Sterling Green Plans ₹1,500 Cr IPO Amid Data Centre Boom

Sterling Green Power Solutions is planning an initial public offering (IPO) of approximately Rs 1,500 crore. This move is driven by the rapid expansion of India’s data center industry, which significantly boosted the company’s business.

Surging Order Book Fuels Growth

The company’s order book nearly doubled during FY26, signaling strong business momentum. Its order book-to-revenue ratio stands at approximately three times, as reported by Crisil Ratings.

As of May 1, 2026, Sterling Green’s order book was about Rs 2,900 crore. Nearly 80 percent of these orders originated from prominent clients including Adani, AirTrunk, and DAMAC.

IPO Funds Global Expansion

Proceeds from the IPO are earmarked to finance Sterling Green’s domestic and international expansion plans. This includes establishing new manufacturing facilities in Pune, India, and in Dubai, UAE, by FY27.

The Dubai facility is intended to serve clients across Europe and the United States. Sterling Green has allocated Rs 90 crore to Rs 100 crore in capital expenditure for these expansion projects across FY27 and FY28.

Financial Performance and Operational Scope

Provisional revenue for the company reached Rs 1,167 crore in FY26, an increase from Rs 868 crore in FY25. Sterling Green maintained an operating margin of 11.5 percent during this period.

Formerly Sterling Generators, the company specializes in assembling and distributing diesel generator sets ranging from 250 kilovolt-amperes to 5,000 kilovolt-amperes. Its operations span India, the Middle East, Africa, Australia, and Malaysia.

Shift in Ownership Structure

Shapoorji Pallonji & Company’s stake in Sterling Green decreased from 56 percent as of March 31, 2024, to 42 percent by March 31, 2025. This reduction, following a secondary share sale, resulted in Sterling Green ceasing to be its subsidiary, according to a CareEdge Ratings report.