Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹7,108Cr
Rev Gr TTM
Revenue Growth TTM
-11.34%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 2.7 | 7.1 | 3.3 | 5.0 | 15.4 | 13.3 | 19.8 | 12.4 | -4.7 | -12.1 | -16.7 | -11.6 |
| 148 | 159 | 159 | 157 | 181 | 187 | 205 | 182 | 155 | 138 | 146 | 119 |
Operating Profit Operating ProfitCr |
| 47.3 | 44.3 | 44.5 | 46.8 | 44.1 | 42.3 | 40.3 | 45.2 | 49.6 | 51.6 | 48.9 | 59.6 |
Other Income Other IncomeCr | 1 | 2 | 2 | 3 | 2 | 4 | 2 | 1 | 2 | -2 | 2 | -2 |
Interest Expense Interest ExpenseCr | 379 | 394 | 403 | 411 | 414 | 423 | 429 | 423 | 419 | 433 | 425 | 288 |
Depreciation DepreciationCr | 32 | 36 | 36 | 38 | 39 | 41 | 42 | 43 | 42 | 37 | 37 | 36 |
| -277 | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | 1.3 | -2.1 | -6.0 | -10.0 | -11.7 | -7.4 | -6.5 | -2.4 | 0.9 | -0.5 | 2.9 | 52.3 |
| -98.9 | -105.5 | -108.2 | -103.9 | -95.7 | -100.0 | -96.2 | -94.7 | -99.4 | -114.3 | -112.1 | -51.1 |
| -1.4 | -1.5 | -1.6 | -1.6 | -1.6 | -1.6 | -1.7 | -1.6 | -1.6 | -1.7 | -1.6 | -0.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 2.7 | -9.1 | -30.9 | -31.6 | -15.6 | -3.2 | 4.8 | 1.1 | 7.7 | 9.8 | -10.3 |
| 2,293 | 2,228 | 2,126 | 1,805 | 620 | 656 | 555 | 626 | 614 | 664 | 737 | 558 |
Operating Profit Operating ProfitCr |
| 20.8 | 25.0 | 21.3 | 3.4 | 51.5 | 39.1 | 46.8 | 42.8 | 44.5 | 44.3 | 43.6 | 52.4 |
Other Income Other IncomeCr | 46 | 41 | -855 | -7,803 | 406 | -2,396 | -756 | 17 | 11 | 16 | 16 | 0 |
Interest Expense Interest ExpenseCr | 651 | 684 | 1,282 | 1,569 | 1,554 | 1,545 | 1,561 | 1,539 | 1,502 | 1,622 | 1,694 | 1,565 |
Depreciation DepreciationCr | 611 | 460 | 796 | 533 | 178 | 195 | 169 | 160 | 147 | 150 | 168 | 152 |
| -615 | -358 | -2,356 | -9,842 | -668 | -3,714 | -1,997 | -1,215 | -1,145 | -1,228 | -1,275 | -1,103 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
| | 41.8 | -557.6 | -317.7 | 93.2 | -456.3 | 46.2 | 39.1 | 5.8 | -7.3 | -3.8 | 13.5 |
| -21.3 | -12.1 | -87.2 | -526.7 | -52.3 | -344.6 | -191.3 | -111.1 | -103.5 | -103.1 | -97.5 | -94.0 |
| -3.1 | -1.8 | -12.1 | -50.3 | -3.4 | -19.0 | -10.2 | -6.2 | -5.9 | -6.3 | -6.5 | -5.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 |
| -4,923 | -5,941 | -8,230 | -18,139 | -18,814 | -22,585 | -24,580 | -25,795 | -26,942 | -28,170 | -29,446 | -21,699 |
Current Liabilities Current LiabilitiesCr | 3,986 | 5,919 | 7,151 | 10,553 | 13,620 | 12,877 | 10,009 | 9,423 | 10,221 | 7,535 | 9,957 | 11,294 |
Non Current Liabilities Non Current LiabilitiesCr | 5,026 | 7,529 | 10,664 | 7,986 | 5,731 | 6,316 | 9,991 | 10,774 | 10,044 | 13,025 | 10,917 | 9,685 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 487 | 1,047 | 1,252 | 1,885 | 3,518 | 596 | 488 | 378 | 271 | 290 | 294 | 253 |
