Sterlite Technologies Ltd.STL: revenue +145%, order book ₹35,274 Cr, FY29 margin goal 30%

Sterlite Technologies' Q2 FY27 call, held on 23 October 2026, reported a second consecutive record quarter: revenue of ₹2,529 crore, up 145% year on year and 32% on Q1, operational EBITDA of ₹685 crore at a 27.1% margin, and record profit after tax of ₹517 crore.

Reported EBITDA of ₹846 crore included a one-time ₹161 crore net gain from a US tariff refund. The open order book reached a record ₹35,274 crore, up 4.6 times since April, after first-half orders of ₹32,000 crore that included a $1.2 billion five-year hyperscaler agreement. Data centres were 33% of first-half revenue and are targeted at 50% for the year, while the optical connectivity attach rate rose to 24%. Net cash rose to ₹703 crore and CRISIL upgraded the rating to AA.

Management raised its FY29 EBITDA margin target to about 30% from 27% while keeping the ₹20,000 crore revenue target, with capex of about ₹1,000 crore a year to expand capacity by 50%. Finance cost rose after loan prepayment penalties and a subsidiary was impaired. Analysts asked about pricing, AI spending risk and utilisation.