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Sterlite Technologies (STL) shares rose 4% to ₹1,038 on the BSE on October 6, 2026, after Nomura initiated coverage with a Buy rating and a ₹1,350 target price, according to The Economic Times. That target implies about 48.5% upside from the ₹1,038 level the article cited. It is a brokerage’s view on one day’s price. It is not a live quote, and it is not a promised return.
What was reported on October 6, 2026
| Item | Figure | Source and caveat |
|---|---|---|
| Share move | Up 4% to ₹1,038 on the BSE | The Economic Times, October 6, 2026. No separate exchange feed was checked. |
| Nomura rating | Buy (initiation) | Reported by The Economic Times. The original Nomura report was not reviewed. |
| Target price | ₹1,350 | Brokerage target, not a guaranteed price. |
| Implied upside | 48.5% | Calculated from the ₹1,038 cited price. It changes whenever the share price changes. |
The upside figure is arithmetic on a single day’s price. If the stock has moved since, the gap to ₹1,350 is different.
Why Nomura is positive, as summarised by the report
The Economic Times says Nomura’s thesis rests on three things: demand for optical fibre, growth in data-center connectivity, and STL’s planned capacity expansion. The article relays these brokerage forecasts:
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- Revenue compound annual growth of about 50% and EBITDA growth of about 89% over FY26–29F.
- Margin expansion as the business mix shifts.
- A roughly 57-fold increase in profit after tax (PAT) over the same period.
These are Nomura’s expectations as relayed by a news article. They are not company guidance. The exact forecast definitions, valuation method and risk discussion sit in the original Nomura report, which this article does not reproduce. A 57-fold PAT jump implies a very low starting base, so read the percentages with that in mind.
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Capacity plans and funding
- Capex: The Economic Times reports a planned ₹3,000 crore investment over FY27–29 to expand capacity by 50%.
- Funding: The same report says STL completed a ₹1,500 crore qualified institutional placement (QIP) in July 2026.
What STL itself reported for Q1 FY27
These figures come from STL’s own release of July 24, 2026, for the quarter ended June 30, 2026. They are company-reported results, separate from Nomura’s forecasts.
| Metric | Q1 FY27 |
|---|---|
| Revenue | ₹1,910 crore |
| EBITDA | ₹397 crore |
| EBITDA margin | 20.8%, which STL said was its highest in nearly 20 quarters |
| Open order book | ₹18,618 crore |
| Balance sheet | Described by the company as net debt-free |
STL links the margin to product mix, operating leverage and a larger Data Center contribution. It describes itself as a connectivity provider for AI-ready digital infrastructure. It also cites a multi-year contract worth US$1.11 billion (₹10,000+ crore) to supply optical connectivity products for next-generation AI data centers, and says its IP portfolio exceeds 785 patents. All of these are the company’s own claims.
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The Economic Times also reports that STL received US OFNP certification for its Intermittently Bonded Ribbon (IBR) pre-terminated assemblies, aimed at indoor AI data-center cabling. These are factory-built assemblies with installed, polished and tested connectors, which can avoid field splicing. That detail comes from the article’s account of the company announcement. No separate certification record was located.
The “multibagger” claim in context
The article says the stock had risen about 430% in six months and roughly 880% year to date at the time of publication. That is a dated claim, and its reference prices were not independently checked. A run that large also shows how much optimism may already be in the price. Nomura’s ₹1,350 target is a forward estimate. It does not mean the earlier gains will repeat.
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How to check the thesis yourself
Forecasts like these are tested by results. When STL reports later quarters, compare:
- Actual versus forecast revenue and EBITDA, against the growth path Nomura reportedly assumes.
- Margins and mix: whether the 20.8% margin holds as data-center products grow.
- Order-book conversion: how quickly the ₹18,618 crore turns into revenue.
- Capex and financing: whether the ₹3,000 crore expansion stays on schedule and within the funds raised.
- Cash generation and debt: whether the net debt-free position survives the build-out.
- Price versus target: where the share trades relative to ₹1,350 on the date you look.
STL’s investor-relations downloads list the Q1 FY27 results, presentation, transcript and recording, and the FY26 annual report. Those are the primary documents to read.
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What is not established
- The original Nomura report, valuation multiples and full risk list were not available. No analyst quote is attributed here, because none was surfaced.
- No independent exchange filing or price feed confirming the October 6 move was reviewed.
This article is informational and is not investment advice. The Economic Times’ own disclaimer says its author is not a SEBI-registered Research Analyst or Investment Adviser, and that brokerage views are not the publisher’s recommendation. Read the original research and decide based on your own assessment.
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