Combined revenue market share of BSNL, MTNL at 8-year low: BofA Global

A government lifeline of over ₹3.2 trillion since 2019 has not helped  Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL), whose combined revenue market share dropped to 4 per cent in 2024-25 (FY25) — their lowest level in eight years, since 2016-17 (FY17), according to a BofA Global research report.

 

The research agency based its findings on the Telecom Regulatory Authority of India’s aggregate gross revenue data, divided by subscriber base.

 

In FY17, BSNL/MTNL had a 9 per cent revenue share, which fell to 6 per cent in FY 2019 when the relief package was introduced. The figure edged up to 7 per cent in FY 2021 but declined again to 5 per cent in 2022-23 and further to 4 per cent in FY25.

 

Subscriber share has remained nearly stagnant. It stood at 9 per cent in FY17, peaked at 11 per cent in 2018-19 and 2019-20, and then slipped to 8 per cent in 2023-24 and FY25. In June this year, the subscriber base share fell to 7.81 per cent, down from 7.86 per cent in May and 7.92 per cent in April. 

 

The indifferent performance of the state-owned telecommunications companies comes despite the government injecting ₹3.22 trillion into BSNL/MTNL through multiple tranches: a ₹69,000 crore revival package in 2019, ₹1.64 trillion in 2022, allotment of 4G and 5G spectrum worth ₹89,000 crore in 2023, and an additional ₹6,982 crore in capital expenditure support in 2025.

 

BSNL has since rolled out pan-Indian 4G services and plans to launch 5G once the network stabilises. It has installed more than 100,000 4G towers nationwide using indigenous technology. The telco managed two consecutive quarters of net profit in FY25 of ₹262 crore in the third quarter and ₹280 crore in the fourth — its first in 18 years. Losses for the year narrowed to ₹2,247 crore from ₹5,370 crore the previous year. However, it slipped back into the red in the first quarter of 2025-26 with a steep loss of ₹1,049 crore.