Non Current Assets Non Current AssetsCr | 5,557 | 8,415 | 10,654 | 1,496 | 1,013 | 1,119 | 1,021 | 986 | 939 | 1,017 | 1,009 | 982 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 636 | 766 | 730 | 603 | -734 | -360 | 567 | 530 | 558 | 587 | 505 |
Investing Cash Flow Investing Cash FlowCr | -785 | -1,183 | -2,198 | 259 | -101 | 510 | -177 | -130 | -66 | -65 | -109 |
Financing Cash Flow Financing Cash FlowCr | 177 | 434 | 1,041 | -860 | 967 | -237 | -432 | -427 | -494 | -503 | -386 |
|
Free Cash Flow Free Cash FlowCr | 636 | 513 | -160 | 526 | -861 | -469 | 457 | 426 | 449 | 483 | 413 |
| -103.4 | -213.8 | -31.0 | -6.1 | 109.9 | 9.7 | -28.4 | -43.6 | -48.8 | -47.8 | -39.6 |
CFO To EBITDA CFO To EBITDA% | 106.0 | 102.9 | 126.6 | 955.0 | -111.7 | -85.3 | 116.0 | 113.3 | 113.3 | 111.2 | 88.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,544 | 1,296 | 1,408 | 1,077 | 600 | 352 | 2,756 | 32,618 | 10,848 | 14,459 | 11,012 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 0.5 | 0.4 | 0.5 | 0.6 | 0.5 | 0.3 | 2.6 | 29.8 | 9.8 | 12.1 | 8.4 |
Price To Book Price To Book | -0.5 | -0.3 | -0.2 | -0.1 | 0.0 | 0.0 | -0.1 | -1.4 | -0.4 | -0.6 | -0.4 |
| 13.8 | 16.0 | 28.3 | 224.8 | 19.9 | 25.9 | 32.3 | 112.0 | 62.3 | 65.4 | 55.0 |
Profitability Ratios Profitability Ratios |
| 98.4 | 98.9 | 99.7 | 99.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 20.8 | 25.0 | 21.3 | 3.4 | 51.5 | 39.1 | 46.8 | 42.8 | 44.5 | 44.3 | 43.6 |
| -21.3 | -12.1 | -87.2 | -526.7 | -52.3 | -344.6 | -191.3 | -111.1 | -103.5 | -103.1 | -97.5 |
| 0.9 | 4.9 | -12.4 | 274.4 | -21.0 | 21.8 | 4.6 | -8.0 | -7.0 | -6.4 | -5.9 |
| 20.7 | 9.0 | 37.5 | 60.8 | 4.0 | 18.0 | 8.8 | 5.1 | 4.6 | 4.7 | 4.6 |
| -10.2 | -3.8 | -19.8 | -291.2 | -14.7 | -216.7 | -132.3 | -89.0 | -94.5 | -94.0 | -97.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Tata Teleservices (Maharashtra) Limited (TTML) operates as a key subsidiary of the Tata Group’s digital services ecosystem, delivering enterprise-grade connectivity and Smart Digital Solutions under the brand **Tata Tele Business Services (TTBS)**. With a strong legacy in wireline telecommunications, TTML has transformed into a comprehensive digital enabler focused on empowering Micro, Small, and Medium Enterprises (MSMEs) across India.
TTML is publicly listed on the BSE and NSE and holds unified licenses for access services in Mumbai, Maharashtra, Goa, and national-level ISP authorization. It serves businesses in over 60 Indian cities, leveraging a vast fibre network and strategic partnerships to support digital transformation.
Mr. **Harjit Singh** is the Managing Director, leading the company's expansion as a customer-centric, agile digital solutions provider with a mission to democratize technology for SMEs.
