Juniper Green Energy Ltd. IPO

Juniper Green Energy

• Juniper Green Energy is coming out with a 100% book building; initial public offering (IPO) of 8,41,22,317 shares of face value Rs 10 each in a price band Rs 214 - 225 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 30, 2026 and will close on August 3, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 21.40 times of its face value on the lower side and 22.50 times on the higher side.
• Book running lead managers to the issue are ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and Kotak Mahindra Capital Company.
• Compliance officer for the issue is Prashant Pandia. 

Profile of the company 

Juniper Green Energy is among the top 10 largest renewable independent power producer (IPPs) in India, where total capacity includes operational, under construction contracted and awarded projects. It develops, builds, operates and maintains utility scale renewable energy projects through its in-house EPC team and O&M team, and generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities. Apart from solar projects, its portfolio also includes wind energy projects and a focus on complex renewable energy projects, such as wind-solar hybrid (WSH) and firm and dispatchable renewable energy (FDRE) projects with battery energy storage systems (BESS).

The company has expanded its presence geographically in regions such as Gujarat, Rajasthan, Madhya Pradesh and Maharashtra.  As part of its in-house capabilities, it manages the 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. It adopts a selective and strategic approach to auctions, backed by in-depth regulatory and commercial analysis, identify high-potential sites using Geographic Information System (GIS) tools, irradiance datasets and wind resource assessments.

Proceed is being used for: 

• Repayment/pre-payment, in full or part, of certain borrowings availed by the company
• Investing in one of its Material Subsidiaries namely Juniper Green Gamma One Private Limited, and its Subsidiaries namely 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
• General corporate purposes

Industry overview

The Renewable Energy (RE) sector in India stands as a cornerstone of the nation’s commitment to sustainable development, harnessing clean energy sources that generate electricity without the deleterious emissions associated with fossil fuel combustion. By accelerating the adoption of renewable energy, India aims to significantly mitigate carbon emissions, thereby contributing to global efforts to combat climate change and preserve environmental integrity. In contrast to finite conventional resources, renewable source is abundant across India’s diverse topography, from the solar-abundant regions of Rajasthan to the wind-rich coastal belts of Gujarat and Tamil Nadu, offering resilience against resource depletion.

Renewable energy installations (including large hydro) have increased to around 275 GW as of March 2026, as compared with around 63 GW as of March 2012, led by various central and state-level incentives. As of March 2026, installed grid connected RE generation capacity (including large hydro) in India constituted around 51.56% of the total installed generation base in India.

With the increased support of the Government and improved economics, the RE sector has become attractive from an investor’s perspective. India’s renewable energy market is led by solar and wind, which are already charting a significant growth trajectory. During Fiscals 2019-26, India added around around 159 GW of RE (including large hydro) capacities. The installed RE (including large hydro) capacity has grown from 114 GW in Fiscal 2018 to 275 GW in Fiscal 2026 at a CAGR of 11.51%. Solar segment led the capacity additions with cumulative additions of around 129 GW followed by wind around 22 GW during the same period. The other RE sources added around 8 GW during the same period.

Pros and strengths 

Proven ability to secure land and establish robust connectivity well in advance: The company has a proven ability to secure land and obtain grid connection approvals in advance. As at June 30, 2026, it has sufficient connectivity available for its Under Construction Projects. Even after allocating grid permits to all its Under Construction Projects, it has surplus connectivity available to further its operations. It evaluates potential land acquisitions in RE Potential Zones on an ongoing basis. Its project development team comprising 106 employees as at June 30, 2026, identifies and secures land using advanced tools with preliminary screening using GIS, reanalysis datasets, the Global Wind Atlas and solar irradiance data to identify regions with high wind and solar resource potential.

Long-term power purchase agreements with central and state government off-takers: Operating on a ‘Build-Own-Operate’ model, it enters into power purchase agreements (PPAs) with off-takers, pursuant to which it develops, builds, owns, operates and maintains utility scale grid connected power projects and generate revenue through the sale of electricity under these PPAs. It executes all its PPAs before the commissioning of its projects. Consequently, once the plant is commissioned and connected to the grid, it can immediately sell electricity in accordance with the contractual arrangements. Additionally, its long-term PPAs have enabled it to enter into long-term financing agreements with various financial institutions.

