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Sterlite Technologies Ltd

| Standalone Cash Flow Statement for the Year Ended March 31, 2026

Report Source

⬤29th Apr 26

Summary : Sterlite Technologies achieved resilient FY26 performance driven by strong order intake and AI-DC growth, with an optimistic outlook for future expansion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Major expenses include raw materials, employee benefits, finance costs, depreciation, and other expenses.
  2. Consolidated FY26 Revenue: INR 4,745 Cr (YoY growth of 18.8%).
  3. Q4 FY26 Revenue: INR 1,441 Cr (QoQ growth of 14.7%).
  4. Segment-wise: Optical networking business (4,486 Cr), Digital and technology solutions (284 Cr).
  5. Geographical: Americas (39%), Europe (39%), ROW (22%).
  6. Consolidated Net cash flow from operating activities FY26: 520 Cr.
  7. Consolidated Net cash flow from investing activities FY26: -507 Cr.
  8. Consolidated Net cash flow from financing activities FY26: -133 Cr.
  9. Litigation against Sterlite Technologies Inc, USA, with undetermined financial implications.
  10. Consolidated Total Assets FY26: 6,346 Cr.
  11. Consolidated Total Equity FY26: 2,268 Cr.
  12. Consolidated Total Liabilities FY26: 4,078 Cr.
  13. Net Debt stands at 1,128 Cr.
  14. Net Debt to Equity ratio stands at 0.5.
  15. Net Debt to EBITDA at 1.3x.
  16. Disclosure of related party transactions will be filed along with XBRL for financial results.
  17. List of subsidiaries included in consolidated financial results.
  18. Both Audited Standalone and Consolidated Financial Results are provided.

Corporate Overview

  1. North America
  2. Europe
  3. India
  4. Asia
  5. More than 100 countries globally
  6. War-led geopolitical tensions in West Asia.
  7. Cost inflation in helium and polymer-based jacketing compounds.
  8. U.S. tariffs have moderated from peak levels, providing margin benefit.
  9. War-led geopolitical tensions in West Asia driving cost inflation.
  10. Leading connectivity solutions provider for AI-ready digital infrastructure.
  11. End-to-end solutions for FTTx, Rural, Enterprise, and Data Centre networks.
  12. Vertically integrated from glass chemistry to AI-DC racks.
  13. Ankit Agarwal, MD: "We enter FY27 with significant momentum."
  14. Ankit Agarwal, MD: "FY26 was a transformative year for us."
  15. Ankit Agarwal, MD: "Record order intake reflects our ability to co-create with customers."
  16. Ankit Agarwal, MD: "Providing physical foundation for the future of intelligence."
  17. Global hyperscalers and telecom providers.
  18. Data Centre & Cloud companies, Internet service providers, Large enterprises.
  19. Optical networking business
  20. Digital and technology solutions
  21. Customer segments: Telcos, DC and Cloud, Citizen Networks, Large Enterprises
  22. Advanced manufacturing facilities with ZERO waste to landfill & Liquid Discharge.
  23. Completed capacity expansions, seeing good traction in North American market.
  24. Raising funds up to Rs. 2000 crores through equity shares or linked instruments.
  25. India Data Centre expansion creating multi-year fibre demand tailwind.

Risk Factors

  1. Geopolitical tensions, rising cost inflation.
  2. Ongoing legal dispute, uncertain financial impact.
  3. Intense competition in global markets.
  4. Fluctuations in raw material prices.

Key Drivers

  1. Record order intake, strong revenue visibility.
  2. AI-Data Centre business, key growth engine.
  3. Innovation in optical fibre technology.
  4. Expanding market share in North America.

Auditor’s Report

  1. Unmodified opinion on both standalone and consolidated financial results.
  2. Litigation against Sterlite Technologies Inc, USA, a subsidiary, with undetermined financial impact.

Board Commentary

  1. No dividend recommended for the financial year ended March 31, 2026.
  2. Forward-looking statements are subject to known and unknown risks and uncertainties.
  3. Litigation against Sterlite Technologies Inc, USA, a subsidiary.
  4. Possible financial impact of litigation is currently not determinable.
  5. Approved raising funds up to Rs. 2000 crores through equity or linked instruments.

Management Discussion & Analysis

Future Strategy

  1. Grow OFC market share and optical connectivity attach rate.
  2. Scale 'Enterprise & DC' segment's revenue contribution.
  3. Achieve technology leadership in next-gen optical platforms.
  4. Relentless focus on cost optimization.

Industry Overview

  1. Multi-year network build cycle in FTTx, Data Centres, and 5G.
  2. Fiber remains the backbone of all digital infrastructure (5G, FTTH, AI-DC).
  3. India Data Centre expansion is a structural optical fibre tailwind.
  4. Global optical cable demand projected to grow, especially in North America and APAC ex-China.

Macroeconomic Outlook

  1. Global mid-term optical cable demand outlook strengthened.
  2. AI revolution and data centre expansion presenting unprecedented opportunity.

Operational Focus Areas

  1. Complete capacity expansions and gain traction in North American market.
  2. Focus on managing both variable and fixed costs.
  3. Continue product innovation, especially for data centre portfolio.
  4. Co-develop end-to-end customized products and solutions.
  5. Leverage US-China tariff dynamics for India-sourced manufacturing.

Performance Drivers

  1. Consistent sequential improvement in EBITDA margins for six consecutive quarters.
  2. Higher utilization and improved product mix.
  3. Operating leverage and scale benefits.
  4. Strong order intake and diversified order book.

Risk Control Measures

  1. U.S. tariffs moderation from peak levels provides direct margin benefit.
  2. Actions taken to improve cost structure, focusing on variable and fixed costs.

Critical Risks

  1. Forward-looking statements involve known and unknown risks and uncertainties.
  2. War-led geopolitical tensions in West Asia driving cost inflation.
  3. Litigation against a US subsidiary with undetermined financial impact.