Are Mahanagar Telephone Nigam Ltd latest results good or bad?

Mahanagar Telephone Nigam Ltd (MTNL) reported its financial results for the quarter ended September 2025, revealing significant challenges in its operational performance. The company recorded a net loss of ₹960.20 crores, which reflects a slight adjustment from the previous quarter's loss. Revenue for the same period was ₹189.76 crores, showing a sequential increase of 19.20% from ₹159.20 crores in June 2025. However, this revenue figure represents a substantial year-on-year decline of 28.83%, indicating ongoing struggles in maintaining market share amidst intense competition. The operating margin, excluding other income, was reported at -57.15%, which is a marginal improvement from the previous quarter's -57.82%. Despite this slight improvement, the operating performance remains deeply negative, underscoring the company's ongoing financial distress. The interest burden for the quarter was notably high at ₹741.91 crores, further complicating MTNL's path to profitability as this amount significantly exceeds its quarterly revenue. MTNL's financial position continues to reflect a critical state, with negative shareholder equity of ₹26,918.97 crores as of March 2025, indicating accumulated losses that have eroded its capital base. The company faces a structural challenge in adapting to the evolving telecommunications landscape, particularly as it lags in technology upgrades compared to private competitors. Overall, MTNL's latest results highlight a company in distress, grappling with substantial operational and financial hurdles. The company has seen an adjustment in its evaluation, reflecting the ongoing difficulties it faces in the current market environment.