Mumbai: Sembcorp Green Infra Limited, a renewable energy independent power producer in India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO) of up to ₹3,750 crore.
The proposed issue will consist entirely of a fresh issue of Equity Shares aggregating up to ₹3,750 crore, with no Offer for Sale (OFS) component. The company plans to use the net proceeds to repay or prepay, either fully or partially, certain outstanding borrowings of the company and its Objects’ Subsidiaries.
As of June 30, 2026, Sembcorp Green Infra and its Objects’ Subsidiaries had outstanding borrowings, a portion of which may be repaid or prepaid from the IPO proceeds. The proposed fundraise is therefore aimed at strengthening the company’s balance sheet and financial position.
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Sembcorp Green Infra operates as an independent power producer, with activities spanning the development, construction, operation and maintenance of utility-scale and complex renewable energy projects across India. The company has been active in the Indian renewable energy market since 2005.
As of March 31, 2026, Sembcorp Green Infra ranked among the top 10 largest renewable IPPs in India by operational capacity. It is a wholly owned subsidiary of Sembcorp Industries Limited, a Singapore-headquartered global energy and urban solutions provider and a Temasek Portfolio Company.
The company also benefits from the parent group’s access to capital, refinancing flexibility and global expertise.
Sembcorp Green Infra had an aggregate renewable portfolio of approximately 7.64 GW/GWh as of March 31, 2026. This included 3.60 GW of operational capacity and 4.04 GW/GWh of capacity under construction. Its portfolio consisted of 105 projects, of which 84 were operational, spread across 13 states and union territories.
Complex Projects accounted for 3.58 GW of the company’s under-construction portfolio. These include hybrid and storage-linked configurations. During FY24–FY26, SGIL recorded a 77.32% bid success ratio for Complex Projects.
Its renewable energy portfolio covers wind, solar and a range of complex renewable configurations, including hybrid projects, battery energy storage system (BESS) projects, round-the-clock (RTC) projects and firm and dispatchable renewable energy (FDRE) projects.
The company reported revenue from operations of ₹2,652.50 crore in FY2026, compared with ₹2,318.29 crore in FY2025. EBITDA stood at ₹2,098.73 crore in FY2026, against ₹1,837.12 crore in FY2025, while profit after tax (PAT) increased to ₹371.08 crore from ₹298.83 crore.
The DRHP filing comes as India’s electricity and renewable energy markets undergo a structural shift, supported by rising power demand, higher renewable energy penetration and growing emphasis on renewable projects that can provide greater reliability and flexibility.
India had approximately 533 GW of total installed generation capacity as of March 2026. Renewable energy, including large hydro, accounted for approximately 52% of the country’s total installed capacity.
Renewable energy is also expected to account for more than 80% of India’s new capacity additions by Fiscal 2031. Approximately 264–274 GW of renewable energy capacity is expected to be added during the period.
At the same time, India’s renewable energy tender market is increasingly moving towards complex configurations such as hybrid, RTC and FDRE projects. The share of such tenders rose to 87% in Fiscal 2026.
According to CRISIL Intelligence, approximately 50–55 GW of energy storage solutions are expected to be added by Fiscal 2031. The expansion of storage capacity is expected to support the increasing integration of renewable energy into India’s power system.
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The Book Running Lead Managers to the proposed IPO are Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, CLSA India Private Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited).
