Juniper Green Energy
Juniper Green Energy is one of India's largest renewable power producer Independent Power Producers (IPPs). The company specializes in designing, building, and managing large-scale solar, wind, and advanced renewable energy projects across several Indian states.
Price Band
₹214 - ₹225
Lot Size
66 Shares
Issue Size
₹1,800.00 Cr
Fresh Issue
₹1,800.00 Cr
OFS
N/A
Registrar
AI Sentiment Score
Listing Price
₹245.00
vs Issue: ₹225 (+8.89%)
📅 IPO Timeline
✓
Open
Jul 30
✓
Close
Aug 3
✓
Allotment
Aug 4
✓
Refund
Aug 5
✓
Demat
Aug 5
✓
Listing
Aug 6
✨ AI Analysis & Prediction
+5.9%
predicted listing gain
The predicted listing gain is adjusted downward from the GMP baseline of 9.78% due to a high debt-to-equity ratio of 2.75 and low RoNW of 1.18%. However, the 100% fresh issue structure and strong revenue growth trajectory provide a sentiment floor, offsetting some of the leverage risks.
💪 Strengths
- Massive capacity growth to 7,898.45 MW
- Integrated business model from development to O&M
- 100% Fresh Issue providing direct capital infusion
⚠️ Weaknesses
- High Debt-to-Equity ratio (2.75)
- Very low Return on Net Worth (1.18%)
- Stagnant PAT despite significant revenue growth
🚀 Opportunities
- Expansion into Battery Energy Storage Systems (BESS)
- Growing Indian government mandates for renewable energy
- Scalability in hybrid wind-solar projects
🛡️ Threats
- Interest rate volatility affecting high debt servicing
- Regulatory changes in power purchase agreements
- Intense competition from other large IPPs
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/pre-payment, in full or part of certain borrowings availed by our Company | ₹683.24 |
| Investment in our Material Subsidiaries namely Juniper Green Gamma One Private Limited, Juniper Green Three Private Limited, Juniper Green Field Private Limited, Juniper Green Beam Private Limited, and our Subsidiaries namely Juniper Green Kite Private Limited and Juniper Green Ray Two Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings | ₹728.69 |
| General Corporate Purpose | ₹388.07 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 392.00 Cr | Rs 509.00 Cr | Rs 719.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 40.00 Cr | Rs 36.00 Cr | Rs 40.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 338.00 Cr | Rs 425.00 Cr | Rs 608.00 Cr |
| Borrowings (₹ Cr) | Rs 2,894.00 Cr | Rs 5,971.00 Cr | Rs 13,761.00 Cr |
| Total Assets (₹ Cr) | Rs 4,975.00 Cr | Rs 10,331.00 Cr | Rs 19,500.00 Cr |
| ROCE % | 6.00% | 4.00% | 3.00% |
Debt/Equity
2.75
📋 Live Subscription Status
QIB
26.22x
NII
1.60x
Retail
0.98x
Total
8.38x
Updated: Aug 5, 2026 8:12 AM
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Juniper Green Energy has established itself as a significant player in the Indian renewable energy sector. The company began its operational journey in March 2020 with the launch of its first 100 MW solar project. Since then, it has scaled rapidly, growing its total capacity to 7,898.45 MW as of May 31, 2025.
The business model is integrated, covering the entire lifecycle of renewable energy projects. This includes development, bidding, site selection, obtaining land and grid approvals, engineering, procurement, financing, construction, and ongoing operation and maintenance. This vertical integration allows the company to maintain quality control and operational efficiency.
Operationally, the company focuses on a diverse portfolio. While solar projects form a core part of its business, Juniper has expanded into wind energy and advanced renewable technologies, including Wind-Solar Hybrid (WSH) and Firm and Dispatchable Renewable Energy (FDRE) with Battery Energy Storage Systems (BESS).
Geographically, the company has a strong presence across key Indian states, including Gujarat, Rajasthan, Maharashtra, and Madhya Pradesh. This strategic distribution helps in diversifying resource risk and tapping into different state-level power purchase agreements.
The company is led by a promoter group consisting of Arvind Tiku, Hemant Tikoo, Niharika Tiku, At Holdings Pte. Ltd, and Juniper Renewable Holdings Pte. Ltd, who have steered the company's aggressive capacity expansion over the last few years.
The Juniper Green Energy IPO is a mainboard issue seeking to raise approximately ₹1,800 crore. The entire issue consists of a fresh issue of ₹1,800 crore, with no offer for sale (OFS) component. The price band is set between ₹214 to ₹225 per share, with a minimum retail lot size of 66 shares. The IPO is scheduled to open on July 30, 2026, and close on August 3, 2026, with listing on the BSE and NSE on August 6, 2026.
The proceeds from the fresh issue are primarily earmarked for debt reduction. Specifically, ₹683.24 crore will be used for the repayment or prepayment of borrowings of the company, and ₹728.69 crore will be utilized for repayment of borrowings within its material subsidiaries, such as Juniper Green Gamma One and Juniper Green Three.
Financially, the company has shown impressive top-line growth. Revenue increased from ₹424.45 crore in FY24 to ₹569.78 crore in FY25, and further climbed to ₹804.93 crore in FY2026. Net profit (PAT) has remained relatively stable, moving from ₹40.06 crore in FY24 to ₹40.46 crore in FY2026, indicating that while revenue is scaling, margins are under pressure.
From a valuation perspective, the company's Net Asset Value (NAV) stands at ₹70.02, and the basic EPS for FY2026 is ₹0.83. When compared to peers like Adani Green and NTPC Green Energy, the sector often commands high P/E multiples, though Juniper's high leverage remains a point of contrast.
Investment strengths include the company's massive capacity expansion and its role as a large-scale IPP in a high-growth sector. However, the high debt-to-equity ratio of 2.75 and a low Return on Net Worth (RoNW) of 1.18% are significant concerns for conservative investors.
Overall, the IPO represents a bet on the transition to green energy. The total fresh issue nature is positive as it brings capital into the company, but the reliance on debt for growth necessitates a cautious approach regarding the sustainability of current profit levels.