Renewable Energy + Energy Storage + Round-the-Clock Power
Company Overview
Sembcorp Green Infra Limited (SGIL) is the India renewable-energy platform of Singapore-based Sembcorp Industries, a Temasek-backed energy company.
The company was incorporated in India in 2005 and has built a large utility-scale renewable-energy portfolio across India. Its business covers wind, solar, hybrid renewable projects, battery energy storage systems (BESS), Round-the-Clock (RTC) renewable power and Firm & Dispatchable Renewable Energy (FDRE) projects.
As of 31 March 2026, Sembcorp Green Infra had 105 projects across 13 states and Union Territories, with approximately 3.60 GW operational capacity and a total portfolio of about 7.64 GW/GWh, including projects under construction/development and storage.
Official company website: Sembcorp India – Green Infra
Business Model
Sembcorp Green Infra operates primarily as a renewable independent power producer (IPP).
Its business model involves:
- Identifying renewable-energy projects
- Bidding for long-term power contracts
- Developing and constructing projects
- Financing projects through equity and debt
- Operating assets over long-term PPAs
- Selling electricity to government entities, utilities and other customers
- Integrating storage with renewable generation
- Developing complex RTC and FDRE projects
The company also maintains significant in-house engineering and operations & maintenance capabilities, supported by its digital platform Virtual Brain Renewables, which uses predictive maintenance and real-time monitoring.
Portfolio Snapshot
| Parameter | As of 31 March 2026 |
|---|---|
| Total portfolio | ~7.64 GW/GWh |
| Operational capacity | ~3.60 GW |
| Under construction/development | ~4.04 GW/GWh |
| Projects | 105 |
| Operational projects | 84 |
| States & UTs | 13 |
| Solar capacity | >3.4 GW |
| Wind capacity | >2.8 GW |
| Energy storage | >1.4 GWh |
| BESS under construction | 1,433 MWh |
The company’s own India business overview reports more than 7.6 GW/GWh of total capacity and more than 1.4 GWh of energy storage as of March 2026.
Renewable Energy Mix
☀️ Solar
Sembcorp has developed utility-scale solar projects across multiple Indian states.
Solar is an important component of its expansion strategy, particularly when combined with battery storage and hybrid generation.
🌬️ Wind
Wind is one of the company’s strongest operating segments.
As of March 2026, Sembcorp stated that it was among the top three wind operators among Indian IPPs by operational capacity, with the largest in-house managed wind portfolio among Indian IPPs.
🔋 Energy Storage
Energy storage is becoming increasingly important to Sembcorp’s Indian strategy.
The company had 1,433 MWh of BESS under construction as of March 2026.
Storage enables renewable electricity generated during periods of high solar/wind output to be supplied during periods of higher demand.
⚡ RTC & FDRE
Sembcorp is increasingly targeting:
Renewable Power + Storage = Dispatchable Renewable Energy
Its FDRE project with SJVN, for example, involves approximately 750 MW of solar and battery-storage capacity to supply contracted 150 MW firm and dispatchable renewable power.
Long-Term Power Purchase Agreements
One of the important characteristics of the business is its long-term contracted revenue base.
According to the DRHP analysis, operational projects had a weighted-average remaining PPA tenure of approximately 16.07 years as of 31 March 2026.
For operational projects plus contracted projects under construction, the weighted-average remaining PPA tenure was approximately 19.03 years.
Long-term PPAs can provide revenue visibility, although actual cash flows remain dependent on project availability, counterparties, tariffs and other contractual factors.
FY26 Financial Performance
Sembcorp Green Infra’s restated consolidated financials show:
| ₹ Crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 2,249.18 | 2,318.29 | 2,652.50 |
| EBITDA | 1,822.75 | 1,837.11 | 2,098.73 |
| PAT | 359.36 | 298.83 | 371.08 |
FY26 revenue increased approximately 14.4% YoY, while PAT increased approximately 24.2% YoY from FY25.
FY26 Margins
- EBITDA margin: approximately 79%
- PAT margin: approximately 14%
The high EBITDA margin reflects the asset-heavy IPP model, where once renewable assets are operational, operating costs can be relatively predictable.
Balance Sheet
FY26 restated consolidated balance-sheet figures include:
| Parameter | FY26 |
|---|---|
| Total Assets | ₹22,539.65 Cr |
| Total Borrowings | ₹12,623.38 Cr |
| Cash & Cash Equivalents | ₹568.89 Cr |
| Trade Receivables | ₹408.03 Cr |
| Net Worth / Equity measures | Significant capital base |
The business is therefore highly capital intensive and debt funded, which is typical for large renewable infrastructure platforms but makes interest costs, refinancing and project cash flows important considerations.
Acquisition & Expansion History
Sembcorp has expanded its Indian renewable portfolio through both organic development and acquisitions.
