Telecom - Equipment & Accessories industry

15 companies · ₹81,479 cr · 7 with AI deep dives · Q1FY27 report

Data-centre surge lifts STLTECH to record margins; Tejas BSNL inventory trap splits the bucket's recovery

Turning upmargin troughed at -4.5% and has risen for 3 quarters to 9.7%, on positive revenue growth

Revenue YoY: +66.1%
EBITDA margin: 9.7%; +820bps YoY
Price, 1 year: +26.1%; 71% of names up
P/E vs own 5y: +34.4%; 61.1x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,976 cr	3,186 cr	+24.8%	2,394 cr	+66.1%	5,962 cr	-33.3%
EBITDA margin	9.7%	4.5%	+520bps	1.5%	+820bps	12.1%	-240bps

Revenue

Jun 26: 3,976 cr
Mar 26: 3,186 cr
QoQ: +24.8%
Jun 25: 2,394 cr
YoY: +66.1%
Peak: 5,962 cr
vs peak: -33.3%

EBITDA margin

Jun 26: 9.7%
Mar 26: 4.5%
QoQ: +520bps
Jun 25: 1.5%

Sept 26: 2 of 7 reported so far, so it is not in the trend above.

Breadth: 86% of 7 companies grew revenue year on year (was 71% a quarter earlier) and 86% expanded margin (was 71%).

Exhibit 2What it costs

45.03x - 78.45x across the panel today

The median name trades at 61.1x, +34.4% against this industry's own 5-year median of 45.5x, and -33.2% against its own peak of 91.5x.

Exhibit 3Structure

₹81,479 cr

Sterlite Technologies Ltd is 52.3% of this industry by market cap. The top 5 are 96.2% and the top 10 are 99.6%.

mid 2small 3micro 107 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 61.1x, 5y ROCE above its median of 6.2%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (14 of 14)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sterlite Technologies Ltd	₹44,713 cr	58.2x	72.3x	7.8%	12.0%	+144.6%	Unlock
Tejas Networks Ltd	₹7,208 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindOptical fibre and data-centre capex driving order-book step-changes across cable/fibre names3 managements

STLTECH's order intake of ₹13,100 cr in a single quarter was described as 1.7x the entire FY26 total; data-centre revenue share rose from ~1% to 21% YoY and North America…

STLTECH (Q1FY27): “Revenue reached INR1,910 crores, representing an extraordinary 87% year-on-year growth.”

headwind2 managements tailwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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