Juniper Green Energy IPO is a book-built issue worth ₹1,800.00 crores, comprising entirely a fresh issue of 8.00 crore shares. The IPO opens on July 30, 2026 and closes on August 3, 2026, with allotment expected on August 4, 2026. The shares are proposed to be listed on NSE and BSE on Aug 6, 2026.
The price band is fixed at ₹214 to ₹225 per share, with a lot size of 66 shares. Retail investors need a minimum investment of ₹14,850 (66 shares) (based on upper price). ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers, while KFin Technologies Limited is the registrar.
Company Overview
Juniper Green Energy Limited is a renewable energy company focused on developing, building, owning, and operating utility-scale clean energy projects across India. Its portfolio includes solar, wind, wind-solar hybrid, and firm and dispatchable renewable energy (FDRE) projects, supported by battery energy storage systems (BESS).
The company manages key stages of the project lifecycle, including development, engineering, procurement, construction, and operations and maintenance, helping improve execution and operational efficiency.
The company generates revenue primarily through the sale of electricity under long-term power purchase agreements (PPAs) with central and state government-backed entities, as well as other commercial customers. Its projects are located across multiple states, providing geographical diversification.
As of June 30, 2026, Juniper Green Energy had a renewable energy portfolio of 7,910.20 MW, equivalent to 10,247.06 MWp, including operational, under-construction, contracted, and awarded projects. The company continues to strengthen its position by expanding its clean energy capacity through new project wins and ongoing investments.
Industry Context
- India’s total installed power generation capacity reached 476.2 GW as of June 30, 2026. Renewable energy accounted for 235.7 GW, representing nearly 49.5% of the country’s total installed capacity.
- Solar energy contributed 117.4 GW, making it the largest renewable energy source in India. Wind energy capacity stood at 52.8 GW.
- India has set a target of achieving 500 GW of non-fossil fuel installed capacity by 2030. Electricity demand is projected to grow at a 5–6% CAGR over the medium term, driven by industrialisation, urbanisation, and electrification.
- Battery Energy Storage Systems (BESS) and hybrid renewable projects are expected to play a crucial role in improving grid stability and supporting round-the-clock renewable power supply.
- Government initiatives, including competitive auctions, transmission infrastructure expansion, and production-linked incentives (PLI), continue to encourage investments across the renewable energy value chain.
Business Strengths
- The company operates across solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects, helping reduce dependence on a single technology while supporting long-term growth.
- Juniper Green Energy manages project development, engineering, procurement, construction (EPC), and operations and maintenance (O&M) in-house, enabling efficient execution, better cost control, and improved asset performance.
- In addition to its operational assets, the company has a robust pipeline of under-construction, contracted, and awarded projects, providing strong visibility for future capacity expansion.
- Long-term power purchase agreements (PPAs) with central and state government-backed entities provide consistent revenue visibility and support stable cash flows.
- With increasing demand for renewable energy, supportive government policies, and continued participation in competitive bidding, the company is well placed to benefit from India’s clean energy transition.
Business Risks
- The company relies on significant borrowings to finance renewable energy projects. Higher debt obligations may affect cash flows and increase financial risk if revenues or project timelines are impacted.
- Delays in land acquisition, regulatory approvals, equipment supply, or construction can postpone project commissioning and increase overall project costs.
- The renewable energy sector is influenced by government regulations, tariff policies, and incentive schemes. Any adverse policy changes could affect the company’s growth and profitability.
- A large share of the company’s revenue comes from long-term power purchase agreements (PPAs) with government-backed entities. Delays in payments or contract-related issues could impact cash flow.
- Power generation depends on the availability of sunlight and wind. Unfavourable weather conditions or lower-than-expected resource availability may reduce energy generation and affect financial performance.
Financial Performance
Juniper Green Energy – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 7,189.34 | 5,086.78 | 3,915.50 |
| Total Income | 8,049.30 | 5,697.80 | 4,244.47 |
| EBITDA Margin | 85.99% | 85.24% | 87.37% |
| EBITDA | 6,921.84 | 4,856.85 | 3,708.43 |
| Profit After Tax (in million) | 404.64 | 364.78 | 400.64 |
| Net Debt to Equity (Times) | 2.75 | 0.81 | 1.00 |
| Days of Receivable Outstanding | 21.88 | 16.94 | 23.06 |
(Source: RHP)
Key Ratios & Metrics
| Key Performance Indicator (KPI) | Mar 31, 2026 |
|---|---|
| Return on Net Worth (RoNW) | 1.18% |
| EBITDA Margin | 85.99% |
| Net Asset Value (NAV) | 70.02 |
| Price to Book Value | 3.21 |
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 30 Jul to 3 Aug, 2026 |
| Allotment | Tue, Aug 4, 2026 |
| Listing Date | Thu, Aug 6, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹214 to ₹225 per share |
| Lot Size | 66 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 8,00,00,000 shares (agg. up to ₹1,800 crore) |
| Fresh Issue | 8,00,00,000 shares (agg. up to ₹1,800 crore) |
| Shareholding Pre-Issue | 48,89,89,292 shares |
| Shareholding Post-Issue | 56,89,89,292 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Objects of the Issue
- Debt Repayment: The proceeds from the issue, aggregating up to ₹18,000.00 million, will primarily be used to repay or prepay, either fully or partially, certain outstanding borrowings of the company.
- Investment in Subsidiaries: A portion of the net proceeds will be invested in Juniper Green Gamma One Private Limited, Juniper Green Kite Private Limited, and Juniper Green Power Five Private Limited to help these subsidiaries repay or prepay part or all of their existing borrowings.
- General Corporate Purposes: The remaining funds will be utilised for general corporate requirements.
Conclusion
Juniper Green Energy operates in a sector supported by India’s growing renewable energy demand and favourable policy initiatives. However, investors should carefully evaluate the company’s debt profile, project execution capabilities, financial performance and valuation, along with their own financial goals and risk appetite, before making an investment decision.
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