Get access to more insightful information

By signing up to Upstox today
Shareholding Info
  • Promoters
    74.36 %
  • Foreign institutions-FII
    2.03 %
  • Retail and other
    23.55 %
  • Mutual Funds
    0.05 %

Company Overview

Tata Teleservices (Maharashtra) Limited (TTML) offers communication and connectivity solutions to business clients.

Services provided by the company include-

  • Wireless and wired telecommunications services
  • Connectivity
  • Cloud Services
  • Collaboration services
  • Internet of things (IoT)
  • Security
  • Marketing Solutions

Under the name of Tata Tele Business Services (TTBS), the company provides information and communication technologies (ICT) services to Indian businesses. TTBS offers businesses integrated telecom solutions, managed services and end-to-end business connectivity solutions. It adopts a strategy of working in partnership with Small and Medium-Sized Businesses (SMBs) as their technology enabler.

TTML distributes its quarterly reports a few weeks after the end of each quarter. Each quarter ends on the 30th of June, the 30th of September and the 31st of December. The year-end audited results of TTML are made public in May of every year.

Company Journey

TTML has been in operation for over two decades. During this time, the company has had several milestones. Some of the most important milestones are as follows:
  • 1995- Under the Companies Act of 1956, TTML was established on 13th March 1995 as Hughes Ispat Limited.
  • 2000- The company was renamed Hughes Telecom (India) Limited on 26 April
  • In August and September 2000- TTML underwent a book-building IPO. The issue price was ₹12 per share, and the par value was ₹10 per share. The stock was listed and traded for the first time on 26th October 2000, after the deemed date of allocation on 25th September 2000.
  • 2003- The company name was changed to Tata Teleservices (Maharashtra) Limited.
  • 2019- The consumer mobile businesses of Tata Teleservices (TTSL) and Tata Teleservices (Maharashtra) Limited (TTML) merged with two Bharti Airtel companies, namely Bharti Airtel and Bharti Hexacom.

Business highlights

TTML’s key revenue segment is telecommunication services. Between July and August 2003, TTML launched Code-Division Multiple Access (CDMA) mobile and fixed wireless line services in Mumbai, a first of its kind.

Throughout the 2004–2005 fiscal year, the company rebranded its two new sub-brands:

  • The Walky - offered extra features like voicemail, SMS (Short Message Service), and CLI (Caller Line Entry) support. It also offered strong Internet for fixed wireless services without a modem.
  • The Walky Prepaid - The Walky Prepaid was identical to The Walky. The difference was that it offered prepaid services to customers.

With the launch of Tata Indicom True Paid, the company entered the prepaid market again in September 2004. It offered 100% talk time.

In 2007, TTML, in partnership with Samsung, launched a dual SIM card wireless phone. This was the first of its kind phone in India. It supported both CDMA as well as GSM (Global System for Mobile Communication) technology. The phone was priced at ₹11,999.

As of 2007, the business provides services in 410 additional towns along with the towns linking Goa and Maharashtra. By spending between ₹500 crore and ₹600 crore, it doubled its reach with the help of the expansion of its service in the telecom circle serving Maharashtra, Goa and Mumbai.

As of November 2022, Tata Teleservices Limited (TTSL), the company's largest shareholder, holds a licence to offer Pan-India Mobility services in 12 or more telecom circles.

As of 2022, TTML has a user base of over 6.94 lakh customers across the country.

Performance highlights

Annual Loss (FY 20-21)

₹1,216.88 crore

Annual Loss (FY 21-22)

₹1,215 crore

Total Revenue (FY 2022)

₹1,079 crore

Market Capitalisation

₹23,303 crore


₹419 crore

Promoters Share


Listed In

BSE Telecom Index, Nifty 500, BSE 150 MidCap Index, Nifty Bank, Nifty Next 50, Nifty Midcap 100, Nifty 50, and Sensex.

