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Tata Teleservices (Maharashtra) Ltd

TTML·NSE
35.63+0.03%Wed, 23 Sept '26

Tata Teleservices (Maharashtra) Ltd

TTML
NSE
35.63
+0.03%
|Wed, 23 Sept '26
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
6,981Cr
Close
Close Price
35.71
Industry
Industry
Telecom Services
PE
Price To Earnings
187.95
PS
Price To Sales
5.93
Revenue
Revenue
1,178Cr
Rev Gr TTM
Revenue Growth TTM
-7.19%
PAT Gr TTM
PAT Growth TTM
102.94%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
287296323324344333308284286294296302
Growth YoY
Revenue Growth YoY%
3.35.015.413.319.812.4-4.7-12.1-16.7-11.6-4.16.1
Expenses
ExpensesCr
159157181187205182155138146119132137
Operating Profit
Operating ProfitCr
128139143137138150153147140175163165
OPM
OPM%
44.546.844.142.340.345.249.651.648.959.655.354.7
Other Income
Other IncomeCr
2324212-22-26652
Interest Expense
Interest ExpenseCr
403411414423429423419433425288215206
Depreciation
DepreciationCr
363839414243423737363233
PBT
PBTCr
-310-308-309-323-330-315-306-325-321-150581-72
Tax
TaxCr
000000000000
PAT
PATCr
-310-308-309-323-330-315-306-325-321-150581-72
Growth YoY
PAT Growth YoY%
-6.0-10.0-11.7-7.4-6.5-2.40.9-0.52.952.3289.677.8
NPM
NPM%
-108.2-103.9-95.7-100.0-96.2-94.7-99.4-114.3-112.1-51.1196.6-23.9
EPS
EPS
-1.6-1.6-1.6-1.6-1.7-1.6-1.6-1.7-1.6-0.83.0-0.4
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
287296323324344333308284286294296302
Growth YoY
Revenue Growth YoY%
3.35.015.413.319.812.4-4.7-12.1-16.7-11.6-4.16.1
Expenses
ExpensesCr
159157181187205182155138146119132137
Operating Profit
Operating ProfitCr
128139143137138150153147140175163165
OPM
OPM%
44.546.844.142.340.345.249.651.648.959.655.354.7
Other Income
Other IncomeCr
2324212-22-26652
Interest Expense
Interest ExpenseCr
403411414423429423419433425288215206
Depreciation
DepreciationCr
363839414243423737363233
PBT
PBTCr
-310-308-309-323-330-315-306-325-321-150581-72
Tax
TaxCr
000000000000
PAT
PATCr
-310-308-309-323-330-315-306-325-321-150581-72
Growth YoY
PAT Growth YoY%
-6.0-10.0-11.7-7.4-6.5-2.40.9-0.52.952.3289.677.8
NPM
NPM%
-108.2-103.9-95.7-100.0-96.2-94.7-99.4-114.3-112.1-51.1196.6-23.9
EPS
EPS
-1.6-1.6-1.6-1.6-1.7-1.6-1.6-1.7-1.6-0.83.0-0.4

