CLSA on Sterlite Tech ; O-P, TP Rs 1610

2QFY27 revenue at Rs25.3bn (up 32% QoQ/145% YoY) was 9% above estimate Optical business was 97% of total and growth here was 34% QoQ/147% YoY Adjusted Ebitda at Rs6.5bn surged 69% QoQ/5x YoY as margin expanded to 25.7% PAT was Rs5.2bn, up 162% QoQ Order book expanded 1.9x QoQ to Rs353bn and the balance sheet was net cash With STL’s big beat in 2QFY27 we increase our FY27/29CL forecasts by 5-40% STL offers a 104% Ebitda Cagr to 29CL.

STERLITE TECHNOLOGIES LTD.

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