IPO Centre - New Issue Monitor
Green power play
Juniper Green Energy develop, build, operate and maintain utility scale renewable energy projects through its in-house EPC team and O&M team,. It generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities. Its renewable energy project portfolio includes both Solar and Wind projects as well as complex renewable energy projects, such as WSH and FDRE projects with BESS.
It is among the top 10 largest renewable independent power producer ('IPPs') in India in terms of total capacity (including operational, under construction contracted and awarded projects) as at March 31, 2026.
Total Capacity of the company as end of Jun 30, 2026 stands at 7,910.20 MW (10,247.06 MWp of DC capacity) of which operational was 1794.80 MW. Additionally it have a operational BESS capacity of 503.20 MWh as end of Jun 2026.
The capacity under construction contracted projects was 2875.40 MW (with BESS of 3010.68 MWh) and projects awarded under construction was 3240 MW (BESS 1050MWh). Of the operational projects capacity of 1794.80 MW of AC installed capacity, the total contracted capacity is 935 MW of Solar, 209.30 MW of Wind, 242.10 MW of WSH and 174.37 MW of FDRE.
Capacity of the company is spread across geographical regions such as Gujarat, Rajasthan, Madhya Pradesh and Maharashtra, which accounted for 38.03%, 37.72%, 1.95% and 22.30% of its total capacity, respectively, as at June 30, 2026.
Its inhouse capability include managing end-to-end lifecycle of renewable energy project development across all critical stages, including: (i) bidding and auction; (ii) site prospecting; (iii) land acquisition and grid permits; (iv) engineering and technology; (v) procurement; (vi) project financing; (vii) plant construction and commissioning; and (viii) O&M
As at June 30, 2026, it had a diverse base of off-takers, comprising central government entities such as SECI, SJVN, NHPC and NTPC, state government entities like GUVNL and MSEDCL, and private entities such as The Tata Power Company Limited ('TPCL'). In FY26 about 86.07% of revenue from operations came from GUVNL (39.85%), MSEDCL (46.21%) and SJVN (0.01%).
As at June 30, 2026, 97.68% of its total capacity (in terms of MWp) is backed by long-term PPAs which are typically for 25 years with creditworthy counterparties with ratings of 'A' or above, providing visibility on stable and predictable cash flows with the balance comprising merchant projects. However PPAs may be structured with off-takers who are responsible for subsequently securing power sale agreements ('PSAs') with distribution companies. The timely completion and commercial operation of projects can be dependent on the off-taker's ability to successfully negotiate and execute these PSAs.
The company with a focus on complex renewable energy projects, is ranked as the second largest bidder in terms of total capacity won in WSH and FDRE tenders concluded between April 1, 2021 to March 31, 2026 and had a 96.80% conversion rate for WSH and FDRE tenders won between April 1, 2021 to March 31, 2026.
As at June 30, 2026, the company had an existing land bank of more than 12,000 acres for the installation of solar projects and more than 300 WTG locations in states like Rajasthan, Maharashtra, Gujarat and Madhya Pradesh, which have high renewable energy resources potential.
The issue and object of the offer
The Issue comprises fresh issue of equity shares of Rs 10 face value aggregating up to Rs 1800 crore.
Of the net proceeds, the company intends to use Rs 683.235 crore towards repayment/pre-payment, in full or part of certain borrowings availed by the company and Rs 728.686 towards Investment in one of its material subsidiaries namely Juniper Green Gamma One Private Limited, Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings.
Outstanding borrowings on consolidated basis as end of Jun 30, 2026 stood at Rs 13266.044 crore.
Strength
One among top 10 renewable energy IPPs (independent power producers) in India with end-to-end in-house capabilities in developing and operating renewable energy projects.
Proven ability to secure land and establish robust connectivity well in advance. Have sufficient connectivity available for all its Under Construction Projects as at June 30, 2026.
Have long-term power purchase agreements with central and state government off-takers and fixed tariff structures, enabling long-term and stable cash flows. As of June 30, 2026, all PPAs are for 25 years save for the PPA entered into by Juniper Green Ray Two Private Limited which is for 20 years.
Operating in India's RE sector, which is set for significant expansion, supported by growing demand, favorable policies and innovative projects.
Weakness
Top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively.
Juniper Renewable Holdings, one of the promoters of the company has encumbered some of its Equity Shares in favor of the Indian Renewable Energy Development Agency Limited. The Pledged Shares have been temporarily released from pledge, in accordance with the requirements of the SEBI ICDR Regulations, subject to certain conditions mentioned in the letter from IREDA dated July 31, 2025, and shall be re-pledged within 60 days from the date of listing and commencement of trading of the Equity Shares pursuant to the Issue.
All renewable energy projects are located in the states of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.
The business is subject to environmental conditions, seasonal fluctuations and natural calamities that may have an adverse impact the business operations.
