# MTNL share price today (Mahanagar Telephone Nigam Ltd, NSE: MTNL)

> MTNL share price today: ₹23.65 at the NSE close on 3 November 2026, down 43.3% in a year. Mahanagar Telephone Nigam (NSE: MTNL) is worth ₹1,491 crore and has closed between ₹22.23 and ₹41.05 over the past 52 weeks. > Mahanagar Telephone Nigam Ltd's balance sheet is under water: its net worth is negative, so it owes more than it owns. The latest quarter's profit comes from a one-off item larger than a full quarter's revenue, not from the business. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. MTNL · Telecom Services · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/mahanagar-telephone-nigam-ltd

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## Key numbers

- Price: ₹23.65 (−43.3% in a year)
- Revenue (Jun 2026): ₹217 Cr (+26.2% on a year ago)
- Profit (Jun 2026), incl. one-off: −₹842 Cr (one-off item, see below)
- Operating margin: −15.0% (+31.0 points on a year ago)

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the MTNL share price today? Mahanagar Telephone Nigam Ltd's share price was ₹23.65 at the close on 3 November 2026. It has been falling for 60 weeks. That is 18.6% 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 8% of the way up from that low. 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 +34% 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. ## What changed at MTNL this quarter? 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%. ## What dividend does MTNL pay? 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 4 November 2026.)

## What are MTNL's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹217 crore | ₹172 crore | +26.2% |
| Profit | loss of ₹842 crore | loss of ₹943 crore | n/a |
| Earnings per share | ₹−13.37 | ₹−14.97 | n/a |
| Operating margin | −15.0% | −46.0% | +31.0 points |

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.)

## What is the MTNL share price history? MTNL closed at ₹23.65 on 3 November 2026, down 43.3% from ₹41.72 a year earlier (31 October 2025) and up 30.3% over five years. Its highest weekly close since March 2016 was ₹97.08 on 26 July 2024. ### MTNL share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹22.76 | +3.9% |
| 1 month ago · 1 Oct 2026 | ₹24.66 | −4.1% |
| 6 months ago · 30 Apr 2026 | ₹31.18 | −24.2% |
| 1 year ago · 31 Oct 2025 | ₹41.72 | −43.3% |
| 3 years ago · 3 Nov 2023 | ₹28.15 | −16.0% |
| 5 years ago · 4 Nov 2021 | ₹18.15 | +30.3% |
| 10 years ago · 4 Nov 2016 | ₹18.80 | +25.8% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹17.60 | +34.4% |
| Highest weekly close since March 2016 · 26 Jul 2024 | ₹97.08 | −75.6% |
| Lowest weekly close since March 2016 · 23 Aug 2019 | ₹4.95 | +377.8% |
| 52-week high (weekly close) · 14 Nov 2025 | ₹41.05 | −42.4% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹22.23 | +6.4% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (560 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on MTNL? 3 Nov 2026: MTNL closed at ₹23.65, up 3.9% on the week and down 4.1% on the month. Results for April to June 2026: Revenue up 26.2% on a year earlier. ## Which stock lists is MTNL on? MTNL is on one of our India lists: Penny stocks. [Penny stocks](https://www.sectoralpha.in/penny-stocks-india)

