Sterlite Technologies
Sterlite Technologies
TelecomKey Fundamentals
MidcapEquipment & AccessoriesTelecomTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 20.6 times its book value
- Promoter holding has decreased over last quarter: -2.15%
- The company has delivered a poor sales growth of -0.33% over past five years.
- Company has a low return on equity of -2.74% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Sterlite Technologies has a market capitalisation of about ₹43,222.5 crore and trades at a P/E of 174.2x and a P/B of 11.63x. TTM sales grew 36% and TTM profit grew 1,490%, but over 3 years sales compounded at -12%, profit at -43% and ROE averaged about -3%. The stock returned 615% over one year, so its valuation now rests on a recent turnaround rather than a long record of earnings.
- TTM sales grew 36%, a sharp change from the 3-year sales CAGR of -12%. This suggests demand and order execution have recovered after a weak multi-year stretch.
- TTM profit grew 1,490%, which shows a strong recovery in operating leverage as revenue rebounded. The growth comes off a very low base.
- Last year's ROE was 1%, up from a 3-year average of about -3%. Return ratios have moved from negative back to positive.
- The 10-year average ROE of 11% shows the business has earned double-digit returns on equity in earlier cycles, so a recovery toward past profitability is possible.
- The stock returned 615% over one year and compounded at 94% a year over 3 years. The market has re-rated the company's growth outlook significantly.
- Long-term shareholder returns have held up: the stock compounded at 32% over 5 years and 30% over 10 years, despite uneven fundamentals over the same periods.
- The company is expected to report a good quarter. That would build on the 36% TTM revenue growth.
- At a market capitalisation of about ₹43,222.5 crore, the company is large enough to attract institutional interest and trading liquidity.
- A P/E of 174.2x prices in years of strong earnings growth. It leaves little room for disappointment if the 1,490% TTM profit surge does not continue.
- The stock trades at a P/B of 11.63x, and another data source puts it at 18.0x book. Either figure is hard to square with last year's ROE of 1% and a 3-year average ROE of -2.74%.
- Long-term profit growth is negative: profit compounded at -43% over 3 years, -37% over 5 years and -16% over 10 years. The TTM recovery has not yet reversed the multi-year decline.
- Revenue growth has been weak over the longer term: sales compounded at -12% over 3 years, about 0% (-0.33%) over 5 years and only 8% over 10 years.
- Promoter holding fell 2.15% in the last quarter. This came during a period of sharp share price gains.
- After a 615% one-year gain, the share price has run far ahead of the 5-year sales growth of about 0%. That raises the risk of volatility and a pullback if results miss expectations.
- The dividend yield is only 0.12%, so shareholders get almost no income support while the valuation stays high.
- Key balance-sheet figures (debt-to-equity, ROCE) and 52-week price range data were not available in the dataset. That limits any check on leverage and capital efficiency.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹3,000 cr capacity expansion approved Sep 3
The board approved a ₹3,000 crore capacity expansion plan aimed at a 50% increase in capacity. The capacity milestone is set for FY29.
- OFNP US certification for AI fiber Sep 11
STL secured OFNP US certification for its 48F to 576F Intermittently Bonded Ribbon (IBR) fiber trunk assemblies, which comply with NFPA 262 standards for indoor air-handling spaces. The certification targets AI data center and hyperscale deployments in the US.
- Neuralis data center portfolio expanded Sep 24
STL added high-density Pre-Terminated Fiber Trunk Assemblies ranging from 48F to 6912F to its Neuralis portfolio. The products target hyperscale bandwidth demand.
- New Chief M&A, IR officer Sep 22
Lakshmi Iyer was appointed Chief M&A, Investor Relations and Capital Markets Strategy Officer, effective September 23, 2026. The combined role suggests STL may focus more on inorganic growth and capital raising.
- Nuvama investor forum on Sep 28 Sep 23
STL will take part in the Nuvama Emerging India CEO Forum in Mumbai on September 28, 2026, with one-on-one and group investor meetings.
