Jupiter International Unlisted Shares
Jupiter International Limited is a Kolkata-based company that makes mono PERC solar cells at Baddi in Himachal Pradesh. It started solar cells in 2009 and reports 959 MW of cell capacity after its latest brownfield expansion.
Read the full company profile
Key facts
Jupiter International share details
- Lot size
- 500 shares
- Min. investment
- ₹117,500
- Face value
- ₹2
- Implied market cap
- ₹17,515 Cr
- Shares outstanding
- 745,337,385
- Founded
- 1978
- Headquarters
- Kolkata, West Bengal
- Website
- jil-jupiter.com
- ISIN
- INE467C01027
- CIN
- U51109WB1978PLC031668
- Lock-in after IPO
- 6 months
Price history
Jupiter International share price chart
1Y change
-33.80%
High
₹355
Low
₹228
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Jupiter International
Jupiter International Limited is a Kolkata-based manufacturer of solar cells. The company was incorporated on 08/09/1978 and its registered and corporate office is at 20A Ashutosh Chowdhury Avenue, Kolkata. Its factories are at Baddi in Himachal Pradesh.
Jupiter began as a different business. In 1992 it diversified into IT peripherals under the Frontech brand. In 2009 it set up a 30 MW solar cell unit, and solar cells have since become its main business. Capacity grew to 133 MW in 2015 and 433 MW in 2017. Its brownfield expansion and move to mono PERC cells took total solar cell capacity to 959 MW.
The company sells solar cells (M10 mono PERC) and also offers solar EPC work: engineering, procurement and construction. As of June 30, 2025 it had executed 11.80 MW of solar projects across India, covering rooftop and ground-mounted installations. Its website says it employs over 600 people.
The company is adding capacity. The website lists a new 1.00 GW mono PERC solar cell facility planned for the third quarter of Fiscal 2026 and a 1.25 GW TOPCon facility planned for the last quarter of Fiscal 2026, both at Baddi. It also describes an integrated solar cell and solar module project in Bhubaneswar, Odisha, with one unit being a joint venture. These are company statements, not results we have verified.
On funding, the company says Edelweiss Alternatives invested ₹ 1,700.00 million in 2022 to set up a 528 MW mono PERC cell unit. It raised funds from ValueQuest SCALE Fund and signed a shareholders agreement on May 3, 2024. Alok Garodia is Chairman and Managing Director and has led the solar business since it began in 2009.
We have no IPO date or price for Jupiter International, and we do not guess one. Shares of a company like this are dealt off-market through unlisted-share dealers, so prices are indicative only. Our indicative price is ₹235 per share with a lot size of 500 shares, which implies a market cap of about ₹17515.43 crore. No annual report or DRHP text could be read for this page, so financial figures are not shown.
Strengths
- The company has been in solar cells since 2009 and has grown capacity from 30 MW in 2009 to 133 MW in 2015, 433 MW in 2017 and 959 MW after its mono PERC transition, according to its website.
- It plans two further Baddi lines: 1.00 GW of mono PERC and 1.25 GW of TOPCon, which would add newer cell technology to its range, as per the company website.
- Institutional investors are on the register. Edelweiss Alternatives invested ₹ 1,700.00 million in 2022 and ValueQuest SCALE Fund came in with an agreement dated May 3, 2024.
- The company also has an EPC arm and says it has executed 11.80 MW of rooftop and ground-mounted solar projects across India as of June 30, 2025.
- The leadership team is long-standing. Alok Garodia, Chairman and Managing Director, has driven the solar business since 2009 and is a Chartered Accountant.
Risks
- We could not read audited financials for this page, so profit, debt and cash flow are not shown here and readers should check them in the company's DRHP when it is filed.
- Expansion is large against the current base of 959 MW. New lines of 1.00 GW and 1.25 GW depend on timely commissioning, which is a company plan and not a certainty.
- Solar cell makers are exposed to swings in cell prices and to technology change. The company's older mono PERC lines may face pressure as TOPCon becomes common.
- The company is moving towards integrated cells and modules, including a joint venture in Odisha. Large projects bring execution and funding risk.
- No IPO has been filed that we can verify, so the listing date, price and size are unknown and the indicative price of ₹235 may not match any future issue price.
- Unlisted shares trade off-market with indicative prices, low liquidity and no exchange surveillance, so buyers may find it hard to sell at a quoted price.
Leadership
Management team
Alok Garodia
Chairman and Managing Director
Chartered Accountant who has led the solar business since it began in 2009.
Dhruv Sharma
Chief Executive Officer
MBA from IIM Calcutta who has scaled the solar cell business.
Akash Garodia
Whole-time Director
Designated President – New Initiative from September 23, 2025.
Devki Nandan Pandey
Executive Director
With the company since 2018, responsible for quality and project execution.
Nishant Bajaj
Chief Financial Officer
Chartered Accountant and Company Secretary overseeing financial strategy.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
