Sterlite Electric IPO
Sterlite Electric Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to 77,93,371 shares and an offer for sale of up to 77,95,803 shares, almost all by promoter Twin Star Overseas. In FY25 the company made a loss of ₹156.34 crore on revenue of ₹4,955.76 crore, after a ₹339.37 crore loss in discontinued operations; continuing operations made a profit of ₹183.03 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 3 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Axis Capital Limited
- Last SEBI contact
- 19 Jun 2026
- Price band and dates
- Not announced
Where it stands
Sterlite Electric IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI3 Oct 2025
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 3 October 2025, 399 days ago, and its last communication on the draft was on 19 June 2026 (day count is our calculation).
DRHP at a glance
Sterlite Electric DRHP at a glance
Draft red herring prospectus, 29 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 222) and Risk Factors (p. 45 to 48)Sterlite Electric, formerly Sterlite Power Transmission, makes overhead conductors, power cables and optical ground wire for power transmission and distribution, and offers master system integration (MSI) services. It is part of the Vedanta group.
Overhead conductors gave 63.94% of FY25 revenue from continuing operations, and 20.19% came from outside India. Its former transmission infrastructure business is shown as discontinued operations. The registered office is in Pune and the corporate office in Gurugram.
The offer
DRHP cover page, The Offer (p. 79) and addenda dated 19 Mar 2026 and 15 Sep 2026| Fresh issue | Up to 77,93,371 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 77,95,803 sharesTwin Star Overseas 77,93,371 (average cost ₹2.30) and three other shareholders 2,432 |
| Shares before the IPO | 14,10,66,858After preference shares convert (12,57,49,724 before). The offer for sale is about 5.5% of them (ours) |
| Pre-IPO placement | None planned |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) |
| Lead managers | Axis Capital Limited, Motilal Oswal Investment Advisors Limited and Nuvama Wealth Management Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Anil Agarwal, Pravin Agarwal, Pratik Pravin Agarwal, Twin Star Overseas Limited, Vedanta Incorporated and Anil Agarwal Discretionary Trust |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 118 to 119)| Object | ₹ crore |
|---|---|
| Repaying or prepaying certain borrowings | 350.00 |
| Plant, machinery and equipment for expansion | 225.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹575 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 82 to 86) and Basis for Offer Price, KPIs (p. 128 to 131), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 3,278.65 | 4,917.89 | 4,955.76 |
| EBITDA | 434.40 | 551.05 | 543.06 |
| EBITDA margin | 13.20% | 11.12% | 10.87% |
| Profit after tax (continuing) | 183.44 | 230.13 | 183.03 |
| Profit after tax (total) | -32.73 | -216.88 | -156.34 |
| Diluted EPS (₹, continuing) | 14.38 | 17.79 | 12.62 |
| Net worth | 1,509.28 | 1,332.78 | 1,433.87 |
| Cash from operations (continuing) | 534.17 | -165.71 | 646.58 |
| Return on equity | 11.44% | 16.19% | 13.23% |
| Total borrowings | 4,611.45 | 770.53 | 327.22 |
Restated consolidated figures. Total profit includes losses from discontinued operations. Net worth is total equity. Revenue grew about 22.9% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 128 to 129). Peer prices as of 29 Aug 2025.Sterlite figures are for continuing operations. The P/E for Sterlite Electric is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Sterlite Electric (FY25) | 12.62 | Set with the price band | 12.35% |
| Apar Industries | 204.47 | 37.81x | 18.24% |
| KEI Industries | 75.55 | 50.34x | 12.04% |
| Universal Cables | 25.76 | 27.56x | 5.04% |
Risks the draft lists first
DRHP, Risk Factors (p. 45 to 48)- Key customersThe top 10 customers gave 46.00% of FY25 revenue from continuing operations. (Risk factor 1, p. 45)
- Few suppliersThe top 10 suppliers were 83.22% of FY25 raw material costs. (Risk factor 2, p. 45)
- Overhead conductorsOverhead conductors gave 63.94% of FY25 revenue from continuing operations. (Risk factor 3, p. 47)
- Plant disruptionBreakdowns or shutdowns at its plants would hurt results. (Risk factor 4, p. 47)
- Overseas sales20.19% of FY25 revenue came from outside India. (Risk factor 5, p. 48)
- QualityProduct defects could lead to cancelled orders, recalls or claims. (Risk factor 6, p. 48)
Documents
Sterlite Electric DRHP and documents
SEBI filings- Draft red herring prospectus, dated 29 Sep 2025, on SEBI since 9 Oct 2025
- Addendum to the DRHP, on SEBI since 24 Mar 2026
- Addendum to the DRHP, on SEBI since 16 Sep 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Sterlite Electric IPO FAQs
When will the Sterlite Electric IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 399 days ago (our calculation).
Has SEBI approved the Sterlite Electric IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Sterlite Electric IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Sterlite Electric IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Sterlite Electric IPO?
Axis Capital Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Sterlite Electric do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹350.00 crore), plant, machinery and equipment for expansion (₹225.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Sterlite Electric do?
Sterlite Electric, formerly Sterlite Power Transmission, makes overhead conductors, power cables and optical ground wire for power transmission and distribution, and offers master system integration (MSI) services. It is part of the Vedanta group.
Where can I read the Sterlite Electric DRHP?
On SEBI's website, where the draft red herring prospectus was published on 9 October 2025. The draft is dated 29 September 2025 and runs to 583 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.