Rating Rationale
July 14, 2025 | Mumbai
Sterlite Technologies Limited
Ratings revised to 'Watch with Negative Implications'
 
Rating Action
Total Bank Loan Facilities RatedRs.5767 Crore
Long Term RatingCrisil AA-/Watch Negative (Revised to 'Rating Watch with Negative Implications' from 'Rating Watch with Developing Implications')
 
Rs.90 Crore Non Convertible DebenturesCrisil AA-/Watch Negative (Revised to 'Rating Watch with Negative Implications' from 'Rating Watch with Developing Implications')
Rs.200 Crore Non Convertible DebenturesCrisil AA-/Watch Negative (Revised to 'Rating Watch with Negative Implications' from 'Rating Watch with Developing Implications')
Rs.200 Crore Non Convertible DebenturesCrisil AA-/Watch Negative (Revised to 'Rating Watch with Negative Implications' from 'Rating Watch with Developing Implications')
Rs.800 Crore Commercial PaperCrisil A1+/Watch Negative (Revised to 'Rating Watch with Negative Implications' from 'Rating Watch with Developing Implications')
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

Crisil Ratings has revised its rating watch on the long-term bank facilities, non-convertible debentures and commercial paper programme of Sterlite Technologies Ltd (STL) to ‘Rating Watch with Negative Implications’ from ‘Rating Watch with Developing Implications’.

 

Crisil Ratings notes that the demerger of the company’s global services business into STL Networks Ltd (resulting company) has been completed effective March 31, 2025. The continuation of the rating watch factors that a portion of the rated facilities may move to the demerged entity. The credit risk profile of STL has benefitted from the demerger because the services business has lower operating margin and higher working capital requirement relative to the products business staying under STL. On the other hand, the credit risk profile of the resulting company could be relatively weaker vis-à-vis STL. Thus, Crisil Ratings will resolve the rating watch once there is clarity on the movement of the rated facilities.

 

The revision in the rating watch factors in the lower-than-expected recovery in operating performance in fiscal 2025. For the fourth quarter of fiscal 2025, STL (post demerger) reported a marginal improvement in operating performance with revenues of Rs 1,052 crore and operating EBITDA of Rs 125 crore (EBITDA margin of 11.9%) compared to Rs 999 crore and Rs 107 crore respectively in the previous quarter. This was partly due to demand pickup in the US market. While there has been a sequential improvement in interest cover, it was modest at ~1.9 times for fiscal 2025 due to subdued profitability for the full year.

 

The management expects a strong recovery in fiscal 2026 with revival in demand in the US market. There have been delays in the US BEAD programme which is now expected to add to the orderbook from fourth quarter of fiscal 2026. Sequential improvement in operating performance going forward will remain a key monitorable. In case of any further increase in tariff imposed by US, the management believes the same shall be passed on to customer leading to no further major impact on profitability. Any significant adverse impact on operating performance due to imposition of high tariffs by the US government will remain monitorable.

 

Further STL has been doing cost optimisation measures over the last 2-3 quarters resulting in cost savings while operating at low-capacity utilisations. Operating margins are expected to improve on account of expected improvement in capacity utilisation.

 

The company had raised equity of ~Rs 1,000 crore in April 2024 with the proceeds utilised towards deleveraging. However, net leverage remained elevated at 3.2 times while interest cover was modest at ~ 1.9 times for fiscal 2025 due to subdued profitability. Crisil Ratings expects improvement in debt protection metrics in fiscal 2026 given the expected improvement in operating performance. While no support from STL is expected to the demerged entity, this will remain monitorable.

 

Additionally, Crisil Ratings notes the $96.5 million jury verdict to Prysmian in a lawsuit against STL’s US subsidiary. The allegations include violation of non-compete agreements and unfair use of trade secrets to further the North America business. The matter is sub judice with STL pursuing legal remedies including filing for a petition challenging the verdict which will take time to settle. Currently, there is no impact on the US operations or legal liability. Any adverse impact on the business and/or financial risk profile including any liabilities arising due to this matter will remain monitorable.

