About Sterlite Electric IPO
Sterlite Electric Ltd. filed its DRHP with SEBI on September 29, 2025, for a 100% book-built IPO. The issue consists of a total offer of up to 15,589,174 equity shares, a combination of a fresh issue of 7,793,371 shares and an Offer for Sale (OFS) of 7,795,803 shares by the Promoter Selling Shareholder.
The price band and official dates of the issue (like subscription date and listing dates) will be announced by the company later. This issue is managed by professional Book Running Lead Managers (BRLMs), like Axis Capital, Motilal Oswal, and Nuvama Wealth, while KFin Technologies will serve as the registrar to the issue.
Company Background
Sterlite Electric Ltd., which is a subsidiary of the Vedanta Group, was incorporated as a public limited company in Gujarat on May 5, 2015. In October 2015, it shifted its office to Maharashtra. Initially, the company was incorporated as Sterlite Power Transmission Limited; however, later its name was changed to Sterlite Electric Limited in April 2025 to embody a change in its corporate identity.
Now, we see that the headquarters of this particular firm is situated in Pune, Maharashtra. The corporate office of this firm is situated in Gurugram, Haryana. As a part of the larger Vedanta group ecosystem, this firm has now adopted a very specialized focus on power transmission.
Operations and Product Range
Sterlite Electric Ltd. is a leading developer and solutions provider in the power transmission sector. The company provides its customers, which include state power utilities, private power producers, and industrial consumers who are dependent on grid connectivity, a diverse range of services. Some of its main business activities are
- • Designing, financing, constructing, and maintaining high-voltage power transmission lines and substations broadly, including project development.
- • EPC Services, like delivering Engineering, Procurement, and Construction (EPC) Services for complex energy projects.
- • Delivering integrated solution services (infrastructure solutions) for the national electric grid infrastructure, including complete cable and conductor technology.
Facilities and Capacity
Sterlite Electric Ltd. has a financially strong portfolio of transmission assets with a state-of-the-art manufacturing facility. The infrastructure of the operational units, as described in the DRHP filing, comprises high-capacity transmission corridors with the latest substation technology.
Also, with a growing order pipeline for projects under execution, the capital work-in-progress for the company as of March 31, 2025, was ₹90.30 Cr for critical plant and machinery needs.
Brands and Market Presence
Sterlite Electric Ltd. operates under the recognized "STERLITE" brand, which it uses through a non-exclusive trademark license agreement valid until 2030. This brand is well-established in the Indian energy and industrial sectors.
Sterlite Electric maintains a strong domestic presence across several Indian states through its subsidiaries, like Sterlite Grid Ltd. and Maharashtra Transmission Communication Infrastructure Ltd. It also has an international footprint through Sterlite Electric Inc. and other global initiatives.
Revenue Streams and Business Model
Sterlite Electric Ltd. generates revenue primarily through its integrated business model in the power transmission space. The primary source of revenue is sales of goods, management fees from subsidiaries, and EPC contracts. In Fiscal Year 2025, the company reported its basic EPS (Earnings Per Share) for its upcoming operations is ₹12.70 (restated).
The business model of Sterlite Electric Ltd. follows a balanced approach to long-term returns from transmission assets with the high-growth potential of EPC and infrastructure solutions.
Management and Shareholding
Sterlite Electric Ltd. has been strategically promoted by Anil Agarwal and Twin Star Overseas Ltd. and leverages the vast industrial knowledge pool offered by the larger Vedanta family of companies. Before the IPO, the promoters hold a majority controlling stake in the company, which will reduce after the successful completion of the fresh issue and the offer for sale.
Board and Key Management
The board and main leaders of Sterlite Electric Ltd. comprise a seasoned and experienced management team, with the Chairman and Non-Executive Director being Mr. Pravin Agarwal. The core leadership that executes the operational growth of the organization comprises the CEO, Mr. Reshu Madan; the CFO, Ms. Monica Madan; and the CS, Mr. Ashok Ganesan.
Sterlite Electric IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | Face Value ₹ 2 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue + Offer for Sale (OFS) |
| Total Issue Size | Up to 1,55,89,174 Equity Shares |
| Fresh Issue(Ex Market Maker) | Up to 77,93,371 Equity Shares |
| Offer for Sale | Up to 77,95,803 Equity Shares |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 12,57,49,724 shares |
| Share Holding Post Issue | 14,10,66,858 shares |
Sterlite Electric IPO Financial Information
Latest Revenue
4,997.40
₹ Crore
Profit After Tax
-156.33
₹ Crore
Net Worth
(4.37)
₹ Crore
Total Borrowing
578.49
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | 1,063.92 | 4,997.40 | -156.33 | (4.37) | (2,453.30) | 578.49 | |||
| FY 2024 | 1,027.64 | 4,954.83 | (216.87) | (59.37) | (2,425.86) | 701.12 | |||
| FY 2023 | 6,427.50 | 3,291.30 | (39.99) | (365.88) | (2,198.81) | 5,335.77 | |||
| Amount in ₹ Crore | |||||||||
Sterlite Electric Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 13.23% |
| ROCE | 28.30% |
| Debt/Equity | 0.23x |
| RoNW | 12.35% |
| PAT Margin | 3.66% |
| EBITDA Margin | 10.87% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹12.35* | - |
| P/E (x) | - | - |
IPO Objectives
Sterlite Electric Ltd. intends to use the proceeds from the fresh issue of the Sterlite Electric IPO for the following specific purposes.
- • Repayment or prepayment of certain borrowings availed by the company and its subsidiaries.
- • Funding of capital expenditure requirements for ongoing and future projects.
- • General corporate purposes.
Conclusion
The Sterlite Electric IPO represents an exciting opportunity for investors within the Indian power transmission space. With a well-established "Sterlite" brand, strong project execution, and a strong pipeline of transmission assets, the company is poised to benefit significantly as the country increasingly focuses on grid infrastructure. The company intends to utilize its proceeds for strengthening the balance sheet and funding future expansions.
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Competitive Strengths
Strong track record in commissioning complex transmission projects and substations across challenging terrains.
Access to the globally recognized "STERLITE" brand through a long-term license agreement.
Ability to offer end-to-end services from project design and EPC to long-term asset maintenance.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Sterlite Electric IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |