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Last Updated: April 2, 2026, 2:54 am
Author: Getaka|Social: XLinkedIn

Tata Teleservices (Maharashtra) Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹185.44Undervalued by 426.82%vs CMP ₹35.20

P/E (15.0) × ROE (15.0%) × BV (₹101.00) × DY (2.00%)

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

₹129.51Undervalued by 267.93%vs CMP ₹35.20
MoS: +72.8% (Strong)Confidence: 28/100 (Low)Models: 1 Under, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹203.2063%Under (+477.3%)
Revenue MultipleRevenue₹6.6938%Over (-81%)
Consensus (2 models)₹129.51100%Undervalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 9.6% · Defaults: P/E=15, ROE=15%

*Investments are subject to market risks

Investment Snapshot

52
Tata Teleservices (Maharashtra) Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health43/100 · Moderate
ROCE 50.3% ExcellentROE 0.0% WeakD/E -0.57 Low debtInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent
Smart Money60/100 · Moderate
FII holding up 0.11% (6mo) Slight increasePromoter holding at 74.4% Stable
Earnings Quality60/100 · Moderate
OPM stable around 44% SteadyWorking capital: -2,724 days (improving) Efficient
Quarterly Momentum45/100 · Moderate
Revenue (4Q): -11% YoY DecliningOPM: 60.0% (up 15.0% YoY) Margin expansion
Industry Rank60/100 · Moderate
ROCE 50.3% vs industry 14.5% Above peers3Y sales CAGR: 6% Slow

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, 2:54 am

Market Cap 6,879 Cr.
Current Price 35.2
Intrinsic Value₹129.51
High / Low 81.2/30.1
Stock P/E
Book Value 101
Dividend Yield0.00 %
ROCE50.3 %
ROE%
Face Value 10.0
PEG Ratio0.00

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

View Share Price Target for Tata Teleservices (Maharashtra) Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
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
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
Industry Average154,437.75 Cr288.7835.80148.490.25%14.53%16.28%8.54

All Competitor Stocks of Tata Teleservices (Maharashtra) Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 282280286287296323324344333308284286294
Expenses 152149161159157182188205182155138146119
Operating Profit 129131125128139141135138150153147140175
OPM % 46%47%44%44%47%44%42%40%45%50%52%49%60%
Other Income 2242335212-22-2
Interest 374379394403411414423429423419433425288
Depreciation 38323636383941424342373736
Profit before tax -280-277-301-310-308-309-323-330-315-306-325-321-150
Tax % 0%0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit -280-277-301-310-308-309-323-330-315-306-325-321-150
EPS in Rs -1.43-1.42-1.54-1.59-1.57-1.58-1.65-1.69-1.61-1.57-1.66-1.64-0.77

Last Updated: February 6, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,7312,8932,9722,7031,8691,2771,0781,0441,0941,1061,1921,3081,173
Expenses 2,1992,2922,2272,0571,734614656555626614664737558
Operating Profit 532601745646135664422489468492527571615
OPM % 19%21%25%24%7%52%39%47%43%45%44%44%52%
Other Income 834540-924-7,875400-2,396-75617111616-0
Interest 5656516841,2821,5691,5541,5451,5611,5391,5021,6221,6941,565
Depreciation 609611460796533178195169160147150168152
Profit before tax -560-615-358-2,356-9,842-668-3,714-1,997-1,215-1,145-1,228-1,275-1,103
Tax % 0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit -560-615-358-2,356-9,842-668-3,714-1,997-1,215-1,145-1,228-1,275-1,103
EPS in Rs -2.87-3.15-1.83-12.05-50.35-3.42-19.00-10.21-6.22-5.86-6.28-6.52-5.64
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 (%)-9.82%41.79%-558.10%-317.74%93.21%-455.99%46.23%39.16%5.76%-7.25%-3.83%
Change in YoY Net Profit Growth (%)0.00%51.61%-599.89%240.36%410.95%-549.20%502.22%-7.07%-33.40%-13.01%3.42%

Tata Teleservices (Maharashtra) 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:-8%
5 Years:4%
3 Years:6%
TTM:3%
Compounded Profit Growth
10 Years:%
5 Years:0%
3 Years:-2%
TTM:-2%
Stock Price CAGR
10 Years:25%
5 Years:75%
3 Years:-23%
1 Year:-39%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 4:10 am

