MTNL was listed on the NSE on February 17, 1999. In the last five years, the company has given a massive return of more than 500% to its investors. Will MTNL continue to provide such great returns in the future as well? Let’s explore MTNL’s growth potential and MTNL share price target from 2025 to 2050 in this article.
About MTNL
Mahanagar Telephone Nigam Limited (MTNL) is a government-owned telecom company in India. It was established in 1986 to offer phone and internet services in Delhi and Mumbai. MTNL offers landline, mobile, and broadband services. Over the years, it has contributed significantly to the expansion of telecom services in Delhi and Mumbai.
MTNL Business Model
- Mobile Services: MTNL generates revenue by offering mobile network services such as prepaid and postpaid plans, calls, SMS, and internet data.
- Broadband and Fibre Services: MTNL generates revenue by providing broadband and fiber-to-the-home (FTTH) internet services to consumers and businesses.
- Landline Services: MTNL makes money by offering traditional landline connections as well as value-added services such as caller ID and call forwarding.
- Leasing Infrastructure: MTNL generates revenue by leasing its telecom towers, fibre network, and other infrastructure to private telecom companies.
- International Calling and Roaming: MTNL generates revenue from international calling services and roaming charges for users travelling abroad.
- Enterprise Solutions: MTNL generates revenue by providing telecom solutions to businesses, such as cloud services, leased lines, and VPN connections.
MTNL Fundamental Analysis
| Stock Name | Mahanagar Telephone Nigam Limited |
|---|---|
| NSE Symbol | MTNL |
| Market Cap | ₹ 2596 Cr. |
| 52W High | ₹ 102 |
| 52W Low | ₹ 32.6 |
| Stock P/E | – |
| Book Value | ₹ -401 |
| Dividend Yield | 0.00 % |
| ROCE | -8.18 % |
| ROE | – |
| Face Value | ₹ 10.0 |
| Industry PE | 39.8 |
| Price to book value | – |
| Debt to equity | – |
| PEG Ratio | – |
| Quick ratio | 0.47 |
| Shareholders | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Promoters | 56.82% | 56.25% | 56.25% |
| FIIs | 0.47% | 0.55% | 0.14% |
| DIIs | 13.89% | 13.63% | 13.46% |
| Public | 28.81% | 29.56% | 30.15% |
| No. of Shareholders | 1,87,064 | 1,94,974 | 4,37,424 |
Key Factors Driving MTNL’s Future Growth
- Government Support: MTNL benefits from government assistance in securing funds and expanding services.
- 5G Expansion: MTNL has the potential to expand by upgrading its network and providing 5G services in the future.
- Fibre Optic Network: By improving its fibre optic infrastructure, MTNL can increase the availability of high-speed broadband services.
- Collaboration with BSNL: MTNL’s partnership with BSNL can result in cost savings and improved service coverage.
- Digital Services Expansion: MTNL can increase revenue by expanding digital services such as cloud solutions, data centres, and enterprise telecom solutions.
- Rising Internet Demand: As more people and businesses rely on the Internet, MTNL may see an increase in broadband users.
- Monetising Assets: MTNL owns valuable real estate and telecom infrastructure that can be leased or sold for additional revenue.
Pros of MTNL
- Increase in FIIs Holding: Foreign Institutional Investors (FIIs) have increased their holding to 0.14% in March 2025 from 0.09% in December 2024, which indicates growing confidence in the MTNL future potential by the FIIs.
Cons of MTNL
- Declining Market Share: MTNL is losing customers to private telecom giants like Jio, Airtel, and Vodafone-Idea.
- Decreasing Sales – MTNL sales is decreasing at a CAGR of 17% over the last five years.
- Decreasing Profits – MTNL’s profit is decreasing at a CAGR of 13% over the last three years.
- Low Return on Capital Employed (ROCE): MTNL’s 5-year average ROCE is -8.29%, indicating inefficient use of capital to generate profits.
- Low Interest Coverage Ratio: The interest coverage ratio of MTNL is -0.14 which shows that the company is struggling to pay interest.
- Decreasing Sales – MTNL sales have been decreasing at a CAGR of -17% over the last three years.
- Decreasing Profits – MTNL profits have been decreasing at a CAGR of -13%. over the last three Years.
- Low Return on Equity (ROCE): MTNL 5-year average ROCE is -8.29%, which shows that it is not using shareholders’ funds efficiently to generate profits.
- Low Interest Coverage Ratio: The interest coverage ratio of MTNL is -0.14, which shows that the company is struggling to pay interest.
- Decrease in DIIs Holding: Domestic Institutional Investors (DIIs) have reduced their holding to 13.46% in March 2025 from 13.49% in December 2024, indicating a decline in DIIs confidence in the company’s future growth prospects.
