Tata Teleservices (Maharashtra) Limited (TTML.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

-228.5%

-₹44.55

vs ₹34.68 price

Levered DCF

-₹55.77

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-10.04

Distress zone

Rating

Overall 2 / 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	-28.51×	-9.15×	-12.6×	-9.46×	-26.8×	-1.38×	-0.09×	-0.86×
P/B	-0.31×	-0.6×	-0.8×	-0.57×	-1.73×	-0.15×	-0.02×	-0.04×
P/S	5.29×	8.91×	12.98×	9.8×	29.79×	2.63×	0.33×	0.45×
EV / EBITDA	20.96×	55.63×	66.7×	61.81×	110.23×	45.06×	40.7×	60.41×
Gross margin	100.0%	45.2%	46.8%	47.4%	45.5%	48.8%	42.5%	39.6%
Operating margin	41.0%	43.6%	44.3%	44.5%	42.8%	47.1%	39.1%	19.7%
Net margin	-18.6%	-97.5%	-103.1%	-103.5%	-111.1%	-190.6%	-344.6%	-52.3%
Current ratio	0.01×	0.03×	0.04×	0.03×	0.04×	0.05×	0.05×	0.26×
Debt / equity	-1.04×	-1.04×	-1.04×	-1.04×	-1.05×	-1.06×	-0.97×	-1×
Interest coverage	0.35×	0.34×	0.33×	0.33×	0.3×	0.32×	0.27×	0.16×
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	1.1%	6.5%	6.4%	6.0%	6.5%	10.8%	21.2%	4.5%
Return on invested capital	51.3%	66.5%	65.1%	59.3%	47.8%	46.2%	-75.0%	14.6%
Return on assets	-16.1%	-97.8%	-94.0%	-94.5%	-89.0%	-132.3%	-216.7%	-14.5%
Free cash flow yield	8.7%	3.5%	3.1%	4.1%	1.3%	16.5%	-133.5%	-153.2%
Earnings yield	-3.5%	-10.9%	-7.9%	-10.6%	-3.7%	-72.4%	-1055.5%	-117.1%
Enterprise value	₹269.9B	₹320.3B	₹354.9B	₹306.9B	₹523.3B	₹222.8B	₹171.6B	₹152.1B
Net debt / EBITDA	16.2×	35.38×	37.62×	39.98×	41.58×	39.49×	39.86×	58.15×
Cash conversion cycle (days)	30	-63	-104	-92	-97	-127	-106	-340