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.

Juniper Green Energy Limited, one of India’s top 10 largest renewable independent power producers (IPPs), has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company, which operates a portfolio of 7,910.20 MW across 50 projects, aims to raise funds primarily for debt repayment and investments in material subsidiaries. The IPO is scheduled to open on July 30, 2026.

Company Overview

Juniper Green Energy Limited develops, builds, operates, and maintains utility-scale renewable energy projects using in-house Engineering, Procurement & Construction (EPC) and Operations & Maintenance (O&M) teams. Founded in 2011 and headquartered in New Delhi, the company commissioned its first 100 MW solar project in March 2020. As of June 30, 2026, it has scaled its portfolio to a Total Capacity of 7,910.20 MW (10,247.06 MWp).

The company’s projects are concentrated in Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh. A key competitive strength is its long-term revenue visibility, with 97.68% of its Total Capacity backed by Power Purchase Agreements (PPAs) of typically 25 years. Additionally, 94.92% of its capacity is backed by central or state government entities at pre-determined tariffs.

Offer Details

The specific issue size, price band, and lot size have not been disclosed in the available data. However, the timeline for the public issue is confirmed as follows:

Objects of the Issue

The proceeds from the IPO will be utilized for debt reduction and corporate purposes. The identified utilization amounts to ₹1,411.93 Crore:

• Repayment of Borrowings: ₹683.24 Crore for pre-payment/repayment of certain borrowings availed by the Company.
• Subsidiary Investment: ₹728.69 Crore for investment in material subsidiaries (Juniper Green Gamma One Pvt. Ltd., Juniper Green Kite Pvt. Ltd., Juniper Green Power Five Pvt. Ltd.) for repayment/prepayment of their outstanding borrowings.
• General Corporate Purposes: The balance amount will be used for funding growth opportunities, bidding for projects, and meeting corporate contingencies.

Financial Highlights

Juniper Green Energy has shown significant revenue growth over the past three years, driven by rapid capacity expansion. Revenue from operations grew from ₹391.55 Crore in FY2024 to ₹718.93 Crore in FY2026. However, profitability metrics such as Profit After Tax (PAT) have remained relatively flat due to high capital expenditures and depreciation.

The company’s balance sheet has expanded significantly, with Total Assets growing from ₹4,986.44 Crore in FY2024 to ₹19,538.45 Crore in FY2026. This growth is accompanied by an increase in leverage, with the Debt-to-Equity ratio rising from 1.54x in FY2024 to 3.77x in FY2026.

Risk Factors

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

1. High Customer Concentration: The top 2 off-takers contributed 86.06% of revenue from operations in FY2026. Loss of these key relationships could materially impact business.
2. High Financial Leverage: The Debt-to-Equity ratio stood at 3.77x in FY2026, indicating significant reliance on debt financing. This exposes the company to interest rate risks and restrictive covenants.
3. Supplier Concentration: The top 10 suppliers accounted for 84.42% of total purchases in FY2026, creating vulnerability to supply chain disruptions.
4. Geographic Concentration: Projects are concentrated in only four states (Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh), exposing the company to regional policy changes or natural disasters.
5. Regulatory Dependency: The business is highly dependent on government policies and incentives, with 94.92% of capacity backed by government entities.

Valuation & Peer Comparison

Specific valuation metrics such as Price-to-Earnings (P/E) and Price-to-Book (P/B) ratios are not available as the price band has not been disclosed. Renewable energy companies are typically valued on Enterprise Value to EBITDA (EV/EBITDA) or EV/MW multiples. Juniper Green Energy’s position among the top 10 renewable IPPs in India provides a benchmark against peers like Adani Green Energy and ReNew Energy Global, though direct comparison requires final pricing data.

Bottom Line

Juniper Green Energy presents a profile of rapid scale-up in the renewable energy sector, with strong revenue visibility through long-term PPAs. However, investors must weigh this against high leverage and flat near-term profitability. The use of proceeds for debt repayment may help improve financial ratios post-listing. The IPO opens on July 30, 2026.