Formerly Sterlite Power Transmission Limited – Unlisted Share Report
Report Date: September 2026
1. Company Overview
Sterlite Electric Limited – Official Website is a power-transmission products and solutions company formerly known as Sterlite Power Transmission Limited.
The company manufactures and supplies high-performance power conductors, extra-high-voltage (EHV), high-voltage (HV) and medium-voltage (MV) cables, optical ground wire (OPGW), and provides specialised engineering and EPC services.
Sterlite Electric serves customers across more than 70 countries and operates four manufacturing facilities, with annual capacity of more than 150,000 MT for conductors and more than 3,000 km of power cables.
The company’s infrastructure/BOT business was demerged into Sterlite Grid 5 Limited with effect from October 8, 2024. Following the demerger, Sterlite Electric is focused on power cables, conductors, EPC and convergence infrastructure.
Official Investor Information:
Sterlite Electric – Investors
2. Business & Product Portfolio
Sterlite Electric operates across power-transmission products and specialised infrastructure solutions.
Major Product Categories
Power Conductors
The company manufactures conventional and advanced conductors used in electricity-transmission networks.
Products include:
- Aluminium conductors
- High-temperature low-sag conductors
- Advanced conductors
- High-capacity conductors
Optical Ground Wire – OPGW
OPGW combines the functions of a transmission-line grounding wire with optical-fibre communication capability.
Power Cables
The company manufactures:
- Medium-voltage cables
- High-voltage cables
- Extra-high-voltage cables
- Specialised transmission cables
The company has expanded its cable manufacturing capabilities, including high-voltage products.
EPC & Master System Integration
Sterlite provides specialised engineering services for:
- Transmission-line upgrades
- Reconductoring
- Uprating
- Fibreisation
- Transmission infrastructure integration
Convergence
The business provides fibre-based connectivity infrastructure associated with power-transmission networks.
Source:
Sterlite Electric Annual Reports & Company Reports
3. Manufacturing & Global Presence
Sterlite Electric has manufacturing facilities in India supported by an international customer base.
The company currently supplies products to more than 70 countries.
Its international presence includes markets across:
- Europe
- Middle East
- Southeast Asia
- Africa
- Latin America
- Caribbean markets
The company has identified international expansion as an important growth pillar, particularly in power cables and conductors.
Source:
Sterlite Electric – Investors
4. Financial Performance
FY25–FY26
| Particulars | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue | ₹4,956 Cr | ₹6,254 Cr | +26.2% |
| EBITDA | ₹472 Cr | ₹491 Cr | +4.0% |
| EBITDA Margin | 9.53% | 7.85% | -168 bps |
| Net Finance Cost | ₹155 Cr | ₹121 Cr | -21.9% |
| Profit Before Tax | ₹262 Cr | ₹301 Cr | +14.9% |
| PAT | ₹183 Cr | ₹237 Cr | +29.5% |
FY26 revenue increased strongly, supported by growth across the company’s products and solutions businesses.
However, EBITDA growth was considerably slower than revenue growth. Consequently, EBITDA margin declined from approximately 9.5% in FY25 to approximately 7.9% in FY26.
This makes margin improvement an important area to monitor going forward.
Primary source:
Sterlite Electric FY2025-26 Annual Report
5. FY26 Profitability
FY26 represented an important period for Sterlite Electric following the demerger of its infrastructure business.
The company reported PAT of approximately ₹237 crore from continuing operations.
Profitability benefited from higher revenue and lower finance costs.
However, the company also faced pressure from raw-material costs, particularly aluminium.
Therefore, future earnings growth will depend not only on revenue growth but also on:
- Product mix
- Raw-material cost management
- Pricing discipline
- Capacity utilisation
- Operating efficiency
6. Balance Sheet
Sterlite Electric maintained a relatively strong balance sheet following the demerger.
The company reported approximately ₹1,993 crore of net worth at FY26-end and remained in a net-cash position.
At the same time, working capital increased significantly as the business expanded.
Important balance-sheet items include:
| Particular | FY26 |
|---|---|
| Net Worth | ~₹1,993 Cr |
| Cash & Bank Balances | ~₹1,402 Cr |
| Gross Borrowings | ~₹609 Cr |
| Net Cash | ~₹793 Cr |
| Inventory | ~₹552 Cr |
| Trade Receivables | ~₹1,259 Cr |
| Contract Assets | ~₹593 Cr |
| Capital Work-in-Progress | ~₹311 Cr |
The increase in inventory, receivables and contract assets should be monitored because it can affect operating cash flow.
