Key Financial Results (Consolidated)

Q2 FY27 Performance:

  • Revenue: ₹2,529 Cr (Q1 FY27: ₹1,910 Cr; Q2 FY26: ₹1,034 Cr)
  • EBITDA: ₹846 Cr (includes one-time net gain of US tariff refund worth ₹161 Cr)
  • PAT: ₹517 Cr (Q1 FY27: ₹197 Cr; Q2 FY26: ₹4 Cr)
  • EBITDA Margin: 33.5% (Q1 FY27: 20.8%; Q2 FY26: 13.6%)

H1 FY27 Performance:

  • Revenue: ₹4,439 Cr (H1 FY26: ₹2,054 Cr)
  • EBITDA: ₹1,243 Cr (H1 FY26: ₹281 Cr)
  • PAT: ₹714 Cr (H1 FY26: ₹14 Cr)

Operational Highlights

  • Open Order Book: ₹35,274 Cr at quarter end
  • Optical Connectivity Attach Rate: Reached all-time high of 24% during H1 FY27
  • Net Debt-Free: Balance sheet with net cash balance of ₹703 Cr
  • Credit Rating Upgrade: CRISIL upgraded long-term rating to 'AA/Stable' from 'AA-'

Major Order Wins (H1 FY27)

  • $1.2 Bn (~₹11,500 Cr) multi-year agreement with hyperscaler (CY26 to CY30)
  • $1.11 Bn (~₹10,500 Cr) Product Award Letter from hyperscaler (FY27 to FY29)
  • $288 Mn (~₹2,700 Cr) deal with hyperscaler for optical fibre cable products
  • $210 Mn (~₹2,000 Cr) deal with telecom infrastructure company
  • ₹960 Cr multi-year optical cable supply agreement with Indian telecom operator

Innovation & Product Development

  • Total Patents: 800+
  • Neuralis Portfolio Expansion: Pre-Terminated Fibre Trunk Assemblies (48F–6,912F)
  • New Launches: Plenum-rated fibre trunk, CONCAT FTTH solution
  • Hollow-Core Fiber: Transitioned to first commercial pilot phase
  • Patent Dispute Win: Victory in Europe removes commercial barriers for IBR cable family

Capital Structure Changes

QIP Issue (July 1, 2026):

  • Shares Allotted: 25,728,500 equity shares of face value ₹2 each
  • Issue Price: ₹583.01 per equity share
  • Amount Raised: ₹1,500 Cr
  • Utilization: ₹1,103.77 Cr for debt repayment, ₹371.43 Cr for general corporate purposes, ₹22.12 Cr for issue expenses
  • Promoter Holding Impact: Reduced from 44.44% (Mar 31, 2026) to 42.29%

ESOP Allotment:

  • Shares Allotted: 196,395 equity shares upon exercise of Employee Stock Options
  • Post-Allotment Capital: ₹103 Cr divided into 514,057,433 equity shares of ₹2 each

Legal Matter Disclosure

Prysmian vs. Sterlite Technologies Inc. (US Subsidiary) Case:

  • Original verdict: $101.25 million including attorneys' fees (August 29, 2025)
  • STI filed appeal with United States Court of Appeals for the Fourth Circuit
  • Bond of $41.53 million deposited
  • Ultimate financial implications cannot be ascertained at this stage
  • STL (parent company) is not a party to this dispute

Segment Performance

Optical Networking Business:

  • Q2 FY27 Revenue: ₹2,461 Cr
  • Q2 FY27 EBITDA: ₹851 Cr

Digital and Technology Solutions:

  • Q2 FY27 Revenue: ₹86 Cr
  • Q2 FY27 EBITDA: ₹2 Cr

Balance Sheet Position (Consolidated)

As of September 30, 2026:

  • Total Assets: ₹8,030 Cr (Mar 31, 2026: ₹6,346 Cr)
  • Total Equity: ₹4,543 Cr (Mar 31, 2026: ₹2,268 Cr)
  • Cash & Cash Equivalents: ₹528 Cr (Mar 31, 2026: ₹298 Cr)
  • Borrowings: ₹864 Cr (Mar 31, 2026: ₹1,827 Cr)
  • Trade Receivables: ₹1,606 Cr (Mar 31, 2026: ₹1,066 Cr)

Cash Flow (H1 FY27 Consolidated)

  • Operating Activities: ₹692 Cr inflow
  • Investing Activities: ₹838 Cr outflow
  • Financing Activities: ₹375 Cr inflow

Audit & Review

  • Limited review conducted by Price Waterhouse Chartered Accountants LLP
  • Unmodified conclusion on both consolidated and standalone financial results
  • Review covered 20 subsidiaries including international entities

Meeting Details

  • Board meeting held on October 23, 2026
  • Commenced at 10:00 am, concluded at 12:40 pm