,545	1,561	1,539	1,502	1,622	1,694	1,704
Depreciation	796	533	178	195	169	160	147	150	168	164
Profit Before Tax	-2,356	-9,842	-668	-3,714	-1,997	-1,215	-1,145	-1,228	-1,275	-1,277
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-2,356	-9,842	-668	-3,714	-1,997	-1,215	-1,145	-1,228	-1,275	-1,277
EPS in Rs	-12.06	-50.34	-3.42	-19.00	-10.21	-6.22	-5.86	-6.28	-6.52	-6.48
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,955	1,955	1,955	1,955	1,955	1,955	1,955	1,955	1,955	1,955
Reserves	-5,941	-7,864	-17,114	-16,775	-19,434	-20,446	-20,787	-21,009	-21,208	-21,525
Borrowings	10,659	14,968	13,169	12,639	10,670	13,096	19,794	19,869	20,047	20,416
Other Liabilities	2,789	2,847	5,371	6,711	8,523	6,904	403	397	513	458
Total Liabilities	9,462	11,906	3,380	4,531	1,714	1,509	1,365	1,211	1,307	1,304
Fixed Assets	3,363	7,460	847	718	894	830	779	740	788	798
CWIP	4,246	2,504	27	26	39	29	28	34	59	35
Investments	592	680	378	609	0.00	70	101	66	34	58
Other Assets	1,260	1,263	2,129	3,178	781	580	457	369	425	413
Total Assets	9,462	11,906	3,380	4,531	1,714	1,509	1,365	1,211	1,307	1,304

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	766	730	603	-734	-360	567	530	558	586	505
Cash from Investing Activity	-1,183	-2,198	259	-101	510	-177	-130	-66	-64	-109
Cash from Financing Activity	434	1,041	-860	967	-237	-432	-427	-494	-503	-386
Net Cash Flow	18	-427	2.15	132	-87	-42	-26	-2.49	18	9.96

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%	74.36%
FIIs	2.18%	2.17%	2.03%	2.22%	2.26%	2.46%	2.38%	2.39%	2.34%	2.54%	2.82%	2.64%
DIIs	0.05%	0.05%	0.06%	0.07%	0.05%	0.06%	0.08%	0.10%	0.11%	0.12%	0.13%	0.14%
Public	23.41%	23.42%	23.55%	23.35%	23.33%	23.12%	23.19%	23.16%	23.19%	22.98%	22.70%	22.86%
Total Shareholders	8,37,131	8,37,251	8,27,582	8,21,354	8,08,618	8,20,372	8,17,121	10,18,223	10,44,616	10,38,037	10,38,993	10,10,798

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 22, 2025	Hrti private limited	Bulk	Sell	76.26	75.30 Cr	98,74,344	0.50
May 22, 2025	Hrti private limited	Bulk	Buy	76.33	75.80 Cr	99,31,067	0.50
Nov 26, 2024	Graviton research capital llp	Bulk	Buy	76.72	81.33 Cr	1,06,00,822	0.54
Nov 26, 2024	Graviton research capital llp	Bulk	Sell	76.77	81.45 Cr	1,06,09,990	0.54
Jul 22, 2024	Hrti private limited	Bulk	Buy	105.42	120.73 Cr	1,14,52,035	0.58
Jul 22, 2024	Hrti private limited	Bulk	Sell	105.94	144.59 Cr	1,36,48,182	0.69
Jul 19, 2024	Aakraya research llp	Bulk	Buy	105.46	183.97 Cr	1,74,44,422	0.89
Jul 19, 2024	Hrti private limited	Bulk	Buy	105.34	160.07 Cr	1,51,95,807	0.77
Jul 19, 2024	Aakraya research llp	Bulk	Sell	105.51	184.04 Cr	1,74,43,330	0.89
Jul 19, 2024	Hrti private limited	Bulk	Sell	106.02	158.58 Cr	1,49,57,558	0.76

Projection

Actions

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Last 7 days

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Presentations

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Overview

Detailed Summary

With 0.8 million subscribers, TTML offers wireline voice, data, cloud, and SaaS solutions, significantly strengthening the business connectivity ecosystem.

A notable historical development includes the transfer of TTML’s Consumer Mobile Business to Bharti Airtel in 2019, realigning the company’s strategic focus on enterprise services.

TTML is now focused on leveraging transformative AI power and cloud services to empower SMEs in expanding their business horizons.

Sector

Telecom-Service

Industry

Telecommunications - Service Provider

Market Cap

10,054 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

38.4

PEG Ratio

—

P/B Ratio

—

52W High

86.50

52W Low

44.60

Sales CAGR

7.97%

6.14%

3.95%

10Y

-8.72%

Profit CAGR

125.23%

—

10Y

—

ROE

TTM

6.42%

6.30%

7.21%

10Y

15.60%

ROCE

TTM

54.42%

-4.89%

-2.61%

10Y

15.52%