Two significant transactions were:
Vector Green Energy
Sembcorp acquired Vector Green Energy in January 2023.
Leap Green Energy
Sembcorp acquired Leap Green Energy in February 2024.
These acquisitions expanded Sembcorp’s renewable portfolio and strengthened its operating platform in India.
Parent Company
Sembcorp Green Infra is ultimately backed by Sembcorp Industries Limited, which is listed in Singapore.
Sembcorp Industries operates across:
- Renewable energy
- Gas and related services
- Integrated urban solutions
- Decarbonisation solutions
Temasek Holdings is the largest shareholder of Sembcorp Industries, with approximately 48.93% reported in August 2026.
This gives Sembcorp Green Infra access to the broader group’s capital, technical capabilities and international renewable-energy experience.
Promoter / Shareholding
As of the DRHP, the company was 100% promoter-owned.
The promoter structure is centered around:
Sembcorp Utilities Pte. Ltd.
which is a wholly owned subsidiary of Sembcorp Industries Limited.
The company had approximately 398.04 crore equity shares outstanding before the IPO, with a face value of ₹10 each.
IPO — Major Development
This is now one of the most important developments for the company.
Sembcorp Green Infra filed its Draft Red Herring Prospectus (DRHP) with SEBI in August 2026, with the SEBI filing dated 1 September 2026.
The proposed IPO is:
Up to ₹3,750 crore Fresh Issue
There is currently no Offer for Sale (OFS) component.
That means the money raised through the IPO will go to the company rather than existing shareholders selling their holdings.
IPO Fund Utilisation
Approximately:
₹3,000 crore
is proposed to be used for repayment/prepayment of borrowings of the company and certain subsidiaries.
The remaining amount is proposed for general corporate purposes, subject to the final offer documents.
This means the IPO is also intended to support balance-sheet deleveraging.
IPO Status
The IPO is currently at the DRHP stage.
Important distinction:
DRHP filed ≠ IPO approved ≠ IPO launched.
The company has filed its draft offer document with SEBI, but the final IPO price band, issue dates and final offer structure are not yet fixed.
The company’s own investor-relations page hosts the DRHP and IPO documentation.
SEBI filing: Sembcorp Green Infra DRHP – SEBI
IPO Structure
| Particular | Details |
|---|---|
| IPO Size | Up to ₹3,750 Cr |
| Issue Type | Fresh Issue |
| OFS | None |
| Face Value | ₹10 |
| Pre-IPO Shares | ~398.04 Cr |
| Proposed Listing | NSE & BSE |
| Price Band | Not announced yet |
| IPO Dates | Not announced yet |
| Major IPO Objective | Debt repayment / prepayment |
| Promoter Holding Pre-IPO | 100% |
A pre-IPO placement of up to ₹750 crore may also be considered, which could reduce the eventual fresh issue size, subject to the final offer documents.
Key Competitive Strengths
1. Large Operating Portfolio
With approximately 3.6 GW operational capacity, Sembcorp already has a substantial renewable-energy asset base.
2. Strong Wind Platform
The company ranks among the leading wind operators among Indian IPPs by operational capacity.
3. Storage Integration
Its increasing focus on BESS, hybrid, RTC and FDRE projects differentiates it from conventional standalone solar/wind developers.
4. Long-Term PPAs
A significant portion of operating capacity is contracted under long-term arrangements, supporting revenue visibility.
5. Parentage
The Sembcorp/Temasek connection provides access to an established international energy platform.
6. High Bid Success in Complex Projects
The company reported a 77.32% bid success ratio for complex projects during FY24–FY26 in the IPO disclosures.
Growth Drivers
India’s Renewable Capacity Expansion
India continues to add solar and wind capacity, creating a large addressable market for renewable IPPs.
Battery Storage
Increasing renewable penetration creates demand for grid-scale storage.
RTC Renewable Power
Commercial and industrial customers increasingly need reliable renewable electricity rather than intermittent generation.
FDRE Projects
Firm and dispatchable renewable projects combine renewable generation with storage to deliver power according to contracted requirements.
Digitalisation
Sembcorp’s Virtual Brain Renewables platform uses AI/ML, predictive maintenance and real-time monitoring to improve asset operations.
Acquisitions
The company has demonstrated its willingness to grow through strategic acquisitions alongside organic project development.
Key Risks
High Debt
FY26 total borrowings were approximately ₹12,623 crore.
The IPO’s proposed use of ₹3,000 crore toward debt repayment shows that deleveraging is an important part of the company’s capital strategy.
Interest Rate & Refinancing Risk
Renewable projects require large upfront capital expenditure. Higher financing costs can affect project returns.
Customer Concentration
The DRHP disclosures indicate that the top 10 offtakers accounted for 75.10% of gross revenue from power generation in FY26.
