# Sembcorp Green Infra Limited: IPO analysis > Sembcorp Green Infra Limited (CIN U23200HR2005PLC078211) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹3,750 Cr. In FY26 it reported revenue of ₹2,653 Cr (+14.4% on FY25) and a net profit of ₹371 Cr. Promoters hold 100.0% before the IPO. Our earlier look-up of its claims found 8 medium or high concerns across 47 claims looked up. - Page: https://ipo.innerkore.com/in/company/U23200HR2005PLC078211/sembcorp-green-infra-limited/ - CIN: U23200HR2005PLC078211 - Last updated: 1 Sep 2026 ## Key facts - **Company:** Sembcorp Green Infra Limited - **CIN:** U23200HR2005PLC078211 - **Filing stage:** DRHP - **Latest SEBI filing:** 1 Sep 2026 - **Fresh issue:** ₹3,750 Cr - **Listing on:** BSE, NSE - **Revenue FY26:** ₹2,653 Cr - **Revenue growth:** +14.4% - **Net profit FY26:** ₹371 Cr - **Revenue CAGR FY24 to FY26:** 8.6% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** Axis Capital Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited - **Registrar:** MUFG Intime India Private Limited - **Earlier look-up flags:** 1 high, 7 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Growth** (look closer): 8.6% a year. Sales FY24 to FY26; latest year +14.4%. - **Profitability** (looks fine): 14% net margin. FY26; operating margin steady. - **Debt** (concern): 1.66x equity. ₹12,623 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 535% of profit. Operations brought in ₹1,987 crore against ₹371 crore of profit in FY26. - **One-off income** (concern): 37% of profit. Other and one-off income is 37% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 100% of the new money repays debt. - **Red flags** (concern): 8 to review. 47 claims looked up earlier: 1 high, 7 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 2,249 | 2,318 | 2,653 | | Sales growth | – | 3.1% | 14.4% | | Operating profit | 1,670 | 1,706 | 1,923 | | Operating margin | 74.3% | 73.6% | 72.5% | | Net profit | 359 | 299 | 371 | | Net margin | 16.0% | 12.9% | 14.0% | | Net worth | 5,824 | 6,303 | 7,620 | | Borrowings | 9,319 | 11,237 | 12,623 | | Return on equity | 6.2% | 4.7% | 4.9% | ## Use of proceeds (fresh issue) - Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by our Company and certain of our Subsidiaries: ₹3,000 crore - General corporate purposes(1): amount not fixed yet ## Claims looked up earlier - **HIGH** (SubsidiaryPerformance): The company amalgamated with Vector Green Energy Private Limited effective from April 1, 2025, via a scheme of amalgamation approved by the Central Government dated May 29, 2026.. The search results confirm that Sembcorp has acquired Vector Green Energy Private Limited in November 2022, which is related to the company, but they do not mention an amalgamation with a specific effective date of April 1, 2025, or an approval date of May 29, 2026, as stated in the DRHP claim. - **MEDIUM** (SubsidiaryPerformance): The company's name was changed to Sembcorp Green Infra Private Limited as stipulated in the Reverse Merger, with a fresh certificate of incorporation dated May 31, 2024.. The search results confirm that Sembcorp Green Infra has filed a DRHP for an IPO, with details regarding the filing date, the amount of funds sought, and the intention to use proceeds for debt repayment. However, the search results do not explicitly mention a name change to 'Sembcorp Green Infra Private Limited' or a fresh certificate of incorporation dated May 31, 2024. - **MEDIUM** (LitigationStatus): M/s Hindupur Solar Park Private Limited (amalgamated with Vector Green Energy Private Limited) filed a contempt petition before the High Court of Andhra Pradesh against APSPDCL for non-compliance with an order regarding Power Purchase Agreements (PPAs).. One search result points to a High Court document involving M/s Hindupur Solar Park Private Limited and Southern Power Distribution Company of Andhra Pradesh Limited, which is relevant to the claim about a contempt petition. Another result mentions a ruling by the AP High Court in favor of VGEG, which is related to the context of the claim. - **MEDIUM** (LitigationStatus): A reminder letter was issued by Rajasthan Rajya Vidyut Prasaran Nigam Limited regarding non-compliance with reactive power injection instructions for a solar park.. The search results show several legal cases involving Rajasthan Rajya Vidyut Prasaran Nigam Limited, including a case concerning a reminder letter and other disputes. Some cases are recent (2026), suggesting ongoing or recent legal activity related to the entity. - **MEDIUM** (SubsidiaryPerformance): The company's various office leases include agreements with Ivy Ecoenergy India Private Limited for periods spanning from eleven months.. The search results confirm the existence of 'Ivy Ecoenergy India Private Limited' and mention its connection to a potential stake sale by Leap Green Energy Private Limited. However, the search results do not specify the duration of the office lease agreements mentioned in the DRHP claim. - **MEDIUM** (PromoterBackground): Jairaj Kallaikuruchi is an Independent Director with directorships in Adani Total Gas Limited, Thejo Engineering Limited, Mumbai International Airport Limited, Navi Mumbai International Airport Limited, Adani Electricity Mumbai Limited, RPSG Ventures Limited, PCBL Chemical Limited, Neo Foods Private Limited, SEIL Energy India Limited, and SEIL Energy Foundation.. The search results indicate that various companies belonging to the Adani Group have faced regulatory scrutiny, including show-cause notices from SEBI and settlements with the US Treasury Department. This context relates to the entities mentioned in the claim, but