 

The ratings continue to reflect the leading market position of STL in Indian optical fibre market and global markets, healthy capabilities and growth prospects with sizeable order book. These strengths are partially offset by subdued debt protection metrics, large working capital requirement and exposure to intense competition and capital expenditure (capex) by telcos.

Analytical Approach

Crisil Ratings has combined the business and financial risk profiles of STL and its subsidiaries and joint ventures. STL has significant management control over these entities, which are in the same business and are strategically important to the company.

 

Refer to Annexure List of entities consolidated, which shows the entities considered and the analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Leading position in Indian optical fibre market and global markets: STL has strong reputation in the optical fibre (OF) and optical fibre cable (OFC) segments in India and abroad, driven by its technically superior products. Its global ex-China OFC market share stood at 8% for fiscal 2025, in line with fiscal 2024. The company is preferred by OFC manufacturers (for OF) and telecom operators and telecom infrastructure providers (for OFC). Furthermore, it is a one-stop shop for most clients because of its wide system integration and software services offerings. High-quality products, extensive clientele and diversified presence across the broadband infrastructure value chain should help the company sustain strong foothold in the telecom cable industry over the medium term.

 

  • Healthy capabilities and growth prospects with sizeable order book: STL is among the lowest-cost producers of OF and OFC because of extensive backward integration. Manufacturing OFs from the preform stage offers advantages in terms of cost and quality. The company has plants for power, nitrogen and electrolysis to meet its hydrogen and oxygen requirements. Moreover, it has facilities to produce silicon tetrachloride, the basic raw material for quartz glass manufacturing. With increase in penetration of broadband services, ongoing rollout of 5G services, massive investments towards data centres, focus of the government on rural digitisation, approval of phase 3 of BharatNet project and implementation of Smart City projects and the BEAD Program in North America, the medium-term demand outlook is healthy.

 

Orders of Rs 4,000 crore as on March 31, 2025, for STL provides revenue visibility over the near term. This indicates healthy business prospects for STL despite the demerger of its global services business.

 

Weaknesses:

  • Subdued debt protection metrics: Net debt reduced significantly to Rs 1,350 crore as on March 31, 2025, from ~Rs 2,170 crore as of September 2024. This was due to the demerger of the solutions segment effective March 31, 2025, which had high working capital intensity due to stretched receivables and service nature of the business. Given the slump in operating performance though, the debt protection metrics remained subdued for fiscal 2025. While the net leverage (net debt to Ebitda ratio) improved to 3.2 times for fiscal 2025 compared with 4.7 times in fiscal 2024, it remains higher than earlier expectations. Also, the interest coverage ratio was moderate at 1.9 times for fiscal 2025 compared with 1.7 times in fiscal 2024 and 3.2 times in fiscal 2023. Turnaround in the operating performance leading to sustained improvement in the financial risk profile going forward will be monitorable.

 

  • Exposure to intense competition and capex by telcos: The company derives a large part of its revenue from overseas markets and faces intense competition in the international OF and OFC markets. In the domestic market as well, these segments are susceptible to the capex cycles of telecom service providers. Globally, most contracts are finalised through an intensely competitive bidding process, which limits the pricing power of players. However, STL has the largest capacity and is a leading player in the domestic market despite competitive pressure from peers such as Himachal Futuristic Communications Ltd, Vindhya Telelinks Ltd, and Finolex Cables Ltd.

 

Based on recommendations from the Directorate General of Trade Remedies (DGTR), the Ministry of Finance imposed definitive anti-dumping duty in August 2023 for a period of five years on specific optical fibre imports from China, South Korea and Indonesia. Import data suggests that this move has mitigated the negative impact of low-priced and low-quality imports on domestic players and will continue to benefit them. Similarly, the UK and European Union (EU) have imposed anti-dumping duty on specific OF imports from China, which is benefitting the domestic players that export to the UK and the EU.

