Juniper Green Energy has fully commissioned its 75 MW Wind-Solar Hybrid Power Project. This completion, achieved with the commissioning of the final 25 MW solar component, brings the company’s aggregate operational capacity to approximately 2,725 MWp.

The commissioning was executed by wholly owned subsidiary Juniper Green Beam Eight Private Limited on September 17, 2026. The project operates under a Power Purchase Agreement with The Tata Power Company Limited.

Capacity Overview

The filing details the updated status of the renewable energy portfolio:

What the Numbers Show

The full commissioning of the 75 MW project adds to the previously reported aggregate capacity, raising the total generation capacity from ~2,679 MWp to ~2,725 MWp. The aggregate Battery Energy Storage System (BESS) capacity remains stable at approximately 500 MWh, indicating that recent growth continues to be driven primarily by generation capacity rather than storage expansion. This update supersedes earlier reports regarding partial commissioning of other hybrid components.

Juniper Green Energy reported a 54% year-on-year increase in consolidated net profit to ₹335 million for the quarter ended June 30, 2026. Consolidated revenue rose 81% to ₹2,900 million, reflecting strong operational execution and capacity commissioning.

The Board of Directors approved the unaudited standalone and consolidated financial results on August 26, 2026. The transcript of the earnings conference call held on August 27, 2026, was filed with stock exchanges on September 1, 2026.

Financial Highlights

Consolidated total income rose 81% to ₹2,900 million compared to ₹1,600 million in Q1FY26. Standalone revenue grew 68% to ₹1,136.3 million. EBITDA surged 89% year-on-year to ₹2,600 million, with margins expanding by 392 basis points to 89.82%.

EBITDA represents profit before finance cost, depreciation, amortisation, and taxes.

Operational Growth

The company commissioned 601 MWp of renewable energy capacity in Q1FY27, comprising 458 MWp of solar and 143 MW of wind projects. This marks the highest quarterly commissioning by Juniper Green Energy. Post-quarter, an additional 167 MW of wind capacity was commissioned, bringing the total operational portfolio to 2,575 MWp as on date.

Battery Energy Storage System (BESS) operations also saw substantial growth. The company commissioned approximately 400 MWh of BESS capacity in Q1FY27, increasing total operational BESS capacity from 101 MWh in FY26 to 503 MWh as on date. Fleet-wide Capacity Utilisation Factor (CUF) for Q1FY27 stood at 30.2%, up from 28.2% in Q1FY26. Generation grew 72% to 944 million units.

What the Numbers Show

The surge in net profit was significantly aided by a change in accounting estimates. Effective April 1, 2026, the group revised the useful life of its plant and machinery based on operational efficiency reviews. This prospective change reduced the depreciation charge by ₹124.05 million, contributing ₹97.43 million to the post-tax profit for the quarter. Without this adjustment, the consolidated net profit would have been lower. Finance costs increased to ₹1,758.2 million from ₹792.1 million year-ago, reflecting the growing asset base. Cash PAT, which adds back depreciation, rose 50% YoY to ₹108 crore.

Pipeline and Tenders

Juniper Green Energy secured two major tender wins post-June 30, 2026:

• SECI FDRE Round-the-Clock Tender: Won for 870 MWp solar and 2,200 MWh BESS at a tariff of ₹5.26/kWh.
• GUVNL Wind Tender: Won for a 50 MW wind project at a tariff of ₹3.51/kWh.

Additionally, the company signed a 50 MW PPA with SJVN under its Firm and Dispatchable Renewable Energy (FDRE) portfolio at a tariff of ₹4.25/kWh. The total portfolio as on date stands at 11,216 MWp plus 8,989 MWh of BESS. Management noted that FDRE and wind-solar hybrid projects make up 84% of the portfolio, with a blended weighted average tariff of ₹3.7/kWh.

Balance Sheet and Off-takers

As on June 30, 2026, the company’s net debt stood at ₹11,217 crore, with a Net Debt-to-Net Worth ratio of 3.24x. Following an IPO in August 2026 that raised ₹1,800 crore, the post-IPO net worth increased to approximately ₹5,200 crore. The weighted average cost of debt for the operational portfolio is 8.58% p.a.

The off-taker mix remains high-quality, with 98% of the portfolio backed by long-term PPAs with entities rated “A” or above. Central government entities account for 75% of the portfolio, including SJVN (24%), NHPC (22%), NTPC (16%), and SECI (14%). Days Receivable Outstanding improved to 19 days as on June 30, 2026, down from 22 days in FY26.

Strategic Outlook and Guidance

Management provided forward-looking guidance during the earnings call:

• Capacity Addition: Targeting another 250 to 300 MW of capacity in Q2FY27 and overall 2 GW for FY27. Run-rate EBITDA for the expected 4 GW operational capacity by FY27 is estimated at ₹2,700–₹2,750 crore.
• BESS Expansion: Placed additional orders for 4 GWh of BESS capacity. Targeting approximately 4.5 GWh of installed BESS capacity by June 2027 and 10 GWh by March 2028. Of the 4.5 GWh target, 1.5 GWh is expected to run on a merchant basis initially.
• Capex Plan: Total capex as on June 30, 2026, was around ₹16,000 crore. This is expected to increase to around ₹22,000 crore by March 2027, covering capacity getting commissioned by then and capital work-in-progress (CWIP).
• Curtailment: Curtailment is largely restricted to TGNA (Temporary Grid Network Access) capacity, estimated at 2–2.5%. Management stated that curtailment will be managed through merchant battery storage, with a 100 MWh battery doubling to 200 MWh at the Bikaner site to eliminate curtailment.

Key Participants

The following executives participated in the discussion:

• Ankush Malik, Whole-time Director and Chief Executive Officer
• Parag Agrawal, Whole-time Director and Chief Financial Officer
• Bajrang Lal Bhura, General Manager, Investor Relations

Access Details

Investors can join the call via universal dial-in numbers or international toll-free lines. Pre-registration is available through a Diamond Pass to avoid waiting queues.

The company noted that forward-looking statements during the call may involve risks and uncertainties. Participants are advised not to place undue reliance on such projections.