ICICI Securities and IIFL Capital have been appointed lead managers to the problem. The proceeds will primarily be used to fund the corporate’s enlargement, the folks stated.
Headquartered in Silvassa, Sterling Inexperienced assembles and distributes diesel generator units with capacities starting from 250 kilovolt-amperes (kVA) to five,000 kVA. It operates throughout India, the Center East, Africa, Australia and Malaysia, and plans to strengthen its international footprint by organising a facility in Dubai in FY27 to serve clients in Europe and the US.
The corporate additionally plans to determine a producing plant in Pune to satisfy rising home demand. It has earmarked capital expenditure of ₹90-100 crore over FY27 and FY28 for the enlargement.
Queries despatched to a Sterling & Wilson spokesperson didn’t elicit a response until press time.
Sterling Inexperienced was beforehand a subsidiary of Shapoorji Pallonji & Firm, which held a 56% stake as of March 31, 2024, with the remaining shares owned by chairman Khurshed Daruwala and his household. In response to a CareEdge Rankings report, Shapoorji Pallonji’s holding fell to 42% by March 31, 2025, after a secondary share sale to a gaggle of buyers, leading to Sterling Inexperienced ceasing to be its subsidiary.
The corporate has seen a pointy enchancment in enterprise momentum, pushed largely by the speedy enlargement of the information centre business. In response to a latest Crisil Rankings report, Sterling Inexperienced’s order e-book almost doubled in FY26, taking its order book-to-revenue ratio to round 3x. The order e-book stood at about ₹2,900 crore as of Could 1, 2026, with almost 80% of orders from marquee clients together with Adani, AirTrunk and DAMAC. Provisional income for FY26 rose to ₹1,167 crore from ₹868 crore in FY25, whereas working margin remained wholesome at 11.5%, in contrast with 12% a yr earlier.
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