Juniper Green Energy Limited has adopted an Insider Trading Code to regulate trading activities by designated persons and ensure the fair disclosure of unpublished price sensitive information (UPSI). The move, intimated to stock exchanges on August 06, 2026, aligns the company with Regulation 8(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, reinforcing compliance standards ahead of or following its listing obligations.

The Insider Trading Code was approved by the Board of Directors at its meeting held on June 23, 2025. Prashant Pandia, Company Secretary and Compliance Officer of Juniper Green Energy Limited, signed the intimation letter addressed to the National Stock Exchange of India Limited and BSE Limited. The filing confirms that the company has framed a Code of Practices and Procedures for Fair Disclosure of UPSI as required under Regulation 8(1) of the SEBI PIT Regulations.

Key Provisions of the Code

The Insider Trading Code is structured into three primary parts to comprehensively address insider trading risks:

Under Part A, the company designates a Compliance Officer responsible for monitoring adherence to the code, maintaining records of designated persons, and managing the Structured Digital Database (SDD). Designated persons and their immediate relatives are subject to strict trading restrictions, including pre-clearance requirements for trades exceeding ₹10,00,000 in value within a calendar quarter. Trading windows remain closed from the end of every quarter until 48 hours after the declaration of financial results.

Fair Disclosure and Legitimate Purpose

Part B outlines the principles for the preservation and fair disclosure of UPSI. The company has appointed a Chief Investor Relations Officer (CIRO) to oversee the dissemination of information. The code mandates that UPSI be handled on a "need-to-know" basis and prohibits selective disclosure to analysts or institutional investors. Any inadvertent selective disclosure must be promptly made generally available through stock exchange notifications or press releases.

The policy for determining "Legitimate Purpose" allows sharing of UPSI with partners, lenders, auditors, and advisors only when such sharing is in the ordinary course of business and does not evade regulatory prohibitions. Recipients of such information are deemed insiders and must maintain confidentiality.

Monitoring and Penalties

To prevent misuse, Juniper Green Energy Limited implements a "Chinese Wall" policy separating departments with access to confidential information from those providing support services. The Compliance Officer is empowered to freeze Permanent Account Numbers (PAN) of designated persons to restrict trading during prohibited periods.

Violations of the code may result in disciplinary actions, including wage freezes, suspension, or clawback of benefits. Profits from any contra trades executed in violation of the six-month holding period rule are liable to be disgorged and remitted to the SEBI Investor Protection and Education Fund. The Audit Committee reviews complaints regarding leaks of UPSI and recommends actions to the Board.

Juniper Green Energy Limited, a leading renewable energy independent power producer (IPP) in India, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering. Ranked among the top 10 largest renewable IPPs by Total Capacity as at March 31, 2026, the company aims to raise funds primarily for debt repayment and corporate purposes. The IPO is scheduled to open on 30-Jul-2026 and close on 03-Aug-2026.

Company Overview

Juniper Green Energy develops, builds, operates, and maintains utility-scale renewable energy projects. Headquartered in New Delhi and founded in 2011, the company leverages in-house Engineering, Procurement & Construction (EPC) and Operations & Maintenance (O&M) teams. As at June 30, 2026, it manages a Total Capacity of 7,910.20 MW (10,247.06 MWp) across 50 projects, including Solar, Wind, Wind-Solar Hybrid (WSH), and Firm and Dispatchable Renewable Energy (FDRE) assets.

Key strengths include:

• Market Position: Top 10 renewable IPP in India.
• Revenue Visibility: 97.68% of Total Capacity is backed by long-term Power Purchase Agreements (PPAs), typically with 25-year tenures, with central and state government-backed entities.
• Execution Track Record: Commissioned operational projects ahead of schedule by a weighted average of 147 days.
• Supply Chain Security: Long-term agreements with Envision (200 WTGs) and First Solar (1 GW modules).

Offer Details

Specific price band, issue size, and lot size details are not available in the provided DRHP data. However, the timeline and objects of the issue are disclosed.

IPO Timeline

Objects of Issue

The identified use of proceeds totals ₹1,411.93 Crores:

1. Repayment of Borrowings: ₹683.24 Crores for repayment/pre-payment of company borrowings.
2. Subsidiary Debt Repayment: ₹728.69 Crores for investment in material subsidiaries (Juniper Green Gamma One Pvt. Ltd., Juniper Green Kite Pvt. Ltd., and Juniper Green Power Five Pvt. Ltd.) to repay their outstanding borrowings.
3. General Corporate Purposes: Balance funds for growth opportunities, bidding, and contingencies.

Financial Highlights

Revenue from operations has grown significantly, driven by capacity addition. However, profit margins have compressed due to rising interest costs and depreciation associated with aggressive expansion.

Key Ratios:

• Debt-to-Equity: Increased sharply from 1.54 (FY2024) to 3.77 (FY2026).
• Net Debt-to-Equity: Rose from 1.00 (FY2024) to 2.75 (FY2026).
• Receivable Days: Improved to 21.88 days in Fiscal 2026.

Risk Factors

Investors should note the following material risks highlighted in the DRHP:

1. High Customer Concentration: Top 2 off-takers contributed 86.06% of revenue from operations in FY2026.
2. High Supplier Concentration: Top 10 suppliers accounted for 84.42% of total purchases in FY2026.
3. High Leverage: The Debt-to-Equity ratio stands at 3.77x as of FY2026, indicating significant financial leverage.
4. Geographic Concentration: Projects are concentrated in Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh.
5. Execution Risk: Limited experience with complex WSH and FDRE project types which form a growing part of the pipeline.

Valuation & Peer Comparison

Specific valuation multiples (P/E, P/B) cannot be calculated as the price band and issue size are not yet disclosed. Juniper Green Energy is positioned among the top 10 largest renewable IPPs in India. Detailed peer financial metrics are not available in the provided data.

Bottom Line

Juniper Green Energy presents a case of rapid revenue growth (83.61% over two years) supported by strong PPA coverage and operational efficiency. However, this growth has been funded through significant debt, leading to margin compression and a high debt-to-equity ratio. The IPO proceeds are largely earmarked for deleveraging, which could improve future profitability. Investors must weigh the stable cash flows against high leverage and concentration risks.