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
2,9722,7031,8691,2771,0781,0441,0941,1061,1921,3081,1601,178
Growth
Revenue Growth%
2.7-9.1-30.9-31.6-15.6-3.24.81.17.79.8-11.3-7.2
Expenses
ExpensesCr
2,2282,1261,805620656555626614664737543534
Operating Profit
Operating ProfitCr
74457663657422489468493527571617643
OPM
OPM%
25.021.33.451.539.146.842.844.544.343.653.254.6
Other Income
Other IncomeCr
41-855-7,803406-2,396-75617111616670667
Interest Expense
Interest ExpenseCr
6841,2821,5691,5541,5451,5611,5391,5021,6221,6941,3611,134
Depreciation
DepreciationCr
460796533178195169160147150168142138
PBT
PBTCr
-358-2,356-9,842-668-3,714-1,997-1,215-1,145-1,228-1,275-21538
Tax
TaxCr
000000000000
PAT
PATCr
-358-2,356-9,842-668-3,714-1,997-1,215-1,145-1,228-1,275-21538
Growth
PAT Growth%
41.8-557.6-317.793.2-456.346.239.15.8-7.3-3.883.1102.9
NPM
NPM%
-12.1-87.2-526.7-52.3-344.6-191.3-111.1-103.5-103.1-97.5-18.63.2
EPS
EPS
-1.8-12.1-50.3-3.4-19.0-10.2-6.2-5.9-6.3-6.5-1.10.2
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
2,9722,7031,8691,2771,0781,0441,0941,1061,1921,3081,1601,178
Growth
Revenue Growth%
2.7-9.1-30.9-31.6-15.6-3.24.81.17.79.8-11.3-7.2
Expenses
ExpensesCr
2,2282,1261,805620656555626614664737543534
Operating Profit
Operating ProfitCr
74457663657422489468493527571617643
OPM
OPM%
25.021.33.451.539.146.842.844.544.343.653.254.6
Other Income
Other IncomeCr
41-855-7,803406-2,396-75617111616670667
Interest Expense
Interest ExpenseCr
6841,2821,5691,5541,5451,5611,5391,5021,6221,6941,3611,134
Depreciation
DepreciationCr
460796533178195169160147150168142138
PBT
PBTCr
-358-2,356-9,842-668-3,714-1,997-1,215-1,145-1,228-1,275-21538
Tax
TaxCr
000000000000
PAT
PATCr
-358-2,356-9,842-668-3,714-1,997-1,215-1,145-1,228-1,275-21538
Growth
PAT Growth%
41.8-557.6-317.793.2-456.346.239.15.8-7.3-3.883.1102.9
NPM
NPM%
-12.1-87.2-526.7-52.3-344.6-191.3-111.1-103.5-103.1-97.5-18.63.2
EPS
EPS
-1.8-12.1-50.3-3.4-19.0-10.2-6.2-5.9-6.3-6.5-1.10.2

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
1,9551,9551,9551,9551,9551,9551,9551,9551,9551,9551,955
Reserves
ReservesCr
-5,941-8,230-18,139-18,814-22,585-24,580-25,795-26,942-28,170-29,446-29,659
Current Liabilities
Current LiabilitiesCr
5,9197,15110,55313,62012,87710,0099,42310,2217,5359,95718,184
Non Current Liabilities
Non Current LiabilitiesCr
7,52910,6647,9865,7316,3169,99110,77410,04413,02510,9173,140
Total Liabilities
Total LiabilitiesCr
9,46211,9063,3804,5311,7141,5091,3651,2111,3071,3041,341
Current Assets
Current AssetsCr
1,0471,2521,8853,518596488378271290294184
Non Current Assets
Non Current AssetsCr
8,41510,6541,4961,0131,1191,0219869391,0171,0091,157
Total Assets
Total AssetsCr
9,46211,9063,3804,5311,7141,5091,3651,2111,3071,3041,341
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
1,9551,9551,9551,9551,9551,9551,9551,9551,9551,9551,955
Reserves
ReservesCr
-5,941-8,230-18,139-18,814-22,585-24,580-25,795-26,942-28,170-29,446-29,659
Current Liabilities
Current LiabilitiesCr
5,9197,15110,55313,62012,87710,0099,42310,2217,5359,95718,184
Non Current Liabilities
Non Current LiabilitiesCr
7,52910,6647,9865,7316,3169,99110,77410,04413,02510,9173,140
Total Liabilities
Total LiabilitiesCr
9,46211,9063,3804,5311,7141,5091,3651,2111,3071,3041,341
Current Assets
Current AssetsCr
1,0471,2521,8853,518596488378271290294184
Non Current Assets
Non Current AssetsCr
8,41510,6541,4961,0131,1191,0219869391,0171,0091,157
Total Assets
Total AssetsCr
9,46211,9063,3804,5311,7141,5091,3651,2111,3071,3041,341

