Sterlite Electric Limited — Company Report

1. Company Overview

Sterlite Electric Limited, formerly known as Sterlite Power Transmission Limited, is a Vedanta Group company focused on manufacturing products and providing system-integration solutions for the power transmission and distribution (T&D) industry.

The company manufactures high-performance conductors, power cables and optical ground wire and also provides specialised transmission-related solutions. Sterlite says it serves customers in 70+ countries through four manufacturing facilities. (Sterlite Electric)

Official Website: Sterlite Electric

Investor Relations: Sterlite Electric Investors

Annual Reports: Sterlite Electric Annual Reports

2. Company Background

The company was incorporated as a public limited company in May 2015 and was previously known as Sterlite Power Transmission Limited.

Following the restructuring and demerger of the transmission-asset business, the manufacturing business was renamed Sterlite Electric Limited in April 2025. The transmission-asset ownership business was separated from the manufacturing operations. (Securities and Exchange Board of India)

This distinction is important because Sterlite Electric today is primarily a power-transmission products and solutions company, rather than a company that owns transmission assets.

3. Business Model

Sterlite Electric operates primarily across the power-transmission equipment value chain.

Major Business Areas

Segment	Products / Services
Conductors	Aluminium, high-capacity and specialised conductors
Power Cables	HV, EHV and specialised power cables
OPGW	Optical Ground Wire
System Integration	Master System Integration solutions
Convergence	Fibre / dark-fibre infrastructure
Engineering	Transmission-related engineering and solutions

The company describes itself as a manufacturer of overhead conductors, power cables, OPGW and related solutions. (Sterlite Electric)

4. Manufacturing Capacity

Sterlite Electric currently operates four manufacturing facilities.

The company states that its annual capacity is more than:

150,000 MT of conductors
3,000+ km of power cables

Its manufacturing footprint supports both Indian and international customers. (Sterlite Electric)

The company has also been investing in higher-voltage cable manufacturing and other advanced transmission products.

5. International Presence

Sterlite Electric has an established international customer base and states that it serves customers in 70+ countries.

Its markets have included countries such as:

USA
Brazil
Sweden
South Africa
Egypt
UAE
Chile
Peru

International sales provide diversification beyond the Indian power-transmission market. (Prime Database Group)

6. Industry Opportunity

India’s electricity demand, renewable-energy capacity additions and expansion of the transmission grid are creating demand for conductors, cables and other transmission equipment.

The transition towards renewable energy is particularly important because large solar and wind projects are often located away from consumption centres, requiring additional transmission infrastructure.

Sterlite therefore has exposure to themes such as:

Renewable Energy → Grid Expansion → Transmission Infrastructure → Conductors & Cables

The company has also highlighted the increasing need for modernisation and expansion of power infrastructure.

7. Market Position

According to industry information included in the company’s IPO materials, Sterlite Electric had approximately:

15% share of India’s power-conductor market by value in FY2025
25–28% share in the high-ampacity and AL59 conductor market

These figures relate to the company’s identified market definitions and FY2025, rather than the entire global conductor market. (Business Today)

8. FY26 Financial Performance

FY26 is particularly important because it represents the first full financial year after the company’s transition into a more focused manufacturing/product business.

Consolidated Financial Highlights

₹ Crore

Particular	FY25	FY26	YoY
Revenue	4,956	6,254	+26.2%
EBITDA	472	491	+4.0%
EBITDA Margin	9.53%	7.85%	Declined
PBT	262	301	+14.9%
PAT — continuing operations	183	237	+29.5%

FY26 revenue increased approximately 26%, while PAT from continuing operations increased approximately 30%. However, EBITDA grew much more slowly than revenue, resulting in a decline in EBITDA margin. (Planify)

The company’s official website now lists the FY2025-26 Annual Report as its latest annual report. (Sterlite Electric)

9. FY25 Financial Performance

For comparison, FY25 consolidated revenue from operations was approximately ₹4,956 crore, compared with ₹4,918 crore in FY24.

FY25 consolidated EBITDA was approximately ₹472 crore, while PAT was approximately ₹183 crore. (Sterlite Electric)

₹ Crore	FY24	FY25
Revenue	4,918	4,956
EBITDA	507	472
PBT	319	261
PAT	230	183

The FY26 revenue acceleration therefore represents a significant change from the relatively flat FY25 topline.

10. Balance Sheet

FY25 borrowings were approximately ₹327 crore, with debt-to-equity of approximately 0.23x, according to IPO-market data based on the company’s filings. (Prime Database Group)

FY26 secondary analysis based on the annual report indicates that the company moved to a net-cash position, although working capital remained an important consideration.

For investors, the key balance-sheet metrics to monitor are:

Working capital
Receivables
Inventory
Aluminium-price exposure
Debt
Operating cash flow

11. Promoters & Ownership

Sterlite Electric is part of the Vedanta Group.