SECI alone contributed approximately 24.43% of FY26 gross revenue from power generation billed.
Project Execution
The company has a significant under-construction and development pipeline. Delays in land acquisition, transmission connectivity, equipment, construction or approvals could affect returns.
Renewable Resource Risk
Solar irradiation, wind conditions and plant availability influence actual generation.
Competitive Bidding
India’s renewable sector is highly competitive, and aggressive tariffs can reduce project returns.
IPO Valuation Risk
The final IPO valuation has not yet been established. The eventual price band and post-IPO valuation will be important in determining how the market values the company.
Unlisted / Pre-IPO Share Consideration
Sembcorp Green Infra remains unlisted at present, but it is no longer simply a conventional unlisted-share story because a formal DRHP has been filed.
There is no official NSE/BSE market price currently.
Private-market quotes, if available, should therefore be treated as indicative and should be checked against:
- Exact ISIN
- Number of shares
- Latest DRHP
- Potential IPO dilution
- Expected valuation
- Transfer restrictions
- Seller availability
- Settlement terms
I would not use an unverified dealer quote as the company’s official valuation.
Valuation Framework for Investors
The most important upcoming valuation data points will be:
Final IPO Price Band → Market Capitalisation → EV/EBITDA → P/E → Debt/EBITDA → Renewable Capacity Valuation
Because the company has very high EBITDA but also substantial debt, investors should look beyond P/E alone.
For a renewable IPP, metrics such as:
- EV/EBITDA
- Debt/EBITDA
- Cash-flow generation
- PPA tenure
- MW under construction
- Storage capacity
- Project IRRs
- Cost of debt
are particularly relevant.
UnlistedCart Takeaway
Sembcorp Green Infra is moving from an unlisted renewable-energy company toward a potential major listed renewable-energy IPO.
The key investment story is:
3.6 GW Operational + 7.64 GW/GWh Portfolio + 1.43 GWh BESS Under Construction + RTC/FDRE + ₹3,750 Cr Proposed IPO
The company has a sizeable operating portfolio, long-term PPAs, strong parentage and increasing exposure to storage-backed renewable power.
At the same time, the business carries substantial debt and has meaningful offtaker concentration. The proposed IPO’s allocation of approximately ₹3,000 crore toward debt repayment/prepayment is therefore an important part of the current story.
For an unlisted investor, the most important next step is not simply the current private-market quote but understanding the eventual IPO valuation and how much dilution occurs after the fresh issue.
Quick Snapshot
| Parameter | Sembcorp Green Infra |
|---|---|
| Incorporated | 2005 |
| Current Name | Sembcorp Green Infra Limited |
| CIN | U23200HR2005PLC078211 |
| Headquarters | Gurugram, Haryana |
| Parent | Sembcorp Industries |
| Ultimate Backing | Temasek-backed Sembcorp Industries |
| Business | Renewable Energy IPP |
| Operational Capacity | ~3.60 GW |
| Total Portfolio | ~7.64 GW/GWh |
| Projects | 105 |
| States/UTs | 13 |
| BESS under construction | 1,433 MWh |
| FY26 Revenue | ₹2,652.5 Cr |
| FY26 EBITDA | ₹2,098.7 Cr |
| FY26 PAT | ₹371.1 Cr |
| FY26 Borrowings | ₹12,623 Cr |
| FY26 Assets | ₹22,539.7 Cr |
| Proposed IPO | ₹3,750 Cr |
| OFS | Nil |
| Proposed Debt Repayment | ₹3,000 Cr |
| Pre-IPO Shares | ~398.04 Cr |
| Face Value | ₹10 |
| Proposed Listing | NSE & BSE |
| IPO Price Band | Not announced |
| IPO Dates | Not announced |
| Key Theme | Renewables + Storage + RTC/FDRE |
Important Links
Official Sembcorp India: Sembcorp India
Sembcorp Green Infra Business Overview: Sembcorp Green Infra – Business Overview
IPO Investor Relations: Sembcorp Green Infra – Investor Relations
IPO Financials: Sembcorp Green Infra – IPO Financials
DRHP / Offer Documents: Sembcorp Green Infra – Offer Documents
SEBI DRHP Filing: SEBI – Sembcorp Green Infra DRHP
Annual Reports & Financial Statements: Sembcorp Green Infra – Reports & Results
Sembcorp Industries: Sembcorp Industries
For more such unlisted stocks visit UnlistedCart – Unlisted Shares
Disclaimer: This report is for informational and research purposes only and is not investment advice. Sembcorp Green Infra’s IPO is currently based on a DRHP and the final price band, issue dates, final issue size and other terms may change. Unlisted/pre-IPO transactions involve liquidity, transfer and valuation risks. Investors should read the final RHP/prospectus and independently verify all financial and transaction information before investing.
