Sembcorp Green Infra Limited has submitted a Draft Red Herring Prospectus to the Securities and Exchange Board of India, paving the way for an initial public offering that could raise up to ₹3,750 crore.
The proposed IPO will be used to issue new equity shares, with the total value not exceeding ₹3,750 crore; there will be no secondary sale of existing shares. Proceeds from the IPO will be utilized to settle or prepay outstanding debts of the company and its subsidiaries, thereby enhancing its financial stability.
As of June 30, 2026, Sembcorp Green Infra and its subsidiaries had accumulated debts, a portion of which may be repaid using the funds generated from the IPO. This move is expected to bolster the company’s balance sheet and overall financial health.
Sembcorp Green Infra functions as an independent power producer, focusing on the development, construction, operation, and maintenance of large-scale renewable energy projects in India. The company has been a key player in the Indian renewable energy sector since 2005.
By March 31, 2026, Sembcorp Green Infra had established itself as one of the top 10 largest renewable independent power producers in India, in terms of operational capacity. As a wholly owned subsidiary of Sembcorp Industries Limited, a global energy and urban solutions provider based in Singapore, the company benefits from its parent’s expertise and resources.
Read Also: Mumbai redevelopment boom reshapes housing with sustainability demands
Portfolio and Financial Performance
As of March 31, 2026, Sembcorp Green Infra’s renewable energy portfolio stood at approximately 7.64 GW/GWh. This comprises 3.60 GW of operational capacity and 4.04 GW/GWh of projects under construction.
The company’s portfolio encompasses 105 projects, with 84 of them currently operational, spread across 13 states and union territories in India. Notably, complex projects, including hybrid and storage-linked configurations, account for 3.58 GW of the company’s under-construction portfolio.
During the period from FY24 to FY26, Sembcorp Green Infra achieved a bid success ratio of 77.32% for complex projects. The company’s renewable energy portfolio is diverse, covering wind, solar, and various complex configurations, such as battery energy storage system projects, round-the-clock projects, and firm and dispatchable renewable energy projects.
The company’s revenue from operations grew to ₹2,652.50 crore in FY2026, up from ₹2,318.29 crore in FY2025. EBITDA increased to ₹2,098.73 crore in FY2026, compared to ₹1,837.12 crore in FY2025, while profit after tax rose to ₹371.08 crore from ₹298.83 crore.
Market Context
India’s total installed power generation capacity reached approximately 533 GW as of March 2026, with renewable energy sources, including large hydro, accounting for around 52% of the country’s total installed capacity.
Read Also: Bengaluru’s East: Gunjur, Varthur Drive Real Estate Boom
Renewable energy is expected to dominate India’s new power generation capacity additions, accounting for over 80% of the total by Fiscal 2031. The country is likely to add between 264 and 274 GW of renewable energy capacity during this period.
India’s renewable energy tender market is shifting towards more complex project configurations, such as hybrid, round-the-clock, and firm and dispatchable renewable energy projects. In Fiscal 2026, these complex tenders accounted for 87% of the total.
According to CRISIL Intelligence, India is expected to add between 50 and 55 GW of energy storage solutions by Fiscal 2031, which will support the integration of renewable energy into the country’s power grid.
The Book Running Lead Managers for 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.
