Juniper Green Energy wins Rs 80.0 crore order from SJVN for 50MW project
- Juniper Green Energy wins Rs 80.0 crore order from SJVN for 50MW renewable project
- Deal adds to existing Rs 230.0 crore SECI order, boosting domestic client base
- Both projects carry 25-year PPAs with 24-month execution timelines
- Company reported Rs 804.90 crore revenue in FY26, up 41.3% YoY
*this image is generated using AI for illustrative purposes only.
Juniper Green Energy has secured a Rs 80.0 crore order from Sjvn limited for a 50MW Firm and Dispatchable Renewable Energy Project, executed through subsidiary Juniper Nirjara Energy Private Limited. This follows an earlier Rs 230.0 crore FDRE order from Seci.
What Happened
Juniper Green Energy, through its subsidiary Juniper Nirjara Energy Private Limited, has executed a Power Purchase Agreement with Sjvn limited to undertake and develop a 50MW Firm and Dispatchable Renewable Energy Project, valued at Rs 80.0 crore. The scheduled commercial operations date (SCOD) is within 24 months from the effective date of signing of the PPA with Sjvn limited. The PPA carries a term of 25 years from the commercial operations date. This order is classified as a non-related-party transaction with no promoter interest disclosed.
The company has also previously received a Rs 230.0 crore order from Solar Energy Corporation of India (Seci) for a 230 MW Delivered Firm Round-the-Clock (FDRE) Renewable Energy project, also under a 25-year PPA. That contract specifies a tariff of Rs 5.26 per unit and requires power delivery commitments of 90% during peak hours, 50-60% during solar hours, and 70% during non-solar non-peak hours, with a 24-month execution timeline.
With orders now received from both Sjvn limited and Seci, the company has disclosed order wins from multiple domestic awarding entities.
Order Details
| Order Date | Awarding Entity | Order Value (Rs Cr) | Scope | PPA Term |
|---|---|---|---|---|
| 26 Aug 2026 | Sjvn limited | 80.0 | 50MW Firm and Dispatchable Renewable Energy Project | 25 years from COD; SCOD within 24 months of PPA signing |
| 07 Aug 2026 | Solar Energy Corporation of India (Seci) | 230.0 | 230 MW FDRE Round-the-Clock Renewable Energy Project | 25 years; tariff Rs 5.26/unit; 24-month execution |
Order In Financial Context
The pre-computed total disclosed order book for the last 3 fiscal quarters stands at Rs 230.00 crore across 1 order, as per the quarterly order summary below. The Rs 80.0 crore order from Sjvn limited was disclosed on 26 Aug 2026 and is reflected in the order details table above. The previously disclosed order book of Rs 230.00 crore represents approximately 125% of the company's average quarterly revenue of Rs 183.40 crore, or 1.25 quarters of revenue coverage.
Company Order Track Record
| Quarter | Total Order Inflow (Rs Cr) | Order Count | Key Awarding Entities |
|---|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 230.00 | 1 | Solar Energy Corporation of India (Seci) |
Note: The above quarterly summary is pre-computed and covers orders disclosed up to the prior filing. The Rs 80.0 crore order from Sjvn limited (disclosed 26 Aug 2026) is captured in the Order Details table above.
Execution And Revenue Quality
In Q4FY25, consolidated revenue stood at Rs 183.40 crore, with a net profit of Rs 28.70 crore and an Operating Profit Margin (OPM) of 82.90%. Other income for the quarter was Rs 26.30 crore.
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| Q4FY25 | 183.40 | 28.70 | 82.90% |
Revenue Growth: Order Wins Translating To Revenue
The company's annual revenue has grown from Rs 189.20 crore in FY22 to Rs 804.90 crore in FY26, representing a year-on-year growth of +41.3% based on the latest annual data.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue (Rs Cr) | 189.20 | 362.50 | 424.40 | 569.80 | 804.90 |
| Net Profit (Rs Cr) | 27.20 | -12.10 | 40.10 | 36.50 | 40.50 |
| OPM (%) | 85.82 | 80.62 | 86.31 | 83.47 | 84.32 |
| Revenue YoY (%) | N/A | +91.6% | +17.1% | +34.3% | +41.3% |
Working Capital And Execution Capacity
The company's balance sheet indicates significant leverage, with a Total Liabilities/Equity ratio of 4.71x. This figure includes trade payables and other non-debt liabilities, as separate borrowings data is not available. The current ratio stands at 0.97x, below the threshold of 1.2x, suggesting potential liquidity constraints. Operating cashflow was positive at Rs 470.00 crore in FY26; however, free cashflow was negative at -Rs 6170.80 crore due to capital expenditure of -Rs 6640.80 crore.
What To Watch
- Execution rate: Monitor quarterly revenue run-rate against the disclosed backlog to assess whether the 24-month timelines for both the Seci and Sjvn limited projects align with actual progress billing.
- Margin quality: Track OPM on both the FDRE and Firm and Dispatchable projects against the historical average of 82.90%, as project-specific cost structures may vary.
- Client diversification: Orders have now been received from two distinct domestic entities, Seci and Sjvn limited, reducing single-client concentration relative to the prior position.
- Liquidity management: With a current ratio of 0.97x, monitor any additional debt issuance or equity raises to fund the working capital needs of these capital-intensive projects.
Key Observations
- Valuation check (as of 26 Aug 2026): P/E of 364.6x against ROCE of 2.91%. Valuation as of this date was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
- High leverage: Total Liabilities/Equity of 4.71x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.
- Cash conversion: Free cashflow of -Rs 6170.80 crore in FY26; heavy capex is consuming operating cashflows, indicating a capital-intensive growth phase.
How will Juniper Green Energy finance the working capital requirements for the new 310MW combined order book given its current ratio of 0.97x and negative free cash flow?
What impact will the execution of these capital-intensive FDRE projects have on the company's high leverage ratio of 4.71x in the coming fiscal years?
Can Juniper maintain its historical Operating Profit Margin of ~83% when scaling up to deliver round-the-clock renewable energy, which typically involves higher storage and balancing costs?
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