NSE: TTML · BSE: 532371
TATA TELESERV(MAHARASTRA)
Operates as a telecom and digital connectivity provider in the Maharashtra circle, with its enterprise arm Tata Tele Business Services (TTBS) selling connectivity, collaboration, cloud, security and communication solutions aimed at India's small and medium businesses. In July 2026, TTBS announced a collaboration with Tata Communications to offer unified AI infrastructure, including AI-powered Voice Agents, to India's 60 million plus SMBs. Q1 FY27 total income from operations rose to Rs 301.57 crore from Rs 284.25 crore year-on-year, with EBITDA at Rs 164.90 crore (margin about 55% vs 52% the prior quarter). The company reported a Q1 FY27 net loss of Rs 72.15 crore versus Rs 324.98 crore a year earlier, with quarterly finance costs of Rs 206 crore. For FY26, total revenue stood at Rs 1,160.23 crore against total assets of Rs 1,341.03 crore, with other operating expenses at 38.7% of revenue, employee costs at 7.5%, depreciation at 12.2% and capex at 11.6%. The statutory auditor flagged a going concern because current liabilities exceed current assets, though this is mitigated by a support letter from the ultimate holding company. The redemption of Rs 2,018 crore of redeemable preference shares held by parent Tata Teleservices Ltd was extended to October 17, 2036. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Enterprise telecom and digital services (TTBS), Cellular and fixed-line telecom services. Asset-heavy, loss-making telecom operator focused on the enterprise/SMB segment under the TTBS brand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,094 | 1,106 | 1,192 | 1,308 | 1,160 |
| EBITDA (ex other income) | 473 | 497 | 535 | 579 | 1,280 |
| margin % | 43.3 | 44.9 | 44.9 | 44.2 | 110.3 |
| Owners' profit | (1,215) | (1,145) | (1,228) | (1,275) | (215) |
| EPS, as reported (₹) | (6.22) | (5.86) | (6.28) | (6.52) | (1.10) |
| ROE % · ROCE % | 6.5 · (4.0) | 6.0 · (4.0) | 6.4 · (6.3) | 6.5 · (4.8) | 1.1 · (6.8) |
| Debt / equity (x) | (1.05) | (1.04) | (1.04) | (1.04) | (1.03) |
| Cash from operations | 532 | 558 | 586 | 505 | 668 |
| Capex | (108) | (111) | (109) | (99) | (135) |
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 | 344 | 333 | 308 | 284 | 286 | 294 | 296 | 302 |
| Profit before tax | (330) | (315) | (306) | (325) | (321) | (150) | 581 | (72) |
| Net profit | (330) | (315) | (306) | (325) | (321) | (150) | 581 | (72) |
| EPS (₹) | (1.69) | (1.61) | (1.57) | (1.66) | (1.64) | (0.77) | 2.97 | (0.37) |
Exhibit 3: 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 | 11,93,684 | 39.9 | 6.09 | 10.9 | 17.3 | 11.9 | 16.0 | 57.8 |
| VODAFONE IDEA LIMITED | 1,28,495 | 3.4 | — | 3.5 | (96.6) | 22.7 | 1.4 | 58.5 |
| BHARTI HEXACOM LIMITED | 82,750 | 45.4 | 11.55 | — | 24.2 | 17.3 | — | 55.6 |
| TATA COMMUNICATIONS LTD | 47,883 | 50.6 | 13.11 | 11.5 | 27.3 | 10.0 | 7.7 | 17.3 |
| TATA TELESERV(MAHARASTRA) ◆ | 7,564 | 203.6 | — | — | 1.1 | 1.3 | — | 55.4 |
| MAHANAGAR TELEPHONE NIGAM | 1,419 | — | — | 82.9 | 10.4 | 51.9 | (7.2) | 19.4 |
| QUADRANT TELEVENTURES LIMITED | 42 | — | — | — | 0.8 | 0.9 | — | 14.6 |
| City Online Services Limited | 5 | — | — | — | 8.3 | (19.2) | — | 27.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 203.6 | 45.4 | 5 of 5 | 0% |
| ROCE | 1.3 | 11.9 | 6 of 7 | 17% |
| EBITDA margin | 55.5 | 41.3 | 4 of 8 | 57% |
| Revenue growth | 6.1 | 8.3 | 5 of 8 | 43% |
| Profit growth | 77.8 | 39.0 | 3 of 8 | 71% |
| Market cap | 7564 | 27723 | 5 of 8 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Revenue rises and loss narrows in Tata Teleservices September results | compliance | minimal | — | — |
| 22 Oct 2026 · Board approves Q2 results, appoints Director, KMP and two Senior Management Personnel | management changes | medium | — | — |
| 22 Oct 2026 · Sweety Mamodia appointed company secretary and compliance officer | management changes | medium | — | — |
| 22 Oct 2026 · Board approves Q2 results, revenue up 8%, loss narrows; new director and KMP appointed | management changes | medium | — | — |
| 22 Oct 2026 · TTML Q2 FY27 Results: Revenue Up 8%, Loss Narrows, Key Appointments Made | results | high | — | — |
| 22 Oct 2026 · TTML Q2 FY27: revenue up 8%, net loss narrows to Rs 59 Cr | results | high | — | — |
| 15 Oct 2026 · Board meeting on Oct 22 to approve Q2 FY27 audited results | results | low | — | — |
| 14 Oct 2026 · Company Secretary Amit Gupta resigns effective Oct 31, 2026 | management changes | high | — | — |
| 14 Oct 2026 · Non-Executive Director Nalin Rana resigns from Tata Teleservices (Maharashtra) | management changes | medium | — | — |
| 14 Oct 2026 · Director Mr Nalin Rana resigns from Tata Teleservices (Maharashtra) | management changes | medium | — | — |
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 | 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.