MTNL Ltd Balance Sheet
| Particulars | March 2023 | March 2024 | Sept 2024 |
|---|---|---|---|
| Equity Capital | 630 | 630 | 630 |
| Reserves | -21,485 | -24,274 | -25,918 |
| Borrowings | 28,351 | 30,141 | 31,203 |
| Other Liabilities | 4,176 | 4,248 | 4,541 |
| Total Liabilities | 11,672 | 10,745 | 10,456 |
| Fixed Assets | 4,967 | 4,333 | 4,051 |
| CWIP | 59 | 86 | 80 |
| Investments | 3 | 4 | 4 |
| Other Assets | 6,642 | 6,323 | 6,321 |
| Total Assets | 11,672 | 10,745 | 10,456 |
By the end of 2025, the MTNL share price is expected to be around ₹56 in normal conditions. In a bear market, it might be ₹51, and in a bull market, it may cross its 52-week high of ₹63.
| MTNL Share Price Target 2025 | Rupees (₹) |
|---|---|
| 1st Target | 51 |
| 2nd Target | 56 |
| 3rd Target | 63 |
In 2026, the MTNL share price is expected to be around ₹67 in a normal situation. In a bear market, it might be ₹61, and in a bull market, it may cross ₹81.
| MTNL Share Price Target 2026 | Rupees (₹) |
|---|---|
| 1st Target | 61 |
| 2nd Target | 67 |
| 3rd Target | 81 |
According to our analysis, the MTNL share price is expected to be around ₹85 in 2027. In a bear market, it might be ₹74, and in a bull market, it may cross ₹106.
| MTNL Share Price Target 2027 | Rupees (₹) |
|---|---|
| 1st Target | 74 |
| 2nd Target | 85 |
| 3rd Target | 106 |
According to our analysis, the MTNL share price may trade near ₹105 by 2028; bearish conditions could pull it down to ₹90, while a strong bull run might lift it to ₹140.
| MTNL Share Price Target 2028 | Rupees (₹) |
|---|---|
| 1st Target | 90 |
| 2nd Target | 105 |
| 3rd Target | 140 |
In a normal situation, the MTNL share price is projected to be approximately ₹145 in 2029. In a bear market, the value may be as low as ₹106, while in a bull market, it may rise to ₹180.
| MTNL Share Price Target 2029 | Rupees (₹) |
|---|---|
| 1st Target | 106 |
| 2nd Target | 145 |
| 3rd Target | 180 |
In a normal situation, the MTNL share price is projected to be approximately ₹175 in 2030. In a bear market, the value may be as low as ₹130, while in a bull market, it may rise to ₹235.
| MTNL Share Price Target 2030 | Rupees (₹) |
|---|---|
| 1st Target | 130 |
| 2nd Target | 175 |
| 3rd Target | 235 |
By 2035, the MTNL share price is projected to be around ₹320 under normal conditions. In adverse markets, the price could fall to ₹260, while favorable conditions might push it up to ₹705.
| MTNL Share Price Target 2035 | Rupees (₹) |
|---|---|
| 1st Target | 260 |
| 2nd Target | 320 |
| 3rd Target | 705 |
Under normal conditions, the MTNL share price might hit ₹750 by 2040. A bearish trend could lower it to ₹520, whereas a bullish surge could raise it to ₹2115.
| MTNL Share Price Target 2040 | Rupees (₹) |
|---|---|
| 1st Target | 520 |
| 2nd Target | 750 |
| 3rd Target | 2115 |
In 2050, the MTNL share price is expected to be around ₹2250 in a normal situation. In a bear market, it might be ₹2080, and in a bull market, it may go up to ₹12690.
| MTNL Share Price Target 2050 | Rupees (₹) |
|---|---|
| 1st Target | 2080 |
| 2nd Target | 2250 |
| 3rd Target | 12690 |
| Years | Target Price |
|---|---|
| MTNL Share Price Target 2025 | ₹51 to ₹63 |
| MTNL Share Price Target 2026 | ₹61 to ₹81 |
| MTNL Share Price Target 2027 | ₹74 to ₹106 |
| MTNL Share Price Target 2028 | ₹90 to ₹140 |
| MTNL Share Price Target 2029 | ₹106 to ₹180 |
| MTNL Share Price Target 2030 | ₹130 to ₹235 |
| MTNL Share Price Target 2035 | ₹260 to ₹705 |
| MTNL Share Price Target 2040 | ₹520 to ₹2115 |
| MTNL Share Price Target 2050 | ₹2080 to ₹12690 |
Conclusion
MTNL’s stock price has risen significantly in recent years, but its future remains uncertain due to declining sales, decreasing profits, and financial difficulties. While government support, 5G expansion, and asset revenue provide growth opportunities, MTNL faces strong competition from private telecom companies. For the latest updates, you can visit MTNL’s official website.
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
Also Read: Avance Technologies Share Price Target 2025 to 2050
