Tata Teleservices (Maharashtra) Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tata Teleservices (Maharashtra) Ltd trades at ₹40.3, in a downtrend and 90 weeks into that stage. That is −14.0% against its own 200-day average. It sits at 28% of a 52-week range of ₹33 to ₹59. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is in a downtrend — week 90 of stage 4, confirmed. At ₹40.3 it trades −14.0% versus its 200-day average and sits at 28% of its 52-week range (₹33–₹59).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +543% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

P/E does not price Tata Teleservices (Maharashtra) Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Tata Teleservices (Maharashtra) Ltd at 3.4× its FY11 revenue of ₹2,266 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tata Teleservices (Maharashtra) Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 0 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

42.3/100 — rank 11 of 18 in Telecom Services · 60% evidence confidence

Tata Teleservices (Maharashtra) Ltd scores 42.3 out of 100 against the 18 companies it is compared with in Telecom Services, ranking 11. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 21 + 8.2 + 8.7 + 4.4 = 42.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tata Teleservices (Maharashtra) Ltd reported ₹621 Cr of revenue in the Mar 10 quarter, +20.8% year on year. That is the 4th straight quarter of year-on-year growth. Over 2 years it has compounded at 7.8% a year. The last full year, FY11, came in at ₹2,266 Cr. The last four reported quarters add to ₹2,278 Cr.

Tata Teleservices (Maharashtra) Ltd reported ₹621 Cr of revenue in the Mar 10 quarter, +20.8% year on year. That is the 4th straight quarter of year-on-year growth. Over 2 years it has compounded at 7.8% a year. The last full year, FY11, came in at ₹2,266 Cr. The last four reported quarters add to ₹2,278 Cr.

FY11 revenue came in at ₹2,266 Cr (+8.0% on the year), capping 2 years at 7.8% compound. The latest quarter (Mar 10) printed ₹621 Cr, +20.8% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.3% growth against the decade's 7.8% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 26.0% this quarter (+1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tata Teleservices (Maharashtra) Ltd's operating margin is 26.0% in the Mar 10 quarter, +1.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −28.0% to 25.0%. The current quarter is running above every full year in that window.

Tata Teleservices (Maharashtra) Ltd's operating margin is 26.0% in the Mar 10 quarter, +1.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −28.0% to 25.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 26.0%, +1.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −28.0%–25.0%.

Why the margin moved: operating margin went +3.1 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tata Teleservices (Maharashtra) Ltd posted a net loss of ₹64.0 Cr in the Mar 10 quarter. Full-year FY11 profit was ₹80.0 Cr. That loss is 10.3% of the quarter's revenue. The same quarter a year earlier lost ₹39.0 Cr. 8 of the last 8 reported quarters were loss-making.

Tata Teleservices (Maharashtra) Ltd posted a net loss of ₹64.0 Cr in the Mar 10 quarter. Full-year FY11 profit was ₹80.0 Cr. That loss is 10.3% of the quarter's revenue. The same quarter a year earlier lost ₹39.0 Cr. 8 of the last 8 reported quarters were loss-making.

Mar 10 profit was ₹−64.0 Cr, null year on year. On the full year, FY11 printed ₹80.0 Cr (null).

→ Profit rose — but did the cash follow?

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Tata Teleservices (Maharashtra) Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY11 that was ₹246 Cr of operating cash against ₹80.0 Cr of profit. After ₹1,558 Cr of capital spending, ₹−1,312 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY11: operating cash of ₹246 Cr against reported profit of ₹80.0 Cr, leaving free cash of ₹−1,312 Cr after ₹1,558 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 2.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹2,852 Cr of building over 2 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tata Teleservices (Maharashtra) Ltd's cash conversion cycle runs 48 days in FY11, up from 47 days in FY09. Capital spending ran ₹2,852 Cr over the last 2 years. At FY11 sales of ₹2,266 Cr each day of that cycle holds about ₹6.2 Cr, so roughly ₹298 Cr sits inside the business at any moment.

FY11: debtors at 48 days (an asset-light business — no inventory to speak of) — for a full cycle of 48 days, looser than FY09's 47.

In money terms: at FY11 sales of ₹2,266 Cr, each day of the cycle holds about ₹6.2 Cr — so the 48-day loop keeps roughly ₹298 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,852 Cr over the last 2 fiscal years against ₹1,322 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹153 Cr (FY11) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is −13% and the ROIC − WACC spread is +24.2 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Tata Teleservices (Maharashtra) Ltd earns a ROCE of −13% in FY11. Return on invested capital clears the cost of that capital by +24.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.5% net margin on 0.39× asset turns.

FY11 ROCE is −13%.

Why the return is what it is — the wiring (FY11): 3.5% net margin × 0.39× asset turns × −9.48× balance-sheet leverage ≈ −12.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 36.2% − 12.0% = a +24.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is −7.54.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Tata Teleservices (Maharashtra) Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. On the annual view that ratio went from −1.05 in FY22 to −1.04 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹20,869 Cr against shareholder equity of ₹−19,983 Cr — a debt-to-equity of −1.04. On the annual view, debt-to-equity went from −1.05 (FY22) to −1.04 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Tata Teleservices (Maharashtra) Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved +0.1 points over the same window, to 0.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +0.1 points over 8 quarters to 2.5%; Domestic institutions: +0.1 points over 8 quarters to 0.2%; Promoters: +0.0 points over 8 quarters to 74.4%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tata Teleservices (Maharashtra) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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