Liquidity: Strong

Liquidity will be strong, supported by expected annual net cash accrual of Rs 300-500 crore over the medium term, cash balance of ~Rs 469 crore as on March 30, 2025, and healthy cushion in bank lines. Against this, the company has term debt obligation of around Rs 270 crore in fiscal 2026 which can be met via internal accrual and refinancing. Capex of Rs 100-150 crore for fiscals 2025 and 2026 will be funded largely through internal accrual.

 

Environment, social and governance (ESG) profile

Crisil Ratings believes the ESG profile of STL supports its already strong credit risk profile.

 

The telecom equipment sector is exposed to material impact on the environment as waste associated with end-of-life network equipment and hardware can pollute land resources. Optical fibres are vital for ensuring uninterrupted telecom services to society and the economy. STL is continuously focused on mitigating its environmental and social impact.

 

Key ESG highlights:

  • The company is committed to achieve net zero emissions by 2030. Also, by 2030, STL aims to become water-positive across all its manufacturing locations globally. To achieve this target, STL implemented water-recycling models. All its manufacturing plants in Aurangabad are zero liquid discharge certified. Around 1.45 lakh cubic metre of water recycled in the manufacturing process and over 7,500 tonne of carbon dioxide emissions avoided through energy efficiency measures.
  • All plants are zero waste to landfill certified.
  • The company has started using co-processing in partnership with cement companies as one of the disposal and management solutions, which helps convert waste to energy.
  • Female employees constitute 16.7% of the workforce, which is higher than all its peers.
  • Its governance structure is characterised by 57% of the board comprising independent directors, split in chairman and CEO positions, healthy investor grievance redressal and extensive disclosures.
     

There is a growing importance of ESG among investors and lenders. STL’s commitment to ESG principles will play a key role in enhancing stakeholder confidence, given its moderate share of market borrowings in overall debt and access to both domestic and foreign capital markets.

Rating sensitivity factors

Upward factors:

  • Improvement in operating performance driven by recovery in volumes or realisations, translating into healthy operating margins sustaining above 15-17%
  • Recovery in operating profitability leading to improvement in return on capital employed or debt protection metrics

 

Downward factors:

  • Lower than expected turnaround in scale of operations resulting in inability to improve operating margins below 10%
  • Continued pressure on operating profitability leading to weak debt protection metrics on a sustained basis.
  • Adverse impact of ongoing litigations or contingent liabilities on the financial risk profile

About the Company

STL is a leading manufacturer of OFs and OFCs. It has a global presence and manufactures in four continents with customers in more than 100 countries. Its offerings include building fifth-generation wireless technology (5G), rural, fibre to the ‘X’ (FTTx), enterprise and data centre networks. In 2018, STL acquired Mettalurgica Bresciana, an OFC manufacturer based in Italy.

 

STL reported revenue of Rs 3,892 crore and loss after tax of Rs 84 crore for the nine months ended December 2024 compared with Rs 4,338 crore and profit after tax of Rs 24 crore, respectively, in the corresponding period of the previous fiscal.

Key Financial Indicators (consolidated)

Particulars

Unit

2025*

2024

Revenue

Rs crore

3996

5,478

Profit after tax (PAT)

Rs crore

-123

-51

PAT margin

%

-3

-0.9

Debt/adjusted networth

Times

0.9

1.6

Interest coverage

Times

1.9

1.7

*Post demerger of STL Networks Ltd.

