Sterlite Electric Limited – FY26 Results

11 September 2026

Sterlite Electric (formerly Sterlite Power Transmission) is a power transmission products company that designs, manufactures and supplies overhead conductors, OPGW, EHV power cables, master system integration (MSI) services, and dark-fibre "Convergence" solutions. In October 2024 it demerged its transmission-asset ownership business (now Resonia), and FY26 is its first full year as a pure manufacturing/products company. It has filed a DRHP for an IPO.

Revenue, EBITDA, Net Profit & EPS Summary (₹ in Cr, Consolidated, Continuing Operations)

Particulars	FY26	FY25	YoY change
Revenue	6,254	4,956	+26.2%
EBITDA	491	472	+4.0%
EBITDA Margin	7.85%	9.53%
Net Finance Cost	121	155	−21.9%
Profit Before Tax	301	262	+14.9%
Net Profit (PAT, continuing ops)	237	183	+29.5%
PAT attributable to shareholders	210	–
EPS (Basic & Diluted)	14.57	–

Revenue grew 26.2% on strong conductor and cable demand, but EBITDA grew only 4% as raw-material costs (mostly aluminium) rose 48%, eating two-thirds of every revenue rupee versus 56% a year earlier. Most of the PAT growth came from a lower net finance cost, not operations. Note: the P&L also shows a headline ₹746 crore figure driven by a ₹509 crore unrealised commodity-hedge gain sitting in Other Comprehensive Income — not operating profit, and expected to reverse against FY27 raw-material costs.

Segment / Order Book Mix (₹ in Cr)

Platform	FY26 Revenue Share	Order Book	Order Book Share
Overhead conductors & OPGW	—	3,681	56%
Power cables	—	1,775	27%
MSI services	—	753	11%
Convergence (fibre)	—	410	6%
Conductors + cables (₹ cr)	4,807 (77% of revenue)
EPC (₹ cr)	1,164
Convergence lease income (₹ cr)	119

Closing order book of ₹6,619 crore is about 1.06x FY26 revenue. Exports fell sharply to 7% of revenue (from 20% in FY25) even as new markets (UK, Nigeria, Oman, Nepal, Bhutan) opened up.

Key Balance Sheet Items (₹ in Cr, Consolidated)

Particulars	FY26	FY25
Net worth	1,993	1,434
Gross borrowings	609	327
Cash + bank balances	1,402	1,224
Net cash	793	896
Inventories	552	367
Trade receivables	1,259	1,082
Contract assets (unbilled)	593	254
Acceptances (supplier credit)	1,476	986
Capital work-in-progress	311	90
Total assets	6,060	4,259

Net worth rose ₹559 crore, but only ₹237 crore of that is earned profit — the rest is largely the unrealised ₹509 crore hedge reserve. Working capital ballooned (net working capital up from ₹1,071 cr to ₹1,686 cr) as inventories, receivables and unbilled revenue all grew faster than sales, funded partly by stretching supplier credit.

Cash Flow (₹ in Cr)

Particulars	FY25	FY26
Operating cash flow	647	359
Capex	235	298
Dividend paid	12	83
Net change in cash	+102	−65

Operating cash flow nearly halved despite 30% profit growth, as the working-capital build absorbed cash. Free cash flow after capex was roughly ₹60 crore.

Key Ratio Analysis (Consolidated)

Particulars	FY26	FY25
EBITDA Margin	7.85%	9.53%
Net Profit Margin	3.79%	3.69%
Return on Equity (on closing equity)	~11.9%	–
Return on Capital Employed	16.9%	24.8%
Debt-to-Equity Ratio	0.31x	–
Debt Service Coverage Ratio	0.84x	–
P/E (indicative, ₹478/share)	~28x	–
P/B (indicative)	~3.4x	–
EV/EBITDA (indicative)	~12x	–

At the unlisted indicative price of ₹478 (market cap ~₹6,750 crore on a fully diluted 14.13 crore shares), Sterlite trades at roughly half of peer Apar Industries' earnings multiple (Apar: ~60x P/E, ~13x P/B). ROCE fell from 24.8% to 16.9% as capital deployed into the new Vadodara cable plant (₹311 crore CWIP) hasn't yet ramped into revenue. The ₹478 price sits almost exactly at the FY25 PE round price of ₹473, and a lender (PTC Cables) declined to exercise ₹270 crore of warrants at that same price in FY26.

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