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Sterlite Technologies Limited (STLTECH) · mywealthgrid

Sterlite Technologies Limited

NSE:STLTECH BSE:STLTECH

Communication ServicesTelecom - Equipment & AccessoriesNIFTY SMALLCAP 100 +4

₹955.4

+5%1 Oct close

Mkt cap

₹49,095 Cr

Watch Alert Compare

About

Sterlite Technologies manufactures telecom equipment and accessories in India's communication services sector, with a market capitalization of ₹33,288 Cr. The company experienced a dramatic share-price recovery—rising from ₹86.24 to ₹647.75 over one year (405.7% return)—driven by an operational turnaround from mid-2025 losses to ₹125 Cr profit and 21.74% operating margin in the Jun 2026 quarter. The sustainability of this recovery and the company's capital efficiency (ROE of 2.63%) remain critical questions for investors.

Face value: ₹2

Market cap

₹49,095 Cr

P/E

175.3×

P/B

20.6×

Dividend yield

ROE

2.6%

ROCE

9.5%

Debt / equity

0.81

OPM

12%

EPS (TTM)

₹5.7

Book value

₹46.3

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Valuation detached from earnings quality: PE of 118.89 paired with ROE of 2.63% and recent margin volatility (OPM ranged from −2.36% to 21.74% in recent quarters) leaves no room for disappointment.
Turnaround durability unproven: Company posted net losses Sep–Dec 2025 before rebounding to ₹125 Cr profit in Jun 2026—verify whether operational improvements are structural or cyclical.
Debt servicing pressure in thin-margin periods: With D/E at 0.81 and OPM swinging sharply, margin compression could strain liquidity—verify fixed-cost structure and covenant headroom.
Stock rally may outpace fundamentals: 405.7% one-year return raises risk of valuation getting ahead of operational change—verify drivers of recent institutional buying (FII share rose from 11.47% to 18.22% in three months).

Generated analysis · source review pending

Growth drivers

Margin recovery evident: OPM improved to 21.74% in Jun 2026 quarter vs. negative margins in Dec 2025 and Sep 2025, indicating operational turnaround—verify whether from cost reduction, mix improvement, or demand recovery.
Revenue rebound: Jun 2026 quarterly revenue of ₹929 Cr reversed weak periods—verify whether demand-driven or concentrated in specific projects or customers.
Institutional confidence rising: FII shareholding increased from 11.47% (Mar 2026) to 18.22% (Jun 2026) in three months—verify if based on disclosed guidance or sector thesis.
Telecom capex cycle tailwind possible: India's 5G rollout and fiber buildout could sustain equipment demand—verify Sterlite's order backlog, win-rate trends, and exposure to cyclical operator capex.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹955.4+10.2%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -2% (3-yr avg)
−Profit declined 27.3% a year over the last 5 years
−Revenue shrank over the last 5 years (-0.3% a year)
−Weak interest coverage of 1.4×
−Expensive at 175.3× trailing earnings
−Trading at 20.6× book value

Research score

Structured signal from quality, growth, valuation and momentum.