Balance Sheet

Last Updated: December 4, 2025, 1:14 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1,9551,9551,9551,9551,9551,9551,9551,9551,9551,9551,9551,9551,955
Reserves -4,308-4,923-5,941-7,864-17,114-16,775-19,434-20,446-20,787-21,009-21,208-21,525-21,699
Borrowings 6,5207,41011,65416,22015,57816,54516,89519,35419,79419,86920,04720,41620,502
Other Liabilities 1,4991,6021,7941,5952,9612,8052,298646403397513458477
Total Liabilities 5,6666,0449,46211,9063,3804,5311,7141,5091,3651,2111,3071,3041,235
Fixed Assets 4,5184,1883,3637,460847718894830779740788798785
CWIP 38464,2462,504272639292834593524
Investments 0059268037860907010066345868
Other Assets 1,1111,8091,2601,2632,1293,178781580457369425413357
Total Assets 5,6666,0449,46211,9063,3804,5311,7141,5091,3651,2111,3071,3041,235

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 709636766730603-734-360567530558587505
Cash from Investing Activity + -266-785-1,183-2,198259-101510-177-130-66-65-109
Cash from Financing Activity + -5101774341,041-860967-237-432-427-494-503-386
Net Cash Flow -672818-4272132-87-42-26-21810
Free Cash Flow 386-149513-1,401526-861-469457426449483413
CFO/OP 140%114%97%110%417%-110%-80%108%111%110%115%87%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow526.00594.00734.00630.00120.00648.00406.00470.00449.00473.00507.00551.00

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 342536313126412740364840
Inventory Days
Days Payable
Cash Conversion Cycle 342536313126412740364840
Working Capital Days -377-448-679-893-1,775-3,110-4,188-88-3,058-3,310-2,239-2,724
ROCE %0%1%5%-1%-5%50%42%245%35%40%48%50%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.36%74.36%74.36%74.36%74.36%74.36%74.36%74.36%74.36%74.36%74.36%74.36%
FIIs 2.16%2.03%2.23%2.26%2.46%2.38%2.39%2.34%2.53%2.81%2.64%2.64%
DIIs 0.04%0.05%0.06%0.05%0.06%0.07%0.08%0.09%0.12%0.12%0.13%0.14%
Public 23.43%23.56%23.35%23.33%23.12%23.19%23.16%23.18%22.98%22.70%22.87%22.87%
No. of Shareholders 8,37,2518,27,5828,21,3548,08,6188,20,3728,17,12110,18,22310,44,61610,38,03710,38,99310,10,7989,89,835