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
766730603-734-360567530558586505668
Investing Cash Flow
Investing Cash FlowCr
-1,183-2,198259-101510-177-130-66-64-109-91
Financing Cash Flow
Financing Cash FlowCr
4341,041-860967-237-432-427-494-503-386-604
Net Cash Flow
Net Cash FlowCr
18-4272132-87-42-26-21810-27
Free Cash Flow
Free Cash FlowCr
513-160526-861-469457426449482413535
CFO To PAT
CFO To PAT%
-213.8-31.0-6.1109.99.7-28.4-43.6-48.8-47.7-39.6-310.1
CFO To EBITDA
CFO To EBITDA%
102.9126.6955.0-111.7-85.3116.0113.3113.3111.188.5108.1
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
766730603-734-360567530558586505668
Investing Cash Flow
Investing Cash FlowCr
-1,183-2,198259-101510-177-130-66-64-109-91
Financing Cash Flow
Financing Cash FlowCr
4341,041-860967-237-432-427-494-503-386-604
Net Cash Flow
Net Cash FlowCr
18-4272132-87-42-26-21810-27
Free Cash Flow
Free Cash FlowCr
513-160526-861-469457426449482413535
CFO To PAT
CFO To PAT%
-213.8-31.0-6.1109.99.7-28.4-43.6-48.8-47.7-39.6-310.1
CFO To EBITDA
CFO To EBITDA%
102.9126.6955.0-111.7-85.3116.0113.3113.3111.188.5108.1

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,2961,4081,0776003522,75632,61810,84814,45911,0126,1176,981
Price To Earnings
Price To Earnings
187.9
Price To Sales
Price To Sales
0.40.50.60.50.32.629.89.812.18.45.35.9
Price To Book
Price To Book
-0.3-0.2-0.10.00.0-0.1-1.4-0.4-0.6-0.4-0.2-0.3
EV To EBITDA
EV To EBITDA
16.028.3224.819.925.945.5112.062.365.455.043.743.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
42.556.353.447.253.357.154.557.758.263.872.272.2
OPM
OPM%
25.021.33.451.539.146.842.844.544.343.653.254.6
NPM
NPM%
-12.1-87.2-526.7-52.3-344.6-191.3-111.1-103.5-103.1-97.5-18.63.2
ROCE
ROCE%
4.9-12.4274.4-21.021.814.1-8.0-7.0-6.4-5.9-16.8-16.8
ROE
ROE%
9.037.560.84.018.08.85.14.64.74.60.80.8
ROA
ROA%
-3.8-19.8-291.2-14.7-216.7-132.3-89.0-94.5-94.0-97.8-16.1-16.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,2961,4081,0776003522,75632,61810,84814,45911,0126,1176,981
Price To Earnings
Price To Earnings
187.9
Price To Sales
Price To Sales
0.40.50.60.50.32.629.89.812.18.45.35.9
Price To Book
Price To Book
-0.3-0.2-0.10.00.0-0.1-1.4-0.4-0.6-0.4-0.2-0.3
EV To EBITDA
EV To EBITDA
16.028.3224.819.925.945.5112.062.365.455.043.743.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
42.556.353.447.253.357.154.557.758.263.872.272.2
OPM
OPM%
25.021.33.451.539.146.842.844.544.343.653.254.6
NPM
NPM%
-12.1-87.2-526.7-52.3-344.6-191.3-111.1-103.5-103.1-97.5-18.63.2
ROCE
ROCE%
4.9-12.4274.4-21.021.814.1-8.0-7.0-6.4-5.9-16.8-16.8
ROE
ROE%
9.037.560.84.018.08.85.14.64.74.60.80.8
ROA
ROA%
-3.8-19.8-291.2-14.7-216.7-132.3-89.0-94.5-94.0-97.8-16.1-16.1
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Tata Teleservices (Maharashtra) Ltd is the enterprise-only telecom offshoot of the Tata Group, born from the deliberate 2019 demerger of its consumer mobile business to Bharti Airtel so it could focus entirely on making small and mid-sized businesses digitally capable. Operating under the brand Tata Tele Business Services (TTBS), it now sells connectivity, cloud, security and communication tools as a one-stop shop, exclusively to other companies rather than to individuals. The recurring logic is bundling: it wraps network access, software and managed services into single subscription plans so that a business owner gets one bill and one dashboard instead of a tangle of vendors. # Business segments Two engines that feed each other - a connectivity backbone that keeps customers locked in, and a suite of digital solutions layered on top that turns a utility pipe into a growth platform. ## 1. Connectivity: the pipe that everything else runs on **Internet leased lines, broadband and software-defined wide-area networks form the recurring-revenue core that makes TTBS a daily utility for its enterprise customers.** - **The flagship is a dedicated internet line** - the Smart Internet Leased Line (ILL) gives a business guaranteed, uncontended bandwidth, and the Secured ILL variant bundles in a fully managed next-generation firewall so the customer pays a single operating-expense fee instead of buying security hardware separately. - **Software-defined networks replace rigid branch wiring** - SD-WAN FLX and iFLX Edge let a company manage all its office connections through one intelligent interface with built-in security, which means a chain of shops or a cluster of bank branches can be reconfigured from a screen rather than by sending engineers to each site. - **A fibre spine that reaches across the country** - TTML itself owns about 17,000 kilometres