Mahanagar Telephone Nigam Limited (MTNL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2280.1%

-₹525.40

vs ₹24.10 price

Levered DCF

-₹568.18

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-0.44×	-0.86×	-0.66×	-0.39×	-0.55×	-0.48×	-0.1×	-0.22×
P/B	-0.05×	-0.11×	-0.09×	-0.05×	-0.08×	-0.07×	-0.03×	-0.08×
P/S	1.41×	4.1×	2.71×	1.22×	1.24×	0.85×	0.23×	0.37×
EV / EBITDA	82.49×	175.31×	371.58×	174.01×	90.71×	49.31×	-29.88×	-28.65×
Gross margin	90.4%	-88.9%	-4.9%	81.9%	32.1%	-36.7%	-48.9%	-26.9%
Operating margin	-74.3%	-156.5%	-143.9%	-125.0%	-81.4%	-55.9%	-126.2%	-90.7%
Net margin	-324.9%	-476.7%	-409.2%	-311.7%	-226.5%	-177.4%	-227.5%	-162.5%
Current ratio	0.35×	0.41×	0.55×	0.47×	0.43×	0.59×	0.5×	0.5×
Debt / equity	-1.18×	-1.21×	-1.27×	-1.36×	-1.44×	-1.6×	-1.71×	-2.03×
Interest coverage	-0.24×	-0.37×	-0.43×	-0.5×	-0.44×	-0.37×	-1.05×	-1.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.4%	12.4%	13.8%	14.0%	13.9%	15.3%	27.2%	34.8%
Return on invested capital	-11.7%	-17.7%	-16.4%	-14.5%	-10.6%	-7.7%	-19.9%	-16.6%
Return on assets	-30.8%	-32.5%	-30.5%	-25.0%	-21.1%	-18.4%	-22.1%	-23.0%
Free cash flow yield	11.2%	-73.3%	2.6%	1.8%	48.5%	-27.5%	-353.7%	-135.6%
Earnings yield	-229.6%	-116.2%	-150.8%	-256.4%	-182.8%	-208.4%	-969.1%	-444.5%
Enterprise value	₹366.6B	₹350.9B	₹322.2B	₹293.2B	₹281.4B	₹266.5B	₹234.8B	₹203.8B
Net debt / EBITDA	79.44×	161.01×	346.59×	167.26×	86.12×	47.13×	-29.39×	-27.58×
Cash conversion cycle (days)	-3,950	18	1,864	-201	1,190	998	1,607	795