Sterlite Technologies Ltd(STLTECH)

NSE: STLTECHBSE: 532374

₹ 829+3.43%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 42,615 crWebsite: www.stl.techUpdated: 24 Oct 2026

About

Sterlite Technologies (STL) designs and manufactures optical fibre cables, connectivity products, and digital network solutions, serving telecom operators, governments, and hyperscalers globally. In FY26 it reported revenue of ₹4,745 crores across two segments, with optical networking contributing 94% of revenue. STL holds a 9% share of the global optical fibre cable market excluding China, and is targeting top-3 global OFC player status.^[1][2]

Business segments

Optical networking business generated ₹4,486 cr revenue (94% of total) at 13.5% EBIT margin in FY26, covering optical fibre, cables, and connectivity products.^[2]
Digital and technology solutions (STL Digital) contributed ₹284 cr revenue (6% of total) at 1.1% EBIT margin in FY26.^[2]
STL Digital engineers digital experiences for customers in telecom, technology, manufacturing and healthcare (FY25 annual report).^[3]
The Global Services Business was demerged into STL Networks, effective March 31, 2025; it had revenue of ₹1,456 crore in FY24.^[3][4]

Products and technology

As of FY25, STL offers optical cable, optical connectivity, data centre, and digital and technology solutions to telecom, cloud and large enterprise customers.^[3]
Neuralis is a data centre connectivity portfolio built for AI workloads, aimed at AI whitespace connectivity and high-speed DCI. It was launched at Data Center World 2026 in Washington D.C.^[5]
G.654E ultra-low-loss fibre (30% lower signal loss, larger core for high-power DWDM DCI) secured its first commercial order in Q4 FY26.^[5]
Celesta IBR cable packs 864 fibres in 11.7mm diameter, which STL calls the world's slimmest 864F IBR cable, and targets hyperscaler data centres. The range was later expanded to 1,728F and 3,456F.^[6]
CONCAT is a spliceless plug-and-play FTTH solution that lowers installation cost by up to 71%. It is aimed at raising attach rates with US customers.^[7]

Operations

As of FY25, STL has an advanced manufacturing facility in South Carolina, USA.^[3]
As of FY25, STL has optical fibre cable and optical connectivity facilities in Italy serving European fibre rollouts.^[3]

Key operating numbers

Open order book reached a record ₹18,618 cr in Q1 FY27, up from ₹7,309 cr at the end of FY26.^[7]
Q1 FY27 order intake of ₹13,100 cr was 1.7x the total FY26 order intake of ₹7,687 cr, which was itself up 109% from FY25's ₹3,672 cr.^[7]
Global OFC market share (ex-China) rose to 9% in Q1 FY27, up from 8% in FY26.^[7]
Optical connectivity attach rate was 16% in Q1 FY27, up from 15% in FY26 and 13% in FY24.^[7][4]
Data centre contributed 21% of revenue in Q1 FY27, up from about 1% in FY26.^[7]

Customers and geographic mix

North America accounted for 54% of revenue in Q1 FY27, up from 39% in FY26 and 25% in FY25.^[7]
Europe contributed 25% and rest of world 22% of revenue in Q1 FY27.^[7]
As of FY25, STL has a presence across three continents and serves customers in 100 countries.^[3]
In 2020, STL became the optical partner of Australia's second-largest telecom operator.^[3]
As of FY25, STL had supported the UK's digital transformation for over 10 years, including its 'Project Gigabit'.^[3]
STL Digital had 35 customer logos by the end of FY26, adding nine new logos during the year.^[5]

Expansion and capex

A $100 million US connectivity facility in South Carolina is planned over five years to make cable and connectivity products onshore.^[7]
Annual capex of about ₹1,000 crores is planned for each of FY27 to FY29 to expand preform, fibre and cable capacities by 50% by FY29. Earlier guidance was about ₹500 cr a year.^[7]
A new greenfield optical connectivity facility in India is planned to meet data centre and AI infrastructure demand.^[7]
STL targets R&D spending of about 2% of average annual revenue to develop hollow-core fibre, multi-core fibre and co-packaged optics.^[7]

Strategic targets (Lakshya FY29)

Lakshya targets ₹20,000 cr revenue by FY29, against FY26's ₹4,750 cr, with an EBITDA margin of 27%+, compared with 13.2% in FY26.^[7]
FY27 EBITDA margin guidance was revised up to 23% after a 20% margin was reached in Q1 FY27.^[7]
Management targets data centre and enterprise together at 50% of revenues in FY27.^[7]

Recent developments

In October 2026, an STL subsidiary secured a long-term supply agreement worth about USD 1.2 billion from a hyperscale partner for optical connectivity products, with deliveries through December 2030.^[8]
In Q1 FY27, STL won a multiyear USD 1.1 billion deal with a global hyperscaler to supply optical connectivity products for AI data centres through FY29.^[7]
STL completed a ₹1,500 cr QIP in Q1 FY27, which was 2.5x over-subscribed. 75% of the proceeds went to debt reduction, leaving the company with net cash of ₹483 cr.^[7]
In Q1 FY27, CRISIL revised its outlook to stable and ICRA upgraded STL to AA Stable.^[7]
The CFO resigned on March 31, 2025, and Ajay Jhanjhari was appointed interim CFO on May 16, 2025.^[3]

Market Cap

₹42,615 Cr

High / Low

₹1,054 / 85

Stock P/E

166.5

Price / Book

17.8

Book Value

₹46

EPS

₹1.1

No. of Shares

48.81 Cr

ROCE

7.8%

ROE

2.6%

OPM

6.6%

Debt / Equity

0.81

Sales

₹4,745 Cr

Net Profit

₹56 Cr

Promoter holding

42.3%

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Sterlite Technologies Ltd(STLTECH)

About

Business segments

Products and technology

Operations

Key operating numbers

Customers and geographic mix

Expansion and capex

Strategic targets (Lakshya FY29)

Recent developments

Signal history

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