Juniper Green Energy

Juniper Green Energy IPO

IPO Open Now

₹14,124

0.36 xOver-subscribed

Bidding Dates 30 Jul, 26 -03 Aug, 26

Min Investment ₹14,124

Lot Size66

Price Range ₹214 – ₹225

Issue Size ₹1,800.00 Cr.

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DRHP

IPO Subscription Details

Retail Subscription Details

0.12 x

Non-Institutional Buyers (sHNI)

0.1 x

Non-Institutional Buyers (bHNI)

0.03 x

Qualified Institutional Buyers (QIB)

1 x

Employees

1.01 x

Total

0.36 x

IPO Timeline

IPO Analysis

Strengths

The company is among the top 10 largest renewable IPPs in India in terms of Total Capacity as at March 31, 2026, with 7,910.20 MW (10,247.06 MWp) across 50 projects, focusing on complex renewable energy projects like WSH and FDRE.

The company has secured more than 12,000 acres for solar projects and more than 300 WTG locations, with surplus grid connectivity of 1,688.00 MW at CTU level available for future projects beyond current requirements.

The company has 97.68% of Total Capacity backed by long-term PPAs (typically 25 years) with creditworthy counterparties rated 'A' or above, providing stable cash flows with shortest receivable days of 21.88 days in Fiscal 2026.

Risks

The company's top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect the company's business, results of operations, financial condition and cash flows.

The company's top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of critical components and other goods could adversely affect the company's business operations, financial position and cash flows.

The company operates with a debt to equity ratio of 3.77, 1.64 and 1.54 and net debt to equity ratio of 2.75, 0.81 and 1.00 as at March 31, 2026, 2025 and 2024, respectively. The company is subject to restrictive covenants under financing arrangements and any inability to obtain financing could adversely affect business operations.

Objectives

The company intends to utilize funds towards full or partial repayment/prepayment of borrowings to reduce outstanding indebtedness, maintain favorable debt-equity ratio, and enable utilization of internal accruals for business growth and expansion.

The company proposes to invest in Juniper Green Gamma One Private Limited, Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/prepayment of their outstanding borrowings to reduce consolidated indebtedness.

The company intends to deploy balance funds towards general corporate purposes including funding growth opportunities, bidding for projects, meeting corporate contingencies, employee expenses, and other purposes approved by the Board.

Yearly Financial Results

Annual Financials	Mar 2024	Mar 2025	Mar 2026
Revenue	391.55	508.68	718.93
Expenses	366.95	514.88	749.74
Other Income	32.90	61.10	86.00
Total Revenue	424.45	569.78	804.93
Profit Before Tax	57.50	54.90	55.19
Net Profit	40.06	36.48	40.46

Show % Change

Above figures are in Rs. Crores

Balance Sheet

Balance Sheet	Mar 2024	Mar 2025	Mar 2026
Total Assets	4986.44	10356.81	19538.45
Current Assets	1028.44	2947.90	3782.87
Fixed Assets	3958.00	7408.91	15755.59
Total Equity & Liabilities	4986.44	10356.81	19538.45
Total Liabilities	3254.77	6996.91	16114.57
Current Liabilities	536.27	1055.81	3910.47
Non Current Liabilities	2718.49	5941.10	12204.11
Total Equity	1731.68	3359.90	3423.88

Show % Change

Above figures are in Rs. Crores

Cash Flow

Cash Flow	Mar 2024	Mar 2025	Mar 2026
Net Cash Flow	-25.94	253.47	826.42
Investing Activities	-1579.54	-4182.82	-6509.77
Operating Activities	322.23	365.07	469.99
Financing Activities	1231.38	4071.22	6866.20

Show % Change

Above figures are in Rs. Crores

About Juniper Green Energy

The company is among the top 10 largest renewable independent power producers in India in terms of Total Capacity as at March 31, 2026, where total capacity includes operational, under construction contracted and awarded projects. The company develops, builds, operates and maintains utility scale renewable energy projects through its in-house...more

Website

www.junipergreenenergy.com

Managing DirectorAnkush Malik

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Part of Raise Financial Services

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357 Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320

Registered Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai - 400104