Sterlite Power Transmission Limited

Power / Infrastructure · Power Transmission EPC, Conductors & Cables, System Integration

Unlisted / private marketUnlistedDeep Research

₹430.65–₹455.40Prospera Indicative Price

Source price: ₹435–₹460
As of: 2 Jun 2026
Reference source: Unlisted-share dealer bid/ask quote (post-demerger Sterlite Electric Limited)

3 sourced observations — private-market history, not a live exchange chart

Indicative private-market reference — not an exchange quote and not an executable price. Derived as the latest sourced quote x 0.99; the source quote is preserved unchanged above. Not investment advice.

Implied valuation: ₹5,003–5,290 Cr
Revenue growth: 0.8%; FY2025
EBITDA margin: 9.5%; FY2025
Prospera Score: 4.5/10

Orientation

What the market says, and what we know.

Two separate things, deliberately shown side by side: a sourced private-market price reference, and the depth of research that actually stands behind this company today.

Market reference

Source price: ₹435–₹460
Prospera Indicative Price: ₹430.65–₹455.40
As of: 2 Jun 2026
Source: Unlisted-share dealer bid/ask quote (post-demerger Sterlite Electric Limited)
Source confidence: Medium
Observations on record: 3 sourced quotes

Prospera Indicative Price = latest sourced quote x 0.99. The underlying source quote is preserved unchanged and shown alongside.

Prospera researchDeep Research

Research Universe — availableCatalogued as a strategically relevant private-market company.
Basic Research — availableBusiness and ownership facts verified against primary sources — 3 sourced records on file.
Deep Research — availableFinancials, implied valuation, peer comparison and the full Prospera Private Market Score are complete.
Prospera Recommendation — availableAn analyst-authored view exists: Early-stage opportunity — evidence still developing.

Price history

Indicative Private-Market Price History

Real, dated third-party observations only — plotted where they exist, never interpolated, extended or carried forward. This is a record of private-market sightings, not a live exchange chart.

Sourced private-market price quotes and their Prospera indicative derivation
Date	Source price	Prospera Indicative Price	Source	Confidence
2 Jun 2026	₹435–₹460	₹430.65–₹455.40	Unlisted-share dealer bid/ask quote (post-demerger Sterlite Electric Limited)	MEDIUM
30 May 2026	₹519	₹513.81	Unlisted-share dealer platform	MEDIUM
1 May 2024	₹800	₹792.00	Altius Investech	MEDIUM

What the company does

The business, in plain English.

Assembled only from records that exist for this company. Anything not disclosed says so.

Founded: 2009
Headquarters: Mumbai, Maharashtra, India
Sector: Power / Infrastructure · Power Transmission EPC, Conductors & Cables, System Integration
Promoters: Vedanta Group (Anil Agarwal family)

What it does

Sterlite Power Transmission Limited (renamed Sterlite Electric Limited in 2024) designs, manufactures and supplies power-transmission conductors and cables and provides EPC and master system integration services for transmission projects in India and Brazil. It previously also developed transmission assets on a build-own-transfer basis, but that business was demerged into Sterlite Grid 5 Limited in October 2024.

Source: CRISIL Ratings rationale for Sterlite Power Transmission Limited, 25 January 2024

Why it matters

In transmission EPC, Sterlite competes with listed players KEC International (world's largest transmission EPC company by revenue, PE ~21-22x) and Kalpataru Projects International (PE ~22-23x). Pre-demerger, SPTL held an estimated ~40% market share in India's intra-state transmission segment.

Source: CRISIL Ratings rationale for Sterlite Power Transmission Limited, 25 January 2024

Ownership structure

Part of the Vedanta Group; Pratik Agarwal serves as Managing Director. The entity was previously the sponsor of the listed IndiGrid InvIT but fully exited that role by January 2022.

Promoters & principal holders: Vedanta Group (Anil Agarwal family)

Private-market context

Unlisted; demerged its Infrastructure (BOT) business into Sterlite Grid 5 Limited effective October 2024 and was renamed Sterlite Electric Limited

UnlistedPre-IPODRHP FiledPublic

What to understand before investing

Unlisted shares can be difficult to sell. There may be no continuous market and no guaranteed buyer at the price you see.
Any price shown here is an indicative private-market reference, not an exchange quote and not an executable price.
An expected IPO may be delayed, repriced or never happen at all.
A good company can still be a poor investment at the wrong valuation.

