Sterlite Technologies Ltd

Key transaction details

• Target company is Sterlite Technologies Limited.
• Disclosing party: Motilal Oswal Midcap Fund and seven Motilal Oswal schemes.
• Promoter/promoter group: none.
• Mode: Market Transactions (open market).
• Pre-transaction holding: 3,90,38,123 voting shares (7.5965%).
• Encumbrances pre-transaction: as per Annexure.
• Shares acquired: 3,32,029 voting rights (0.0647%).
• Post-transaction holding: 3,93,70,152 voting shares (7.6611%).
• Date of transaction: July 19, 2026.
• Equity share capital before/after: 51,38,96,135 shares (Rs 2 each).
• Total diluted share/voting capital: 56,17,53,418.

Legal ruling and demerger update

• High Court partly allowed STL's writ against Andhra Pradesh and others over the Kakinada contract.
• The matter relates to the Global Services Business, now demerged into STL Networks Limited.
• Scheme of Arrangement approved by NCLT Mumbai on Feb 14, 2025; demerger effective Mar 31, 2025.
• STL Networks Limited filed SEBI disclosures on Aug 20, 2026 clarifying contingent gains.

agm details

• Date/time: August 19, 2026 at 9:30 a.m. IST.
• Mode: VC/OAVM.
• Remote e-voting: Aug 16–18, 2026; meeting concluded at 10:20 a.m.
• Attendance: 86 members via VC.

key resolutions

• Adopt standalone and consolidated financial statements for FY2025-26.
• Re-appoint Venkatesh Murthy by rotation.
• Re-appoint Ankit Agarwal as Managing Director.
• Remuneration payable to MD Ankit Agarwal approved.
• Commission to Independent Non-Executive Directors approved.
• Remuneration of Cost Auditor ratified.

voting results

• All resolutions passed with requisite majority.
• Item 1: Passed with vast majority; no significant dissent.
• Item 2: Passed with requisite majority; no significant dissent.
• Item 3: Passed; MD re-appointment approved.
• Item 4: Passed; MD remuneration approved.
• Item 5: Passed; INED commission approved.
• Item 6: Passed; Cost Auditor remuneration approved.

governance changes

• Director changes: Murthy re-appointed by rotation; Ankit Agarwal remains MD.
• Auditors: Report shows no qualifications or adverse remarks.

AGM Details

• AGM held on August 19, 2026 at 9:30 AM IST via VC/OAVM.
• Record date for voting entitlement was August 12, 2025.

Resolutions & Voting Outcomes

• Ordinary Resolution 1: Adoption of financial statements — Passed 99.999% in favour.
• Ordinary Resolution 2: Re-appointment of director retiring by rotation — Passed 79.65% in favour.
• Special Resolution 3: Re-appointment of Managing Director — Passed; MD did not participate.
• Special Resolution 4: Remuneration to Managing Director — Passed; MD did not participate.
• Special Resolution 5: Commission to Independent Non-Executive Directors — Passed 88.40% in favour.

Arbitration outcome

• Arbitration awarding entity: Sole Arbitrator Justice Kailash Gambhir (Retd.).
• Nature and scope: Arbitral Award dated 17 May 2023 quashing DoT's INR 8.56 crore IP-I registration demand.
• Value impact: DoT demanded INR 8.56 crore; award results in zero financial exposure.
• Jurisdiction: Domestic matter with Indian regulator; no cross-border implications.
• Timeline: DoT demand issued 24 August 2020; arbitral award dated 17 May 2023.
• Court ruling: High Court of Delhi dismissed DoT challenge, upholding the award with zero exposure.

Financial Performance

• Revenue INR 1,910 crores in Q1 FY27; 87% YoY growth.
• EBITDA INR 397 crores; up 184% YoY; margin 23%.
• PAT INR 197 crores; 10% of revenue; highest PAT margin.
• Open order book INR 18,618 crores; 2.4x QoQ growth.

Order Book and Backlog

• Q1 orders total INR 13,100 crores; 1.7x FY26 full-year orders.
• Executable order book in Q2 FY27: INR 2,228 crores; rest beyond Q3 FY27.
• Landmark multiyear $1.1 billion hyperscaler deal for AI data centers through FY29.
• Several $100 million hyperscaler orders for high-fiber-count IBR cables.

Geography and Segments

• North America revenue share rose to 54% in Q1 FY27.
• Europe 25%; Rest of World 22%.
• Data Center segment contributed 21% this quarter; FY26 baseline 1%.
• Data Center and Enterprise revenue share to reach 50% in FY27.

Balance Sheet and Capital

• Net cash INR 483 crores; net debt-free.
• QIP of INR 1,500 crores; book >2.5x; AA stable.
• 75% of QIP proceeds to debt reduction; 25% for general corporate purposes.
• CRISIL rating outlook stable; ICRA AA stable.

Capex and Projects

• Capex guidance about INR 500 crores per year for 3 years.
• Total capex guidance around INR 1,500 crores.
• US data center investment: USD 100 million over 5 years; connectivity focus.
• US Conec MMC pre-terminated certification; 3x cable density.
• CONCAT launched; reduces labor cost up to 71%.
• G.654.E fiber fully commercialized; 30% lower signal loss.
• Hollow-Core fiber latency reduced up to 47%.
• Multi-core fiber increases data capacity 4–7x.
• Deployments in India and UK with partners.
• US data center capex alignment with customers; progress updated next quarter.
• 785 patents; 9 new filings this quarter.

Outlook and Guidance

• North America growth engine; AI data centers drive demand.
• Global fiber demand growth supported by FTTx, data centers, 5G/6G.
• BEAD and BharatNet incentives accelerate India buildout.
• Attach rate targets: >20% next quarter; 25% by FY27 end.
• Margins to improve with higher utilization and higher attach rates.

Risks and Watchpoints

• Germanium and helium inputs volatile; supplier diversification underway.

Meeting Details

• Date: July 24, 2026; time not disclosed.
• Type & mode: group investor earnings call; audio.
• Organizer: not specified in the filing.
• Recording: available on company site under FINANCIAL RESULTS - QUARTER 1 - INVESTOR EARNINGS CALL RECORDING.

Participants

• Key company participants: Company Secretary & Compliance Officer.

Purpose

• Purpose: discuss the Q1 FY27 financial results.

Additional Notes

• Transcript/presentation availability not stated.

Product launch and field validation

• Launched CONCAT FTTH after successful field trials on networks of a major US service provider.
• CONCAT enables up to 71% labor cost savings by eliminating field splicing with factory-assembled fiber segments.
• Solution is pre-connectorized MPO-to-LC, modular, supports aerial and duct deployments, reduces truck rolls and rework.
• Recognized by an industry innovation award for technical merit and impact.

Market and outlook

• Management notes US broadband market pressure to build faster at lower cost with fewer skilled labor constraints.
• CONCAT aims to accelerate FTTx rollouts while improving quality and deployment economics.