23/100

Business quality: 20
Growth: 50
Valuation: 0

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sterlite Technologies LimitedSTLTECHSTLTECH	₹49,095 Cr	₹50,922 Cr	₹5,642 Cr	₹829 Cr	12%	₹280 Cr	1.2%	9.5%	2.6%	58
Iti LimitedITIITI	₹23,210 Cr	₹23,975 Cr	₹2,111 Cr	₹53 Cr	2%	₹324 Cr	13.4%	2%	16.6%	-47
Tejas Networks LimitedTEJASNETTEJASNET	₹8,269 Cr	₹12,304 Cr	₹1,303 Cr	₹-647 Cr	-61.8%	₹-917 Cr	-82.4%	-26.7%	-26.8%	2,010
Optiemus Infracom LimitedOPTIEMUSOPTIEMUS	₹7,129 Cr	₹7,435 Cr	₹2,216 Cr	₹101 Cr	5.5%	₹73 Cr	3.7%	10.3%	9.2%	14
Valiant Communications LtdVALIANTVALIANT	₹1,973 Cr	₹1,975 Cr	₹85 Cr	₹30 Cr	35.6%	₹24 Cr	28.5%	40%	30.6%	172
Birla Cable LimitedBIRLACABLEBIRLACABLE	₹1,149 Cr	₹1,280 Cr	₹861 Cr	₹84 Cr	6.1%	₹46 Cr	2.2%	11.1%	6.3%	124
ADC India Communications LtdADCINDIAADCINDIA	₹1,031 Cr	₹1,031 Cr	₹200 Cr	₹21 Cr	10.3%	₹19 Cr	9.5%	31.2%	24.2%	24
Umiya Buildcon LimitedUMIYA-MROUMIYA-MRO	₹172 Cr	₹297 Cr	₹73 Cr	₹26 Cr	35.9%	₹9 Cr	58.3%	29.7%	44.4%	914
Aksh Optifibre LimitedAKSHOPTFBRAKSHOPTFBR	₹115 Cr	₹199 Cr	₹148 Cr	₹12 Cr	2.1%	₹-2 Cr	-10.3%	-7.1%	—	-77
Punjab Communications LtdPUNJCOMMUPUNJCOMMU	₹67 Cr	₹68 Cr	₹21 Cr	₹-20 Cr	-26.9%	₹-12 Cr	11.1%	9.9%	10.1%	-218
Telogica LtdTELOGICATELOGICA	₹53 Cr	₹58 Cr	₹19 Cr	₹1 Cr	6.4%	₹2 Cr	4.4%	6.2%	6.2%	293
Tamilnadu Telecommunication LimitedTNTELETNTELE	₹53 Cr	₹91 Cr	₹0 Cr	₹-1,644 Cr	—	₹-10,322 Cr	—	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,275	2,594	3,205	5,087	5,154	4,825	5,754	6,925	5,478	3,996	4,745
COGS	—	—	—	2,487	2,467	2,395	2,865	3,299	2,499	2,001	2,385
Gross profit	—	—	—	2,600	2,687	2,430	2,890	3,626	2,979	1,995	2,360
	1,571	1,792	—	1,473	1,618	1,605	2,350	2,732	2,405	1,579	1,791
	704	801	—	1,127	1,069	826	539	894	574	416	569
OPM %	31%	30.9%	—	22.2%	20.8%	17.1%	9.4%	12.9%	10.5%	10.4%	12%
Depreciation	126	159	182	195	290	285	326	309	335	316	313
Interest	119	123	104	105	221	203	241	311	369	241	224
	4	12	26	29	-25	39	89	-63	64	-15	75
Profit before tax	225	257	—	865	533	377	62	211	-66	-156	107
Tax	65	40	133	278	109	111	15	84	-9	-33	51
Tax %	29%	15.4%	—	32.2%	20.4%	29.5%	23.7%	39.8%	-13.6%	-21.2%	47.7%
	160	218	364	587	424	265	47	127	-57	-123	56
PAT margin %	7%	8.4%	11.4%	11.5%	8.2%	5.5%	0.8%	1.8%	-1%	-3.1%	1.2%
EPS (₹)	—	—	—	14	10.8	6.9	1.6	3.5	-1.3	-2.5	1.2
EPS adjusted (₹)	3.9	5.1	8.3	14	10.7	6.9	1.6	3.5	-1.3	-2.5	1.1
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	80	80	81	81	79	80	80	80	98	98
Reserves	620	800	1,095	1,639	1,839	1,908	1,875	2,011	1,943	1,892	2,170
Minority interest	—	45	82	95	103	98	92	4	—	—	—
	826	1,018	1,093	1,918	2,201	2,839	3,311	3,667	3,225	1,818	1,827
	1,116	968	1,361	3,280	2,985	3,148	3,401	3,103	3,083	1,719	2,251
Total equity & liabilities	2,640	2,911	3,712	7,012	7,209	8,073	8,759	8,865	8,331	5,527	6,346
	1,146	1,304	1,225	2,468	3,060	3,174	3,351	3,246	3,209	2,928	2,968
CWIP	174	66	357	419	133	227	143	129	62	23	19
Investments	30	49	175	135	333	303	92	136	123	90	470
	1,290	1,492	1,955	3,990	3,683	4,368	5,173	5,354	4,937	2,486	2,889
Total assets	2,640	2,911	3,712	7,012	7,209	8,073	8,759	8,865	8,331	5,527	6,346

