STERLITE TECHNOLOGIES LTD FUNDAMENTAL RESEARCH REPORT

Sterlite Technologies (STL; NSE: STLTECH, BSE: 532374) is a Vedanta-group company (promoter Twin Star Overseas, AnilAgarwal group) and one of the few fully integrated optical makers: it makes its own glass preform, draws the fi bre, builds thecable and sells connectivity products. It holds ~9% of the global optical-cable market outside China. The services business wasdemerged into STL Networks (record date 24-Apr-2025, 1:1). Shares: 51.41 Cr of face value Rs 2; market cap ~Rs 52,100 Cr. Notin F&O. Event 1 - the order book jumped. The open book went from Rs 7,687 Cr (Mar-26) to Rs 18,618 Cr (Jun-26) , led by a US$1.11bn award from a hyperscale partner (22-May, FY27-FY29). Since June the company has announced Rs 960 Cr (Indian telco,FY28-29), US$210 mn (telecom infrastructure, CY27-29), US$288 mn (a leading hyperscaler, CY27-29) and US$1.2 bn (ahyperscale partner, CY26-CY30, 01-Oct). The large contracts are valued "at prevailing selling prices", orders are released overtime, and each side has a capped liability for demand or supply shortfalls. That is visibility, but not full take-or-pay.