Shareholding Pattern Chart

No. of Shareholders

Tata Teleservices (Maharashtra) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Nifty Smallcap 250 Index Fund 307,206 0.37 2.64307,2062025-04-22 17:25:350%
Motilal Oswal Nifty Smallcap 250 Index Fund 192,877 0.37 1.66192,8772025-04-22 17:25:350%
SBI Nifty Smallcap 250 Index Fund 141,553 0.37 1.22141,5532025-04-22 17:25:350%
Motilal Oswal Nifty 500 Index Fund 21,078 0.03 0.1821,0782025-04-22 17:25:350%
Edelweiss Nifty Smallcap 250 Index Fund 6,513 0.37 0.066,5132025-04-22 17:25:350%
Groww Nifty Total Market Index Fund 1,113 0.03 0.011,1132025-04-22 17:25:350%
Motilal Oswal Nifty 500 ETF 923 0.03 0.019232025-04-22 17:25:350%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -6.52-6.28-5.86-6.22-10.21
Diluted EPS (Rs.) -6.52-6.28-5.86-6.22-10.21
Cash EPS (Rs.) -5.66-5.51-5.10-5.39-9.35
Book Value[Excl.RevalReserv]/Share (Rs.) -140.63-134.10-127.82-121.95-115.73
Book Value[Incl.RevalReserv]/Share (Rs.) -140.63-134.10-127.82-121.95-115.73
Revenue From Operations / Share (Rs.) 6.696.095.665.595.34
PBDIT / Share (Rs.) 3.002.782.592.462.62
PBIT / Share (Rs.) 2.142.011.841.641.76
PBT / Share (Rs.) -6.52-6.28-5.86-6.21-10.21
Net Profit / Share (Rs.) -6.52-6.28-5.86-6.21-10.21
PBDIT Margin (%) 44.8445.6145.7644.0449.15
PBIT Margin (%) 32.0132.9932.4529.3932.98
PBT Margin (%) -97.49-103.08-103.48-111.08-191.31
Net Profit Margin (%) -97.49-103.08-103.48-111.08-191.31
Return on Capital Employeed (%) -4.83-6.31-3.98-3.98-4.05
Return On Assets (%) -97.81-93.99-94.54-89.04-132.32
Long Term Debt / Equity (X) -0.33-0.49-0.32-0.44-0.43
Total Debt / Equity (X) -0.67-0.76-0.72-0.82-0.57
Asset Turnover Ratio (%) 1.000.940.850.760.64
Current Ratio (X) 0.020.030.020.040.04
Quick Ratio (X) 0.020.030.020.040.04
Interest Coverage Ratio (X) 0.340.330.330.310.32
Interest Coverage Ratio (Post Tax) (X) 0.240.240.230.200.22
Enterprise Value (Cr.) 31311.8334380.5930658.8052304.8315672.57
EV / Net Operating Revenue (X) 23.9428.8527.7247.8215.02
EV / EBITDA (X) 53.3763.2560.56108.5830.55
MarketCap / Net Operating Revenue (X) 8.4212.139.8129.822.64
Price / BV (X) -0.40-0.55-0.43-1.37-0.12
Price / Net Operating Revenue (X) 8.4212.139.8129.822.64
EarningsYield -0.11-0.08-0.10-0.03-0.72

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Tata Teleservices (Maharashtra) Ltd. is a Public Limited Listed company incorporated on 13/03/1995 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L64200MH1995PLC086354 and registration number is 086354. Currently Company is involved in the business activities of Wired telecommunications activities. Company's Total Operating Revenue is Rs. 1308.04 Cr. and Equity Capital is Rs. 1954.93 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Telecom ServicesD-26, TTC Industrial Area, MIDC Sanpada, New Mumbai Maharashtra 400703Contact not found
Management
NamePosition Held
Mr. A S LakshminarayananNon Executive Chairman
Mr. Harjit SinghManaging Director
Mr. Ankur VermaNon Executive Director
Dr. Narendra Damodar JadhavIndependent Director
Dr. Vaijayanti PanditIndependent Director
Mr. Kumar RamanathanIndependent Director

FAQ

What is the intrinsic value of Tata Teleservices (Maharashtra) Ltd and is it undervalued?

As of 03 April 2026, Tata Teleservices (Maharashtra) Ltd's intrinsic value is ₹129.51, which is 267.93% higher than the current market price of ₹35.20, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹101), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Tata Teleservices (Maharashtra) Ltd?

Tata Teleservices (Maharashtra) Ltd is trading at ₹35.20 as of 03 April 2026, with a FY2026-2027 high of ₹81.2 and low of ₹30.1. The stock is currently near its 52-week low. Market cap stands at ₹6,879 Cr..

How does Tata Teleservices (Maharashtra) Ltd's P/E ratio compare to its industry?

Tata Teleservices (Maharashtra) 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 Tata Teleservices (Maharashtra) Ltd financially healthy?

Key indicators for Tata Teleservices (Maharashtra) Ltd: ROCE of 50.3 % indicates efficient capital utilization; ROE of % is below ideal levels (industry average: 16.28%). Dividend yield is 0.00 %.

Is Tata Teleservices (Maharashtra) Ltd profitable and how is the profit trend?

Tata Teleservices (Maharashtra) Ltd reported a net profit of ₹-1,275 Cr in Mar 2025 on revenue of ₹1,308 Cr. Compared to ₹-1,215 Cr in Mar 2022, the net profit shows a mixed trend.

Does Tata Teleservices (Maharashtra) Ltd pay dividends?

Tata Teleservices (Maharashtra) Ltd has a dividend yield of 0.00 % at the current price of ₹35.20. 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 Tata Teleservices (Maharashtra) 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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