Tata Teleservices (Maharashtra) Limited (TTML) is a residual entity of the erstwhile Tata Teleservices, once part of India’s competitive telecom landscape. Following the strategic exit of the Tata Group from consumer mobile services in 2017 and the subsequent merger of its consumer business with Bharti Airtel, TTML now operates as a non-core holding company managing legacy assets, enterprise solutions, and fixed-line broadband in Maharashtra. As of January 2026, TTML remains unprofitable, carries massive debt, and reports negative book value, making it a highly speculative and financially distressed stock. This article provides a realistic outlook on the TTML share price target 2026–2030.
Tata Teleservices (Maharashtra): Company Overview
- Founded: 1995
- Parent: Tata Sons (via Panatone Finvest)
- NSE Symbol: TTML
- Core Business:
- Legacy enterprise telecom services
- Fixed-line broadband (limited footprint)
- Asset holding and residual operations
- Market Position: No active consumer presence; functions as a shell entity post-Airtel merger
TTML no longer competes in the mainstream telecom market. Its relevance lies in potential asset monetization or restructuring—not operational growth.
TTML: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹42.80 |
| Market Capitalization | ₹8,363.18 Cr |
| No. of Shares Outstanding | 195.49 Cr |
| P/E Ratio (TTM) | Not applicable (negative EPS) |
| P/B Ratio | Not applicable (negative book value) |
| EPS (TTM) | –₹5.64 |
| Book Value (TTM) | –₹104.18 |
| ROE | 0% |
| ROCE | 56.84%* |
| Dividend Yield | 0.00% |
| Face Value | ₹10 |
| Cash | ₹42.45 Cr |
| Debt | ₹20,342.16 Cr |
| Promoter Holding | 74.36% |
| Sales Growth (YoY) | 9.77% |
| Profit Growth (YoY) | –3.82% |
*Note on ROCE: The high ROCE stems from minimal capital employed (negative equity), not operational efficiency. It is not a sign of health.
TTML Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹44 – ₹50 |
| 2027 | ₹45 – ₹55 |
| 2028 | ₹46 – ₹60 |
| 2029 | ₹47 – ₹65 |
| 2030 | ₹48 – ₹70 |
Important: These targets assume no delisting, minimal asset sales, and continued existence as a shell entity. There is no path to profitability under current structure.
TTML Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹44 | ₹50 |
Analysis:
TTML reported a 3.82% YoY decline in profit and remains deeply loss-making. With a negative book value (–₹104) and net debt of ₹20,300 Cr, the company is technically insolvent.
👉 The 2026 target range is driven by speculative trading interest, not strong fundamentals.
TTML Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹45 | ₹55 |
Analysis:
In 2027, price movement may depend on debt restructuring, telecom policy relief, or sector-wide momentum. Without operational turnaround, gains remain high-risk and sentiment-based.
TTML Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹46 | ₹60 |
Analysis:
Long-term optimism is linked to 5G ecosystem participation and enterprise services, but financial stress continues to be a major concern. Volatility is expected.
TTML Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹47 | ₹65 |
Analysis:
If survival continues without dilution, speculative investors may push prices higher. However, profitability visibility remains weak, making this a high-risk zone.
TTML Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹48 | ₹70 |
Analysis:
The 2030 target assumes extreme turnaround optimism or sector re-rating. Without structural changes, these levels are purely speculative and unsuitable for conservative investors.
TTML: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (Tata Group) | 74.36% |
| Public & Retail | 22.87% |
| Foreign Institutional Investors (FII) | 2.64% |
| Domestic Institutional Investors (DII) | 0.13% |
High promoter holding ensures the entity isn’t abandoned—but also limits incentive for equity value creation.
TTML: Strengths vs Risks
Strengths:
- Backed by the Tata Group (prevents immediate liquidation)
- Minimal operational drag (low cash burn)
Risks:
- Negative book value (–₹104/share)
- Debt exceeds market cap by 2.4x
- No revenue growth engine
- Delisting risk if deemed non-viable by exchanges
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Very High |
| Ideal Time Horizon | Not recommended |
| Volatility | Extreme (penny stock behavior) |
| Dividend/Income Potential | None (0% yield) |
| Best For | Not suitable for any investor class |
- TASL: Tata Advanced Systems Limited — not publicly listed
- TTML: Tata Teleservices (Maharashtra) Ltd — listed on NSE & BSE (Symbol: TTML)
Final Verdict
TTML is a zombie stock—kept alive by promoter ownership but devoid of business substance. While it may trade due to speculative interest, it offers no investment merit.
Our TTML share price target 2026–2030 (₹44 to ₹70) is purely technical. Do not invest unless you fully understand the risk of total capital loss.
Disclaimer: Price targets are estimates based on publicly available data. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – TTML Consolidated Page (FY2025 + TTM)
- Finology Ticker – TTML Financials & Analysis
- Groww.in – TTML Stock Profile
- BSE/NSE – Corporate Filings & Delisting Guidelines
- TRAI – Telecom Merger & Exit Policy 2018
