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Last Updated: April 2, 2026, 3:17 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500108 | NSE: MTNL

Mahanagar Telephone Nigam Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹839.05Undervalued by 3,381.54%vs CMP ₹24.10

P/E (15.0) × ROE (15.0%) × BV (₹457.00) × DY (2.00%)

Defaults: P/E=15, ROE=15%

₹300.78Undervalued by 1,148.05%vs CMP ₹24.10
MoS: +92% (Strong)Confidence: 28/100 (Low)Models: 1 Under, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹474.6063%Under (+1869.3%)
Revenue MultipleRevenue₹11.0738%Over (-54.1%)
Consensus (2 models)₹300.78100%Undervalued
Key Drivers: EPS CAGR -43.4% drags value — could be higher if earnings stabilize.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -43.4% · Defaults: P/E=15, ROE=15%

*Investments are subject to market risks

Investment Snapshot

35
Mahanagar Telephone Nigam Ltd scores 35/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health26/100 · Weak
ROCE 6.8% WeakROE 0.0% WeakD/E -1.49 Low debtInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 56.3% Stable
Earnings Quality50/100 · Moderate
OPM contracting (-36% → -64%) DecliningWorking capital: -4,105 days (improving) Efficient
Quarterly Momentum25/100 · Weak
Revenue (4Q): -22% YoY DecliningOPM: -21.0% (down 7.0% YoY) Margin pressure
Industry Rank30/100 · Weak
ROCE 6.8% vs industry 14.5% Below peers3Y sales CAGR: -15% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:17 am

Market Cap 1,519 Cr.
Current Price 24.1
Intrinsic Value₹300.78
High / Low 58.2/20.3
Stock P/E
Book Value 457
Dividend Yield0.00 %
ROCE6.76 %
ROE%
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Mahanagar Telephone Nigam Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mahanagar Telephone Nigam Ltd 1,519 Cr. 24.1 58.2/20.3 4570.00 %6.76 %% 10.0
OnMobile Global Ltd 461 Cr. 43.4 75.1/40.026.5 61.50.00 %2.34 %4.94 % 10.0
Reliance Communications Ltd 218 Cr. 0.79 1.95/0.75 3500.00 %%% 5.00
Tata Teleservices (Maharashtra) Ltd 6,879 Cr. 35.2 81.2/30.1 1010.00 %50.3 %% 10.0
Tejas Networks Ltd 7,466 Cr. 420 914/294 1870.60 %15.5 %12.8 % 10.0
Industry Average154,437.75 Cr288.7835.80148.490.25%14.53%16.28%8.54

All Competitor Stocks of Mahanagar Telephone Nigam Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 227219199198192209184267261170159190198
Expenses 357345354331318284295294298292251298238
Operating Profit -129-126-154-133-126-75-111-27-37-122-92-108-41
OPM % -57%-57%-77%-67%-65%-36%-60%-10%-14%-72%-58%-57%-21%
Other Income 1271991131751441451996178161483235
Interest 592641645665691689705769728716754742749
Depreciation 181181166170166164156155150151145142142
Profit before tax -776-749-852-793-839-784-773-890-836-828-943-960-897
Tax % 0%-0%0%0%0%-0%0%0%0%-0%0%0%0%
Net Profit -776-749-852-793-839-784-773-890-836-828-943-960-897
EPS in Rs -12.31-11.88-13.52-12.58-13.32-12.44-12.28-14.13-13.27-13.14-14.97-15.24-14.24

Last Updated: March 4, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,4763,4943,2232,9692,4722,0851,6241,3881,149935799698716
Expenses 4,3674,2374,0134,0273,6173,3863,0701,3131,4531,3691,2801,1681,080
Operating Profit -891-743-790-1,058-1,145-1,300-1,44775-304-434-482-470-363
OPM % -26%-21%-24%-36%-46%-62%-89%5%-26%-46%-60%-67%-51%
Other Income 11,792443882680734619691476623612575682275
Interest 1,3911,4401,3511,4481,5051,7031,9512,1172,1472,3642,6942,9282,961
Depreciation 1,1921,1581,1781,1131,0541,002986893772730666612580
Profit before tax 8,318-2,898-2,437-2,940-2,970-3,387-3,693-2,459-2,600-2,916-3,268-3,328-3,629
Tax % 6%0%-20%-0%0%0%0%0%0%-0%-0%-0%
Net Profit 7,821-2,901-1,946-2,936-2,971-3,388-3,694-2,461-2,603-2,915-3,268-3,328-3,628
EPS in Rs 124.14-46.05-30.89-46.60-47.16-53.78-58.63-39.07-41.32-46.27-51.87-52.82-57.59
Dividend Payout % 0%0%0%0%0%0%0%0%-0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-137.09%32.92%-50.87%-1.19%-14.04%-9.03%33.38%-5.77%-11.99%-12.11%-1.84%
Change in YoY Net Profit Growth (%)0.00%170.01%-83.79%49.68%-12.84%5.00%42.41%-39.15%-6.22%-0.12%10.27%

