Key Metrics of Tata Teleservices
About Tata Teleservices
Sectors
Company details
- Website
- tataindicom.com
- Founded
- 1996
- Registered office
- 10th Floor, Tower I, Jeevan Bharti,, 124, Connaught Circus, New Delhi, In-dl, 110001
- Listed
- NSE: TTML · ₹41.53
Operational Areas of Tata Teleservices
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Sep 2026 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹9,952 Cr | View |
| 09 Oct 2025 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹9,952 Cr | View |
| 27 Jun 2025 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹9,952 Cr | View |
| 28 Jun 2024 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹9,952 Cr | View |
| 29 Jun 2023 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹9,952 Cr | View |
| 30 Jun 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹19,903 Cr | View |
| 06 Jul 2021 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹500 Cr | View |
| 04 May 2021 | CARE | Reaffirmed (from A+) | AA- | A1+ | Stable | ₹500 Cr | View |
| 07 Jul 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹2,452 Cr | View |
| 15 Jan 2020 | CARE | Reaffirmed | — | A1+ | — | ₹7,500 Cr | View |
| 27 Dec 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹2,452 Cr | View |
| 20 Aug 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹2,452 Cr | View |
| 26 Jun 2019 | CARE | Watch | A+ | A1+ | Stable | ₹13,903 Cr | View |
| 16 May 2019 | CARE | Watch | — | A1+ | Developing | ₹9,000 Cr | View |
| 20 Mar 2019 | CARE | Watch | — | A1+ | Developing | ₹12,100 Cr | View |
Credit strengths (CARE, Sep 2026)
—
Credit challenges
− Operating performance weighed in by profit after tax level losses
TTML’s operating performance improved consistently over the past four years ending FY26, as reflected in the steady growth in PBILDT and expansion in operating margins. PBILDT improved to ₹619 crore in FY26 from ₹573 crore in FY25 and ₹472 crore in FY22. Consequently, the PBILDT margin improved to 53.37% in FY26 from 43.83% in FY25 and 43.17% in FY22. The sustained improvement in profitability was supported by reduced operating expenses and the expansion into SMEs increasingly adopting
− Highly leveraged capital structure
TTML’s capital structure continues to remain highly leveraged, with total debt remained stable at ₹20,869 crore as on March 31, 2026 compared to ₹20,416 crore as on March 31, 2025, including rupee term loans, CP, finance lease obligations, deferred 2 CARE Ratings Ltd. Press Release payment liabilities and accrued interest on debt instruments. While the company’s interest coverage ratios have consistently improved and its cash accruals remain sufficient to meet annual capex requirements, the accr
− Industry characterised by high competition, significant technology risks, and capital-intensive operations
Apart from existing broadband internet and wireless internet service providers, TTML continues to face competition from existing telecom companies providing similar services at competitive rates. Predatory pricing by new entrants in the broadband segment may adversely impact the company’s market share. As the company is engaged in managed network services as well, it faces intense competition from established large-scale and small-scale tech companies entering the space. Fixed broadband provider
Could lead to a downgrade
• Change in stance of Tata Sons in supporting TTML or dilution of its controlling stake in TTML. • Substantial deterioration in the credit profile of Tata Sons.