The reduction, modification or cancellation of government and economic incentives may reduce the economic benefits of existing renewable energy projects and opportunities to develop or acquire new renewable energy projects.
Do not own a majority of the land on which its projects are located or will be located and may locate on land leased/owned from third parties or group.
Projects are bagged by participation in highly competitive renewable energy project auctions.
Have limited experience in commissioning WSH and FDRE projects even though it have experience in commissioning solar and wind power projects.
Potential delays in the tariff adoption by regulatory authorities for renewable energy projects post receiving the letter of awards could have an adverse effect on its business.
There is only a limited pool of buyers of utility-scale electricity.
Company is a party to an arbitration proceeding involving its former chief executive officer and a complaint has also been filed by him with Securities and Exchange Board of India alleging coercion, bribery and unethical practices.
Changes in the price of solar modules, wind turbines, inverters and other materials due to changes in demand and other factors or underperformance by suppliers may cause cost overrun of under construction projects.
Restrictions on renewable energy equipment imports may increase costs of procurement of such equipment.
The company is required to schedule and forecast the power generated by its renewable energy projects for which it is dependent upon third party forecasting service providers. Any errors or inaccuracies could lead to penalties and have an adverse impact on business operations.
Have limited experience with merchant power plants where power is primarily sold through energy exchanges and carries inherent risk due to the variability and unpredictability of market prices.
Changes in technology may render its current technologies obsolete or require it to make substantial capital investments.
Valuation
Consolidated re-stated revenue stood higher by 41% to Rs 718.93 crore in FY 2026. But with the OPM expanding by 80 bps to 84.3%, OP was up by 43% to Rs 606.19 crore. Eventually, Pat after MI was higher by 11% to Rs 40.46 crore.
On expanded equity (at the upper price band), the EPS for FY2026 was Rs 0.7. The P/E at the upper price band works out to 321.4 times of its FY26 EPS. The company quotes at a P/BV of 2.5 times. The company quotes at EV/sales of 31.2 times and EV/operational capacity of Rs 2.8 crore/MW.
Outstanding borrowings on consolidated basis as end of Jun 30, 2026 stood at Rs 13266.044 crore. The company is to repay debt to the tune of Rs 1411.921 crore from net proceeds. Repayment of Rs 1411.921 crore will bring the borrowings down by about 11.91% resulting in lower interest outgo and boosting the net-profit substantially. The EPS forFY26 works out to Rs 1.8 if 11.91% of its interest cost is removed, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 125 times its FY26 EPS.
In comparison Adani Green Energy, ACME Solar and NTPC Green quotes at a PE of 121.5 times, 93.2 times and 163.5 times of their EPS for TTM period ended March 2026 and P/BV of 11.8 times, 5.5 times and 4.2 times respectively. EV/Operational capacity stands at Rs 16.98 crore/MW, Rs 11.08 crore/MW and Rs 9.3 crore/MW in case of Adani Green Energy, ACME Solar and NTPC Green Energy respectively.
| Juniper Green Energy : Re-stated Consolidated Financials |
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| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 391.55 | 508.68 | 718.93 | |||
| OPM (%) | 86.3 | 83.5 | 84.3 | |||
| OP | 337.95 | 424.58 | 606.19 | |||
| Other income | 32.90 | 61.10 | 86.00 | |||
| PBIDT | 370.84 | 485.69 | 692.18 | |||
| Interest | 191.20 | 264.41 | 400.13 | |||
| PBDT | 179.65 | 221.28 | 292.06 | |||
| Depreciation | 122.15 | 166.38 | 236.86 | |||
| PBT | 57.50 | 54.90 | 55.19 | |||
| EO Exp | 0.00 | 0.00 | 0.00 | |||
| PBT after EO | 57.50 | 54.90 | 55.19 | |||
| Tax | 17.43 | 18.42 | 14.73 | |||
| PAT | 40.06 | 36.48 | 40.46 | |||
| Share of Profit from Associates | 0.00 | 0.00 | 0.00 | |||
| Minority Interest | 0.00 | 0.00 | 0.00 | |||
| Net profit after MI | 40.06 | 36.48 | 40.46 | |||
| EPS (Rs)* | 0.7 | 0.6 | 0.7 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 568.99 crore. Face Value: Rs 10 | ||||||
| EPS is calculated after excluding EO and relevant tax | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Juniper Green Energy : Issue Highlights |
|
| Fresh Issue (Rs crore) | 1800 |
| Offer for sale (in nos.) | 0 |
| Price band (Rs.) ** |
|
| Upper | 225 |
| Lower | 214 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 568.99 |
| in Lower Price Band | 573.10 |
| Post-issue promoter (including promoter group) stake (%) | |
| in Upper price band | 85.94 |
| in Lower Price Band | 85.32 |
| Minimum Bid (in nos.) | 66 |
| Issue Open Date | 30-07-2026 |
| Issue Close Date | 03-08-2026 |
| Listing | BSE, NSE |
| Rating | 43 /100 |
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