Note: These are Crisil Ratings-adjusted numbers

Any other information: Not applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding with Outlook
NA Commercial Paper NA NA 7-365 days 800.00 Simple Crisil A1+/Watch Negative
INE089C07109 Non Convertible Debentures 25-Mar-21 8.25 25-Mar-31 290.00 Complex Crisil AA-/Watch Negative
INE089C07125 Non Convertible Debentures 22-Feb-23 9.10 20-Feb-26 100.00 Complex Crisil AA-/Watch Negative
NA Non Convertible Debentures# NA NA NA 100.00 Simple Crisil AA-/Watch Negative
NA Cash Credit NA NA NA 1904.00 NA Crisil AA-/Watch Negative
NA Letter of credit & Bank Guarantee NA NA NA 3663.00 NA Crisil AA-/Watch Negative
NA Proposed Long Term Bank Loan Facility NA NA NA 100.00 NA Crisil AA-/Watch Negative
NA Term Loan NA NA 31-Mar-28 100.00 NA Crisil AA-/Watch Negative

# Yet to be issued

Annexure – List of entities consolidated

Name of entities

Extent of consolidation

Rationale for consolidation

Speedon Network Ltd

Full

Strong managerial, operational and financial linkages

Sterlite Telesystems Ltd

Full

Strong managerial, operational and financial linkages

Elitecore Technologies (Mauritius) Ltd

Full

Strong managerial, operational and financial linkages

Elitecore Technologies Sdn Bhd

Full

Strong managerial, operational and financial linkages

Sterlite Global Ventures (Mauritius) Ltd

Full

Strong managerial, operational and financial linkages

Jiangsu Sterlite Tongguang Fiber Co Ltd

Full

Strong managerial, operational and financial linkages

Sterlite Technologies UK Ventures Ltd

Full

Strong managerial, operational and financial linkages

Sterlite Tech Holding Inc

Full

Strong managerial, operational and financial linkages

Sterlite Technologies Inc

Full

Strong managerial, operational and financial linkages

Sterlite Technologies SpA

Full

Strong managerial, operational and financial linkages

Metallurgica Bresciana

Full

Strong managerial, operational and financial linkages

Sterlite Innovative Solutions Ltd

Full

Strong managerial, operational and financial linkages

Sterlite Tech Connectivity Solutions Ltd

Full

Strong managerial, operational and financial linkages

Sterlite (Shanghai) Trading Co Ltd

Full

Strong managerial, operational and financial linkages

Sterlite Conduspar Industrial Ltd

Equity method

Joint venture: Proportionate consolidation

Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 2104.0 Crisil AA-/Watch Negative 24-06-25 Crisil AA-/Watch Developing 29-11-24 Crisil AA-/Watch Developing 17-11-23 Crisil AA/Watch Developing 01-02-22 Crisil AA/Negative Crisil AA/Stable
      -- 05-03-25 Crisil AA-/Watch Developing 02-09-24 Crisil AA-/Watch Developing 24-08-23 Crisil AA/Watch Developing   -- --
      --   -- 04-06-24 Crisil AA/Watch Negative 26-05-23 Crisil AA/Watch Developing   -- --
      --   -- 14-05-24 Crisil AA/Watch Negative 14-02-23 Crisil AA/Negative   -- --
      --   -- 15-02-24 Crisil AA/Watch Negative 25-01-23 Crisil AA/Negative   -- --
Non-Fund Based Facilities LT 3663.0 Crisil AA-/Watch Negative 24-06-25 Crisil AA-/Watch Developing 29-11-24 Crisil AA-/Watch Developing 17-11-23 Crisil AA/Watch Developing 01-02-22 Crisil AA/Negative Crisil AA/Stable
      -- 05-03-25 Crisil AA-/Watch Developing 02-09-24 Crisil AA-/Watch Developing 24-08-23 Crisil AA/Watch Developing   -- --
      --   -- 04-06-24 Crisil AA/Watch Negative 26-05-23 Crisil AA/Watch Developing   -- --
      --   -- 14-05-24 Crisil AA/Watch Negative 14-02-23 Crisil AA/Negative   -- --
      --   -- 15-02-24 Crisil AA/Watch Negative 25-01-23 Crisil AA/Negative   -- --
Commercial Paper ST 800.0 Crisil A1+/Watch Negative 24-06-25 Crisil A1+/Watch Developing 29-11-24 Crisil A1+/Watch Developing 17-11-23 Crisil A1+/Watch Developing 01-02-22 Crisil A1+ Crisil A1+
