| 🇺🇸 LUMENTUM (LITE) | 🇮🇳 STL (Sterlite Tech) | 🇮🇳 HFCL | |
|---|---|---|---|
| What they make | Laser chips (EMLs), optical transceivers, circuit switches. The light source inside data center networks. | Optical fiber cable. The glass pipe that carries the light. Order book ₹17,000cr+. | Optical fiber cable + telecom equipment + data center interconnects. Order book ₹21,200cr+. |
| Value chain position | Component layer ← Upstream → |
Infrastructure layer (2–3 steps downstream) |
Infrastructure layer (2–3 steps downstream) |
| Technology moat | VERY HIGH InP fab, 200G EML process. Only at-volume supplier globally. |
MEDIUM Glass-to-gigabit stack. Good engineering, replicable at scale. |
LOW-MED Fiber + equipment. Largely commoditised. |
| Revenue growth (FY26) | +90% YoY (Q3 FY26) | +40–50% (hyperscaler order) | +35–45% (record order book) |
| Gross margin | ~44% (non-GAAP) | ~20–24% | ~18–22% |
| Pricing power | HIGH Double-digit ASP increases in 2026. Supply constraint. | LOW Fiber cable is commodity. Price competition from China. | LOW Equipment more defensible, cable commodity. |
| Global hyperscaler direct relationship |
YES Google, Microsoft, Meta directly. | GROWING ₹10,000cr hyperscaler order confirmed. | INDIRECT Primarily telcos + domestic clients. |
| Currency exposure | USD asset — INR depreciation is a tailwind for Indian holder. | INR asset — no currency friction or tailwind. | INR asset — no currency friction or tailwind. |
| Stock rally (1 year) | +1,076% | +544% | +330% YTD 2026 |