---
### **Core Business Focus & Strategic Positioning**
- **Primary Customer Segment**: MSMEs (90% of Indian enterprises), which remain underserved in terms of digital adoption and contribute significantly to untapped economic potential.
- **Brand Identity**: TTBS positions itself as a **trusted, one-stop digital transformation partner**, offering simplified, secure, and scalable solutions tailored for evolving business needs.
- **Customer Promise Framework**: "Develop – Deliver – Delight" underpins its service philosophy, emphasizing deep customer understanding, high-quality solution delivery, and exceptional experience.
- **Geographic Reach**: Supported by a 130,000+ km fibre optic network inherited from the broader Tata Teleservices group, and reinforced through asset-lite investments and strategic alliances.
---
### **Key Offerings: Smart Digital Solutions Portfolio**
TTBS provides an integrated portfolio across five key domains:
#### 1. **Connectivity**
- **SD-WAN Ready Internet Leased Line (ILL)**: Combines leased-line reliability with next-gen security (firewall, antivirus, VPN) for secure, scalable enterprise networks.
- **SD-WAN iFLX Edge**: Intelligent traffic optimization across multiple connections, built on Fortinet’s Secure SD-WAN platform, available in Lite, Pro, and Ultra variants.
- **Smart Internet Leased Line**: High-speed, secure business broadband with embedded cloud security and DIY management.
- **ILL Burstable Bandwidth**: Flexible bandwidth scaling during peak usage without infrastructure overhaul.
- **EZ Cloud Connect**: Bundled private connectivity linking offices, data centers, and cloud platforms (e.g., AWS, Azure) with guaranteed SLAs.
- **Ultra-LOLA**: Low-latency, point-to-point leased lines for financial institutions requiring microsecond-level data processing.
- **Hub Connect**: Cost-effective, high-speed point-to-multipoint access to cloud providers.
#### 2. **Business Communications & Collaboration**
- **Smartflo UCaaS (Unified Communications as a Service)**:
- Integrates Microsoft Teams with PSTN calling.
- Enables remote employees to call from desktops or mobile devices.
- Launched with Operator Connect integration for seamless Microsoft Teams experience.
- **Smart Internet Telephony**: VoIP-based voice solution reducing communication costs and enabling remote work.
- **Smart Single Number Solution**: Unified contact number for businesses across India for simplified customer reach.
- **International Bridging Services (IBS)**: Centralized, cost-effective global conferencing.
- **Hosted Interactive Voice Response (HIVR)**: Cloud-based IVR for distributed call centers.
#### 3. **Cloud & SaaS**
- **Infrastructure as a Service (IaaS)**: In partnership with **Microsoft Azure**, offering pay-as-you-go compute, storage, and networking.
- **Smart Cloud Managed Services**: End-to-end support for cloud migration, optimization, DevOps, and infrastructure hardening.
- **Smart Workspace Solutions**: AI-driven productivity tools developed with **Microsoft** and **Google** (Google Workspace).
- **Partnerships**: Microsoft Azure Solutions Partner (Infrastructure, Data & AI), Zoom, Google Workspace.
#### 4. **Cybersecurity**
- **Bundled Security Suite** (in collaboration with **McAfee**, **Seqrite**):
- AI-powered scam detection
- Endpoint protection (next-gen AV, application control, DLP)
- Email & web security
- Multi-factor authentication
- Virtual firewalls
- Tailored affordable packages for MSMEs lacking in-house expertise.
#### 5. **Marketing & Customer Engagement**
- **Smartflo CCaaS**: Cloud Communication as a Service with omni-channel capabilities.
- **Smartflo WhatsApp Business Platform**: Enables businesses to engage customers via WhatsApp with hyper-personalized, AI-enabled chatbots and centralized communication.
- Enhances customer experience by unifying web, app, social media, and call interactions.
---
### **Strategic Partnerships & Ecosystem**
TTBS has forged alliances with global technology leaders to enhance its value proposition:
- **McAfee** (Aug 2025): Joint cybersecurity solution for MSMEs.
- **Microsoft**: Deep integration with Teams, Azure, Microsoft 365, Copilot, and Operator Connect.