      -- 05-03-25 Crisil A1+/Watch Developing 02-09-24 Crisil A1+/Watch Developing 24-08-23 Crisil A1+/Watch Developing   -- --
      --   -- 04-06-24 Crisil A1+/Watch Developing 26-05-23 Crisil A1+/Watch Developing   -- --
      --   -- 14-05-24 Crisil A1+/Watch Developing 14-02-23 Crisil A1+   -- --
      --   -- 15-02-24 Crisil A1+/Watch Developing 25-01-23 Crisil A1+   -- --
Non Convertible Debentures LT 490.0 Crisil AA-/Watch Negative 24-06-25 Crisil AA-/Watch Developing 29-11-24 Crisil AA-/Watch Developing 17-11-23 Crisil AA/Watch Developing 01-02-22 Crisil AA/Negative Crisil AA/Stable
      -- 05-03-25 Crisil AA-/Watch Developing 02-09-24 Crisil AA-/Watch Developing 24-08-23 Crisil AA/Watch Developing   -- --
      --   -- 04-06-24 Crisil AA/Watch Negative 26-05-23 Crisil AA/Watch Developing   -- --
      --   -- 14-05-24 Crisil AA/Watch Negative 14-02-23 Crisil AA/Negative   -- --
      --   -- 15-02-24 Crisil AA/Watch Negative 25-01-23 Crisil AA/Negative   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit 150 YES Bank Limited Crisil AA-/Watch Negative
Cash Credit 20 Bank of Baroda Crisil AA-/Watch Negative
Cash Credit 25 Emirates NBD Bank PJSC Crisil AA-/Watch Negative
Cash Credit 50 Axis Bank Limited Crisil AA-/Watch Negative
Cash Credit 88 CTBC Bank Co Limited Crisil AA-/Watch Negative
Cash Credit 100 Emirates NBD Bank PJSC Crisil AA-/Watch Negative
Cash Credit 135 Citibank N. A. Crisil AA-/Watch Negative
Cash Credit 255 State Bank of India Crisil AA-/Watch Negative
Cash Credit 40 IDFC FIRST Bank Limited Crisil AA-/Watch Negative
Cash Credit 250 HDFC Bank Limited Crisil AA-/Watch Negative
Cash Credit 100 RBL Bank Limited Crisil AA-/Watch Negative
Cash Credit 60 Qatar National Bank (Q.P.S.C.) Crisil AA-/Watch Negative
Cash Credit 55 Shinhan Bank Crisil AA-/Watch Negative
Cash Credit 175 IndusInd Bank Limited Crisil AA-/Watch Negative
Cash Credit 20 IDBI Bank Limited Crisil AA-/Watch Negative
Cash Credit 166 Deutsche Bank A. G. Crisil AA-/Watch Negative
Cash Credit 100 Union Bank of India Crisil AA-/Watch Negative
Cash Credit 40 Export Import Bank of India Crisil AA-/Watch Negative
Cash Credit 75 The Federal Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 200 ICICI Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 250 YES Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 400 Axis Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 260 IndusInd Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 235 IDFC FIRST Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 40 Export Import Bank of India Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 200 IDBI Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 500 State Bank of India Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 50 DBS Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 227 Bank of Baroda Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 150 RBL Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 130 Union Bank of India Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 175 The Federal Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 109 Deutsche Bank A. G. Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 245 ICICI Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 292 ICICI Bank Limited Crisil AA-/Watch Negative
Letter of credit & Bank Guarantee 200 HDFC Bank Limited Crisil AA-/Watch Negative
Proposed Long Term Bank Loan Facility 100 Not Applicable Crisil AA-/Watch Negative
Term Loan 100 CSB Bank Limited Crisil AA-/Watch Negative
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for consolidation
Criteria for manufacturing, trading and corporate services sector (including approach for financial ratios)

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