IPO Summary
Introduction
India wants 500 GW of non-fossil power capacity by 2030. The share of Renewable energy in India’s installed capacity mix is set to rise from about 52% in FY26 to ~62% in FY29.
Juniper Green Energy Limited is one of the companies building that capacity.
It’s among the top 10 largest renewable independent power producers in India, and achieved a ~160% increase in Total Capacity, from FY24 to FY26.
The company is now raising ₹1,800 crore through a 100% Fresh Issue of equity shares. From the proceeds, ₹683 Cr will go towards repaying Juniper’s own debt, while ₹729 Cr will go towards three subsidiaries, to clear their debt.
Business Model
Juniper Green runs a develop-build-own-operate model.
It manages the full project lifecycle itself, from the bidding for tenders, land acquisition, engineering-procurement-construction (EPC), and once a project is commissioned, also managing its operations and maintenance (O&M).
This enables it to keep construction margins that would otherwise go to external contractors.
Juniper’s revenue comes from selling electricity under power purchase agreements (PPAs), which typically run for 25 years, to central government entities (SECI, SJVN, NHPC, NTPC), state distribution companies (GUVNL, MSEDCL) and select private players.
Currently, ~98% of Total Capacity is backed by such long-term PPAs, while the rest is assigned to short-term contracts or merchant sales.
Its portfolio spans four technologies: solar, wind, wind-solar hybrid (WSH) and firm and dispatchable renewable energy (FDRE) paired with battery energy storage (BESS).
Around 1,233 MW of capacity is operational, around 2,341 MW is under construction with signed PPAs, and yet another 2,350 MW or so is under construction with no signed PPA yet.
Unit Economics (per MW of Installed Capacity)
Operating Metrics
- Average CUF across Solar and Wind projects is relatively constant at ~26% from FY24 to FY26, since CUF for each technology depends on site-level weather conditions that don’t vary much year to year.
- In FY26, Maharashtra is now the largest revenue contributor at 46%, just ahead of Gujarat, whose share has fallen from 53% in FY24 to 40% in FY26, which marks a shift away from Gujarat-led concentration.
- Installed wind capacity grew from 25 MW in FY24 to 149 MW in FY26, a growth of nearly 600%. Though wind is still a small slice of the overall portfolio, the sharp surge reflects the company’s push into wind and wind-solar hybrid (WSH) projects.
The Financial Stuff
- Revenue from operations grew from ₹392 Cr in FY24 to ₹719 Cr in FY26, a growth of 83%. Operational capacity nearly doubled in this period, to 1,233 MW which is a key driver of this jump.
- Operating EBITDA grew from ₹338 Cr in FY24 to ₹606 Cr in FY26, a growth of 79%. EBITDA Margin stayed steady at ~85% each year,owing mostly to near-zero variable costs due to the nature of Juniper’s business, which allows them to control most aspects of their projects.
- Profit After Tax was flat at ₹40 Cr in both FY24 and FY26, despite EBITDA growing by a lot. PAT Margin actually fell from 10% to 6% in the same period, as finance costs more than doubled, eating into the EBITDA gains.
Juniper’s Peers (FY26)
- Juniper Green is the smallest company in the set by revenue, at roughly a third of NTPC Green Energy and a nineteenth of ReNew Power Global.
- Juniper’s EBITDA Margin of 86% is right in the middle of the peerset, ahead of ReNew and NTPC Green, but behind ACME Solar.
- Juniper’s PAT Margin of 6% is the lowest in the set. ACME Solar converts nearly a quarter of revenue to profit.
- Juniper’s net D/E ratio of 2.75x is the second-lowest, better than ReNew and Adani Green, but well over NTPC Green’s 1.51x.
Key Risks
- Rising leverage. The net D/E climbed from 1.00x in FY24 to 2.75x in FY26. The business is capital intensive, and a large under-construction book means borrowings could keep rising before a lot of assets can start generating cash. But since some of the IPO proceeds go towards repayment, part of this would be eased.
- Supplier concentration. Top three equipment suppliers accounted for 63% of total purchases in FY26, with Envision Energy alone at 34%. Supplier disruptions, especially could delay project commissioning and push back revenue recognition.
Summary
Juniper Green Energy is a fast-growing renewable IPP with an in-house build-and-operate model, long-tenure PPAs and a big construction pipeline. But, its profit margins have stayed thin because depreciation and finance costs rise in step with the debt used to fund new capacity.