## Is MTNL profitable? 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. 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. ## How much revenue does MTNL make, and is it growing? 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. 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). ## How much of every ₹100 of sales does MTNL keep? 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. 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. ## Is MTNL's profit turning into cash? 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. 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. ## Where does MTNL's cash go? 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. 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. ## What is MTNL's P/E ratio, and how does it compare with its own history? 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. ## Is the MTNL business getting better or worse? 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. 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. ## How much does MTNL earn on its capital? 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). 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. ## Does MTNL have too much debt? 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. 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. ## What is the MTNL shareholding pattern? 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. 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%. ## How far is MTNL from balance-sheet trouble? 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. ## How does MTNL rank in its industry? 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. ## Which companies is MTNL compared with? MTNL ranks 16 of 16 Telecom Services companies on the 4-Factor Sector Score, with 37.9 out of 100. 1. [Bharti Airtel Ltd](https://www.sectoralpha.in/stocks/bharti-airtel-ltd) BHARTIARTL · turning · Most evidence points up · 89% evidence 75.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.6/35 · Revenue 19.6% · Profit -9.4% · Operating margin change 1 points · 88% evidence Capital efficiency 21.4/25 · ROCE 17.6% · Operating margin 57% · 100% evidence Valuation 15.1/20 · P/E 39.4× · PEG 0.69 · 65% evidence Relative strength 18.0/20 · Lead over its industry 8.8% · Lead over NIFTY 500 7.5% · 1 year -3.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 20.6 + 21.4 + 15.1 + 18 = 75.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Bharti Hexacom Ltd](https://www.sectoralpha.in/stocks/bharti-hexacom-ltd) BHARTIHEXA · breaking out · Most evidence points up · 74% evidence 69.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 7.9% · Profit 32.8% · Operating margin change 2 points · 88% evidence Capital efficiency 21.2/25 · ROCE 21.4% · Operating margin 53% · 100% evidence Valuation 12.1/20 · P/E 44.3× · PEG 1.18 · 65% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 7.5% · 1 year -12.1% · 25% evidence · 5 of 12 weeks ahead Exact sum: 24.3 + 21.2 + 12.1 + 12 = 69.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [HFCL Ltd](https://www.sectoralpha.in/stocks/hfcl-ltd) HFCL · leader · Most evidence points up · 75% evidence 69.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.0/35 · Revenue 100% · Profit 100% · Operating margin change 7 points · 95% evidence Capital efficiency 12.8/25 · ROCE 10.8% · Operating margin 25% · 76% evidence Valuation 9.8/20 · P/E 40.8× · PEG n/a · 15% evidence Relative strength 16.9/20 · Lead over its industry 78% · Lead over NIFTY 500 70.2% · 1 year 214.7% · 100% evidence · 10 of 12 weeks ahead Exact sum: 30 + 12.8 + 9.8 + 16.9 = 69.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [ADC India Communications Ltd](https://www.sectoralpha.in/stocks/adc-india-communications-ltd) KRONECOMM · breaking out · Evidence leans up · 78% evidence 58.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.9/35 · Revenue 19% · Profit 0.3% · Operating margin change 4 points · 83% evidence Capital efficiency 18.1/25 · ROCE 31.4% · Operating margin 17.1% · 76% evidence Valuation 6.4/20 · P/E 44.7× · PEG n/a · 50% evidence Relative strength 17.4/20 · Lead over its industry 28.7% · Lead over NIFTY 500 24.8% · 1 year 41.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 16.9 + 18.1 + 6.4 + 17.4 = 58.8 · What this means: Relative strength against the index is 24.8%, and revenue and profit growth are weak. 5. [Indus Towers Ltd](https://www.sectoralpha.in/stocks/indus-towers-ltd) INDUSTOWER · turning · Evidence leans up · 100% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.6/35 · Revenue 5.3% · Profit -24% · Operating margin change -2 points · 100% evidence Capital efficiency 20.1/25 · ROCE 19.5% · Operating margin 54% · 100% evidence Valuation 16.8/20 · P/E 14× · PEG 0.46 · 100% evidence Relative strength 10.6/20 · Lead over its industry -2.5% · Lead over NIFTY 500 -3.5% · 1 year 4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 8.6 + 20.1 + 16.8 + 10.6 = 56.1 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 6. [Tata Communications Ltd](https://www.sectoralpha.in/stocks/tata-communications-ltd) TATACOMM · turning · Evidence leans up · 93% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 9.1% · Profit -34% · Operating margin change 2 points · 100% evidence Capital efficiency 17.0/25 · ROCE 14.6% · Operating margin 21% · 100% evidence Valuation 7.9/20 · P/E 39.4× · PEG 2.22 · 65% evidence Relative strength 15.1/20 · Lead over its industry 4.3% · Lead over NIFTY 500 2.4% · 1 year -10.