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Tata Teleservices (Maharashtra) Ltd

| Financial Results for Quarter & Year Ended March 31, 2026

Report Source

⬤23rd Apr 26

Summary : The company reported significant losses and negative equity, relying on holding company support to address going concern issues, despite an unmodified audit opinion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Employee benefits expenses: INR 86.48 Crores (FY26)
  2. Operating and other expenses: INR 456.34 Crores (FY26)
  3. Depreciation and amortisation expense: INR 141.83 Crores (FY26)
  4. Finance costs: INR 1,360.98 Crores (FY26)
  5. Debtors turnover: 15 days (FY26)
  6. Revenue from operations: INR 1,160.23 Crores (FY26)
  7. Other income: INR 7.53 Crores (FY26)
  8. Net cash generated from operating activities: INR 667.56 Crores (FY26)
  9. Net cash used in investing activities: INR (90.58) Crores (FY26)
  10. Net cash used in financing activities: INR (603.95) Crores (FY26)
  11. Net decrease in cash and cash equivalents: INR (26.97) Crores (FY26)
  12. AGR dues and SUC claims, subject to legal proceedings and moratoriums.
  13. Total Assets: INR 1,341.03 Crores (FY26)
  14. Equity: INR (19,983.38) Crores (FY26) (Negative Equity)
  15. Non-current liabilities: INR 3,140.27 Crores (FY26)
  16. Current liabilities: INR 18,184.14 Crores (FY26)
  17. Current liabilities significantly exceed current assets (INR 18,184.14 Cr vs INR 184.33 Cr).
  18. Apportionment of AGR dues between the Company and its holding company, Tata Teleservices Limited (TTSL).
  19. Standalone financial results for Tata Teleservices (Maharashtra) Limited.

Corporate Overview

  1. India (Mumbai)
  2. Accumulated losses exceeding paid-up capital and reserves.
  3. Net loss incurred for the year ended March 31, 2026.
  4. Current liabilities exceeding current assets.
  5. Significant Adjusted Gross Revenue (AGR) dues and Spectrum Usage Charges (SUC) claims.
  6. Reliance on ultimate holding company for financial support to ensure liquidity and going concern.
  7. Providing telecommunication services under Unified License.
  8. Factual and compliant, expressing confidence in continued operations due to holding company support.
  9. Revenue from operations
  10. Other income

Risk Factors

  1. Significant accumulated losses and negative equity.
  2. Current liabilities greatly exceed current assets.
  3. Material uncertainty regarding going concern ability.
  4. Large outstanding Adjusted Gross Revenue dues.

Key Drivers

  1. Unmodified audit opinion for financial year.
  2. Strong financial support from holding company.
  3. Positive cash flow from operations.
  4. Reduced depreciation from asset useful life reassessment.

Auditor’s Report

  1. Unmodified Opinion
  2. Material uncertainty related to going concern, adequately disclosed in financial results.

Board Commentary

  1. Ability of the Company to continue as a going concern.
  2. Significant Adjusted Gross Revenue (AGR) dues and Spectrum Usage Charges (SUC) claims.
  3. Impact of New Labour Codes on financial results.

Corporate Governance

  1. Adherence to Code of Ethics issued by ICAI.
  2. Audit Committee reviewed and approved financial results.

Management Discussion & Analysis

Future Strategy

  1. Continue as a going concern with support from ultimate holding company.

Performance Drivers

  1. Regulatory changes (AGR dues, SUC claims, New Labour Codes).
  2. Financial support from ultimate holding company.

Risk Control Measures

  1. Obtained support letter from ultimate holding company for liquidity.
  2. Reassessment of useful life of network assets to optimize depreciation.

Critical Risks

  1. Material uncertainty regarding the Company's ability to continue as a going concern.
  2. High accumulated losses and negative net worth.
  3. Current liabilities significantly exceeding current assets.
Tata Teleservices (Maharashtra) Ltd (TTML) Quarterly Report Analysis & Insights | Dhanarthi