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Swing Capital

Sterlite Technologies Ltd

NSE: STLTECH BSE: 532374Energy

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]

₹424
52W: ₹67.6 — ₹435
PE 2589 · Book ₹31.3 · +1255% vs book
Market Cap₹20,711 Cr
Stock P/E2589Price to Earnings
ROCE6.14%Return on Capital
ROE0.54%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Debtor days have improved from 154 to 83.4 days.

Weaknesses

  • −Stock is trading at 12.6 times its book value
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of -10.0% over past five years.
  • −Company has a low return on equity of -5.00% over last 3 years.
  • −Earnings include an other income of Rs.169 Cr.
  • −Promoter holding has decreased over last 3 years: -9.61%

Shareholding Pattern

Promoters44.44%
FIIs11.47%
DIIs10.84%
Public33.24%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.18%44.17%▼0.044.17%44.16%▼0.044.41%▲0.344.46%▲0.144.45%▼0.044.44%▼0.0
FIIs7.77%8.36%▲0.68.71%▲0.47.28%▼1.46.74%▼0.511.28%▲4.510.93%▼0.311.47%▲0.5
DIIs11.73%10.69%▼1.09.42%▼1.311.6%▲2.211.33%▼0.310.79%▼0.511.04%▲0.310.84%▼0.2
Public36.31%36.79%▲0.537.7%▲0.936.95%▼0.837.52%▲0.633.46%▼4.133.56%▲0.133.24%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales867510516554590555543559592752
Expenses888598556527577530502524578689
Operating Profit-21-88-4027132541351463
OPM %-2%-17%-8%5%2%4%8%6%2%8%
Net Profit-75-103-57-9-26-252-2-3133
EPS ₹-1.88-2.58-1.17-0.18-0.53-0.510.04-0.04-0.640.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,446Cr, up 10.4% YoY. OPM at 6%.

Debt Position

Borrowings at ₹1,219Cr. Debt-to-equity ratio: 0.85x. Moderate leverage.

Capex Cycle

CWIP at ₹16Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.84% (+8.85pp change). FIIs: 11.47% (+4.31pp change). Promoters hold 44.44%.

Margin & Efficiency

ROCE declining from 10% (Mar 2015) to 6% (Mar 2026). Working capital days: 5.

Valuation

PE 2589x with 6.14% ROCE. Price is 1255% above book value of ₹31.3. Dividend yield: 0%.

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