Sterlite Electric IPO

Sterlite Electric Limited IPO is a book built issue of 1.56 crore equity shares consisting of a fresh issue of up to 0.78 crore equity shares and an offer for sale of up to 0.78 crore equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. Axis Capital Limited, Motilal Oswal Investment Advisors Limited, and Nuvama Wealth Management Limited are the book running lead managers, while MUFG Intime India Private Limited is the registrar to the issue. Key details such as the initial public offering dates, price band, and lot size are yet to be announced.

About Sterlite Electric Limited

Sterlite Electric Limited was incorporated as a public limited company under the Companies Act, 2013, on May 5, 2015, with its registered office initially in Dadra and Nagar Haveli. The company subsequently shifted its registered office to Pune in September 2015 and changed its name from Sterlite Power Transmission Limited to Sterlite Electric Limited in April 2025. Its power lineage dates back to 2006, when its predecessor business operated as the power conductor division of Sterlite Technologies Limited, followed by the commencement of its grid business in 2010. In 2016, these businesses were demerged into Sterlite Power Transmission Limited.

The company is a manufacturer of capital goods and provider of system integration solutions focused on the power transmission and distribution (Power T&D) industry across domestic and international markets. Its portfolio includes overhead conductors, power cables, optical ground wire (OPGW), and master system integration (MSI) services. Its offerings cater to utilities, infrastructure projects, renewable energy developers, industrial customers, and telecom networks.

Sterlite Electric operates manufacturing facilities across India, with overhead conductor facilities at Jharsuguda in Odisha, Piparia and Rakholi in Dadra and Nagar Haveli, and a power cable facility at Haridwar in Uttarakhand. The Piparia facility also manufactures OPGW. As of March 31, 2025, the company had an annual installed capacity of 117,195.60 metric tonnes for overhead conductors, 2,400 km for power cables, and 21,000 km for OPGW. Capacity utilisation in FY25 stood at 81.35%, 82.25%, and 43.46%, respectively.

The company manufactures a diversified range of overhead conductors, including HPC, ACSR, STER-AL59, composite core, ACCC, ACSS, and GAP-type conductors, alongside OPGW and related accessories. Its power cable portfolio covers medium-voltage, HV, and EHV cables from 66 kV to 220 kV, fibre-integrated and high-ampacity cables, as well as LTDC solar cables and MVCC cables. It also provides end-to-end EPC solutions for EHV cabling and grid uprate and upgrade solutions through its MSI business.

Sterlite Electric has an international customer base, having served customers in more than 70 countries between April 1, 2022, and March 31, 2025, including the USA, Brazil, Sweden, South Africa, Egypt, UAE, Chile, and Peru. Its closing order book as of March 31, 2025, stood at ₹53,890 million for overhead conductors and OPGW, ₹15,290 million for power cables, and ₹5,310 million for MSI services.

The company has developed an integrated manufacturing and R&D ecosystem, with capabilities spanning product design, manufacturing, testing, and finished goods. Its manufacturing facilities are certified to ISO 9001, ISO 14001, and ISO 45001 standards, while its facilities are also Zero Liquid Discharge certified and its in-house testing laboratories are NABL accredited. Its R&D efforts have resulted in products such as fibre-integrated and high-ampacity cables, while the company also uses green aluminium, water conservation and recycling initiatives, and eco-friendly packaging as part of its sustainability efforts.

Industry Outlook

• India’s power generation capacity is expected to increase from 442 GW in Fiscal 2024 to 700–710 GW by Fiscal 2029, creating additional demand for transmission lines, high-voltage substations, and grid upgrades.
• Investments in India’s power sector are projected at ₹29–30 trillion between Fiscal 2026 and Fiscal 2030, supporting sustained demand for transmission and distribution equipment, cables, and conductors.
• The Indian wires and cables market was valued at approximately ₹1,951 billion in Fiscal 2025, up from ₹859 billion in Fiscal 2019, and is expected to grow at 11–13% CAGR through Fiscal 2030 to reach ₹3,350–3,550 billion.
• India’s conductor market reached ₹185 billion in Fiscal 2025, compared with ₹115 billion in Fiscal 2019, and is projected to grow at around 5–6% CAGR during Fiscal 2025–2030 to ₹230–250 billion.
• Production of high-voltage and extra-high-voltage cables above 33 kV grew at a 53.8% CAGR between Fiscal 2019 and Fiscal 2025, driven by transmission infrastructure investment and grid modernisation for renewable integration.
• Power-generation investments are expected to rise from ₹11.6 trillion during Fiscals 2019–2025 to ₹19–21 trillion during Fiscals 2026–2030, with renewable energy expected to account for 70% of these investments, excluding hydro, pumped storage, and battery energy storage systems.
• Railway electrification and additions to transmission lines are key demand drivers for conductors, while rural electrification and railway electrification have supported demand for power transmission cables.
• India’s data-centre capacity increased from 350 MW in Fiscal 2019 to 1,150–1,250 MW in Fiscal 2025 and is projected to reach 2,000–2,300 MW by Fiscal 2027, supporting incremental power demand and associated infrastructure requirements.
• Indian conductor exports grew at a 9.6% CAGR between Fiscal 2019 and Fiscal 2025, reaching approximately ₹45 billion, and are expected to grow at 9–11% CAGR between Fiscal 2025 and Fiscal 2030 to ₹67–77 billion.
• Global electricity consumption is projected to grow by nearly 4% annually through 2027, with emerging economies expected to account for 85% of the increase, supporting demand for transmission and distribution infrastructure.
• Increasing renewable generation is expected to drive additional transmission capacity and power evacuation infrastructure, while the replacement of legacy transmission lines is also identified as a key driver for conductor demand.
• Power transmission cables accounted for approximately 34–36% of the domestic cables and wires market in Fiscal 2025, supported by government-led initiatives including rural electrification and railway electrification.

Sterlite Electric IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company.
• Funding of capital expenditure requirements for expansion through purchase of plant, machineries, and equipment by the company.
• Towards general corporate expenses.

Financial Performance of Sterlite Electric Limited

Sterlite Electric Limited Peer Details Comparison