# Tata Teleservices (Maharashtra) (TTML) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/ttml

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹39.77
- Change: +12.57%
- As of: 2026-11-06
- 1D return: +12.57%
- 5D return: +15.88%
- 1M return: +20.70%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

TTML (₹39.29) is in a short-term technical rebound, trading 11.2% above its previous close on November 6, 2026. This move follows an extreme volume anomaly on October 23 and a high-severity downward move with elevated participation on October 30. On the daily chart, price sits above the 20-period EMA, 50-period EMA, 20-period SMA, 50-period SMA, and Supertrend, suggesting immediate bullish positioning. However, trend strength is weak (ADX 16.29), and price remains below the 200-period SMA, indicating the longer-term downtrend is not yet reversed.

The monthly context remains bearish, with price below all supplied moving averages and the Supertrend, and ADX at 30.53 indicating established but directional weakness. The weekly timeframe shows developing bullishness (ADX 21.4, price above 20-period EMA and Supertrend). Price is positioned in the upper-middle of its 20-day and 50-day ranges (+66.5%) but lower-middle of its 252-day range (+29.9%).

Key resistance lies at ₹40.17 (2.25% above) and ₹41.73 (6.22% above). Support is immediate at ₹39.02 (0.69% below), with deeper levels at ₹38.08 and ₹37.10. Annualized volatility is high at +53.2%, and the stock is down -52.5% from its available high. A sustained break above ₹40.17 with increased momentum would be required to confirm a shift toward the weekly bullish structure; failure to hold above ₹39.02 may signal a resumption of the monthly bearish trend.

- Trend Conflict: Daily indicators are bullish (price above 20/50 EMAs & Supertrend), but monthly structure remains bearish (price below all MAs & Supertrend).
- Momentum & Participation: Recent +11.2% gain on Nov 6 follows extreme volume anomalies in late October; daily ADX is weak at 16.29, suggesting low conviction.
- Key Levels: Immediate resistance at ₹40.17 (+2.25%) and ₹41.73 (+6.22%); support at ₹39.02 (-0.69%) and ₹38.08 (-3.08%).
- Risk Profile: High volatility (+53.2% annualized) and significant drawdown (-52.5% from available high); price is in the upper-middle of short-term ranges but lower-middle of long-term range.

- Inside Bar
- Harami

### News Context

On November 6, 2026, shares of Tata Teleservices (Maharashtra) surged approximately 13% to trade at ₹39.89, driven by trading volumes that exceeded the recent average by more than 2.79 times. This single-day rally contributed to a one-month return of 16.94%, although the stock remains down 26.88% over the trailing twelve months. Market commentary attributed the movement to positive sentiment surrounding Dhanteras. Analysts identified the ₹40–42 price zone as immediate resistance, noting that while short-term momentum indicators are currently bullish, a sustained breakout above this level is required to confirm a broader trend reversal.

- Price Action: Stock rose ~13% on Nov 6, 2026, closing at ₹39.89 with volume 2.79x normal levels.
- Performance Context: One-month return stands at +16.94%, but year-over-year performance is -26.88%.
- Technical Outlook: Analysts flag the ₹40–42 zone as key resistance; a sustained break above is needed to confirm reversal.

- [13% single-day gain! This Tata Group stock skyrockets on Dhanteras - Do you own? Check annual return, technical targets](https://www.livemint.com/market/stock-market-news/13-single-day-gain-this-tata-group-stock-skyrockets-on-dhanteras-do-you-own-check-annual-return-technical-targets-11793958763606.html)

### What Changed

Tata Teleservices (Maharashtra) experienced a significant price movement on November 6, 2026, with shares surging nearly 13% to trade at ₹39.89 during the session. This rally was accompanied by trading volumes exceeding 2.79 times the recent average, indicating heightened investor interest. The stock closed at ₹39.29 on the observation date, up from the previous close of ₹35.41. While short-term momentum appears bullish, analysts have identified the ₹40–42 zone as critical resistance; a sustained breakout above this level is required to confirm a reversal of the longer-term downtrend. Over the past month, the stock has delivered returns of 16.94%, yet it remains down 26.88% over the trailing year, highlighting that the recent surge is a short-term event within a broader negative trend.