Mahanagar Telephone Nigam Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-15%
5 Years:-16%
3 Years:-15%
TTM:-26%
Compounded Profit Growth
10 Years:-2%
5 Years:2%
3 Years:-10%
TTM:-10%
Stock Price CAGR
10 Years:11%
5 Years:37%
3 Years:22%
1 Year:-23%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 10:15 am

Balance Sheet

Last Updated: December 4, 2025, 1:36 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 630630630630630630630630630630630630630
Reserves 4,4131,429-1,035-4,004-6,962-10,358-14,212-16,675-19,298-21,485-24,274-27,549-29,429
Borrowings 14,21616,60813,44115,20117,01919,73723,29125,60026,82028,35130,14132,44134,064
Other Liabilities 8,3038,2715,6395,8825,6114,7116,9973,8444,1914,1764,2484,7314,283
Total Liabilities 27,56326,93818,67517,70916,29814,72016,70613,40012,34211,67210,74510,2539,548
Fixed Assets 11,37710,5709,5758,7598,1647,4666,8896,2535,6184,9674,3333,8083,458
CWIP 4081341372913313203281847459863224
Investments 6040434444333445
Other Assets 15,71716,1948,9208,6547,7996,9309,4866,9606,6476,6426,3236,4096,062
Total Assets 27,56326,93818,67517,70916,29814,72016,70613,40012,34211,67210,74510,2539,548

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -4,186-1,1671,078-1,024155-733-1,206-22570464130340
Cash from Investing Activity + 3,084-107-37-30-492-297-43-259204-174107-29
Cash from Financing Activity + 1,2371,110-9579843451,0441,326414-936177-319-215
Net Cash Flow 135-16485-7171477-70-2867-8196
Free Cash Flow -1,218-1,295779-1,441-357-1,043-1,348-3246912057304
CFO/OP 517%106%-78%113%-19%56%84%-553%-248%-18%-32%-51%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-905.00-759.00-803.00-16.00-18.00-20.00-24.0050.00-330.00-462.00-512.00-502.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 3231566063107141203213229234293
Inventory Days
Days Payable
Cash Conversion Cycle 3231566063107141203213229234293
Working Capital Days -753-835-906-707-613-1,038-1,930-1,218-2,518-2,681-2,038-4,105
ROCE %-12%-8%-7%-12%-13%-16%-18%-3%-5%-7%-8%-7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 56.82%56.82%56.82%56.25%56.25%56.25%56.25%56.25%56.25%56.25%56.25%56.25%
FIIs 0.47%0.39%0.40%0.47%0.55%0.38%0.06%0.09%0.14%0.54%0.04%0.05%
DIIs 13.89%13.89%13.88%13.75%13.63%13.63%13.47%13.49%13.46%13.46%13.46%13.43%
Public 28.81%28.90%28.90%29.54%29.56%29.73%30.22%30.16%30.15%29.76%30.25%30.27%
No. of Shareholders 1,87,0641,84,0781,82,1711,78,1991,94,9741,92,0494,66,1184,41,6294,37,4244,14,3954,00,2623,87,197