Established supply chain de-risking strategy, ensuring timely procurement and quality of the critical components: Its procurement team sources critical components such as solar modules, wind turbines and transformers in advance which aids in de-risking in its supply chain. Furthermore, it directly sources its critical components and equipment from market leaders such as Envision, Suzlon, First Solar, Waaree, Goldi, Sungrow and TBEA. Newer wind turbines are being launched that have higher rated capacity upto 5,200 kW and higher hub height (upto 160 m with rotor diameter of more than 160 m), which can be set up at low-quality wind sites, otherwise considered economically unattractive. These improvements in technology will enable capacity additions outside the windy regions, and allow it to transition from key windy regions to other areas, thereby driving capacity additions. It has secured and is in the process of securing long-term agreements for its critical components to mitigate risks in its O&M business.

Strong track record of delivering projects ahead of schedule: The company has established a track record of commissioning most of its operational projects ahead of schedule and ahead of other IPPs in the respective bids thereby showcasing its expertise in timely project execution. The company has commissioned its operational projects ahead of schedule on a weighted average of 147 days since the commencement of its renewable energy operations, with one of its solar Operational Projects commencing 552 days ahead of schedule and one of its wind Operational Projects commenced 222 days ahead of schedule on a weighted average basis.

Risks and concerns

Dependence on a limited number of Off-Takers: The company is dependent on certain key off-takers for a significant portion of its revenue. It enters into long-term PPAs with its off-takers which are typically for 25 years, pursuant to which it develops, builds, owns, operates and maintains utility scale grid connected power projects, and generate revenue through the sale of electricity under these PPAs. A significant portion of its revenue from operations is derived from the sale of electricity generated at its projects and its top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect its business, results of operations, financial condition and cash flows.

Reliance on limited number of suppliers: The company is highly dependent on certain suppliers to, among other things, provide quality goods on a timely basis. This includes contracts it enters into with vendors to supply equipment, materials and other goods for the construction and operation of its projects as well as for other business operations. While it tries to maintain a diversified set of vendors, it remains subject to the risk that vendors may not perform their obligations in full or at all. Its top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of its total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of its critical components and other goods could adversely affect its business operations, financial position and cash flows.

Intense competition in renewable energy project auctions: It participates in highly competitive renewable energy project auctions. It competes for project awards based on, among other things, (i) the regulatory and policy framework, including incentives and long-term stability; (ii) the creditworthiness of the off-taker to mitigate payment risks; (iii) the availability of evacuation infrastructure, transmission systems and other essential facilities such as water, roads and communication networks; (iv) the competitive landscape; and (v) bid restrictions, including maximum and minimum capacity limits. Every auction is assessed against its key financial and operational benchmarks to determine bid feasibility and if these parameters vary from what it had anticipated, the profitability of successful bids may be adversely affected. Any change in the auction process, and factors that influence its decision to participate in the bidding process may adversely impact its ability to expand its portfolio and impact its business, results of operations and cash flows.

Challenges in securing land rights and regulatory approvals: Its development of renewable energy projects may be restrained by its inability to identify or acquire suitable land sites. If it is unable to identify suitable land on commercially acceptable terms, its ability to develop new renewable energy projects on a timely basis or at all might be affected, which could result in the imposition of liquidated damages and/or reductions in tariffs which could adversely affect its business, financial condition, cash flows and results of operations. Additionally, securing the necessary land rights often involves complex and time-consuming negotiations with multiple landowners and local communities to establish rights-of-way (ROW). Local opposition, disputes over land ownership, compensation demands and regulatory hurdles related to land acquisition can create significant challenges.

Outlook  

Juniper Green Energy and its subsidiaries are engaged in the business of setting up, operating, generating, supplying, and selling power in the renewable energy sector. They own and operate various solar/wind/BESS energy projects with installed capacity of 1,424.84 MW in various states. These projects are intended to sell the power generated, under long-term power purchase agreements with State Electricity Boards and on merchant basis, in the open market. On the concern side, it has entered into power purchase agreements with several central government or state government entities and have limited ability to negotiate the terms of such power purchase agreements which may contain onerous terms and any breach of these terms could result in the termination, and in turn could have a material adverse effect on its business, cash flows, financial condition and results of operations.