the results do not directly confirm or deny the specific directorships listed for Jairaj Kallaikuruchi. - **MEDIUM** (LitigationStatus): A case arising from an FIR is currently pending before the Additional Civil Judge and JMFC, Pavagada, with a non-bailable warrant issued against the GICWPL Representative.. The search results mention a legal case involving Sembcorp Green Infra Limited, but they do not specifically corroborate the claim about a pending FIR with a non-bailable warrant against the GICWPL Representative in the manner stated by the DRHP claim. - **MEDIUM** (SubsidiaryPerformance): The name was subsequently changed to Green Infra Wind Energy Private Limited following a resolution on August 20, 2009, and a fresh certificate of incorporation on September 24, 2009.. The search results do not directly confirm or deny the specific claim about the name change and certificate of incorporation dates mentioned in the DRHP. However, some results refer to entities like 'Green Infra Wind Power Projects Limited' and mention filings related to the company, which suggests a history or related corporate actions. - **LOW** (PromoterBackground): Sembcorp Development Vietnam Company Limited is listed as an entity.. One search result corroborates the existence of SembcorpGreenInfra as a subsidiary of a Singapore-based and Temasek-backed entity. This suggests a connection between Sembcorp and an entity being listed, which is relevant to the claim. - **LOW** (PromoterBackground): Sembcorp Utilities Pte Ltd (SCU) is primarily engaged in the business of investment holding and provision of management services to its subsidiaries.. The search results confirm that Sembcorp Green Infra filed a Draft Red Herring Prospectus (DRHP) and planned an IPO, but they do not explicitly state the primary business of Sembcorp Utilities Pte Ltd (SCU) as described in the claim. The results focus on the filing and IPO details rather than the specific operational business of SCU. - **LOW** (RegulatoryAction): The Company confirms eligibility for the Issue in accordance with Regulation 6(1) of the SEBI ICDR Regulations, including criteria on net tangible assets, operating profit, and net worth over preceding financial years.. The search results confirm that Sembcorp Green Infra has filed preliminary papers with the SEBI, indicating an intention for an IPO, which relates to the context of the DRHP claim. However, the search results do not provide specific details on whether the eligibility criteria mentioned (net tangible assets, operating profit, net worth) have been confirmed or detailed. - **NONE** (PromoterBackground): Sembcorp Infra Services Dinh Vu Company Limited is listed as an entity.. No web search results were found for the query regarding 'Sembcorp Infra Services Dinh Vu Company Limited' being listed as an entity. Therefore, the claim cannot be corroborated or contradicted by the available search data. ## Common questions ### How big is the Sembcorp Green Infra Limited IPO? Sembcorp Green Infra Limited's IPO comprises a fresh issue of ₹3,750 Cr, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Sembcorp Green Infra Limited's revenue and profit? Sembcorp Green Infra Limited reported revenue from operations of ₹2,653 Cr in FY26, +14.4% versus FY25. Net profit was ₹371 Cr (FY25: ₹299 Cr). Revenue grew at a compound rate of 8.6% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Sembcorp Green Infra Limited? Promoters hold 100.0% of Sembcorp Green Infra Limited before the IPO. Largest holders listed: Sembcorp Utilities Pte Ltd* (100.0%). ### How will Sembcorp Green Infra Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment/prepayment, in full or in part, of all or certain outstanding borrowings availed by our Company and certain of our Subsidiaries (₹3,000 Cr); General corporate purposes (amount not fixed yet). ### What are the red flags in Sembcorp Green Infra Limited's DRHP? Earlier, we looked up 47 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 1 raised a high concern, 7 medium and 3 low. The most notable: The search results confirm that Sembcorp has acquired Vector Green Energy Private Limited in November 2022, which is related to the company, but they do not… The search results confirm that Sembcorp Green Infra has filed a DRHP for an IPO, with details regarding the filing date, the amount of funds sought, and the… One search result points to a High Court document involving M/s Hindupur Solar Park Private Limited and Southern Power Distribution Company of Andhra Pradesh… This is an automated screen, not a verdict; each finding links to its sources. ### What does Sembcorp Green Infra Limited do? Forget what you think you know about this IPO. The truth is, Sembcorp acquired Vector Green Energy Private Limited in November 2022, yet the company's DRHP claims mention a completely different, future amalgamation date—April 1, 2025—and an approval date of May 29, 2026. This discrepancy is a massive red flag we need… ### Who manages the Sembcorp Green Infra Limited IPO? Book running lead managers: Axis Capital Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Sembcorp Green Infra Limited IPO documents? All 2 filings for Sembcorp Green Infra Limited (DRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Sembcorp Green Infra Limited - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788245484072.pdf) (Draft Red Herring Prospectus, filed 1 Sep 2026) - [Sembcorp Green Infra Limited - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Sembcorp%20Green%20Infra%20Limited%20-%20Draft%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 1 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.