MTNL share price today

Mahanagar Telephone Nigam Ltd's share price was ₹24.30 at the close on 4 November 2026. It has been falling for 60 weeks. That is 16.3% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹22 and ₹41, and at that close it sat 11% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Mahanagar Telephone Nigam Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 22 weeks running.

Over the last 11 years the share price moved +38% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 19 June 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: operating margin up 31 points on a year earlier.

1. Operating margin up 31 points on a year earlier

   -15% in the June 2026 quarter, from -46%.

MTNL has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

No. Mahanagar Telephone Nigam Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

For April to June 2026 (the quarter ended 30 June 2026), MTNL reported revenue of ₹217 crore, up 26.2% from ₹172 crore a year earlier, and a loss of ₹842 crore.

MTNL results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

MTNL closed at ₹24.30 on 4 November 2026, down 40.5% from ₹40.86 a year earlier (7 November 2025) and up 33.9% over five years. Its highest weekly close since March 2016 was ₹97.08 on 26 July 2024.

MTNL share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

560 weekly closes from 11 March 2016 to 4 November 2026.

4 Nov 2026: MTNL closed at ₹24.30, up 9.3% on the week and down 1.5% on the month. Results for April to June 2026: Revenue up 26.2% on a year earlier.

MTNL is on one of our India lists: Penny stocks.

Mahanagar Telephone Nigam Ltd posted a net loss of ₹842 Cr in the Jun 2026 quarter. That quarter includes a one-off gain bigger than its revenue, so the comparison with last year does not reflect normal business. The full FY26 year was a loss of ₹3,107 Cr. That loss is 388.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier lost ₹943 Cr. 12 of the last 12 reported quarters were loss-making.

Read this profit with care: at −₹842 Cr it is bigger than the quarter's whole revenue of ₹217 Cr. No business earns more than it takes in from sales, so this is a one-off item (for example a debt settlement, a tax write-back or an asset sale), not money the business earned. The underlying business is running at a −15.0% operating margin. The jump on last year, and any P/E built on this profit, come from the one-off, not from a real turn in earnings.

Mahanagar Telephone Nigam Ltd reported ₹217 Cr of revenue in the Jun 2026 quarter, +26.2% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 10 years it has grown −11.4% a year on average. The last full year, FY26, came in at ₹956 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹989 Cr.

FY26 revenue was ₹956 Cr, −15.4% on the year before.

Recent pace: the last four quarters grew +3.3% on average, against −11.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +1.4%, against +12.4% a year over the last 8 quarters (rolling over).

Mahanagar Telephone Nigam Ltd's operating margin was −15.0% in the Jun 2026 quarter, 31.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between −89.0% and 5.0%. The latest quarter is within that range.

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

Why the margin moved: operating margin changed +30.7 percentage points on the year while gross margin changed −0.1 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Mahanagar Telephone Nigam Ltd's cash-flow history is too short to judge how much of its profit turns into cash. In FY26 it brought in ₹176 Cr of operating cash against −₹3,107 Cr of profit. After −₹121 Cr of spending on assets, ₹297 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

What to look at next: it has been selling more assets than it buys. The next section shows those figures.

Mahanagar Telephone Nigam Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 126 days in FY26, down from 203 days in FY21. Over the last 3 years it sold more assets than it bought, by ₹29.0 Cr.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹956 Cr, each day of that cycle ties up about ₹2.6 Cr, so roughly ₹330 Cr is tied up in the business at any time.

Over the last 3 years, money from selling assets was ₹29.0 Cr more than it spent on new ones. Work still in progress is ₹13.0 Cr (FY26).

In short: assets are being sold, not built, so this cash is not going into new capacity.

Mahanagar Telephone Nigam Ltd has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Mahanagar Telephone Nigam Ltd at 1.6× its FY26 revenue of ₹956 Cr. The P/E comes back here once profit turns positive.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Mahanagar Telephone Nigam Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 8 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading.

The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Mahanagar Telephone Nigam Ltd earned a ROCE of −9% in FY26. That is up from a low of −18% in FY20. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a −325.0% net margin and 0.09× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a −325.0% net margin × 0.09× asset turnover × −0.34× leverage (assets divided by equity) ≈ 9.9% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 30% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Mahanagar Telephone Nigam Ltd's net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Its operating profit is 0 times its interest bill. Over 5 years borrowings went from ₹25,600 Cr to ₹35,445 Cr. Over the last 3 of those years it sold more assets than it bought, by ₹29.0 Cr.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

FY26: borrowings of ₹35,445 Cr against equity of −₹29,960 Cr. Net worth is negative: the company owes more than it owns, so the balance sheet is under water. Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 30% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

No group of Mahanagar Telephone Nigam Ltd's owners changed its stake by a full percentage point over the last two years. Foreign institutions moved +0.0 points over the same period, to 0.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: +0.0 points over 8 quarters, to 56.3%; Foreign institutions: +0.0 points over 8 quarters, to 0.0%; Domestic institutions: +0.0 points over 8 quarters, to 13.4%.

For Mahanagar Telephone Nigam Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

37.9 out of 100, rank 16 of 16 in Telecom Services, with 46% of the evidence available. It is provisional, so it is ranked below companies with full evidence.

Mahanagar Telephone Nigam Ltd scores 37.9 out of 100 against the 16 companies it is compared with in Telecom Services, ranking 16. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 16 + 4.2 + 10 + 7.7 = 37.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

MTNL ranks 16 of 16 Telecom Services companies on the 4-Factor Sector Score, with 37.9 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Telecom Services, all 16 compared on one page.

MTNL is the 11th largest of 16 Telecom Services companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Tejas Networks, Tata Teleservices (Maharashtra) and NELCO. Just below it: GTL Infrastructure, ADC India Communications and Suyog Telematics.

Telecom Services companies close in size

8. Tejas Networks Ltd ₹7,178 crore
9. Tata Teleservices (Maharashtra) Ltd ₹6,709 crore
10. NELCO Ltd ₹1,543 crore
11. Mahanagar Telephone Nigam Ltd ₹1,400 crore
12. GTL Infrastructure Ltd ₹1,268 crore
13. ADC India Communications Ltd ₹1,118 crore
14. Suyog Telematics Ltd ₹516 crore

All 16 Telecom Services companies, largest first

Companies close in size in other industries

1413. KP Green Engineering Ltd ₹1,402 crore · Solar EPC
1414. Servotech Renewable Power System Ltd ₹1,402 crore · Capital Goods - Electric General
1415. Mahanagar Telephone Nigam Ltd ₹1,400 crore
1416. Bharat Parenterals Ltd ₹1,399 crore · Pharma - Formulators
1417. Sobhagya Mercantile Ltd ₹1,397 crore · Diversified

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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