These are standing characteristics of the asset class, not findings about this company. Company-specific risks appear below only where they have been researched.

Deep Research

The full Prospera report.

Financials, implied valuation, peer comparison, the full Private Market Score and an analyst-authored view — every figure below is researched and sourced, none of it generated to fill the page.

4.5/10Developing research confidence

Revenue, EBITDA and profit over time.

Source: Sterlite Electric Limited financial analysis (Stockify).

Valuation

What this price implies.

P/ENot availablePeer median: 21.4x

EV/EBITDA10.6xPeer median: 11.2x

Price/Sales1.0xPeer median: Not available

Price/BookNot availablePeer median: 2.9x

What this means

The company is priced roughly in line with similar businesses — investors aren't paying a large premium or demanding a large discount versus its peers. The company's revenue is growing at 0.8% a year, which is the case investors are making for paying more.

Peer	Type	P/E	EV/EBITDA	P/S
KEC International Limited (KEC)	Listed	21.0x	Not available	Not available
Kalpataru Projects International Ltd (KPIL)	Listed	21.7x	11.2x	Not available

Prospera Private Market Score

The full research matrix.

Dimension	Weight	Score	Confidence	What we found
Business Quality	15%	5.5	Medium	Established transmission conductor/cable manufacturer and EPC/system-integration provider with an estimated ~40% pre-demerger share of India's intra-state transmission segment, though currently loss-making post-restructuring.
Revenue Growth	10%	4.0	Medium	Post-demerger revenue was essentially flat (+0.8%) between FY24 and FY25 (~Rs. 4,918 Cr to ~Rs. 4,956 Cr), showing little real growth in the new, narrower business scope.
Earnings Quality	10%	2.0	High	The post-demerger entity posted net losses in both FY24 (-Rs. 216.9 Cr) and FY25 (-Rs. 156.3 Cr), and EBITDA margin declined from 14.1% (pre-demerger FY23) to 9.5% (FY25).
Cash Flow Quality	10%	4.0	Developing	No operating or free cash flow figures were disclosed; continued net losses alongside a large, delayed Brazilian project book raise real questions about underlying cash generation.
Balance Sheet	10%	4.5	Developing	Total debt and net worth were not disclosed in absolute terms in available sources — only leverage ratios for the separately-reported Sterlite Grid 5 entity — leaving the core balance sheet position for this specific entity genuinely unclear.
Competitive Position	10%	6.0	High	Competes with larger, currently-profitable listed EPC peers KEC International and Kalpataru Projects, both of which trade at real positive earnings multiples that Sterlite Electric cannot currently match given its ongoing losses.
Management & Governance	10%	5.5	Developing	Part of the Vedanta Group under Pratik Agarwal's leadership; the October 2024 demerger split shareholder value across two entities, adding real complexity to tracking ownership and returns.
Market Opportunity	8%	6.5	Medium	India's transmission infrastructure buildout and grid modernization remain large structural opportunities, though ~26% of the country's transmission projects are reported delayed sector-wide.
Valuation	10%	4.0	Developing	Price quotes disagree materially across sources and periods, and post-demerger prices aren't directly comparable to pre-demerger ones since value was split across two separate entities.
Liquidity / Exit Risk	5%	3.0	Medium	Neither the retained entity (Sterlite Electric) nor the spun-off Sterlite Grid 5 has an announced IPO timeline; Sterlite Grid 5 has instead raised project-level debt rather than pursuing an equity listing.
IPO / Public-Market Readiness	2%	2.0	Developing	No IPO has been filed or publicly discussed for either post-demerger entity as of this research date.

4.5/ 10 overall

Prospera Research View

Early-stage opportunity — evidence still developing

What works

Established transmission EPC and conductor/cable manufacturing franchise with historically ~40% share of India's intra-state transmission segment
Losses have narrowed year-over-year post-demerger (-Rs. 216.9 Cr in FY24 to -Rs. 156.3 Cr in FY25)
Backed by the Vedanta Group with an experienced leadership team

What concerns us

The post-demerger entity remains loss-making, with EBITDA margin declining from 14.1% to 9.5%
No absolute balance sheet figures (total debt, net worth) were available for independent verification
No IPO has been filed or discussed for either post-demerger entity, with Sterlite Grid 5 instead raising debt rather than equity capital

What could change our view

A return to profitability post-demerger, with a clear, disclosed balance sheet
Resolution of the delayed Brazilian transmission projects that drove FY24 losses
A formal DRHP filing or other concrete step toward a public listing for either entity

Risk

What could go wrong.