- On November 6, 2026, TTML shares rose nearly 13% to ₹39.89 intraday, with volume 2.79x higher than usual.
- The closing price of ₹39.29 marks an increase from the prior close of ₹35.41.
- Analysts flag the ₹40–42 range as key resistance; a break above this zone is needed to confirm trend reversal.
- Despite a 16.94% gain over the last month, the stock remains down 26.88% over the past year.

- [13% single-day gain! This Tata Group stock skyrockets on Dhanteras - Do you own? Check annual return, technical targets](https://www.livemint.com/market/stock-market-news/13-single-day-gain-this-tata-group-stock-skyrockets-on-dhanteras-do-you-own-check-annual-return-technical-targets-11793958763606.html)

### Official Filings

Tata Teleservices (Maharashtra) Limited disclosed two material developments in late October and early November 2026. First, the Telecom Regulatory Authority of India (TRAI) imposed a financial disincentive of ₹1,02,000 for the quarter ending December 2024 due to failures in curbing Unsolicited Commercial Communications (UCC). The company is currently reviewing this order. Second, the Board appointed Mr. Gaurav Gupta as an Additional Director on October 23, 2026, with shareholder approval sought via postal ballot from November 3 to December 2, 2026. Additionally, the company notified record dates for a Commercial Paper issuance maturing on November 9, 2026, and announced senior management appointments.

- TRAI Penalty: A financial disincentive of ₹1,02,000 was levied for Q4 FY25 (quarter ending Dec 2024) regarding UCC violations; the company is reviewing the order.
- Director Appointment: Shareholder approval is being sought for Mr. Gaurav Gupta’s appointment as Non-Executive Non-Independent Director via postal ballot (Nov 3–Dec 2, 2026); results expected by Dec 4, 2026.
- Commercial Paper Issuance: CP ISIN INE517B14AL3 has a record date of Nov 6, 2026, and maturity on Nov 9, 2026, with a face value of ₹5,00,000 across 1,300 units.
- Management Changes: Mr. Sai Pratyush and Mr. Vaibhav Ambradkar were appointed as Senior Management Personnel following the Board meeting in September 2026.

- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/TTMLCS_04112026110351_TTML_Record_date_notification_INE517B14AL3_09_Nov_2026.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026154413_TTML532371_PB.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026155316_TTML532371_Authorised_Person.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Shareholders meeting |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/TTML_02112026131801_TTML532371_Submission_of_Postal_Ballot_Notice.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_1926_WebXMLFile_20261102_133334131.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/TTML_31102026143753_TTML532371_TCCCPR.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_145030757.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_160950181.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about the extracts of the financial results for the 2nd quarter and half year ended September 30, 2026, were published in the newspaper. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTML_23102026134248_TTML532371_Newspaper_Published_Results_Q2_FY27.pdf)
- [Appointment of Mr Sai Pratyush and Mr Vaibhav Ambradkar as Senior Management Personnel of the Company. |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/TTML_22102026124329_TTML532371_Outcome_of_Board_Meeting_September_2026.pdf)

### Fundamentals

Tata Teleservices (Maharashtra) is navigating a critical financial restructuring phase, evidenced by a severe balance-sheet deficit that has not yet been fully offset by operational improvements. As of September 2026, the company’s equity stands at -₹18,932.69 crore, indicating that liabilities (₹20,342.32 crore) significantly exceed assets (₹1,409.63 crore). While the company is showing signs of operational stabilization—with Q2 FY2026-27 revenue increasing sequentially to ₹309.65 crore and finance costs decreasing to ₹191.49 crore—the net loss widened to -₹59.20 crore in Q2 compared to -₹72.15 crore in Q1, driven by expenses of ₹370.58 crore.

Historically, the company has demonstrated strong cash generation capabilities, with Cash from Operating Activity rising to ₹668.0 crore in Mar 2026 and ROCE improving to 56%. However, these metrics are currently overshadowed by the massive negative equity position and a sharp increase in current borrowings to ₹16,080.94 crore as of Sep 2026. The TTM EPS of ₹1.53 suggests some accounting adjustments or non-recurring items may be influencing recent profit/loss statements, but the underlying quarterly reality remains one of significant losses. The primary risk is liquidity and solvency, rather than operational efficiency.

