Beyond Vedanta: The other Anil Agarwal stock that just exploded 500% on AI boom

Sterlite Technologies (STLTECH), backed by Anil Agarwal, has surged 500% in 2026, with market cap rising from ~Rs 4,000 crore to ~Rs 30,000 crore in six months, driven by AI-led demand for optical fibre and data centre connectivity. A major $1 billion order win from a U.S. hyperscaler has strengthened its position in the AI data centre ecosystem, prompting CLSA to set a target of Rs 655 (13% upside) with an 'Outperform' rating and model a 49% EBITDA CAGR for FY26-FY29. However, valuations are stretched at 300x+ TTM P/E, leaving limited margin of safety against execution delays or AI capex slowdowns.