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Dossier · MAHANAGAR TELEPHONE NIGAM · 11 September 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
MAHANAGAR TELEPHONE NIGAM is a Telecom - Services company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
1,149
935
799
698
956
EBITDA (ex other income)
(319)
(446)
(488)
(480)
(142)
margin %
(27.7)
(47.7)
(61.1)
(68.8)
(14.8)
Owners' profit
(2,603)
(2,915)
(3,268)
(3,328)
(3,107)
EPS, as reported (₹)
(41.32)
(46.27)
(51.87)
(52.82)
(49.32)
ROE % · ROCE %
13.9 · 35.6
14.0 · 81.1
13.8 · (60.9)
12.4 · 14.9
10.4 · 2.1
Debt / equity (x)
(1.43)
(1.35)
(1.27)
(1.20)
(1.18)
Cash from operations
704
64
130
340
176
Capex
(13)
(44)
(73)
(36)
(25)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MAHANAGAR TELEPHONE NIGAM · 11 September 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
174
170
170
66
190
198
371
217
Profit before tax
(891)
(836)
(829)
(944)
(961)
(898)
(306)
(843)
Net profit
(890)
(836)
(828)
(943)
(960)
(897)
(307)
(842)
EPS (₹)
(14.13)
(13.27)
(13.14)
(14.97)
(15.24)
(14.24)
(4.87)
(13.37)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Basic & other Services
364
44.2
Cellular
86
10.4
Infrastructure Leasing
374
45.4
Total, before eliminations
825
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
BHARTI AIRTEL LIMITED
11,17,918
37.4
5.70
10.3
17.3
11.9
Dossier · MAHANAGAR TELEPHONE NIGAM · 11 September 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
5 Sept 2026 · MTNL 40th AGM on September 30 2026; books closed Sept 24 to 30
compliance
minimal
—
—
5 Sept 2026 · MTNL submits BRSR for FY 2025-26 to BSE and NSE
compliance
medium
—
—
5 Sept 2026 · MTNL FY25-26 Annual Report: Loss Narrows, BSNL Runs Ops, Bank Loans in Default
results
high
—
—
5 Sept 2026 · MTNL 40th AGM Notice - September 30, 2026 via Video Conferencing
board shareholder meetings
low
—
—
27 Aug 2026 · MTNL bond rating stays on Watch Negative at Crisil AAA(CE), unsupported at Crisil D
credit debt
medium
—
—
27 Aug 2026 · NSE imposes fine on MTNL for board composition non-compliance
regulatory legal
high
—
—
26 Aug 2026 · BSE imposes Rs 12.66 lakh fine on MTNL for compliance lapses
regulatory legal
high
—
—
19 Aug 2026 · MTNL discloses bond rating press release by India Ratings
credit debt
medium
—
—
Source: exchange announcements; reaction = close-to-close from the filing's session.
How to read this document
Where a broker report shows
This document shows
Why
A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
16.0
57.8
VODAFONE IDEA LIMITED
1,62,189
4.3
—
4.0
(96.6)
22.7
1.4
58.5
BHARTI HEXACOM LIMITED
77,305
42.4
10.79
—
24.2
17.3
—
55.6
TATA COMMUNICATIONS LTD
50,027
52.9
13.70
11.9
27.3
10.0
7.7
17.3
TATA TELESERV(MAHARASTRA)
6,979
187.9
—
—
1.1
1.3
—
55.4
MAHANAGAR TELEPHONE NIGAM ◆
1,561
—
—
83.2
10.4
51.9
(7.2)
19.4
QUADRANT TELEVENTURES LIMITED
41
1.5
—
—
0.8
0.9
—
14.6
City Online Services Limited
4
—
—
—
8.3
(19.2)
—
27.2
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
ROCE
51.9
10.9
1 of 8
100%
ROE
10.4
9.3
4 of 8
57%
Debt / Equity
(1.2)
(0.9)
3 of 8
71%
EBITDA margin
19.4
41.3
6 of 8
29%
Revenue growth
229.9
8.3
1 of 8
100%
Profit growth
10.7
39.0
7 of 8
14%
Market cap
1561
28503
6 of 8
29%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
an event is a fact; a rating is an opinion that requires SEBI RA registration
A target price and upside
The current price and the multiples against the group
a target is a forecast; a multiple is a measurement
Estimate years marked E
More audited years; no estimates
MarketPing publishes no forecasts — your own model lives on the Models page
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