The company’s promoters identified in the IPO documents include:

Anil Agarwal
Twin Star Overseas Limited

The DRHP also identifies promoter-related selling shareholders in the proposed IPO. (Sterlite Electric)

12. IPO Plans

Sterlite Electric has filed a Draft Red Herring Prospectus (DRHP) with SEBI for a proposed IPO.

The original DRHP was filed in September 2025, followed by subsequent addendums. SEBI’s latest listed filing is a Second Addendum to the DRHP dated 16 September 2026. (Securities and Exchange Board of India)

Proposed IPO Structure

The DRHP currently provides for:

Component	Shares
Fresh Issue	Up to 7,793,371
Offer for Sale	Up to 7,795,803
Total	Up to 15,589,174

The shares have a face value of ₹2 each. The final issue price and issue dates had not been specified in the DRHP/addendum material reviewed here. (Sterlite Electric)

Proposed Use of Fresh-Issue Proceeds

The proposed fresh-issue proceeds are intended for purposes including:

Repayment/prepayment of borrowings
Capital expenditure
Purchase of plant, machinery and equipment
General corporate purposes

(Business Today)

SEBI DRHP: Sterlite Electric DRHP — SEBI

Latest DRHP Addendum: Sterlite Electric Second Addendum — SEBI

13. Key Growth Drivers

1. India’s Power-Grid Expansion

Increasing electricity consumption requires continued investment in transmission and distribution infrastructure.

2. Renewable Energy

Solar and wind capacity additions require new transmission networks to connect generation centres with demand centres.

3. High-Performance Conductors

High-capacity conductors can increase transmission capability without requiring proportional expansion of transmission corridors.

4. EHV Cable Opportunity

Extra-high-voltage cables are a higher-technology segment with applications in urban and high-density transmission networks.

5. International Expansion

Presence across 70+ countries provides access to international power-infrastructure projects. (Sterlite Electric)

6. Manufacturing Scale

The company’s four manufacturing facilities and stated capacity of 150,000+ MT conductors and 3,000+ km power cables provide a significant production base. (Sterlite Electric)

14. Key Risks

Aluminium Price Volatility

Aluminium is a major input for conductors. Changes in aluminium prices can influence working capital and margins.

Margin Pressure

FY26 revenue increased strongly, but EBITDA increased only around 4%, resulting in lower EBITDA margins. This shows that revenue growth does not necessarily translate proportionally into operating profit. (Planify)

Working Capital

The business can require substantial working capital because of receivables, inventory and project-related assets.

Project Execution

Large infrastructure and system-integration contracts involve execution, customer-payment and project-timing risks.

International Exposure

International operations expose the company to currency movements, geopolitical conditions and different regulatory environments.

IPO Uncertainty

Although the company has filed a DRHP and subsequent addendums, the final IPO price, subscription dates and listing date were not specified in the latest documents reviewed. (Securities and Exchange Board of India)

Commodity Pass-Through

A significant part of the business is influenced by commodity prices. The ability to pass changes in raw-material prices through to customers is therefore important for margins.

15. Important Transformation

One of the biggest changes in Sterlite’s story is the separation of the transmission-asset ownership business from the manufacturing business.

The current Sterlite Electric is focused on:

Conductors + Cables + OPGW + System Integration + Convergence

rather than owning the same portfolio of transmission assets that existed within the earlier Sterlite Power structure.

This makes the company more directly exposed to the growth of the power-equipment manufacturing cycle.

16. Unlisted Share Information

Company: Sterlite Electric Limited
Former Name: Sterlite Power Transmission Limited
Group: Vedanta
Industry: Power Transmission Equipment / Capital Goods
CIN: U74120PN2015PLC156643
Face Value: ₹2
ISIN: INE110V01015
Status: Unlisted
FY26 Revenue: ~₹6,254 crore
FY26 EBITDA: ~₹491 crore
FY26 PAT: ~₹237 crore
Manufacturing Facilities: 4
Conductor Capacity: 150,000+ MT
Power Cable Capacity: 3,000+ km
Global Presence: 70+ countries
IPO Status: DRHP filed; latest addendum dated September 2026

The ISIN and corporate identifiers are disclosed in the company’s regulatory materials and unlisted-market records. (Securities and Exchange Board of India)

17. UnlistedCart-Style Takeaway

Sterlite Electric Limited is a Vedanta Group company focused on the manufacturing side of India’s power-transmission ecosystem.

The company has exposure to major long-term themes including grid expansion, renewable-energy transmission, high-capacity conductors, EHV cables and global power infrastructure.

FY26 was a strong growth year for the business on the topline, with revenue increasing approximately 26% to ₹6,254 crore and continuing-operations PAT increasing approximately 30% to ₹237 crore. However, EBITDA grew only around 4%, resulting in margin compression. (Planify)

The proposed IPO is another important catalyst to monitor. The current DRHP provides for a combination of fresh issue and OFS, but the final price band and listing timetable were not available in the latest filing reviewed. (Sterlite Electric)

For an unlisted investor, the major factors to track are IPO valuation, revenue growth, EBITDA margins, aluminium costs, working capital, debt/cash position, order book, capacity expansion and the pace of India’s transmission-capex cycle.