Telecommunication Services - Fixed-line, Mobile & Broadband
Strategic Profile
Mahanagar Telephone Nigam Limited was incorporated in 1986 and is based in New Delhi, India. The company is experiencing critical financial distress, with defaults affecting seven major public sector banks and accounts being classified as non-performing assets by lenders dating back to mid-2024.
Cyborg Score Rationale
As of January 31, 2026, the company owes ₹9,115.65 Cr to lenders including Union Bank of India and State Bank of India. MTNL reported a loss of Rs -960.20 crore on a total income of Rs 221.63 crore for the quarter ended 2025. The company faces severe credit impairment, making fresh financing exceedingly difficult without substantial government intervention, with long-term viability now in serious doubt.
Top Insights
Outstanding debt of ₹9,115.65 Cr as of January 2026 with defaults across major banks
Q3 FY26 net loss of ₹896.94 Cr on revenue of ₹197.52 Cr signals structural operational failure
TRAI imposed regulatory fines on MTNL in February 2026 for quality of service breaches
Credit rating agency IND-Ra placed MTNL's bonds on Rating Watch with Negative Implications in February 2026
Named Competitors
Wireless, Broadband & Fixed-line Services — Leading private telecom operator with national coverage
Telecom Services — National telecom operator competing across segments
Broadband Infrastructure — Tower and infrastructure provider
Recent Developments
(February 2026) IND-Ra maintains negative outlook; MTNL bond series placed on Rating Watch with negative implications
(February 2026) MTNL unable to fund bond interest payments; escrow shortfall requiring government intervention
(January 2026) Bank loan default disclosure of ₹9,115.65 Cr to major public sector banks filed with SEBI
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