Mahanagar Telephone Nigam Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.

Going-concern doubtAdverse audit opinionEmphasis of matterRevenue declinedNet loss reportedEBITDA margin compressionResults View source PDF Explain this filing

MTNL · price

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Price reactionminutes from the announcement price · days from the prior close

-2.4%Reaction day

₹32.15

prior close

₹32.13

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-1.5%-0.9% vs market

Telecom - Cellular & Fixed line services peers, median of 7sector-2.4%+0.0% vs sector

On the reaction day the stock moved 0.9 pts less than Nifty Microcap 250 and in line with its Telecom - Cellular & Fixed line services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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UpDownMarket · Nifty Microcap 250Sector · Telecom - Cellular & Fixed line services peers, median of 7Pending

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AI summary

MTNL reported revenue from operations of Rs. 178.24 Crore in Q3 FY26, down from Rs. 239.42 Crore in Q3 FY25, a year-on-year decline of roughly 25.6%, largely due to the BSNL Service Level Agreement (SLA) under which Delhi and Mumbai telecom operations migrated to BSNL from January 1, 2025. The company posted a standalone net loss of Rs. 898.38 Crore for the quarter (vs Rs. 836.05 Crore loss in Q3 FY25) and Rs. 2,798.49 Crore for the nine-month period, with loss per share of Rs. 14.26. Net worth is deeply negative at Rs. (29,723.52) Crore, all bank loans of Rs. 2,095 Crore principal plus Rs. 1,242 Crore interest are in default and classified as NPAs, and the Department of Public Enterprises has tagged MTNL as an 'Incipient Sick CPSE'. The joint statutory auditors (O.P. Bagla & Co LLP and S.L. Chhajed & Co LLP) issued an Adverse Conclusion citing the eroded net worth, cash losses, transfer of revenue to BSNL while costs remain with MTNL, and multiple pending reconciliations. Management continues to prepare accounts on a going concern basis citing Government of India support and the ongoing BSNL-MTNL merger revival plan.

Likely market impact

Severely negative — widened losses, negative net worth, NPA-status bank loans, and an adverse auditor opinion highlight deep financial distress and uncertainty for equity shareholders, though continued sovereign support and the BSNL merger plan provide a backstop. The stock is likely to remain under pressure until the merger/restructuring outcome is clearer.