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.9 + 17 + 7.9 + 15.1 = 55.9 · What this means: Relative strength against the index is 2.4%, and revenue and profit growth are weak. 7. [Tata Teleservices (Maharashtra) Ltd](https://www.sectoralpha.in/stocks/tata-teleservices-maharashtraltd) TTML · basing · Evidence leans up · 74% evidence 50.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue -0.7% · Profit 100% · Operating margin change 4 points · 74% evidence Capital efficiency 17.9/25 · ROCE 55.6% · Operating margin 53% · 100% evidence Valuation 8.7/20 · P/E 178.6× · PEG n/a · 15% evidence Relative strength 6.9/20 · Lead over its industry -13.6% · Lead over NIFTY 500 -14.6% · 1 year -37.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 17 + 17.9 + 8.7 + 6.9 = 50.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Suyog Telematics Ltd](https://www.sectoralpha.in/stocks/suyog-telematics-ltd) SUYOG · quiet · Evidence leans down · 78% evidence 48.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.0/35 · Revenue 11.4% · Profit 50% · Operating margin change -1 points · 83% evidence Capital efficiency 16.2/25 · ROCE 14.4% · Operating margin 60% · 76% evidence Valuation 12.6/20 · P/E 8.7× · PEG n/a · 50% evidence Relative strength 0.0/20 · Lead over its industry -33.1% · Lead over NIFTY 500 -34.4% · 1 year -42.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20 + 16.2 + 12.6 + 0 = 48.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Vodafone Idea Ltd](https://www.sectoralpha.in/stocks/vodafone-idea-ltd) IDEA · quiet · Evidence leans down · 71% evidence 47.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.5/35 · Revenue 3.3% · Profit 100% · Operating margin change 1 points · 65% evidence Capital efficiency 6.1/25 · ROCE -1.7% · Operating margin 43% · 100% evidence Valuation 11.3/20 · P/E 3.5× · PEG n/a · 15% evidence Relative strength 11.3/20 · Lead over its industry 5.8% · Lead over NIFTY 500 3.3% · 1 year 35.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.5 + 6.1 + 11.3 + 11.3 = 47.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [NELCO Ltd](https://www.sectoralpha.in/stocks/nelco-ltd) NELCO · quiet · Evidence leans down · 68% evidence 39.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 6.2% · Profit -7.5% · Operating margin change 1.5 points · 100% evidence Capital efficiency 8.7/25 · ROCE 7.2% · Operating margin 11.6% · 100% evidence Valuation 8.5/20 · P/E 254× · PEG n/a · 15% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -8% · 1 year -22.5% · 25% evidence · 7 of 12 weeks ahead Exact sum: 13.5 + 8.7 + 8.5 + 9.1 = 39.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [GTL Infrastructure Ltd](https://www.sectoralpha.in/stocks/gtl-infrastructure-ltd) GTLINFRA · basing · Too little evidence to rank firmly · 56% evidence 39.3 out of 100 Growth Capital Valuation Relative
12. [ITI Ltd](https://www.sectoralpha.in/stocks/iti-ltd) ITI · quiet · Most evidence points down · 71% evidence 34.2 out of 100 Growth Capital Valuation Relative
13. [Tejas Networks Ltd](https://www.sectoralpha.in/stocks/tejas-networks-ltd) TEJASNET · basing · Most evidence points down · 71% evidence 28.6 out of 100 Growth Capital Valuation Relative
14. [OnMobile Global Ltd](https://www.sectoralpha.in/stocks/onmobile-global-ltd) ONMOBILE · basing · Most evidence points down · 65% evidence 25.3 out of 100 Growth Capital Valuation Relative
15. [Sar Televenture Ltd](https://www.sectoralpha.in/stocks/sar-televenture-ltd) SARTELE · Too little evidence to rank firmly · 39% evidence 58.7 out of 100 Growth Capital Valuation Relative
16. Mahanagar Telephone Nigam Ltd this page MTNL · basing · Too little evidence to rank firmly · 46% evidence 37.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.0/35 · Revenue 1.4% · Profit 14% · Operating margin change 31 points · 62% evidence Capital efficiency 4.2/25 · ROCE -9.3% · Operating margin -15% · 76% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 7.7/20 · Lead over its industry n/a · Lead over NIFTY 500 -21.7% · 1 year -46.7% · 25% evidence · 0 of 12 weeks ahead Exact sum: 16 + 4.2 + 10 + 7.7 = 37.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 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](https://www.sectoralpha.in/sectors/telecom-services), all 16 compared on one page. ## Which companies are close to MTNL in size? 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

