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Employees: 517
Size Tata Teleservices (Maharashtra) (TTML.NS) is an India Communication Services company (Specialty Telecommunications) with a market value of $824M, the 657th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹39.77 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against -13.7% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +5.5%); the operating margin is 43.8% (peer median 6.8%).
Valuation It trades at 22.9× enterprise value to sales against a peer median of 3.4× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 38.0 points above its cost of capital (9.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹12.0B | ₹11.6B | ₹13.1B | ₹11.9B | ₹11.1B |
| Revenue growth | — | -11% | +10% | +8% | — |
| Gross profit | ₹5.26B | ₹6.12B | ₹4.53B | ₹4.36B | ₹4.40B |
| EBITDA | ₹6.60B | ₹6.19B | ₹5.74B | ₹5.29B | ₹4.93B |
| Net income | ₹2.99B | -₹2.15B | -₹12.8B | -₹12.3B | -₹11.4B |
| Free cash flow | n/a | ₹1.41B | ₹79.0M | ₹244M | ₹342M |
| Capital expenditure | n/a | ₹1.35B | ₹991M | ₹1.09B | ₹1.11B |
| Total debt | ₹198B | ₹209B | ₹204B | ₹200B | ₹199B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TTML.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.9% | +0.8% | 3rd highest of 20 |
| 6-month return | -11.3% | -13.7% | 9th highest of 20 |
| Distance from 52-week high | -31.7% | -27.1% | 8th lowest of 20 |
| Revenue growth (TTM) | -0.8% | +5.5% | 4th lowest of 20 |
| Operating margin | 43.8% | 6.8% | highest of 19 |
| EV / Sales | 22.9× | 3.4× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 22.7% | 7.2% | most demanding of 12 |
| Growth delivered (Del g) | +2.1% | +9.0% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +20.6 pp | -9.9 pp | most demanding of 12 |
| ROIC minus cost of capital | +38.0 pp | +0.3 pp | 2nd highest of 19 |
| EV / EBITDA | 41.7× | 9.4× | 2nd most expensive of 12 |
| Net debt / EBITDA | 29.9× | 0.9× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tata Teleservices (Maharashtra) TTML.NS | India | $824M | -11% | -1% | 44% | 22.9× | 22.7% | +2.1% |
| Chief Telecom 6561.TWO | Taiwan | $796M | +2% | -1% | 39% | 7.1× | -0.7% | +9.0% |
| Macquarie Technology MAQ.AX | Australia | $890M | -34% | +6% | 15% | 3.4× | n/a | n/a |
| cyber_Folks CBF.WA | Poland | $899M | +8% | +27% | n/a | 4.3× | n/a | n/a |
| Net263 002467.SZ | China | $939M | -33% | +14% | -29% | 6.6× | n/a | n/a |
| Aussie Broadband ABB.AX | Australia | $968M | -13% | +9% | 7% | 1.2× | 13.1% | +29.9% |
| Ituran Location and Control ITRN | United States | $987M | -18% | +16% | 22% | 2.3× | -3.4% | +7.9% |
| Guangzhou Frontop Digital Creative Technology 301313.SZ | China | $1.02B | +90% | +1% | -31% | 12.8× | n/a | n/a |
| Telesat TSAT.TO | Canada | $644M | -18% | -24% | -8% | 14.2× | n/a | n/a |
| Guomai Technologies 002093.SZ | China | $1.08B | -14% | +3% | 24% | 10.8× | 11.7% | +6.5% |
| KINX 093320.KS | South Korea | $623M | +68% | +7% | 19% | 5.4× | 7.8% | +17.7% |
| CITIC Telecom International 1883.HK | Hong Kong | $1.14B | -14% | 0% | 12% | 1.1× | -10.5% | +1.4% |
| Eastone Century Technology 300310.SZ | China | $575M | -24% | +3% | 0% | 1.4× | n/a | n/a |
| Juneyao Grand Healthy Drinks 605388.SS | China | $524M | -15% | +5% | -19% | 2.3× | n/a | n/a |
| StarHub CC3.SI | Singapore | $1.41B | +4% | -8% | 5% | 1.4× | 7.2% | +3.0% |
| Beijing Waluer Information Technology 301380.SZ | China | $440M | -14% | +7% | 7% | 2.6× | 16.4% | +16.4% |
| Shunya International Martech (Beijing) 300612.SZ | China | $341M | -17% | -45% | -24% | 7.6× | n/a | n/a |
| U-NEXT 9418.T | Japan | $2.04B | +17% | +20% | 6% | 0.8× | 0.4% | +17.7% |
| Helios Towers HTWS.L | United Kingdom | $3.05B | -8% | +6% | 36% | 5.5× | 13.4% | +15.0% |
| freenet FNTN.DE | Germany | $3.06B | -7% | +10% | 14% | 1.3× | -11.3% | -1.1% |