TTML standalone loss narrows 82% YoY to ₹59 Cr on lower finance costs; margins expand

Tata Teleservices (Maharashtra) reported a standalone net loss of ₹59.20 Cr for Q2 FY27 (quarter ended September 30, 2026), narrowing 81.6% from a ₹320.82 Cr loss a year ago and 17.9% from the ₹72.15 Cr loss in Q1 FY27. Revenue from operations grew 8.2% YoY and 2.7% QoQ to ₹309.65 Cr, with total income of ₹311.38 Cr landing almost exactly on our pre-result estimate of ~₹310 Cr. The company remains loss-making, but the scale of improvement — driven far more by the balance sheet than by operations — is the story of the quarter.

Operating profit margin expanded to 41.73% from 35.10% a year ago and EBITDA grew a modest 17.8% YoY to ₹164.61 Cr — both beating the ~35% margin bar flagged in our pre-result preview. The real swing factor sits below the operating line: finance costs fell 55% YoY to ₹191.49 Cr from ₹424.99 Cr, as the balance sheet keeps delevering following FY26's AGR-related relief (a ₹666.70 Cr provision write-back booked as an exceptional gain in the year to March 2026). Neither this quarter nor the year-ago quarter carries any exceptional item, so the 81.6% YoY loss narrowing is a clean, non-adjusted comparison with no one-offs to strip out. Tax expense was nil in both periods.

The stock went into the print at ₹34.92, down 1.2% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

No formal management guidance or prior concall commentary is on record for this stock, so there is no outlook to grade the print against, and a press release accompanying this filing had not been extracted at the time of this analysis. Street coverage remains thin — no consensus PAT estimate for Q2 FY27 turned up, consistent with the sparse-coverage picture flagged pre-result (HDFC Securities rates the stock Sell with a ₹29.5 fair value; one TipRanks rating is Hold with a ₹57 target). Against our own pre-result expectations (net loss ₹80–100 Cr, income ~₹310 Cr, EBITDA margin ~35%), the quarter beats on the loss and margin lines and lands in-line on revenue. Separately, net worth stayed deeply negative at ₹(18,932.69) Cr as of September 30, 2026, with accumulated losses exceeding paid-up capital and reserves; the results continue to be prepared on a going-concern basis backed by a support letter from the Tata ultimate holding company (Note 1).