Sterling & Wilson Plots ₹1,500 Crore IPO For Generator Manufacturing Unit On Data Centre Boom
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Sterling & Wilson is planning a ₹1,500 crore IPO for generator subsidiary Sterling Green Power Solutions, backed by a nearly doubled order book in FY26 driven by data centre expansion demand. Read more.
Sterling & Wilson is preparing to list its generator manufacturing subsidiary, Sterling Green Power Solutions, through an initial public offering (IPO) targeting approximately ₹1,500 crore, according to people familiar with the matter.
ICICI Securities and IIFL Capital have been appointed as lead managers to the issue. Proceeds will primarily fund the company's expansion plans.
What Sterling Green Does
Headquartered in Silvassa, Sterling Green Power Solutions assembles and distributes diesel generator sets ranging from 250 kilovolt-amperes to 5,000 kVA. The company operates across India, the Middle East, Africa, Australia and Malaysia.
The Expansion Roadmap
Two facilities are being added to strengthen the company's manufacturing and distribution base:
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A facility in Dubai in FY27 to serve customers in Europe and the United States.
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A manufacturing plant in Pune to meet rising domestic demand.
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Combined capital expenditure earmarked: ₹90 to ₹100 crore across FY27 and FY28.
The Data Centre Tailwind
The business has benefited directly from the rapid expansion of data centre infrastructure in India and the Middle East. Sterling Green's order book nearly doubled in FY26, taking its order-book-to-revenue ratio to approximately 3x.
Key metrics as of and for FY26:
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Order book: Approximately ₹2,900 crore as of 01 May 2026.
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Share of orders from marquee clients including Adani, AirTrunk and DAMAC: Nearly 80%.
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Provisional FY26 revenue: ₹1,167 crore, up from ₹868 crore in FY25.
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Operating margin: 11.5% vs 12% a year earlier.
The Ownership History
Sterling Green was previously a subsidiary of Shapoorji Pallonji and Company, which held a 56% stake as of 31 March 2024. By 31 March 2025, that stake had fallen to 42% following a secondary share sale to a group of investors, at which point Sterling Green ceased to be a Shapoorji Pallonji subsidiary. Chairman Khurshed Daruwala and his family hold the remaining shares alongside the new investors.
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