The issue has been offering 8,41,22,317 shares in a price band of Rs 214-225 per equity share. The aggregate size of the offer is around Rs 18,00.22 crore to Rs 1,892.75 crore based on lower and upper price band respectively. Minimum application is to be made for 66 shares and in multiples thereon, thereafter. On performance front, total income increased by 41.27% from Rs 5,697.80 million for Fiscal 2025 to Rs 8,049.30 million for Fiscal 2026. It recorded a net profit for Fiscal 2026 of Rs 404.64 million as compared to net profit for Fiscal 2025 of Rs 364.78 million.

Meanwhile, its financing strategy is centered on maintaining a prudent mix of equity and long-term debt, tailored to each project’s lifecycle and cash flow profile. Through strong relationships with a broad base of financial institutions, it secures competitively structured funding with flexible tenors and repayment terms. These arrangements are designed to align with project milestones and support efficient capital deployment including during the construction phase. It has also undertaken refinancing initiatives to lower borrowing costs and enhance overall financial efficiency. In addition to long-term project debt, it has established working capital lines and bank guarantee limits with reputed banks. These facilities play a critical role in supporting execution-related requirements such as land acquisition, grid connectivity, bid securities and procurement obligations.

The revenue zoomed 21.03% to Rs. 35588.70 millions for the quarter ended June 2026 as compared to Rs. 29404.70 millions during the corresponding quarter last year.A humble growth in net profit of 8.03% reported in the quarter ended June 2026 to Rs. 3700.70  millions from Rs. 3425.50 millions.Operating Profit saw a handsome growth to 5397.10 millions from 5009.10 millions in the quarter ended June 2026.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202512	202412	% Var
Sales	35588.70	29404.70	21.03	67429.30	59505.40	13.32	132027.30	121883.10	8.32
Other Income	926.70	997.50	-7.10	1923.10	1920.80	0.12	3523.60	3534.00	-0.29
PBIDT	5397.10	5009.10	7.75	10477.50	11528.40	-9.12	23953.60	26586.30	-9.90
Interest	17.10	41.80	-59.09	55.20	88.70	-37.77	198.90	164.50	20.91
PBDT	5380.00	4967.30	8.31	10422.30	11439.70	-8.89	23754.70	26421.80	-10.09
Depreciation	392.30	353.50	10.98	815.90	689.30	18.37	1455.30	1289.20	12.88
PBT	4987.70	4613.80	8.10	9606.40	10750.40	-10.64	22299.40	25132.60	-11.27
TAX	1287.00	1188.30	8.31	2486.60	2751.80	-9.64	5605.40	6386.50	-12.23
Deferred Tax	-180.00	132.30	-236.05	-206.90	219.40	-194.30	389.20	77.70	400.90
PAT	3700.70	3425.50	8.03	7119.80	7998.60	-10.99	16694.00	18746.10	-10.95
Equity	423.80	423.80	0.00	423.80	423.80	0.00	423.80	423.80	0.00
PBIDTM(%)	15.17	17.04	-10.98	15.54	19.37	-19.80	18.14	21.81	-16.83

The revenue for the June 2026 quarter is pegged at Rs. 7854.10 millions, about 6.05% up against Rs. 7405.70 millions recorded during the year-ago period.The Total revenue for the quarter ended June 2026 of  Rs. 53.10  millions  grew by 637.50% from Rs. 7.20 millions.Operating profit surged to 363.40 millions from the corresponding previous quarter of 306.80 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	7854.10	7405.70	6.05	7854.10	7405.70	6.05	28065.10	26550.00	5.71
Other Income	58.50	80.60	-27.42	58.50	80.60	-27.42	234.10	189.60	23.47
PBIDT	363.40	306.80	18.45	363.40	306.80	18.45	1954.30	1870.40	4.49
Interest	158.20	157.70	0.32	158.20	157.70	0.32	487.60	502.80	-3.02
PBDT	205.20	149.10	37.63	205.20	149.10	37.63	1466.70	1367.60	7.25
Depreciation	130.60	138.00	-5.36	130.60	138.00	-5.36	621.00	619.20	0.29
PBT	74.60	11.10	572.07	74.60	11.10	572.07	845.70	748.40	13.00
TAX	21.50	3.90	451.28	21.50	3.90	451.28	205.00	226.90	-9.65
Deferred Tax	8.50	2.00	325.00	8.50	2.00	325.00	57.80	97.60	-40.78
PAT	53.10	7.20	637.50	53.10	7.20	637.50	640.70	521.50	22.86
Equity	643.00	643.00	0.00	643.00	643.00	0.00	643.00	653.80	-1.65
PBIDTM(%)	4.63	4.14	11.69	4.63	4.14	11.69	6.96	7.04	-1.15