Agency-reported financials (CARE, 07 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹1,308 Cr | ₹1,160 Cr | ₹311 Cr |
| PBILDT | ₹573 Cr | ₹619 Cr | ₹139 Cr |
| Profit after tax (PAT) | ₹-1,275.32 Cr | ₹-,215.30 Cr | ₹-72.15 Cr |
| Interest coverage (x) | 0.34× | 0.46× | 0.67× |
| Revenue growth (YoY) | — | −11.3% | — |
| EBITDA margin | 43.8% | 53.4% | 44.8% |
| Implied interest cost (EBITDA ÷ coverage) | ₹1,686 Cr | ₹1,346 Cr | ₹207 Cr |
| PAT margin | −97.5% | −18.6% | −23.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Action Long-term Short-term bank | Working capital & bank lines | — | ₹1,342 Cr | — | AA- (Stable) | Reaffirmed | CARE |
| facilities Long-term bank facilities | Working capital & bank lines | — | ₹1,090 Cr | — | AA- / A1+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹20.0 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹7,500 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE517B14AG3 | — | Commercial paper | — | — | — | ₹250 Cr | A1+ | Not stated |
| INE517B14AJ7 | — | Commercial paper | — | — | — | ₹300 Cr | A1+ | Not stated |
| INE517B14AB4 | — | Working capital & bank lines | — | — | — | — | — | Not stated |
| INE517B14AF5 | Paper Sep | Commercial paper | — | — | — | ₹135 Cr | — | Not stated |
| INE517B14AC2 | Jan Sep + | Commercial paper | — | — | — | ₹95.0 Cr | A1+ | Not stated |
| INE517B14974 | Commercial Paper Feb Feb | Commercial paper | — | — | — | ₹85.0 Cr | A1+ | Not stated |
| INE517B14982 | Commercial Paper Mar Nov + | Commercial paper | — | — | — | ₹240 Cr | A1+ | Not stated |
| INE517B14990 | Mar Jun | Working capital & bank lines | — | — | — | ₹300 Cr | — | Not stated |
| INE517B14925 | Commercial Paper + | Commercial paper | — | — | — | ₹525 Cr | A1+ | Not stated |
| INE517B14933 | Standalone * | Commercial paper | — | — | — | ₹60.0 Cr | A1+ | Not stated |
| INE517B14941 | — | Working capital & bank lines | — | — | — | ₹450 Cr | — | Not stated |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹20.0 Cr | CARE A1+ |
| Bank Overdraft | ₹20.0 Cr | CARE AA-; Stable |
| Cash Credit | — | Withdrawn |
| Commercial Paper (Standalone) | ₹7,500 Cr | CARE A1+ |
| EPC / PCFC / FBP / FBD / WCDL / OD / BG / SBLC | ₹1,342 Cr | CARE AA-; Stable / CARE A1+ |
| Long Term | — | Withdrawn |
| Long Term | ₹1,070 Cr | CARE AA-; Stable |
| Non Convertible Debentures | — | Withdrawn |
Lenders
| Fund-based - LT | Bank Overdraft | ICICI Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | EPC / PCFC / FBP / FBD / WCDL / OD / BG / SBLC | Proposed |
| Non-fund-based - ST | Bank Guarantee | Union Bank of India |
| Term Loan | Long Term | Axis Bank Ltd. |
| Term Loan | Long Term | Bandhan Bank Ltd. |
| Term Loan | Long Term | CSB Bank Ltd. |
Credit assessment · Services
Rating Methodology – Service Sector Companies · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 54% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 0.67×
What happened, step by step
- Jun 2024 — Full repayment of loan
- Jun 2025 — ₹46,595 cr raised
“Until June 2019, 2 TATA Sons infused ₹46,595 crore in the TATA Tele Business Services (TTBS) and continues to issue a support letter to the company, indicating that it will take necessary financial actions to organise for any shortfall in liquidity during the period of 12 months from the balance sheet date.”
- Jul 2020 — ₹14,819 cr raised from TTML
- Jul 2021 — Full repayment of debt
“Based on DoT’s (Department of Telecommunications) assessment of LF (License fee) as a percentage of AGR, DoT had raised a total demand of~Rs.14819 crore from TTML and TTSL.”
Rated limits by facility
Timeline
From the report
Tata Sons had infused an aggregate of ₹46,595 crore into Tata Tele Business Services (TTBS)3up to June 2019 and infused an additional ₹5,166 crore in FY26.
From the report
Both companies have been continuously receiving financial and managerial support from Tata Sons had infused an aggregate of infused ₹51,761 crore, including ₹5,166 crore in FY26, into TTBS to fund operating losses, debt repayments, and capital expenditure, including support for meeting regulatory obligations.
From the report
In FY27 alone, TTML has repayment obligations of ₹2,315 crore towards bank debt and CP and ₹653 crore towards DoT obligations.
From the report
Liquidity: Adequate TTML had cash and liquid investments of ₹38.53 crore as on March 31, 2026.
From the report
TTML also had unissued CPs of ₹6,075 crore as of July 2026, which provides adequate liquidity to refinance existing debt and meet shortfalls in liquidity.
From the report
Until June 2019, TATA Sons infused ₹46,595 crore in the TATA Tele Business Services (TTBS)2 and continues to issue a support letter to the company, indicating that it will take necessary financial actions to organise for any shortfall in liquidity during the period of 12 months from the balance sheet date.
From the report
TTML has unissued commercial papers (CPs) of ₹ 6,510 crore as of September 2025, which provides adequate liquidity to refinance existing debt and meet shortfalls in liquidity.