Source:
Sterlite Electric – Annual Reports
7. Cash Flow
Operating cash flow is an important consideration for Sterlite Electric.
| Particulars | FY25 | FY26 |
|---|---|---|
| Operating Cash Flow | ₹647 Cr | ₹359 Cr |
| Capital Expenditure | ₹235 Cr | ₹298 Cr |
| Dividend Paid | ₹12 Cr | ₹83 Cr |
Although PAT increased during FY26, operating cash flow declined.
The difference was largely associated with higher working-capital requirements.
This is an important point for investors because sustainable earnings growth needs to eventually translate into stronger cash generation.
8. Order Book
Sterlite Electric reported an FY26 closing order book of approximately ₹6,619 crore.
| Business | Order Book | Share |
|---|---|---|
| Overhead Conductors & OPGW | ₹3,681 Cr | 56% |
| Power Cables | ₹1,775 Cr | 27% |
| MSI Services | ₹753 Cr | 11% |
| Convergence | ₹410 Cr | 6% |
| Total | ₹6,619 Cr | 100% |
The order book is approximately 1.06× FY26 revenue.
The conductor and OPGW segment remains the largest contributor, while power cables provide an increasingly important growth opportunity.
9. Growth Drivers
India’s Transmission Investment
India’s power sector is undergoing significant investment in transmission and distribution infrastructure.
Sterlite’s FY25 annual report estimates approximately ₹4.5–5.5 trillion of transmission investment in India between FY26 and FY30.
This creates potential demand for:
- Conductors
- OPGW
- HV/EHV cables
- Reconductoring
- Grid-modernisation solutions
Renewable Energy Integration
The expansion of renewable generation requires additional transmission capacity because renewable projects are often located away from major consumption centres.
This creates potential demand for transmission conductors, cables and grid-upgrade solutions.
Advanced Conductors
Advanced conductors can increase transmission capacity through existing corridors.
This can reduce the need for constructing completely new transmission corridors in certain applications.
High-Voltage Cable Expansion
Sterlite has expanded its cable manufacturing capabilities and is targeting higher-value cable opportunities.
The company’s strategy includes increasing its presence in international power-cable markets.
International Expansion
The company supplies customers across more than 70 countries and has identified Europe, Southeast Asia, Middle East, Africa and other international markets as growth opportunities.
10. Key Risks
Raw-Material Price Risk
Aluminium is a significant input cost for conductors.
Sharp increases in aluminium prices can affect margins if the company cannot fully pass the increase through to customers.
Margin Compression
Revenue grew approximately 26% in FY26 while EBITDA grew only approximately 4%.
The ability to restore and sustain margins will therefore be important.
Working-Capital Requirements
Higher inventory, receivables and contract assets can reduce free cash flow even when accounting profits are growing.
Capacity Utilisation
New manufacturing capacity requires sufficient order inflow and utilisation to generate attractive returns on invested capital.
Infrastructure Spending Cycles
Sterlite’s products are linked to electricity-transmission investment.
Changes in government spending, project execution and tender activity could influence demand.
Unlisted Liquidity
Until the company is listed, its shares do not trade continuously on NSE or BSE.
Investors may therefore have difficulty finding a buyer at their desired price.
11. Proposed IPO
Sterlite Electric has filed a Draft Red Herring Prospectus as part of its proposed public offering.
The company’s investor-information page contains the DRHP and subsequent disclosures.
Official IPO / DRHP information:
Sterlite Electric – Shareholder Information & DRHP
The DRHP/addendum also identifies Axis Capital, Motilal Oswal Investment Advisors and Nuvama Wealth Management as book-running lead managers.
Investors should rely on the latest company/SEBI filing for the final issue structure, price band, issue dates and share count rather than assuming that an indicative unlisted-market price represents the eventual IPO valuation.
12. Indicative Unlisted Share Price
Unlisted shares trade through OTC transactions rather than a central exchange order book.
Therefore, prices quoted by different intermediaries can vary.