Shareholding Pattern Chart

No. of Shareholders

Mahanagar Telephone Nigam Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -52.82-51.87-46.27-41.32-39.07
Diluted EPS (Rs.) -52.82-51.87-46.27-41.32-39.07
Cash EPS (Rs.) -43.13-41.32-34.71-29.08-24.90
Book Value[Excl.RevalReserv]/Share (Rs.) -427.29-375.30-331.03-296.32-254.67
Book Value[Incl.RevalReserv]/Share (Rs.) -427.29-375.30-331.03-296.32-254.67
Revenue From Operations / Share (Rs.) 11.0812.6814.8418.2422.03
PBDIT / Share (Rs.) 3.181.382.654.928.58
PBIT / Share (Rs.) -6.54-9.20-8.93-7.33-5.60
PBT / Share (Rs.) -52.86-51.90-46.30-41.29-39.05
Net Profit / Share (Rs.) -52.85-51.89-46.29-41.34-39.08
NP After MI And SOA / Share (Rs.) -52.82-51.87-46.27-41.32-39.07
PBDIT Margin (%) 28.6710.8517.8827.0038.95
PBIT Margin (%) -59.02-72.58-60.14-40.18-25.41
PBT Margin (%) -477.08-409.42-311.88-226.39-177.26
Net Profit Margin (%) -476.99-409.40-311.83-226.64-177.41
NP After MI And SOA Margin (%) -476.73-409.17-311.69-226.54-177.36
Return on Capital Employeed (%) 14.88-60.9481.0935.59-12.33
Return On Assets (%) -32.54-30.48-25.03-21.13-18.40
Long Term Debt / Equity (X) -0.87-1.02-0.93-0.88-1.13
Total Debt / Equity (X) -1.20-1.27-1.35-1.43-1.49
Asset Turnover Ratio (%) 0.060.070.070.080.08
Current Ratio (X) 0.410.550.460.420.58
Quick Ratio (X) 0.410.550.460.420.58
Inventory Turnover Ratio (X) 119.120.000.000.000.00
Interest Coverage Ratio (X) 0.060.030.070.140.25
Interest Coverage Ratio (Post Tax) (X) -0.14-0.21-0.23-0.21-0.16
Enterprise Value (Cr.) 34873.7231993.3528959.6927878.6024710.84
EV / Net Operating Revenue (X) 49.9640.0630.9724.2617.81
EV / EBITDA (X) 174.22368.93173.1389.8545.71
MarketCap / Net Operating Revenue (X) 3.892.601.221.240.85
Price / BV (X) -0.10-0.08-0.05-0.07-0.07
Price / Net Operating Revenue (X) 3.892.601.221.240.85
EarningsYield -1.23-1.58-2.56-1.83-2.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mahanagar Telephone Nigam Ltd. is a Public Limited Listed company incorporated on 28/02/1986 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L32101DL1986GOI023501 and registration number is 023501. Currently Company is involved in the business activities of Wired telecommunications activities. Company's Total Operating Revenue is Rs. 628.95 Cr. and Equity Capital is Rs. 630.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Telecom ServicesMahanagar Doorsanchar Sadan, 5th Floor, 9, CGO Complex, New Delhi Delhi 110003Contact not found
Management
NamePosition Held
Mr. A Robert J RaviChairman & Managing Director
Dr. Kalyan Sagar NippaniDirector
Mr. Rajiv KumarDirector - Finance
Mr. Sudhakararao PapaDirector - Technical
Mr. Alok ShuklaGovernment Director
Mr. Shivendu GuptaGovernment Director
Mr. Vishwas PathakIndependent Director
Mrs. Deepika MahajanIndependent Director

FAQ

What is the intrinsic value of Mahanagar Telephone Nigam Ltd and is it undervalued?

As of 09 April 2026, Mahanagar Telephone Nigam Ltd's intrinsic value is ₹300.78, which is 1148.05% higher than the current market price of ₹24.10, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹457), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Mahanagar Telephone Nigam Ltd?

Mahanagar Telephone Nigam Ltd is trading at ₹24.10 as of 09 April 2026, with a FY2026-2027 high of ₹58.2 and low of ₹20.3. The stock is currently near its 52-week low. Market cap stands at ₹1,519 Cr..

How does Mahanagar Telephone Nigam Ltd's P/E ratio compare to its industry?

Mahanagar Telephone Nigam Ltd has a P/E ratio of , which is below the industry average of 35.80. This is broadly in line with or below the industry average.

Is Mahanagar Telephone Nigam Ltd financially healthy?

Key indicators for Mahanagar Telephone Nigam Ltd: ROCE of 6.76 % is on the lower side compared to the industry average of 14.53%; ROE of % is below ideal levels (industry average: 16.28%). Dividend yield is 0.00 %.

Is Mahanagar Telephone Nigam Ltd profitable and how is the profit trend?

Mahanagar Telephone Nigam Ltd reported a net profit of ₹-3,328 Cr in Mar 2025 on revenue of ₹698 Cr. Compared to ₹-2,603 Cr in Mar 2022, the net profit shows a mixed trend.

Does Mahanagar Telephone Nigam Ltd pay dividends?

Mahanagar Telephone Nigam Ltd has a dividend yield of 0.00 % at the current price of ₹24.10. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Mahanagar Telephone Nigam Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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