Financial Performance (Standalone)

Quarter ended September 30, 2026 (Q2 FY27):

  • Revenue from operations: ₹253.44 crore (up 27.8% YoY from ₹198.27 crore in Q2 FY26)
  • Other income: ₹14.66 crore
  • Total income: ₹268.10 crore
  • EBITDA: ₹37.69 crore (versus ₹13.33 crore YoY)
  • Profit before tax: ₹5.83 crore (versus loss of ₹15.66 crore YoY)
  • Tax expense: ₹0.73 crore
  • Net profit after tax: ₹5.10 crore (versus net loss of ₹12.24 crore YoY)
  • EPS: ₹0.10 (versus loss per share of ₹0.25 YoY)

Half year ended September 30, 2026 (H1 FY27):

  • Revenue from operations: ₹400.71 crore (up 9.5% YoY from ₹365.81 crore)
  • Other income: ₹29.13 crore
  • Total income: ₹429.84 crore
  • Net loss after tax: ₹7.22 crore (versus net loss of ₹10.18 crore YoY)
  • EPS: -₹0.15 (versus -₹0.21 YoY)

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total assets: ₹2,886.89 crore (versus ₹3,099.37 crore as of March 31, 2026)
  • Equity share capital: ₹97.65 crore
  • Other equity: ₹1,062.37 crore
  • Total equity: ₹1,160.02 crore
  • Non-current borrowings: ₹131.40 crore (reduced from ₹315.56 crore)
  • Current borrowings: ₹597.92 crore
  • Trade receivables: ₹1,006.94 crore
  • Contract assets: ₹982.36 crore
  • Cash and cash equivalents: ₹52.88 crore

Cash Flow (Standalone H1 FY27)

  • Net cash from operating activities: ₹197.72 crore (positive versus negative ₹74.31 crore YoY)
  • Net cash used in investing activities: ₹69.07 crore
  • Net cash used in financing activities: ₹157.58 crore
  • Net decrease in cash: ₹28.93 crore

Key Financial Ratios (Standalone)

  • Debt equity ratio: 0.63 (versus 0.75 as of March 31, 2026)
  • Current ratio: 1.44
  • Operating margin: 14.87% for Q2 FY27
  • Net profit margin: 2.01% for Q2 FY27
  • Asset coverage ratio for NCDs: 3.75x

Management Changes

  • Appointment of Ms. Anshika Gupta as Interim Company Secretary and Compliance Officer designated as Key Managerial Personnel, effective October 30, 2026
  • Ms. Gupta is a qualified Company Secretary with approximately four years of experience, previously associated with MPS Limited

Capital Structure Updates

  • Allotted 240,275 equity shares of ₹2 each upon exercise of Employee Stock Options during H1 FY27
  • Paid-up equity share capital increased from ₹97.60 crore (488,031,504 shares) to ₹97.65 crore
  • Issued 45,000,000 convertible share warrants to promoter shareholder Twinstar Overseas Limited at ₹24 per warrant
  • Received ₹27 crore towards allotment of convertible share warrants
  • Each warrant convertible into one equity share of ₹2 each

Subsidiary Updates

  • Incorporated wholly owned subsidiary STL Networks DC Limited on October 10, 2026
  • Subsidiary to establish, operate and market data centre and telecommunication infrastructure, connectivity solutions, and related services

Debt and Security

  • Non-Convertible Debentures (NCDs) outstanding: ₹247.79 crore across two series
  • NCDs secured by first ranking pari-passu charge on current assets and second ranking pari-passu charge on movable fixed assets
  • Maintained minimum security cover of 1.20x as required by debenture trust deed
  • Credit rating by India Ratings and Research: "IND A-/Stable" as of November 17, 2025
  • Interest paid on due dates

Receivables Disclosure

  • Contract assets and trade receivables include ₹155.74 crore each related to disputed receivables from closed/suspended projects under arbitration
  • Management confident these receivables are fully recoverable based on project status, history, and legal opinions
  • Additional ₹710.24 crore pertains to slow-moving projects where billing depends on regulatory approvals
  • Management confident these receivables are fully recoverable

Consolidated Results

Quarter ended September 30, 2026:

  • Revenue from operations: ₹270.11 crore
  • Net loss after tax: ₹16.12 crore
  • Total comprehensive loss: ₹17.71 crore

Half year ended September 30, 2026:

  • Revenue from operations: ₹446.26 crore
  • Net loss after tax: ₹38.00 crore
  • Total comprehensive loss: ₹35.30 crore

Subsidiary Entities Included in Consolidation

1. Sterlite Technologies UK Ventures Limited (Subsidiary)

2. STL UK Holdco Limited (Subsidiary)

3. Clearcomm Group Limited (Step Down Subsidiary)

Auditor Review

  • Price Waterhouse Chartered Accountants LLP conducted limited review of both standalone and consolidated financial results
  • Issued unmodified conclusion on the financial results
  • Review conducted in accordance with applicable standards