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Optical networking business	4,486	606	5,399	1,969	3,430	17.67
Digital and technology solutions	284	3

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.1%	52.1%	50.4%	50.2%	52.4%	54.4%	49.9%	49.7%
EBITDA margin %	22.2%	20.8%	16.8%	9.3%	12.9%	10.4%	10.4%	12%
EBIT margin %	18.3%	15.1%	10.9%	3.6%	8.4%	4.3%	2.5%	5.4%
PAT margin %	11.5%	8.2%	5.5%	0.8%	1.8%	-1%	-3.1%	1.2%
Working capital
Receivable days	97	111	110	108	96	106	75	82
Inventory days	87	67	95	117	92	120	134	139
Payable days	281	212	296	308	238	318	188	163
NWC days	-97	-34	-91	-83	-50	-92	22	58
Leverage
Current ratio	0.96	0.95	1	1.02	0.96	0.9	0.91	0.98
Debt to EBITDA	1.7	2.06	3.5	6.19	4.12	5.66	4.37	3.21
Debt to equity	1.12	1.15	1.43	1.69	1.75	1.59	0.91	0.81
Interest coverage	9.2	3.7	2.8	1.1	2	0.8	0.6	1.4
Asset turnover	0.73	0.71	0.6	0.66	0.78	0.66	0.72	0.75
Return ratios
Return on assets %	8.4%	5.9%	3.3%	0.5%	1.4%	-0.7%	-2.2%	0.9%
Return on capital employed %	39.7%	26.7%	16.3%	7%	17%	8.8%	4.4%	9.5%
Return on equity %	34.1%	22.1%	13.4%	2.4%	6.1%	-2.8%	-6.2%	2.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54%	53.99%	53.98%	44.18%	44.17%	44.17%	44.16%	44.4%	44.45%	44.44%	44.44%	44.51%
	5.45%	4.75%	5.02%	7.77%	8.36%	8.71%	7.28%	6.74%	11.28%	10.93%	11.47%	18.22%
	1.94%	1.97%	2.01%	11.74%	10.69%	9.43%	11.61%	11.34%	10.79%	11.05%	10.84%	11.44%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	38.61%	39.29%	38.99%	36.31%	36.78%	37.69%	36.95%	37.52%	33.48%	33.58%	33.25%	25.83%
No. of shareholders	—	—	—	—	—	—	—	—	2,31,127	2,19,889	2,12,162	2,33,593

Promoter holding down 9.49 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Ankit AgarwalPromoter Group	BuyMarket Purchase	3,40,000	₹3.97 cr	0.25% → 0.32%	11 Sept 20257(2)
NAVIN AGARWALPromoter Group	SellMarket Sale	10,000	₹13.81 L

50 deals · 19 Sept 2022 – 5 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Jun 2026	MOTILAL OSWAL MUTUAL FUND	Bulk	NSE	Buy	36,48,537	₹619.07	₹225.87 Cr
11 Feb 2026	TIAA-CREF FUNDS TIAA CREF EMERGING MARKETS EQUITY INDEX FUND	Bulk	NSE	Sell	87,30,694	₹144.81	₹126.43 Cr
10 Feb 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	24,59,009	₹157.42	₹38.71 Cr
10 Feb 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	24,59,009	₹157.35	₹38.69 Cr
19 Jun 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	25,15,145	₹110.46	₹27.78 Cr
19 Jun 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	25,15,145	₹110.51	₹27.79 Cr
17 Jun 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	67,36,970	₹111.03	₹74.80 Cr
17 Jun 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	67,36,970	₹111.13	₹74.87 Cr
17 Jun 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	63,89,241	₹111.20	₹71.05 Cr
17 Jun 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	59,05,882	₹111.34	₹65.76 Cr