Mutual Funds Holding Shares

SBI Nifty Midcap 150 Index Fund Regular Growth, 

Nippon India ETF Nifty Midcap 150, 

ICICI Prudential Nifty Midcap 150 Index Fund Regular Growth, 

Mirae Asset Nifty Midcap 150 ETF, 

Motilal Oswal Nifty Midcap 150 Index Fund Regular Growth

Returns (FY 2020-2022)


ROE (FY2021)


ROCE (FY2021)



The executive management in Tata Teleservices (Maharashtra) Limited includes-
  • Ankur Verma (Non-Executive Director)
  • Harjit Singh (Chief Executive Officer)
  • Hiroo Mirchandani (Independent Director)
  • Hiten Koradia (Manager)
  • Kumar Ramanathan (Independent Director)
  • Kush S Bhatnagar (Chief Financial Officer)
  • Narendra Damodar Jadhav (Independent Director)
  • Srinath Narasimhan (Non-Executive Director)
  • Thambiah Elango (Non-Executive Director)
  • Vrushali Dhamnaskar (Company Secretary and Compliance Officer)

Investor Relations Contact

  • Mr. Hiten Koradia
  • Manager - Secretarial
  • Tata Teleservices (Maharashtra) Limited
  • D-26, TTC Industrial Area,
  • MIDC Sanpada,
  • P.O. Turbhe,
  • Navi Mumbai – 400 703
  • Tel.: 91 22 6661 5111
  • Fax: 91 22 6660 5517
  • Email:

Industry Overview

TTML faces competition from companies like Reliance Jio, Bharti Airtel Limited, Vodafone Idea Limited, and Bharat Sanchar Nigam Limited. The respective market capitalisation of these key players as of December 2022 is as follows:
  • Reliance Jio: ₹17,29,300 Crore
  • Bharti Airtel Limited: ₹4,75,000 Crore
  • Vodafone Idea Limited: ₹27,301 Crore
With 1.17 billion users (wireless and wireline subscribers) as of July 2022, India's telecom sector is the second largest in the world. As of April 2022, teledensity was 84.88%, total broadband subscriptions reached 7,887 crore, and the subscriber base was 1.16 billion.

In the first quarter of FY22, the telecom industry's gross revenue totaled ₹64,801 crores. In the third quarter of FY21, 3G and 4G data usage contributed 1.78% and 97.74%, respectively, to the overall volume of wireless data usage.

The market for telecommunications services is anticipated to expand at a CAGR (compound annual growth rate) of 6.2% from 2022 to 2032. Due to several factors, the market for telecommunication services is predicted to grow over the forecast period. The factors include the following-
  • The increasing number of smartphone users worldwide.
  • The availability of high-speed internet.
  • The development of 5G internet networks and the expansion of sectors like BPOs, call centres, retail, and e-commerce, many of whose business operations involve telecommunication services.

Risks and concerns

The industry has experienced a drop in revenue in recent years, which may be attributed to the rise in market rivalry, changing company and customer expectations, the impact of digital transformation, and the inability to adjust quickly. The market is still anticipated to increase despite the drop.

The primary risk and concerns for the industry are:

Failure to ensure the reach and reliability of infrastructure

Even if the COVID-19 pandemic has resulted in increased utilisation of telecom networks, telcos are nonetheless under pressure to enhance network performance and coverage. The inability of many consumers to access the fastest speeds is worrisome. While policymakers are promoting a digital society, service providers are facing challenges rolling out networks in remote areas and are offering disruptive technologies as alternatives.

Failure to minimise disruptions to the supply chain

Due to lockdowns that limit the availability of engineers and increased demand, the pandemic has put unprecedented strain on the supply chains for networks and customer premise equipment (CPE). Long-term plans for 5G deployment are still being disrupted by government limitations on 'high-risk' companies. Additionally, telcos are increasingly looking into open radio access network (RAN) technologies to help diversify their supplier connections when new technological cycles break up traditional supply chains.

Not being able to scale internal digitisation projects

COVID-19 compelled numerous operators to speed up their efforts for digital transformation. Due to these triumphs, most media, technology, entertainment, and telecommunications CEOs are now planning new transformation projects and investments. However, they have also given rise to new objectives. Since operators oversee numerous continual transformations within their firms, the main obstacle to these could be the restricted bandwidth of boardrooms.

Failure to upgrade the skill sets and workforce structure

While enhancing diversity and inclusion (D&I) is still a top priority, organisational structures fostering collaboration between internal teams and teams interacting with customers are also becoming increasingly important. Attracting talent is still difficult for telecom companies as they deal with these structural shifts, notably among recent graduates.


TSR Consultants Pvt. Ltd. No. 6-10, Haji Moosa Patrawala Ind. Estate, 20, Dr. E. Moses Road, Mahalaxmi
Mumbai - 400011
Tel: 022-66568484
Fax: 022-66568494

Download Icon Download the Upstox App Today

Download Upstox Mobile App