From the report
Until June 2019, 2 TATA Sons infused ₹46,595 crore in the TATA Tele Business Services (TTBS) and continues to issue a support letter to the company, indicating that it will take necessary financial actions to organise for any shortfall in liquidity during the period of 12 months from the balance sheet date.
From the report
Additionally, TTML has unissued CPs of ₹ 6,500 crore as of May 2025, which provides adequate liquidity to refinance existing debt and meet shortfalls in liquidity.
From the report
Until June 2019, TATA Sons had infused ₹46,595 crore in the TATA Tele Business Services (TTBS)2 and continues to issue a support letter to the company, indicating that it will take necessary financial actions to organise for any shortfall in liquidity during the period of 12 months from the balance sheet date.
From the report
Additionally, as the company has refinanced/repaidthe bank loan facilities in full aggregating ₹2,050 crore, CARE Ratings has withdrawn the ratings assigned to these bank loan facilities with immediate effect.
From the report
TTML also had unissued CPs of ₹ 6,375 crore as of May 2024, which provides adequate liquidity to refinance existing debt and meet shortfalls in liquidity.
From the report
Until June 2019, TATA Sons had infused ₹46,595 crore in TATA Tele Business Services (TTBS)2 and continues to issue a support letter to the company, indicating that it will take all the necessary financial actions for any shortfall in liquidity that may arise to meet the company’s financial obligations and thetimely payment of debt for the ensuing 12 months.
From the report
Press Release Liquidity: Adequate TTML had free liquidity of ₹81 crore as on March 31, 2023, including cash and bank balances of ₹14 crore and liquid mutual fund investments, the market value of which stood at ₹66 crore.
From the report
Until June 2019, TATA Sons had infused ₹46,595.05 crore in TATA Tele Business Services (TTBS)1 and continues to issue a support letter to the company, indicating that it will take all the necessary financial actions for any shortfall in liquidity that may arise to meet the company’s financial obligations andthe timely payment of debt for the ensuing 12 months.
From the report
Liquidity: Adequate TTML had free liquidity of ₹117 crore as on March 31, 2022, including cash and bank balances of ₹16.50 crore and liquid mutual fund investments, the market value of which stood at ₹100.50 crore.
From the report
The articulation is also formalized by way of a support letter issued every quarter by Tata Sons to the Company, indicating that Tata Sons will take all necessary actions to organize for any shortfall in liquidity that may arise to meet its financial obligations and timely repayment of debt for ensuing 12 months.
From the report
Till June 2019, Tata Sons has infused about Rs. 46,595.05 crore in TTML and its holding company, Tata Teleservices Limited (TTSL, rated CARE AA-, Stable/CARE A1+) (TTML and TTSL together is referred as Tata Tele).
From the report
TTML had cash and cash equivalents of ~Rs. 110 crore as on March 31, 2021 (including liquid investments amounting to ~Rs 70 crore).
From the report
Till June 2019, Tata Sons has infused about Rs. 46,595.05 crore in TTML and its associate Tata Teleservices Limited (TTSL, rated CARE AA-, Stable/CARE A1+).
From the report
TTML had cash and cash equivalents of ~Rs. 110 crore as on March 31, 2021 (including liquid investments amounting to ~Rs 70 crore).
From the report
Tata Sons has infused about Rs. 46,595.05 crore from January 01, 2014 to June 30, 2019 in TTML and its associate Tata Teleservices Limited (TTSL, rated CARE A+;
From the report
Based on DoT’s (Department of Telecommunications) assessment of LF (License fee) as a percentage of AGR, DoT had raised a total demand of~Rs.14819 crore from TTML and TTSL.
From the report
TTML had cash and cash equivalents of Rs. 84.53 crore as on March 31, 2020 .
From the report
The average utilization of non -fund base d limits remain around 60% -70% during the year.
From the report
Tata Sons has infused about Rs. 46,595.05 crore from January 01, 2014 to December 31, 2019 in TTML and its associate Tata Teleservices Limited (TTSL, rated CARE A+;
From the report
TTML’s capital structure remains subdued and debt levels (including inter-corporate deposits) continue to be high at around Rs. 14,917.23 crore as on September 30, 2019 despite infusion of funds by the promoters as well as transfer of debt of Rs. 1,624 crore from TTML to Bharti Airtel as part of the demerger plan.
