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Swing Capital

Tata Teleservices (Maharashtra) Ltd

NSE: TTML BSE: 532371Telecom

Tata Teleservices Ltd is engaged in the business of Wired and wireless telecommunication activities and holds a Unified License with Access Service Authorisation in Maharashtra and Goa and also as in Internet Service Provider Category The co. is focused on providing various wireline voice, data, and managed telecom services. [1][2]

₹41.7
52W: ₹30.1 — ₹81.2
PE 0 · Book ₹102 · -59% vs book
Market Cap₹8,144 Cr
Stock P/E—Price to Earnings
ROCE56.7%Return on Capital
ROE0%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Debtor days have improved from 39.4 to 30.0 days.

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 2.14% over past five years.
  • −Earnings include an other income of Rs.662 Cr.

Shareholding Pattern

Promoters74.36%
FIIs2.6%
DIIs0.17%
Public22.87%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.36%74.36%74.36%74.36%74.36%74.36%74.36%74.36%
FIIs2.38%2.39%▲0.02.34%▼0.12.53%▲0.22.81%▲0.32.64%▼0.22.64%2.6%▼0.0
DIIs0.07%0.08%▲0.00.09%▲0.00.12%▲0.00.12%0.13%▲0.00.14%▲0.00.17%▲0.0
Public23.19%23.16%▼0.023.18%▲0.022.98%▼0.222.7%▼0.322.87%▲0.222.87%22.87%

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales296323324344333308284286294296
Expenses157182188205182155138146119132
Operating Profit139141135138150153147140175163
OPM %47%44%42%40%45%50%52%49%60%55%
Net Profit-308-309-323-330-315-306-325-321-150581
EPS ₹-1.57-1.58-1.65-1.69-1.61-1.57-1.66-1.64-0.772.97

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,160Cr, down 11.3% YoY. OPM at 54%.

Debt Position

Borrowings at ₹20,869Cr. Debt-to-equity ratio: N/Ax. High leverage — monitor closely.

Capex Cycle

CWIP at ₹28Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.17% (+0.12pp change). FIIs: 2.6% (+0.57pp change). Promoters hold 74.36%.

Margin & Efficiency

ROCE improving from 1% (Mar 2015) to 57% (Mar 2026). Working capital days: -5668.

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