Temasek-backed Sembcorp Green Infra files DRHP with SEBI for proposed ₹3,750 crore IPO

Sembcorp Green Infra Limited, one of India’s leading renewable energy independent power producers, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

The proposed IPO comprises a fresh issue of Equity Shares aggregating up to ₹3,750 crore, with no Offer for Sale (OFS) component.

The Company proposes to utilise the net proceeds from the Fresh Issue towards repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company and its Objects’ Subsidiaries. As of June 30, 2026, the Company and its Objects’ Subsidiaries had outstanding borrowings, a portion of which may be repaid or prepaid from the Net Proceeds.

The proposed capital raise is therefore intended to support the Company’s balance sheet and financial position.

Sembcorp Green Infra is an independent power producer engaged in the development, construction, operation and maintenance of utility-scale and complex renewable energy projects in India.

The Company has been active in the Indian renewable energy market since 2005 and is among the top 10 largest renewable IPPs in India by operational capacity as of March 31, 2026. Sembcorp Green Infra 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 benefits from the strong parentage of Sembcorp Industries, including access to capital, refinancing flexibility and global expertise.

As of March 31, 2026, Sembcorp Green Infra had an aggregate renewable portfolio of approximately 7.64 GW/GWh, comprising 3.60 GW of operational capacity and 4.04 GW/GWh of under-construction capacity. Its portfolio comprised 105 projects, including 84 operational projects, across 13 states and union territories. 3.58 GW of its under-construction portfolio comprises Complex Projects, including hybrid and storage-linked configurations. SGIL had a 77.32% bid success ratio for Complex Projects during FY24–FY26.

The portfolio spans wind, solar and complex renewable projects, including hybrid, battery energy storage system (BESS), round-the-clock (RTC) and firm and dispatchable renewable energy (FDRE) projects.

The Company reported revenue from operations of ₹2,652.50 crore, EBITDA of ₹2,098.73 crore and PAT of ₹371.08 crore in FY2026, compared with revenue from operations of ₹2,318.29 crore, EBITDA of ₹1,837.12 crore and PAT of ₹298.83 crore in FY2025.

The DRHP has been filed at a time when India’s power and renewable energy sector is undergoing a significant transformation, driven by rising electricity demand, increasing renewable energy penetration and a shift towards more reliable and flexible renewable power solutions.

India had approximately 533 GW of total installed generation capacity as of March 2026, with renewable energy, including large hydro, accounting for approximately 52% of total installed capacity.

Over 80% of India’s new capacity additions are expected to come from renewable energy by Fiscal 2031, with approximately 264–274 GW of renewable energy capacity expected to be added.

The market is also increasingly moving towards complex renewable energy tenders, including hybrid, RTC and FDRE projects, with the share of such tenders rising to 87% in Fiscal 2026. CRISIL Intelligence expects approximately 50–55 GW of energy storage solutions to be added by Fiscal 2031, supporting the increasing integration of renewable energy into India’s power system.

The Book Running Lead Managers to the Issue 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).