Juniper Green Energy IPO

Strengths · 5

• 01It is among the top 10 renewable energy independent power producers in India by total capacity.
• 02Its portfolio is spread across solar, wind, hybrid and FDRE projects with battery storage, so it is not dependent on one technology.
• 03It does its own EPC and operations and maintenance work in-house, and has finished projects on time.
• 04Power is sold under long-term power purchase agreements, which gives steady and predictable cash flow.
• 05It is good at project development - buying land early, getting grid connection and managing the supply chain.

Risks · 8

• 01The issue is priced very high. At the upper band of Rs 225, the post-issue P/E works out to about 317 times FY2026 earnings of Rs 0.71 per share.
• 02Profit is very small compared to the size of the company. PAT was only Rs 40.46 crore in FY2026 on total income of Rs 804.93 crore, and RoNW was just 1.18%.
• 03Debt is very high. Total borrowings jumped from Rs 2,671.70 crore in FY2024 to Rs 12,920.54 crore in FY2026. Even after using Rs 1,411.92 crore of the issue money to repay loans, the debt will stay large.
• 04Profit has not grown much. PAT was Rs 40.06 crore in FY2024, Rs 36.48 crore in FY2025 and Rs 40.46 crore in FY2026, even though assets grew almost four times.
• 05A big part of the 7,910.20 MW portfolio is still under construction or only awarded. Building it will need more money and there is a risk of delay.
• 06The company sells power mainly to government backed buyers like SECI, NHPC, NTPC and SJVN. If they delay payments, cash flow will get affected.
• 07Solar and wind output depends on weather. A weak wind season or low sunlight can reduce power generation and income.
• 08Projects need land and grid connection. Any delay in getting land, approvals or transmission connectivity can push back commissioning.

Juniper Green Energy Limited was started in 2011. It is one of the leading independent renewable power producers in India. The company develops, builds, runs and maintains large renewable energy projects. It works on solar, wind, wind-solar hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects with battery storage. It earns money by selling this power under long-term power purchase agreements with central and state government backed buyers.

As on 30 June 2026, the company had a total renewable energy portfolio of 7,910.20 MW (10,247.06 MWp). This includes projects that are running, under construction, contracted and awarded. On the basis of total capacity, it is among the top 10 renewable power producers in India.

The company does its own engineering, procurement and construction (EPC) work and also its own operations and maintenance. It has a good record of finishing projects on time, buying land, getting grid connection and using new technology. As on 30 June 2026, it had 733 permanent employees across project development, engineering, operations and maintenance, finance, procurement, legal, safety, business development and technology.

Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.