- Negative Equity Crisis: Shareholders' equity remains deeply negative at -₹18,932.69 crore (Sep 2026), with liabilities far outstripping assets of ₹1,409.63 crore.
- Rising Leverage Pressure: Current borrowings surged to ₹16,080.94 crore in Sep 2026 from ₹10,836.62 crore in Sep 2025, despite total borrowings stabilizing around ₹19,845 crore.
- Operational Stabilization: Q2 FY2026-27 revenue grew sequentially to ₹309.65 crore, and finance costs decreased to ₹191.49 crore, though net losses persisted at -₹59.20 crore.
- Cash Flow Strength vs. Profitability Gap: CFO improved to ₹668.0 crore (Mar 2026) and ROCE reached 56%, contrasting sharply with the ongoing quarterly net losses and negative EPS.

### Bull Case

Tata Teleservices (Maharashtra) exhibits a short-term technical reversal on the daily and weekly timeframes, offering a conditional upside case despite a bearish monthly trend and significant historical drawdowns. On November 6, 2026, shares surged nearly 13% to ₹39.89, with trading volumes exceeding 2.79 times the recent average, signaling renewed buyer interest. Technical indicators support this momentum: the daily Supertrend is bullish, the Plus DI (33.21) significantly outweighs the Minus DI (16.33), and the stock has gained +15.0% over the past month. The immediate constructive condition for this trend to persist is a sustained breakout above the identified resistance zone of ₹40–₹42. Until this level is confirmed, the broader context remains cautious, evidenced by a -28.0% one-year return and a current drawdown of -52.5%.

- Short-term momentum shift: Daily and weekly Supertrends are bullish, with Plus DI (33.21) leading Minus DI (16.33) on the daily chart as of Nov 6, 2026.
- Volume-backed price action: A ~13% single-day gain to ₹39.89 was accompanied by volume 2.79x higher than normal, indicating strong participation.
- Critical resistance test: A sustained close above the ₹40–₹42 zone is required to confirm the reversal; failure here may limit upside given the bearish monthly trend.
- Contextual caution: Despite short-term gains (+15.0% in 1 month), the stock remains down -28.0% over the past year with a maximum drawdown of -62.1%.

- [13% single-day gain! This Tata Group stock skyrockets on Dhanteras - Do you own? Check annual return, technical targets](https://www.livemint.com/market/stock-market-news/13-single-day-gain-this-tata-group-stock-skyrockets-on-dhanteras-do-you-own-check-annual-return-technical-targets-11793958763606.html)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/TTMLCS_04112026110351_TTML_Record_date_notification_INE517B14AL3_09_Nov_2026.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026154413_TTML532371_PB.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026155316_TTML532371_Authorised_Person.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Shareholders meeting |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/TTML_02112026131801_TTML532371_Submission_of_Postal_Ballot_Notice.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_1926_WebXMLFile_20261102_133334131.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/TTML_31102026143753_TTML532371_TCCCPR.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_145030757.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_160950181.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about the extracts of the financial results for the 2nd quarter and half year ended September 30, 2026, were published in the newspaper. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTML_23102026134248_TTML532371_Newspaper_Published_Results_Q2_FY27.pdf)

### Bear Case

Tata Teleservices (Maharashtra) exhibits significant downside risk characterized by a severe long-term price decline and high volatility. As of 6 November 2026, the stock is down 28.0% over the past year and has suffered a maximum drawdown of 62.1%, with the current price representing a 52.5% decline from its peak. While short-term daily momentum indicators are bullish following a recent surge, the monthly trend remains bearish, and technical resistance is identified at ₹40.17–₹41.73. The stock’s annualized volatility of 53.2% indicates substantial price instability, requiring a sustained breakout above immediate resistance levels to confirm any reversal of the longer-term downtrend.