1–10 of 50

1 / 5

Mr. Anil Kumar AgarwalNon-Executive - Non Independent Director-Chairperson
Mr. Ankit AgarwalExecutive Director-MD
Mr. Pravin AgarwalExecutive Director
Mr. Bangalore Jayaram ArunNon-Executive - Independent Director
Mr. Venkatesh MurthyExecutive Director
Ms. Amrita GangotraNon-Executive - Independent Director
Mr. Rajiv Ghanshyamdas AgarwalNon-Executive - Independent Director
Mr. Sathia Jeeva Krishnan ChidambaraNon-Executive - Independent Director
Ms. Mrunal AsawadekarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 6 fund houses

Held by these funds

8.73%

of the company's equity

All mutual funds

9.48%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 6 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.94 Cr	1,415.13	3.3%	3.78%	+3.33 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	94.07 L	685.24	3.4%	1.83%	+7.37 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	65.51 L	477.19	3.37%	1.275%	+2.18 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	24.4 L	177.71	3.46%	0.475%	-0
SMALL CAP FUND	Bank of India Mutual Fund	10.04 L	73.14	2.21%	0.195%	-0
Flexi Cap Fund	Bank of India Mutual Fund	8.58 L	62.47	2.12%	0.167%	-0
Flexi Cap Fund	Axis Mutual Fund	8.29 L	60.41	0.43%	0.161%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	7.61 L	55.42	2.22%	0.148%	-13,699

1–8 of 24

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results24 Jul 2026

1

Face value ₹5 → ₹29 Mar 2010 · ex-date

1

Bonus 1:19 Mar 2010 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

86 announcementsExport CSV

1 Oct 2026, 6:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	51.1%	52.1%	50.4%	50.2%	52.4%	54.4%	49.9%	49.7%
EBITDA margin %	22.2%	20.8%	16.8%	9.3%	12.9%	10.4%	10.4%	12%
EBIT margin %	18.3%	15.1%	10.9%	3.6%	8.4%	4.3%	2.5%	5.4%
PAT margin %	11.5%	8.2%	5.5%	0.8%	1.8%	-1%	-3.1%	1.2%
Working capital
Receivable days	97	111	110	108	96	106	75	82
Inventory days	87	67	95	117	92	120	134	139
Payable days	281	212	296	308	238	318	188	163
NWC days	-97	-34	-91	-83	-50	-92	22	58
Leverage
Current ratio	0.96	0.95	1	1.02	0.96	0.9	0.91	0.98
Debt to EBITDA	1.7	2.06	3.5	6.19	4.12	5.66	4.37	3.21
Debt to equity	1.12	1.15	1.43	1.69	1.75	1.59	0.91	0.81
Interest coverage	9.2	3.7	2.8	1.1	2	0.8	0.6	1.4
Asset turnover	0.73	0.71	0.6	0.66	0.78	0.66	0.72	0.75
Return ratios
Return on assets %	8.4%	5.9%	3.3%	0.5%	1.4%	-0.7%	-2.2%	0.9%
Return on capital employed %	39.7%	26.7%	16.3%	7%	17%	8.8%	4.4%	9.5%
Return on equity %	34.1%	22.1%	13.4%	2.4%	6.1%	-2.8%	-6.2%	2.5%

Date	Category	Subject	Filing
1 Oct 2026, 6:45 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Oct 2026, 11:19 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
28 Sept 2026, 4:28 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 6:22 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
10 Sept 2026, 7:14 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
10 Sept 2026, 4:55 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
7 Sept 2026, 12:33 pm	Company Update General	Transcript Of Analyst/ Investor Meet Held On September 3, 2026.	PDF
3 Sept 2026, 9:27 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	215	489	729	631	696	638	574	227	791	348	520
	-156	-232	-582	-1,172	-627	-619	-471	-58	-209	-89	-507
	-81	-187	-152	570	-68	23	115	-132	-691	-208	-133
Net cash flow	-22	69	-5	29	2	43	218	37	-110	51	-120
Free cash flow	-9	276	279	-201	313	192	-94	-138	522	215	327
CFO / Operating profit %	30.5%	61%	—	56%	65.1%	78.8%	107.3%	25.5%	138.8%	83.7%	91.4%

Sterlite Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

1

Announcements

1

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Digital and Technologies Solution · revenue

Sterlite Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Stock splits1

Bonus issues1

Announcements

Board meetings1

Stock splits1

Bonus issues1

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Digital and Technologies Solution · revenue

1

1

1

1

1

1