TL;DR: STL is moving deeper into AI and hyperscale data center connectivity. It has a US OFNP certification, a Neuralis lineup that now reaches 6912F, and a ₹3,000 crore plan to grow capacity 50% by FY29. The main risks are execution and funding for the large capex, possible equity dilution or more debt given the new capital markets role, and whether data center demand holds up through FY29. None of these articles reports a direct negative, so the trend looks like it's improving. Watch for order wins, capex funding details and comments from the September 28 investor meetings to see whether the data center strategy is turning into revenue.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,522 | 1,494 | 1,322 | 843 | 872 | 1,074 | 998 | 1,052 | 1,019 | 1,034 | 1,257 | 1,441 | 1,910 |
| Expenses | 1,308 | 1,281 | 1,232 | 812 | 808 | 957 | 892 | 927 | 887 | 905 | 1,137 | 1,246 | 1,525 |
| Operating Profit | 214 | 213 | 90 | 31 | 64 | 117 | 106 | 125 | 132 | 129 | 120 | 195 | 385 |
| OPM % | 14% | 14% | 7% | 3.7% | 7% | 11% | 11% | 12% | 13% | 12% | 10% | 14% | 20% |
| Other Income | 30 | 11 | 12 | 24 | 8 | 5 | -4 | -24 | 8 | 12 | -6 | 54 | 12 |
| Interest | 92 | 95 | 94 | 71 | 56 | 62 | 58 | 65 | 50 | 55 | 56 | 63 | 55 |
| Depreciation | 81 | 85 | 84 | 81 | 78 | 79 | 80 | 79 | 77 | 80 | 79 | 77 | 85 |
| PBT | 71 | 44 | -76 | -97 | -62 | -19 | -36 | -43 | 13 | 6 | -21 | 109 | 257 |
| Tax % | 27% | 27% | -22% | -15% | -23% | -26% | -33% | -7% | 23% | 33% | -19% | 46% | 23% |
| Net Profit | 52 | 32 | -59 | -82 | -48 | -14 | -24 | -40 | 10 | 4 | -17 | 59 | 197 |
| EPS in Rs | 1.35 | 0.85 | -1.43 | -2.05 | -0.98 | -0.29 | -0.49 | -0.82 | 0.2 | 0.08 | -0.35 | 1.21 | 4.04 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,097 | 2,144 | 2,449 | 3,177 | 5,087 | 5,154 | 4,825 | 5,437 | 6,925 | 4,083 | 3,996 | 4,745 | 5,642 |
| Expenses | 2,634 | 1,685 | 1,929 | 2,431 | 3,968 | 4,085 | 4,015 | 4,772 | 6,030 | 3,612 | 3,580 | 4,176 | 4,813 |
| Operating Profit | 463 | 459 | 519 | 746 | 1,120 | 1,069 | 811 | 665 | 895 | 471 | 416 | 569 | 829 |
| OPM % | 15% | 21% | 21% | 23% | 22% | 21% | 17% | 12% | 13% | 12% | 10% | 12% | 15% |
| Other Income | 49 | 10 | 20 | 38 | 37 | -25 | 54 | -22 | -64 | 74 | -15 | 75 | 72 |
| Interest | 327 | 119 | 123 | 104 | 105 | 221 | 203 | 238 | 311 | 293 | 241 | 224 | 229 |
| Depreciation | 185 | 126 | 159 | 182 | 195 | 290 | 285 | 308 | 309 | 314 | 316 | 313 | 321 |
| PBT | 0 | 225 | 257 | 497 | 856 | 533 | 377 | 97 | 211 | -62 | -156 | 107 | 351 |
| Tax % | 3355% | 29% | 15% | 27% | 32% | 20% | 30% | 54% | 40% | -8% | -21% | 48% | — |
| Net Profit | -4 | 160 | 218 | 364 | 578 | 424 | 265 | 45 | 127 | -57 | -123 | 56 | 243 |
| EPS in Rs | -0.07 | 3.89 | 5.06 | 8.34 | 13.98 | 10.74 | 6.95 | 1.51 | 3.54 | -1.28 | -2.52 | 1.15 | 4.98 |