The company witnessed a 18.14% growth in the revenue at Rs. 11900.80 millions for the quarter ended June 2026 as compared to Rs. 10073.20 millions during the year-ago period.Profit for the quarter ended June 2026 rises by 56.29% to Rs. 1557.70  millions from Rs. 996.70 millions.Operating profit surged to 2415.30 millions from the corresponding previous quarter of 1646.00 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	11900.80	10073.20	18.14	11900.80	10073.20	18.14	43743.10	42188.20	3.69
Other Income	223.10	186.40	19.69	223.10	186.40	19.69	792.90	678.50	16.86
PBIDT	2415.30	1646.00	46.74	2415.30	1646.00	46.74	7741.50	5577.30	38.80
Interest	22.10	16.80	31.55	22.10	16.80	31.55	87.20	88.80	-1.80
PBDT	2393.20	1629.20	46.89	2393.20	1629.20	46.89	7437.20	4364.70	70.39
Depreciation	299.20	288.60	3.67	299.20	288.60	3.67	1179.20	1172.20	0.60
PBT	2094.00	1340.60	56.20	2094.00	1340.60	56.20	6258.00	3192.50	96.02
TAX	536.30	343.90	55.95	536.30	343.90	55.95	1690.30	1151.10	46.84
Deferred Tax	-14.10	-3.80	271.05	-14.10	-3.80	271.05	-17.30	-22.50	-23.11
PAT	1557.70	996.70	56.29	1557.70	996.70	56.29	4567.70	2041.40	123.75
Equity	159.30	159.30	0.00	159.30	159.30	0.00	159.30	159.30	0.00
PBIDTM(%)	20.30	16.34	24.20	20.30	16.34	24.20	17.70	13.22	33.87

The revenue for the June 2026 quarter is pegged at Rs. 6738.00 millions, about 8.57% up against Rs. 6206.00 millions recorded during the year-ago period.A humble growth in net profit of 14.89% reported in the quarter ended June 2026 to Rs. 540.00  millions from Rs. 470.00 millions.Operating Profit saw a handsome growth to 920.00 millions from 791.00 millions in the quarter ended June 2026.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	6738.00	6206.00	8.57	6738.00	6206.00	8.57	28281.00	29014.00	-2.53
Other Income	160.00	124.00	29.03	160.00	124.00	29.03	474.00	408.00	16.18
PBIDT	920.00	791.00	16.31	920.00	791.00	16.31	4357.00	4000.00	8.93
Interest	20.00	6.00	233.33	20.00	6.00	233.33	68.00	51.00	33.33
PBDT	900.00	785.00	14.65	900.00	785.00	14.65	3875.00	4057.00	-4.49
Depreciation	173.00	152.00	13.82	173.00	152.00	13.82	643.00	584.00	10.10
PBT	727.00	633.00	14.85	727.00	633.00	14.85	3232.00	3473.00	-6.94
TAX	187.00	163.00	14.72	187.00	163.00	14.72	842.00	852.00	-1.17
Deferred Tax	-19.00	-41.00	-53.66	-19.00	-41.00	-53.66	52.00	-143.00	-136.36
PAT	540.00	470.00	14.89	540.00	470.00	14.89	2390.00	2621.00	-8.81
Equity	159.00	159.00	0.00	159.00	159.00	0.00	159.00	159.00	0.00
PBIDTM(%)	13.65	12.75	7.13	13.65	12.75	7.13	15.41	13.79	11.75