- Long-term underperformance: The stock is down 28.0% over the past year and has experienced a maximum drawdown of 62.1%, with current prices reflecting a 52.5% decline from highs.
- Conflicting timeframes: Daily technicals show bullish signals, but the monthly trend remains bearish, suggesting the recent rally may be short-lived without further confirmation.
- High volatility: Annualized volatility stands at 53.2%, indicating significant price swings and elevated risk for investors.
- Resistance proximity: Immediate technical resistance lies between ₹40.17 and ₹41.73; failure to sustainably break above this zone could limit upside potential.

- [13% single-day gain! This Tata Group stock skyrockets on Dhanteras - Do you own? Check annual return, technical targets](https://www.livemint.com/market/stock-market-news/13-single-day-gain-this-tata-group-stock-skyrockets-on-dhanteras-do-you-own-check-annual-return-technical-targets-11793958763606.html)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/TTMLCS_04112026110351_TTML_Record_date_notification_INE517B14AL3_09_Nov_2026.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026154413_TTML532371_PB.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026155316_TTML532371_Authorised_Person.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Shareholders meeting |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/TTML_02112026131801_TTML532371_Submission_of_Postal_Ballot_Notice.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_1926_WebXMLFile_20261102_133334131.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/TTML_31102026143753_TTML532371_TCCCPR.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_145030757.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_160950181.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about the extracts of the financial results for the 2nd quarter and half year ended September 30, 2026, were published in the newspaper. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTML_23102026134248_TTML532371_Newspaper_Published_Results_Q2_FY27.pdf)

### FAQs

**What corporate governance changes are currently pending shareholder approval for TTML?**

The Board appointed Mr. Gaurav Gupta as an Additional Non-Executive Non-Independent Director on October 23, 2026, subject to member approval. Shareholders are voting via postal ballot from November 3 to December 2, 2026, with results expected by December 4, 2026.

**How has the stock performed technically and fundamentally over recent periods?**

TTML shares surged nearly 13% on November 6, 2026, closing at ₹39.89 with volume 2.79 times higher than average. Despite this momentum, the stock remains down 26.88% over the past year and is in a monthly bearish trend. Key resistance lies in the ₹40–42 zone.

**What short-term debt obligations is TTML managing in early November 2026?**

TTML issued Commercial Paper (ISIN INE517B14AL3) with a face value of ₹5,00,000 across 1,300 units. The record date for this issuance is November 6, 2026, and the maturity date is set for November 9, 2026.

- [13% single-day gain! This Tata Group stock skyrockets on Dhanteras - Do you own? Check annual return, technical targets](https://www.livemint.com/market/stock-market-news/13-single-day-gain-this-tata-group-stock-skyrockets-on-dhanteras-do-you-own-check-annual-return-technical-targets-11793958763606.html)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/TTMLCS_04112026110351_TTML_Record_date_notification_INE517B14AL3_09_Nov_2026.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026154413_TTML532371_PB.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026155316_TTML532371_Authorised_Person.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Shareholders meeting |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/TTML_02112026131801_TTML532371_Submission_of_Postal_Ballot_Notice.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_1926_WebXMLFile_20261102_133334131.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/TTML_31102026143753_TTML532371_TCCCPR.pdf)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_145030757.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_160950181.xml)
- [Tata Teleservices (Maharashtra) Limited has informed the Exchange about the extracts of the financial results for the 2nd quarter and half year ended September 30, 2026, were published in the newspaper. |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/TTML_23102026134248_TTML532371_Newspaper_Published_Results_Q2_FY27.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Insufficient History
- Pivot point: ₹35.47
- Risk regime: Higher Price Risk

### Support levels
- 39.02
- 38.07875
- 37.1

### Resistance levels
- 40.175
- 41.73375
- 43.5

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +12.57% |
| return_10 | +5.55% |
| return_1m | +16.35% |
| return_1y | -27.09% |
| return_20 | +20.70% |
| return_3m | +0.51% |
| return_5 | +15.88% |
| return_6m | -8.49% |
| return_since_start | -48.64% |
| return_ytd | -19.75% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -62.09% |
| annualized_volatility | +53.41% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Tata Teleservices (Maharashtra) Limited Q2 FY2026-27: Revenue rises 8% year on year as loss narrows

Revenue from operations increased 2.7% quarter on quarter and 8.2% year on year to ₹309.65 crore in Q2 FY2026-27. The pre-tax loss narrowed to ₹59.20 crore from ₹72.15 crore in Q1, supported by lower expenses, including a reduction in finance costs. The quarter also extended the sequential revenue increase to four quarters, while the balance sheet remained marked by negative equity and substantial borrowings.

