Sembcorp Green Infra IPO
Sembcorp Green Infra Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to ₹3,750.00 crore, with no offer for sale. In FY26 the company made a profit of ₹371.08 crore on revenue of ₹2,652.50 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Sep 2026
- Type of issue
- Fresh issue only
- Lead manager
- Axis Capital Limited
- Last SEBI contact
- 28 Oct 2026
- Price band and dates
- Not announced
Where it stands
Sembcorp Green Infra IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 1 September 2026, 66 days ago, and its last communication on the draft was on 28 October 2026 (day count is our calculation).
DRHP at a glance
Sembcorp Green Infra DRHP at a glance
Draft red herring prospectus, 26 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 237 to 238) and Basis for Issue Price, KPIs (p. 157)Sembcorp Green Infra is a renewable independent power producer that develops, operates and maintains utility scale and complex renewable projects in India. Its projects are either single technology wind, solar or battery energy storage projects, or complex projects that combine wind, solar and storage, including round the clock and assured peak power supply projects. The company began in 2005 and works through flexible engineering, procurement and construction models with in-house operation and maintenance. The CRISIL report commissioned for the draft places it among the ten largest renewable independent power producers in India by operational capacity as of 31 March 2026.
As of 31 March 2026 the portfolio was 105 projects, of which 84 were operational and 21 under construction, across 13 states and union territories, concentrated in Rajasthan, Karnataka and Gujarat. Operational capacity was 3.60 GW and under construction capacity 4.04 GW or GWh, made up of 2.61 GW of renewable generation and 1.43 GWh of battery storage. Overall plant level load factor was 23.69% in FY26. The registered and corporate office is at DLF Cyber City, Gurugram, Haryana. The promoters are Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd.
The offer
DRHP cover pages, The Issue (p. 84) and Capital Structure (p. 102)| Fresh issue | Up to ₹3,750.00 croreMoney goes to the company |
| Shares before the IPO | 3,98,04,09,875Face value ₹10 each |
| Pre-IPO placement | Up to ₹750.00 croreOptional; would reduce the fresh issue, and will not exceed 20% of its size |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Axis Capital Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited and Kotak Mahindra Capital Company Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 116 to 117)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repayment or prepayment of certain borrowings of the company and certain subsidiaries | 3,000.00 | 80.0% |
| General corporate purposes (set later) |
The total shown is the fresh issue size of ₹3,750.00 crore. Issue expenses are deducted before these amounts.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 87 to 89), Basis for Issue Price, KPIs (p. 154 to 157) and Other Financial Information (p. 511 to 516), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 2,249.18 | 2,318.29 | 2,652.50 |
| EBITDA | 1,822.75 | 1,837.12 | 2,098.73 |
| EBITDA margin | 75.89% | 74.99% | 74.20% |
| Profit after tax | 359.36 | 298.83 | 371.08 |
| Diluted EPS (₹) | 1.05 | 0.81 | 0.94 |
| Net worth | 7,645.28 | 8,067.47 | 9,340.74 |
| Cash from operations | 1,959.91 | 1,891.41 | 1,986.63 |
| Cash profit | 1,068.10 | 1,066.75 | 1,220.68 |
| Return on net worth | 4.82% | 3.52% | 3.71% |
| Net debt to equity | 1.52 | 1.68 | 1.52 |
| Net debt to EBITDA | 4.85 | 5.75 | 5.51 |
| Operational capacity (MWac or MWh) | 2,685.06 | 2,930.56 | 3,596.86 |
| Plant level load factor | 25.01% | 23.15% | 23.69% |
Restated consolidated figures. Net worth is the reconciled figure given in Other Financial Information, which excludes non-controlling interest. EBITDA margin is worked out on total income. Profit was lower in FY25 than in FY24 and recovered in FY26. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹21.75, ₹22.52 and ₹23.47 at the end of FY24, FY25 and FY26.
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 155 to 156). Peer prices as of 21 August 2026 on NSE, and peer figures for the year ended 31 March 2026.The document puts the peer group P/E high at 147.47 times for NTPC Green Energy, the low at 23.48 times for ReNew Energy Global PLC and the average at 89.24 times. The P/E for Sembcorp Green Infra is not given until the issue price is set. The figures for ReNew Energy Global PLC are in US dollars.
| Company | Diluted EPS | P/E | RoNW |
|---|---|---|---|
| Sembcorp Green Infra (FY26) | ₹0.94 | Set with the issue price | 3.71% |
| NTPC Green Energy | ₹0.62 | 147.47x | 2.76% |
| Adani Green Energy | ₹9.65 | 136.79x | 8.27% |
| ACME Solar Holdings | ₹8.16 | 49.22x | 9.86% |
| ReNew Energy Global PLC | $0.29 | 23.48x | 8.25% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 34)- Offtaker concentrationThe top ten offtakers gave 75.10% of gross billed revenue from power generation in FY26. (Risk factor 1, p. 24)
- Project executionGrowth depends on executing projects, and construction delays or higher finance or construction costs could lead to time and cost overruns or penalties. (Risk factor 3, p. 28)
- Operational problemsOperational problems may reduce energy production and need significant spending to put right. (Risk factor 4, p. 30)
- Government offtakersAs of 31 March 2026, 85.40% of operational capacity and 90.24% of total contracted capacity was contracted with central or state government entities, with limited room to negotiate terms. (Risk factor 5, p. 31)
- Power purchase agreementsPower purchase agreements may contain onerous terms whose breach could end them or cut tariffs, and tariffs are generally fixed. (Risk factor 6, p. 32)
- SuppliersThe top ten suppliers accounted for 44.90% of total purchases in FY26, and interruptions or price changes could affect operations. (Risk factor 9, p. 34)
Documents
Sembcorp Green Infra DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Sembcorp Green Infra IPO FAQs
When will the Sembcorp Green Infra IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 66 days ago (our calculation).
Has SEBI approved the Sembcorp Green Infra IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Sembcorp Green Infra IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Sembcorp Green Infra IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Sembcorp Green Infra IPO?
Axis Capital Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Sembcorp Green Infra do with the IPO money?
According to the DRHP, the fresh issue money goes to repayment or prepayment of certain borrowings of the company and certain subsidiaries (₹3,000.00 crore), and the rest to general corporate purposes.
What does Sembcorp Green Infra do?
Sembcorp Green Infra is a renewable independent power producer that develops, operates and maintains utility scale and complex renewable projects in India. Its projects are either single technology wind, solar or battery energy storage projects, or complex projects that combine wind, solar and storage, including round the clock and assured peak power supply projects. The company began in 2005 and works through flexible engineering, procurement and construction models with in-house operation and maintenance. The CRISIL report commissioned for the draft places it among the ten largest renewable independent power producers in India by operational capacity as of 31 March 2026.
Where can I read the Sembcorp Green Infra DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 September 2026. The draft is dated 26 August 2026 and runs to 654 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 26 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.