of optical fibre across Maharashtra and Goa, and when combined with its holding company’s network the shared footprint exceeds 127,000 kilometres, giving it the physical reach to serve enterprises in more than 60 cities even though its licence is regional. - **Ultra-low latency for traders** - the Ultra-LOLA point-to-point link delivers latency measured in microseconds, which is how brokerage houses and financial institutions get market data fast enough to act on it before the moment passes. ## 2. Smart Digital Solutions: the sticky layer on top of the pipe **Once a customer is connected, TTBS sells communication, security, cloud and marketing tools that are harder to rip out than a plain internet line - and that is where the relationship deepens.** - **Cloud phone systems that replace office PBX boxes** - Smartflo UCaaS integrates voice calling directly into Microsoft Teams, so employees make and receive public-network calls from their laptops or mobiles through the corporate network, eliminating the physical phone switch in the cupboard. - **A single subscription that bundles network and security** - Network as a Service (NaaS) combines the internet line, a firewall, cloud-based DNS filtering, DDoS protection and dual last-mile connections into one plan with one bill and one dashboard, which turns a capital-expense headache into a predictable monthly charge. - **Business messaging with a verified identity** - the 1600 Number Series, mandated by the telecom regulator for transactional calls, and Truecaller Verified Business Caller ID both display a branded caller name so that a bank or insurer’s outbound call is not mistaken for spam, improving answer rates. - **Cloud infrastructure sold on a pay-as-you-go model** - as a Microsoft Azure Solutions Partner, TTBS migrates workloads from on-premises servers to the cloud and manages them, which lets a mid-sized manufacturer run its ERP without owning a server room. # Group structure and partners **TTBS is a shared brand and a shared network between two Tata entities that do not compete - one covers the rest of India while TTML covers Maharashtra and Goa, and both lean on the group’s long-distance and internet-routing muscle.** - **A holding company with majority voting control** - Tata Teleservices Limited (TTSL) owns 48.3% of the equity but holds 74.56% of the voting rights through non-convertible preference shares, while Tata Sons is the ultimate parent. - **No overlapping territories** - TTSL provides telecom services across India except the Maharashtra-Goa circle and a few other regions, so the two companies split the map cleanly and share infrastructure, network assets and central service costs to keep operations efficient. - **Tata Communications carries the long-distance traffic** - TTML routes calls and data through Tata Communications’ national long-distance network, which itself carries roughly 30% of the world’s internet routes, giving TTML’s enterprise customers a path that reaches 60% of the world’s cloud providers. - **A board built for oversight, not operations** - of the six directors, five are non-executive including three independents, and the sole executive is the managing director; six board committees handle audit, risk, remuneration and finance.

Documents — Tata Teleservices (Maharashtra) Ltd

  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/yxptr3fjlglfgcfy72em2atv.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/vqjlhdoivt3kcpjpzlsq41vk.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/x8bul6p28465wdj5s5zru9nb.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/q0uz9sfq0s7631bjl4cbzflk.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/vx5i11du1l34j1n3465himo0.pdf
  • Q1 FY2025 Quarterly Result (Jun 2024, PDF): https://www.stockscans.in/document/ugob75uz02dwwruphkyye7np.pdf
  • Q1 FY2024 Quarterly Result (Jun 2023, PDF): https://www.stockscans.in/document/ah8t0imwyis4ynb6yw547bn7.pdf
  • Q4 FY2023 Quarterly Result (Mar 2023, PDF): https://www.stockscans.in/document/s9ajl0ciljl3rdsk68hqu3o8.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/iwta0mdkpz2y72t5qojf39jd.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/wcjtrokzij5prqm9plkncj3o.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/v313613ipjplvk6gqtuyq6hs.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/yadyk9o2qyuxwvwivjp85mmb.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/s4h8i0ui1uj5p4ibfkasnpvz.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/a4ct3vfchzamfbpnuiu3c00c.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/q0bw0nfn59gde4srmopwg6ei.pdf