## Revenue growth extends to a fourth consecutive quarter

Revenue from operations rose from ₹294.31 crore in Q3 FY2026 to ₹295.54 crore in Q4 FY2026, ₹301.57 crore in Q1 FY2026-27 and ₹309.65 crore in Q2. Compared with the year-earlier quarter, revenue increased from ₹286.13 crore. Total income was ₹311.38 crore, including ₹1.73 crore of other income, up 2.5% from ₹303.90 crore in Q1.

## Lower expenses and finance costs narrow the loss

Total expenses fell 1.5% sequentially to ₹370.58 crore from ₹376.05 crore. Finance costs declined 7.1% to ₹191.49 crore from ₹206.09 crore, making the sequential decrease in this large expense line a significant contributor to the narrower pre-tax loss. Profit before tax improved to a loss of ₹59.20 crore from a loss of ₹72.15 crore in Q1. The loss for the period was also ₹59.20 crore, while basic and diluted loss per share improved to ₹0.30 from ₹0.37.

The pre-tax loss has narrowed for two consecutive quarters, from ₹81.87 crore in Q4 FY2026 to ₹72.15 crore in Q1 and ₹59.20 crore in Q2. Comprehensive loss was ₹60.02 crore, reflecting an other comprehensive loss of ₹82 lakh in addition to the loss for the period.

## Operating cash inflow exceeds investment and financing outflows

Operating cash flow was ₹343.73 crore. Investing and financing activities recorded outflows of ₹107.76 crore and ₹242.67 crore, respectively. Free cash flow, calculated as operating cash flow plus investing cash flow, was ₹235.97 crore. Cash and cash equivalents stood at ₹8.70 crore on 30 September 2026, down from ₹15.40 crore on 31 March 2026.

## Negative equity and substantial borrowings remain key balance-sheet features

Total equity was negative ₹18,932.69 crore at 30 September 2026, compared with negative ₹19,983.38 crore at 31 March 2026 and negative ₹19,744.47 crore at 30 September 2025. Equity share capital was unchanged at ₹1,954.93 crore. Total assets increased to ₹1,409.63 crore from ₹1,341.03 crore at 31 March, with noncurrent assets at ₹1,162.34 crore, including property, plant and equipment of ₹708.98 crore and other intangible assets of ₹231.60 crore.

Current borrowings stood at ₹16,080.94 crore, down from ₹17,743.27 crore at 31 March, while noncurrent borrowings rose to ₹3,565.04 crore from ₹2,919.77 crore. Total liabilities declined to ₹20,342.32 crore from ₹21,324.41 crore. Trade payables fell to ₹204.44 crore from ₹239.14 crore, while dues to micro and small enterprises increased to ₹12.64 crore from ₹3.49 crore.

## Key Takeaway

TTML combined a fourth consecutive quarter of sequential revenue growth with a narrower loss, as expenses and finance costs declined. The improvement is notable, but negative equity, substantial borrowings and a modest closing cash balance remain important balance-sheet considerations.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +74.36%
- FII holding: +2.43%
- DII holding: +0.18%
- Mutual fund holding: +0.17%
- Retail holding: +15.94%
- Promoter pledged: +0.00%

### Major reported shareholders

- Tata Teleservices Limited — +48.30% (Bodies Corporate)
- Tata Sons Private Limited — +19.58% (Bodies Corporate)
- The Tata Power Company Limited — +6.48% (Bodies Corporate)