From the report
TTML had cash and cash equivalents of Rs. 73.47 crore as on September 30, 2019.
From the report
The average utilization of non-fund based limits remain around 60%-70% during the year.
From the report
Tata Sons has infused about Rs. 46,595.05 crore from January 01, 2014 to November 30, 2019 in TTML and its associate Tata Teleservices Limited (TTSL, rated CARE A+;
From the report
TTML’s capital structure remains subdued and debt levels (including inter-corporate deposits) continue to be high at around Rs. 14,917.23 crore as on September 30, 2019 despite infusion of funds by the promoters as well as transfer of debt of Rs. 1,624 crore from TTML to Bharti Airtel as part of the demerger plan.
From the report
TTML had cash and cash equivalents of Rs. 73.47 crore as on September 30, 2019.
From the report
The average utilization of non-fund based limits remain around 60%-70% during the year.
From the report
Tata Sons has infused about Rs. 46,595.05 crore from January 01, 2014 to June 21, 2019 in TTML and its associate Tata Teleservices Limited (TTSL, rated CARE A+;
From the report
Tata Tele’s capital structure remains subdued and debt levels (including inter-corporate deposits) continue to be high at around Rs. 17,429.35 crore as on July 31, 2019 despite infusion of funds by the promoters as well as transfer of debt of Rs. 5,093 crore from Tata Tele to Bharti Airtel as part 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release of the demerger plan.
From the report
Tata Tele had cash and cash equivalents of Rs. 935 crore as on June 30, 2019 as against Rs.1,943.66 crore as on March 31, 2019.
From the report
The average utilization of non-fund based limits remain around 60%-70% during the year.
From the report
Tata Sons has infused about Rs. 46,595.05 crore from January 01, 2014 to June 21, 2019 into the business.
From the report
The average utilization of non-fund based limits remain around 60%-70% during the year.
From the report
Tata Tele had cash and cash equivalents of Rs.1,943.66 crore as on March 31, 2019.
From the report
Continues on Credit Watch Commercial Paper issue (reduced form Rs.12,100 Credit Watch with with Developing crore) Developing Implications Implications Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The ratings assigned to the Commercial Paper (CP) issue of TTML [Tata Teleservices (Maharashtra) Limited] continue on ‘Credit Watch with Developing Implications’ on account of the announcement by TTSL (Tata Teleservices Limited) and TTML to combine their consumer telecom business with Bharti Airtel Limited.
From the report
Tata Tele had cash and cash equivalents of Rs.1653.45 crore as on March 31, 2019.
From the report
Continues on Credit Commercial Paper issue (enhanced form Rs.10,000 Credit Watch with Watch with Developing crore) Developing Implications Implications Details of instruments/facilities in Annexure-1 Other outstanding Ratings: Facilities Amount (Rs. crore) Rating Non-Fund Based Short Term Bank CARE A1+ (A One Plus) ;
From the report
Tata Tele had cash and cash equivalents of Rs.1648.75 crore as on December 31, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Tata Teleservices
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 BHARTI AIRTEL LIMITED |
Telecom · Business Services | airtel.com | 1990 | Gurgaon, Haryana, India |
 Vodafone Idea |
Outlets operated by Vodafone. | myvi.in | 2018 | Gandhinagar, India |
 INDUS TOWERS LIMITED |
Telecom · Media, Telecom & Entertainment | industowers.com | 2007 | Gurugram, Haryana, India |
 Zee Entertainment Enterprises |
Telecom · Media, Telecom & Entertainment | zee.com | 1992 | Mumbai, India |
 PVR INOX |
Telecom · Media, Telecom & Entertainment | pvrcinemas.com | 1997 | Mumbai, India |
 RenewSys (India) |
Telecom · Media, Telecom & Entertainment | renewsysworld.com | 2011 | Mumbai, India |
| Telecom · Media, Telecom & Entertainment | jplcorp.in/new/Default.aspx | 1975 | Kanpur, India | |
 TV Today Network |
Part of India Today Group. | indiatodaygroup.com/new-site/television.html | 1999 | India |
 Zee Media Corporation |
Part of Essel Group. | zeemedia.in | — | Mumbai, India |
 Balaji Telefilms |
Telecom · Media, Telecom & Entertainment | balajitelefilms.com | 1994 | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
telecommunications industry
Filings
No filings on record yet.