| Div. Payout % | -896% | 3% | 25% | 24% | 25% | 33% | 29% | 33% | 28% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 79 | 79 | 80 | 80 | 81 | 81 | 79 | 80 | 80 | 80 | 98 | 98 |
| Reserves | 1,008 | 676 | 800 | 1,095 | 1,639 | 1,839 | 1,908 | 1,875 | 2,011 | 1,943 | 1,892 | 2,170 |
| Borrowings | 5,725 | 1,085 | 1,092 | 1,178 | 2,067 | 2,577 | 2,944 | 3,475 | 3,834 | 3,376 | 1,926 | 1,942 |
| Other Liabilities | 1,568 | 775 | 938 | 1,359 | 3,226 | 2,698 | 3,124 | 3,281 | 2,886 | 2,879 | 1,530 | 2,078 |
| Total Liabilities | 8,380 | 2,614 | 2,911 | 3,712 | 7,012 | 7,195 | 8,055 | 8,711 | 8,811 | 8,278 | 5,446 | 6,288 |
| Fixed Assets | 4,055 | 1,137 | 1,313 | 1,234 | 2,468 | 3,060 | 3,174 | 3,351 | 3,246 | 3,209 | 2,928 | 2,971 |
| CWIP | 2,193 | 172 | 66 | 357 | 419 | 133 | 227 | 143 | 129 | 62 | 23 | 19 |
| Investments | 59 | 16 | 49 | 175 | 135 | 333 | 303 | 92 | 136 | 123 | 90 | 467 |
| Other Assets | 2,074 | 1,289 | 1,483 | 1,946 | 3,990 | 3,669 | 4,350 | 5,125 | 5,300 | 4,884 | 2,405 | 2,831 |
| Total Assets | 8,380 | 2,614 | 2,911 | 3,712 | 7,012 | 7,195 | 8,055 | 8,711 | 8,811 | 8,278 | 5,446 | 6,288 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 393 | 215 | 488 | 729 | 631 | 696 | 638 | 584 | 228 | 791 | 348 | 520 |
| Investing | -1,172 | -128 | -232 | -586 | -1,172 | -624 | -615 | -481 | -56 | -211 | -295 | -485 |
| Financing | 850 | -81 | -187 | -152 | 570 | -68 | 23 | 115 | -132 | -691 | 4 | -133 |
| Net Cash Flow | 71 | 6 | 69 | -9 | 29 | 4 | 46 | 218 | 40 | -111 | 57 | -98 |
| Free Cash Flow | -759 | -9 | 276 | 273 | -172 | 313 | 184 | -8 | -121 | 544 | 226 | 344 |
| CFO/OP | 90 | 57 | 109 | 113 | 76 | 82 | 84 | 112 | 28 | 197 | 97 | 102 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 98 | 121 | 102 | 100 | 97 | 111 | 110 | 115 | 96 | 143 | 75 | 82 |
| Inventory Days | 83 | 78 | 122 | 97 | 87 | 67 | 95 | 121 | 92 | 178 | 134 | 139 |
| Days Payable | 180 | 141 | 164 | 188 | 281 | 212 | 296 | 319 | 238 | 472 | 188 | 204 |
| Cash Conversion Cycle | 1 | 57 | 60 | 8 | -97 | -34 | -91 | -83 | -50 | -151 | 22 | 16 |
| Working Capital Days | -86 | -8 | -16 | -5 | -36 | -48 | -33 | -29 | -46 | -87 | -63 | -30 |
| ROCE % | 5% | 8% | 20% | 27% | 30% | 19% | 12% | 8% | 11% | 3% | 3% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY06–FY27.
Documents
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Company Information
Sterlite Technologies Limited was established in July 2001 after the demerger of the telecom division of Sterlite Industries Ltd (SIL). In July 2006, STL acquired the transmission line business of SIL to foray into the power transmission cables business. STL has grown over the years to become the largest Optical Fiber and Optical Fiber Cables manufacturer in the country. The company also has sizeable presence in the overseas markets with an established presence in the global optical fiber market. [1]
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