## Official filings

- 2026-11-07 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTMLCS_07112026133816_TTML532371.pdf)
- 2026-11-07 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261107_134203259.xml)
- 2026-11-04 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/TTMLCS_04112026110351_TTML_Record_date_notification_INE517B14AL3_09_Nov_2026.pdf)
- 2026-11-03 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026154413_TTML532371_PB.pdf)
- 2026-11-03 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTMLCS_03112026155316_TTML532371_Authorised_Person.pdf)
- 2026-11-02 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_02112026131801_TTML532371_Submission_of_Postal_Ballot_Notice.pdf)
- 2026-11-02 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_1926_WebXMLFile_20261102_133334131.xml)
- 2026-10-31 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_31102026143753_TTML532371_TCCCPR.pdf)
- 2026-10-31 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_145030757.xml)
- 2026-10-31 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1926_WebXMLFile_20261031_160950181.xml)
- 2026-10-23 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_23102026134248_TTML532371_Newspaper_Published_Results_Q2_FY27.pdf)
- 2026-10-22 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_22102026124329_TTML532371_Outcome_of_Board_Meeting_September_2026.pdf)
- 2026-10-22 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_22102026123815_TTML532371_Outcome_of_Board_Meeting_September_2026.pdf)
- 2026-10-22 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_22102026124158_TTML532371_Outcome_of_Board_Meeting_September_2026.pdf)
- 2026-10-22 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_22102026124743_TTML532371_Outcome_of_Board_Meeting_September_2026.pdf)
- 2026-10-22 — Financial Results Filing: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1743887_22102026034812_WEB.xml)
- 2026-10-22 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1926_WebXMLFile_20261022_154825756.xml)
- 2026-10-15 — Board Meeting Notice: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1926_WebXMLFile_20261015_210430916.xml)
- 2026-10-15 — Generic Announcement: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1926_WebXMLFile_20261015_210430916.xml)
- 2026-10-15 — Board Meeting Notice: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_15102026210015_TTML532371_BM_Intimation.pdf)
- 2026-10-14 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_14102026132814_TTML532371_Resignation_Nalin_Rana.pdf)
- 2026-10-14 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_ROID_100408_KMP_Doc.zip)
- 2026-10-14 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_14102026145839_TTML532371_Resignation_CS_Amit_Gupta.pdf)
- 2026-10-14 — Management Change: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/TTML_ROID_100415_KMP_Doc.zip)
- 2026-10-14 — Shareholding Disclosure: Tata Teleservices (Maharashtra) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738192_14102026100812_WEB.xml)