- **Zoom**: Unified video communications platform supporting large-scale virtual meetings and webinars.
- **Google**: Smart Workspace Solutions via Google Workspace.
- **Fortinet**: Technology backbone for SD-WAN iFLX and integrated NGFW capabilities.
- **Seqrite**: Endpoint security powered by AI and behavioral analysis.
---
### **Technology & Infrastructure Development**
- **Fibre Network Expansion**: Ongoing investment to strengthen connectivity and extend geographic reach.
- **Network Modernization**: Continuous upgrades in IT infrastructure, applications, and processes to support digital agility.
- **Legacy Network Transformation**: Modernizing hybrid networks to mitigate technology obsolescence and enhance performance.
- **Renewable Energy Investment (May 2025)**:
- Setting up a **6.7 MW renewable power plant** in Maharashtra under Group Captive Open Access.
- Expected to reduce operational costs and carbon footprint, aligning with ESG and sustainability goals.
---
### **Channel & Distribution Strategy**
- **Robust Channel Partner Ecosystem**: Over **800 channel partners** nationwide.
- Partners help customize solutions for regional and industry-specific needs, enhancing market penetration and customer support.
---
### **Recent Milestones & Innovations (2024–2025)**
| Date | Key Development |
|------------|-----------------|
| **Aug 2025** | Partnership with **McAfee** to offer integrated, affordable cybersecurity for Indian MSMEs. |
| **May 2025** | Launched **three new Smart Digital Solutions**: Smart Internet Telephony, Managed Wi-Fi, SD-WAN iFLX Edge. |
| **May 2025** | Deployed **SD-WAN iFLX** for an aviation services provider, connecting 8 locations via high-availability private network. |
| **May 2024** | Achieved **Microsoft Azure Solutions Partner** status (Infrastructure, Data & AI). |
| **Jun 2023** | Launched **Smartflo UCaaS** integrating TTBS Voice and Microsoft Teams to replace legacy PBX systems. |
| **Sep 2021** | Introduced **EZ Cloud Connect**, simplifying multi-vendor cloud connectivity. |
| **Aug 2021** | Launched **SD-WAN iFLX**, targeting SMB digital transformation with zero capex model. |
| **Jul 2021** | Strategic partnership with **Zoom** to deliver secure, scalable video communications. |
---
### **Market Challenges & Competitive Response**
#### **Challenges**:
- Declining prices in enterprise data and voice services due to commoditization.
- Aggressive pricing and bundled offers from new entrants threatening SME segment margins.
- Improved quality of public broadband reducing demand for ILL/MPLS among micro-enterprises.
- Shift from traditional voice services to IP-based and cloud communications.
- Competitive threats from 5G (though impact assessed as low for next 3–5 years due to fibre superiority in cost and performance).
#### **Strategic Response**:
- Shifting from commodity services to **value-added, bundled digital solutions**.
- Expanding product portfolio with **Smart Internet Leased Line, SD-WAN, Cloud, UCaaS, Cybersecurity, and Omnichannel tools**.
- Proactive investment in innovation and technology partnerships.
- Focus on **differentiation via security, managed services, and customer experience**.
---
### **Financial & Operational Highlights**
- **Sustainability Initiative**: 6.7 MW renewable energy plant to cut OPEX and align with green operations.
- **Asset-Lite Expansion**: Strategic partnerships enabling network scalability without heavy capital outlay.
- **Revenue Diversification**: Moving beyond traditional voice/data to cloud, security, and SaaS-based recurring revenue streams.
---
### **Leadership & Governance**
- **Managing Director**: Mr. Harjit Singh (since May 2024) – driving digital transformation strategy.
- **Non-Executive Directors**:
- Mr. Ankur Verma (Tata Sons, Strategy & M&A)
- Mr. Thambiah Elango (Telecom & Consumer Sector veteran)
- **Advisory Leadership**: Mr. Srinath (Former MD, Tata Communications; current CEO, Tata Trusts) brings decades of ICT leadership.
---