OUTCOME OF BOARD MEETING HELD ON MAY 21, 2026 - PURSUANT TO REGULATIONS 30, 33 & 52 OF THE SEBI (LODR) REGULATIONS, 2015 AND OTHER DISCLOSURES

Adverse audit opinionQualified audit opinionGoing-concern doubtNet loss reportedDebt to equity above the thresholdContingent liabilities increasedResults View source PDF Explain this filing

MTNL · price

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

+0.9%Reaction day

₹28.80

prior close

₹29.79

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.1%+0.8% vs market

Telecom - Cellular & Fixed line services peers, median of 7sector+0.0%+0.9% vs sector

On the reaction day the stock moved 0.8 pts more than Nifty Microcap 250 and 0.9 pts more than 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

Stock

+1.0

10m

+0.9

15m

+0.6

30m

-0.9

Sessions after the filingfrom the prior close

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Reaction day

+0.9+0.1+0.8+0.0+0.9

Next day

+3.5+1.7+1.8+0.0+3.5

+5.9+2.4+3.5-1.0+6.9

+7.3+2.4+4.9-1.5+8.8

+4.9+1.7+3.2-1.5+6.4

+3.4+0.6+2.8+0.0+3.4

+5.6+1.9+3.7+3.0+2.5

15d

+7.6+4.9+2.8+2.0+5.6

+11.1+8.9+2.2+8.3+2.8

-3.9+7.5-11.4+1.9-5.8

-8.0+13.6-21.5+2.8-10.8

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

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

MTNL reported FY2026 standalone revenue of Rs. 1,468.81 crore, up 14.8% from Rs. 1,279.75 crore in FY2025. However, the company reported a massive loss before tax of Rs. 3,102.94 crore (vs Rs. 3,323.51 crore loss in FY2025), showing marginal improvement. The statutory auditors issued an ADVERSE OPINION citing: complete erosion of net worth (negative Rs. 29,974.84 crore), defaults on bank loans of Rs. 9,262.53 crore (classified as NPA), inability to verify revenue recognition from BSNL under the new SLA, unconfirmed balances with BSNL (net recoverable Rs. 4,101.34 crore) and DOT (net payable Rs. 429.60 crore), and understatement of liabilities by Rs. 352.30 crore for penal guarantee fees. The company also appointed Vasudev Singh as new CFO replacing Anirudh Prasad Singh, and reappointed R.M. Bansal & Co. as Cost Auditor. Credit rating remains at CARE D. The Government has constituted a Committee of Secretaries to examine merger of MTNL with BSNL.

Likely market impact

The adverse auditor opinion with complete net worth erosion, NPA classification of bank loans, and multiple unresolved balance confirmations signals extreme financial distress. Despite revenue growth, the company remains deep in losses with negative net worth, making it a high-risk investment. Government-backed revival plans and potential BSNL merger remain under consideration.