1. [Tejas Networks Ltd](https://www.sectoralpha.in/stocks/tejas-networks-ltd) ₹7,178 crore
2. [Tata Teleservices (Maharashtra) Ltd](https://www.sectoralpha.in/stocks/tata-teleservices-maharashtraltd) ₹6,709 crore
3. [NELCO Ltd](https://www.sectoralpha.in/stocks/nelco-ltd) ₹1,543 crore
4. Mahanagar Telephone Nigam Ltd ₹1,400 crore
5. [GTL Infrastructure Ltd](https://www.sectoralpha.in/stocks/gtl-infrastructure-ltd) ₹1,268 crore
6. [ADC India Communications Ltd](https://www.sectoralpha.in/stocks/adc-india-communications-ltd) ₹1,118 crore
7. [Suyog Telematics Ltd](https://www.sectoralpha.in/stocks/suyog-telematics-ltd) ₹516 crore

[All 16 Telecom Services companies, largest first](https://www.sectoralpha.in/sectors/telecom-services#all-companies)

### Companies close in size in other industries

1. [Rajesh Power Services Ltd](https://www.sectoralpha.in/stocks/rajesh-power-services-ltd) ₹1,405 crore
2. [Servotech Renewable Power System Ltd](https://www.sectoralpha.in/stocks/servotech-renewable-power-system-ltd) ₹1,402 crore · Capital Goods - Electric General
3. Mahanagar Telephone Nigam Ltd ₹1,400 crore
4. [Bharat Parenterals Ltd](https://www.sectoralpha.in/stocks/bharat-parenterals-ltd) ₹1,399 crore · Pharma - Formulators
5. [Sobhagya Mercantile Ltd](https://www.sectoralpha.in/stocks/sobhagya-mercantile-ltd) ₹1,397 crore · Diversified

## What else do people ask about MTNL? ### What is MTNL's share price today? Mahanagar Telephone Nigam Ltd's share price is ₹23.65, −43.3% over the past year. The whole company is worth ₹1,491 Cr on the market. In the last 52 weeks it traded between ₹22 to ₹41; today it is 8% of the way up from the low, 18.6% below its 200-day average (as of 3 November 2026). ### What were MTNL's latest quarterly results? Mahanagar Telephone Nigam Ltd reported revenue of ₹217 Cr and a net loss of ₹842 Cr for the Jun 2026 quarter. Earnings per share were −₹13.37. The operating margin was −15.0%, 31.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is MTNL's market cap? Mahanagar Telephone Nigam Ltd's market capitalisation is ₹1,491 Cr at a share price of ₹23.65. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is MTNL performing? Mahanagar Telephone Nigam Ltd's share price has been falling for 60 weeks. Over the past 13 weeks it has done worse than the NIFTY 500, for 22 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will MTNL's share price go up? This page does not forecast Mahanagar Telephone Nigam Ltd's share price. What it shows instead: the share price is ₹23.65, and it has been falling for 60 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### What is MTNL's capex? Mahanagar Telephone Nigam Ltd sold more long-term assets (plants, machines and the like) than it bought over the last 3 years, by ₹29.0 Cr, worked out from the change in fixed assets plus depreciation. Depreciation over the same years was ₹1,846 Cr (as of 3 November 2026). ### Where is MTNL in its business cycle? Mahanagar Telephone Nigam Ltd's FY26 operating margin was −14.0%, against a 13-year range of −89.0% to 5.0%: the middle of its own range, neither a peak nor a low. The latest quarter was −15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the MTNL story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is MTNL a stock worth studying right now? What the numbers show: Mahanagar Telephone Nigam Ltd's balance sheet is under water: its net worth is negative, so it owes more than it owns. The latest quarter's profit comes from a one-off item larger than a full quarter's revenue, not from the business. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. The main open question: whether the business can earn its way back to positive net worth before new shares or a restructuring get there first. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ## Lists

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