## News and market events

- 2026-11-06 — Mint: **13% single-day gain! This Tata Group stock skyrockets on Dhanteras - Do you own? Check annual return, technical targets** — Shares of Tata Teleservices (Maharashtra) surged nearly 13% on Friday, trading at ₹39.89 amid positive market sentiment and trading volumes more than 2.79 times higher. Analysts identified the ₹40–42 zone as key resistance, noting that while short-term momentum indicators are bullish, a sustained breakout above this level is needed to confirm the reversal. The stock has delivered returns of 16.94% over one month but remains down 26.88% over the past year. — [Source](https://www.livemint.com/market/stock-market-news/13-single-day-gain-this-tata-group-stock-skyrockets-on-dhanteras-do-you-own-check-annual-return-technical-targets-11793958763606.html)
- 2026-10-23 — Mint: **Tata Teleservices shares crash 11% after Q2 result 2026 - What's next for the stock? Expert view** — Tata Teleservices (Maharashtra) share price opened at ₹40.56 against its previous close of ₹38.25 and crashed 10.6% to hit an intraday low of ₹34.20. — [Source](https://www.livemint.com/market/stock-market-news/tata-teleservices-shares-crash-11-after-q2-result-2026-whats-next-for-the-stock-expert-view-11792664691866.html)
- 2026-10-22 — The Hindu: **TTML Q2 Results: Profit narrows to ₹59 cr, revenue up 8%; stock surges 9%** — Revenue from operations rose 8.2% year-on-year to ₹309.65 crore; the stock jumped 9.26% to ₹35.03 on the NSE by early afternoon on volumes of over 9.16 crore shares — [Source](https://www.thehindubusinessline.com/markets/stock-markets/ttml-narrows-q2-loss-to-59-crore-revenue-up-8-stock-surges-9-on-results-day/article71610687.ece)
- 2026-09-28 — BUSINESS: **Volumes jump at Tata Teleservices (Maharashtra) Ltd counter** — Tata Teleservices (Maharashtra) Ltd saw volume of 691.36 lakh shares by 14:14 IST on NSE, a 40.56 fold spurt over two-week average daily volume of 17.05 lakh shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-jump-at-tata-teleservices-maharashtra-ltd-counter-126092800606_1.html)
- 2026-09-28 — Mint: **This Tata Group stock jumps 6% despite fall in Sensex, Nifty - What's behind crash defying surge and what lies ahead?** — The Tata Group stock opened at ₹35.01 per share today, as compared to previous close of ₹34.44 on Friday and surged an intraday high of ₹37.90. — [Source](https://www.livemint.com/market/stock-market-news/tata-teleservices-share-price-jumps-6-despite-fall-in-market-whats-behind-crash-defying-surge-and-what-lies-ahead-11790574313269.html)
- 2026-08-28 — CNBC-TV18: **Tejas Networks, Tata Teleservices rally while BBTC slumps post previous day surge** — Some Nifty 500 stocks rallied on order wins and block deal activity, while others slid on large stake sales and profit booking — here's a look at today's top gainers and losers at market open. — [Source](https://www.cnbctv18.com/market/nifty-500-top-gainers-losers-market-open-tejas-networks-tata-teleservices-ather-energy-share-price-19978788.htm)
- 2026-07-22 — FREEPRESSJOURNAL.IN: **Tata Teleservices (Maharashtra) Posts ₹72.15 Crore Net Loss In Q1 FY27, Extends RPS Redemption** — Tata Teleservices (Maharashtra) reported a standalone net loss of Rs 72.15 crore for the first quarter ended 30 June 2026. The company also announced the extension of its redeemable preference shares — [Source](https://www.freepressjournal.in/business/tata-teleservices-maharashtra-posts-7215-crore-net-loss-in-q1-fy27-extends-rps-redemption)
- 2026-07-22 — The Hindu: **Sensex today | Stock Market Live: Sensex down 700 pts, Nifty slips below 24,000 at midday; banking, IT, pharma drag; auto bucks trend** — Sensex, Nifty, Share Prices LIVE: At 1 pm, Sensex was down 695.97 points (-0.90%) to 76,774.14, Nifty shed 185.40 points (-0.77%) to 24,002.30 — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-22nd-july-2026/article71249266.ece)
- 2026-07-22 — The Hindu: **Q1 Results LIVE: Nestlé PAT up 48% y-o-y, Jubilant Ingrevia shares up, Adani Green, Adani Power, Eternal, Dr Reddy's Lab, NTPC Green, BPCL, HPCL, IndusInd Bank to announce Q1 results today** — Q1 Results Today, 22nd July 2026: Follow our Q1 live updates here — [Source](https://www.thehindubusinessline.com/markets/fy27-q1-results-today-live-updates-adani-green-adani-power-ntpc-nestle-eternal-bpcl-hpcl-indusind-bank-dr-reddys-bajaj-auto-tvs-motor-adani-energy-atgl-mastek-sagility-july-22-2026/article71248906.ece)
- 2026-07-14 — Economic Times: **Textile and apparel exports take a hit in Q1** — The cumulative export of textiles and apparel during April to June 2026 registered a de-growth of -2.95% over April-June 2025. "During June 2026, textile exports increased by 9.64% over the previous year, while apparel exports registered a significant degrowth of -11.25%," said CITI in a statement. — [Source](https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/textile-and-apparel-exports-take-a-hit-in-q1/articleshow/132400112.cms)

## Business profile

**Strategic vision:** Provides integrated telecom solutions for businesses.

### Business segments
- **Information and Communication Technology (ICT) Services:** TTML delivers a comprehensive portfolio of ICT services under the TTBS brand, encompassing connectivity, collaboration, cloud, cybersecurity, IoT, and marketing solutions.

### Competitive strengths
- Part of the Tata Group, benefiting from its legacy and technological leadership.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/ttml
Markdown representation: https://faxioms.com/stocks/ttml?render=md