Documented, per-company risks — grouped by the categories the research itself recorded. There is no risk score here, because we do not compute one.

Liquidity

1 recorded risk

Unlisted-market price quotes disagree materially across sources for overlapping periods, and post-demerger quotes aren't on a like-for-like basis with pre-demerger prices.

Source: Cross-referenced unlisted-share platforms

Business

1 recorded risk

Brazilian transmission operations posted a PAT loss of ~Rs. 370 crore in FY24 due to slower project execution and finance costs up ~50% YoY.

Source: UnlistedZone FY24 performance report

Financial

1 recorded risk

The post-demerger entity posted net losses in both FY24 (-Rs. 216.9 crore) and FY25 (-Rs. 156.3 crore) even as revenue held roughly flat.

Source: Stockify financial analysis

Governance

1 recorded risk

The October 2024 demerger split shareholder value and financial reporting across two now-separate unlisted entities, making historical comparisons across the demerger date not directly comparable.

Source: Cross-referenced demerger coverage

Regulatory

1 recorded risk

Transmission-equipment delivery times in Brazil have stretched to ~30 months against regulatory construction deadlines, a sector-wide execution risk directly relevant to Sterlite's Brazil EPC/BOT exposure.

Source: BNamericas

Exit

1 recorded risk

Neither Sterlite Electric Limited nor Sterlite Grid 5 Limited has an announced IPO timeline; Sterlite Grid 5 has instead raised project-level debt rather than pursuing equity capital markets.

Source: UnlistedBuzz

Corporate events

What's happened, and why it matters.

Dated, sourced events only — recorded as they were reported, in reverse order of significance to a private-market holder.

Other8 Oct 2024
Demerger becomes effective; infrastructure business moves to Sterlite Grid 5, remaining entity renamed Sterlite Electric Limited
Completed the split of the transmission-asset-owning business from the products/EPC business.
Source: Precize
Financial Results1 Apr 2024
Sterlite Power's Brazil operations report a ~Rs. 370 crore PAT loss in FY24
Triggered a strategic review of the Brazilian business amid project-execution delays and sharply higher finance costs.
Source: UnlistedZone FY24 performance report
Board Event28 Sept 2023
SPTL board approves Scheme of Arrangement to demerge infrastructure business into Sterlite Grid 5
First formal step of the corporate restructuring that would ultimately split the company into two separate unlisted entities.
Source: Sterlite Electric press release
Other14 Jan 2022
Sterlite Power completes full transfer of residual IndiGrid Investment Managers ownership to a KKR affiliate
Fully exited its role as IndiGrid's InvIT sponsor.
Source: India Infoline
Other14 Aug 2020
Sterlite Power sells 14.7% stake in IndiGrid for Rs. 840 crore
Part of a multi-year process of reducing its sponsorship stake in the listed IndiGrid InvIT.
Source: Business Standard

Sources & evidence

Everything traceable.

Every figure on this page comes from one of the records below. Where a source published a link, it is here.

Field	Source	As of
Financials (FY2025)	Sterlite Electric Limited financial analysis (Stockify)	Not disclosed
Financials (FY2024)	Sterlite Electric Limited financial analysis (Stockify)	Not disclosed
Financials (FY2023)	CRISIL Ratings rationale for Sterlite Power Transmission Limited	25 Jan 2024
Price (2 Jun 2026)	Unlisted-share dealer bid/ask quote (post-demerger Sterlite Electric Limited)	2 Jun 2026
Price (30 May 2026)	Unlisted-share dealer platform	30 May 2026
Price (1 May 2024)	Altius Investech	1 May 2024
Business Description	CRISIL Ratings rationale for Sterlite Power Transmission Limited, 25 January 2024	Not disclosed
Competitive Position	CRISIL Ratings rationale for Sterlite Power Transmission Limited, 25 January 2024	Not disclosed
Total Shares Outstanding (Cr)	Derived from Sterlite Electric Limited's reported FY24/FY25 PAT and EPS figures	Not disclosed

Next step

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We will come back with the current dealable level, the available lot size and what the process actually involves. Indicative prices shown on this page are private-market references, not executable quotes.