For valuation purposes, an indicative unlisted-market price should be treated as a reference point rather than a continuously observable market price.
Important: The latest transaction price should be independently verified with the specific unlisted-share intermediary before making any purchase.
13. Indicative Valuation
Using an illustrative unlisted price of ₹495 per share:
| Metric | Approximate Value |
|---|---|
| Illustrative Price | ₹495 |
| FY26 PAT | ₹237 Cr |
| FY26 EPS | ~₹14.57 |
| Indicative P/E | ~34× |
| FY26 Net Worth | ~₹1,993 Cr |
| Indicative P/B | ~3.5× |
| Net Cash | ~₹793 Cr |
These calculations are illustrative and should be updated using the actual transaction price and latest fully diluted share count.
The proposed IPO makes valuation particularly important because the eventual public-market valuation could differ materially from the OTC unlisted-market price.
14. Competitive Landscape
Sterlite Electric operates in the power-transmission products and electrical-equipment industry.
Relevant listed companies for comparison include:
- APAR Industries
- Polycab India
- KEI Industries
- RR Kabel
- Finolex Cables
However, these companies have different product mixes and business models.
Sterlite’s closest areas of exposure include:
Power conductors + OPGW + high-voltage cables + transmission solutions.
Consequently, valuation comparisons should consider differences in:
- Revenue scale
- EBITDA margin
- Product mix
- International exposure
- Working capital
- Capital expenditure
- Return on capital
- Balance-sheet structure
15. Investment Factors to Monitor
Positive Factors
- Strong FY26 revenue growth
- Large order book
- Net-cash balance sheet
- Exposure to India’s transmission investment cycle
- Growing renewable-energy transmission requirements
- Expansion into high-voltage cables
- International presence across 70+ countries
- Potential IPO-related liquidity
Monitoring Points
- EBITDA margin declined in FY26
- Operating cash flow declined
- Working capital increased
- Raw-material prices remain important
- New capacity needs to achieve adequate utilisation
- IPO timing and final valuation remain important variables
- Unlisted shares have limited liquidity
16. Overall Financial Picture
Sterlite Electric has transitioned into a more focused power-transmission products and solutions company following the demerger of its infrastructure business.
FY26 showed strong revenue growth, with revenue increasing approximately 26%.
However, EBITDA grew by only approximately 4%, resulting in margin compression.
The company’s next phase of growth therefore depends on whether it can convert its strong order book and capacity investments into:
Higher revenue → stronger margins → higher operating cash flow → improved returns on capital.
The company’s expansion into high-voltage cables, advanced conductors and international markets provides additional avenues for growth.
At the same time, working-capital management and margin recovery remain important factors for assessing the quality of that growth.
17. Corporate Details
| Particular | Details |
|---|---|
| Company | Sterlite Electric Limited |
| Former Name | Sterlite Power Transmission Limited |
| Incorporated | 2015 |
| CIN | U74120PN2015PLC156643 |
| Face Value | ₹2 |
| Status | Unlisted Public Company |
| Registered Office | Pune, Maharashtra |
| Corporate Office | Gurugram, Haryana |
| Principal Business | Power Cables, Conductors & Transmission Solutions |
| FY26 Revenue | ~₹6,254 Cr |
| FY26 EBITDA | ~₹491 Cr |
| FY26 PAT | ~₹237 Cr |
| FY26 Order Book | ~₹6,619 Cr |
Company details: Sterlite Electric – Official Investor Page
18. Important Links
Company Website
Sterlite Electric Official Website
Investor Relations
Sterlite Electric Investors
Annual Reports
Sterlite Electric Annual Reports
Shareholder Information & DRHP
Sterlite Electric Shareholder Information
Corporate Governance
Sterlite Electric Corporate Governance
FY25 Annual Report
Sterlite Electric FY2024-25 Annual Report
DRHP Addendum
Sterlite Electric DRHP Addendum – March 2026
Disclaimer
This report is prepared for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell securities.
Sterlite Electric Limited is an unlisted company and its shares may have limited liquidity. Unlisted-market prices are indicative and can differ between intermediaries and individual transactions.
Financial figures and valuation calculations should be verified against the latest audited financial statements, DRHP, regulatory filings and actual transaction price before making an investment decision.
For more such unlisted stocks visit https://unlistedcart.com/unlisted-shares/
