iWorld
MTNL dials into debt: telecom giant defaults on Rs 8,346 crore in bank loans
MUMBAI: A telecom Goliath has tripped on its own cables. Mahanagar Telephone Nigam Limited (MTNL) has rung the wrong number with its bankers. The state-owned telco has officially defaulted on a jaw-dropping Rs 8,346 crore worth of loans—putting the “broke” in “dial tone broke”.
While the rest of the world streams 4K videos and binge-watches on blazing fast connections, MTNL seems to be buffering… financially.
On 19 April, MTNL told the bourses that it has failed to cough up both the principal and interest on loans taken from not one, not two, but seven state-run banks. Talk about spreading the love—and the liability.
The missed payments include overdue interest worth Rs 551.90 crore and unpaid principal of Rs 1,635.39 crore. In total, it owes Rs 8,346.24 crore to the likes of Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab & Sind Bank, and Indian Overseas Bank. Every bank gets a slice of the default pie.
The financial plot thickened with MTNL’s relationship with Union Bank of India turning sour on 12 August 2024, where a hefty Rs 3,334.57 crore in principal remained unpaid, and Rs 298.85 crore in interest hung in the air.
Things didn’t improve—by 4 September 2024, Bank of India found itself on the default roster too, owed Rs 999.54 crore in principal and Rs 77.80 crore in interest.
A few days later, on 9 September, Punjab National Bank’s dues followed suit, with Rs 432.16 crore in principal and Rs 32.10 crore interest unpaid.
Come 28 September, State Bank of India and UCO Bank were both ghosted by MTNL, left with mounting dues and no callbacks. Then, on 8 October, Punjab & Sind Bank got stood up.
Eventually, Indian Overseas Bank met the same fate on 3 February 2025, sealing MTNL’s full-blown debt drama.
The situation isn’t just a few late EMIs. MTNL’s total financial baggage weighs in at a staggering Rs 33,568 crore, including Rs 8,346 crore in bank loans, Rs 24,071 crore in sovereign-guaranteed bonds, and a Rs 1,151 crore loan from the Department of Telecommunications just to pay interest on those bonds.
That’s like borrowing money to pay the interest on money you borrowed to pay interest.
Shakespeare would call this tragedy.
Accountants call it Thursday.
Despite this financial sinkhole, the company has maintained a straight face in its compliance filing with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), stating only that it’s defaulted, and here’s the Excel sheet to prove it. Bureaucratic honesty, if nothing else.
The question now is: what next? Will the Department of Telecommunications come riding in with a fresh bailout cheque and a stern frown? Or is MTNL setting the stage for another round of disinvestment drama?
For now, shareholders are left listening to static, and taxpayers are once again left wondering whether the “public” in public sector means “publicly funded bailouts” on loop.
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
