Q2 FY27 Key Numbers: Revenue: ₹2,529 cr, up 145% YoY from ₹1,034 cr and up 32% QoQ Operational EBITDA: ₹685 cr, a 27.1% margin, up 624 bps QoQ Reported EBITDA: ₹846 cr, which includes a one-time net gain of ₹161 cr from a US tariff refund PAT: ₹517 cr vs ₹4 cr a year ago and ₹197 cr in Q1, also helped by that one-time gain Operational EBITDA would give a real picture, since the tariff refund won't repeat. H1 FY27 Revenue: ₹4,439 cr, up 116% Operational EBITDA: ₹1,082 cr, a 24.4% margin PAT: ₹714 cr vs ₹14 cr in H1 FY26 Orders and balance sheet Open order book: ₹35,274 cr, an all-time high H1 order intake: ₹32,026 cr, which is 4.2x all of FY26 (₹7,687 cr) Includes a $1.2B hyperscaler deal running 2026-30 Net cash: ₹703 cr, so the company is now net debt-free Global ex-China optical fibre cable market share: 9% vs 7% a year ago Guidance Management expects FY27 to be in line with or better than the H1 run-rate Margins should keep expanding from Q3 onward Data centres are expected to reach about 50% of FY27 revenue, up from 33% in H1 Takeaways The turnaround is dramatic. Sterlite went from a loss-making business in FY25 to a 27% operational margin and net cash. The growth is concentrated in AI data centre demand and a few large hyperscaler contracts, so customer concentration risk is rising. Reported PAT overstates the run-rate, so lean on operational EBITDA. The order book of about 3.5x annualised revenue gives visibility, but execution against it is the test. The stock was volatile on results day. It gained over 2% and rebounded about 10% from the day's low. Make sure to watch whether Q3 margins expand beyond 27% as guided, and how fast data centre mix rises.   submitted by   /u/Alpha_Stock_BigBull   to   r/IndianStreetBets [link]   [comments]