Juniper Green Energy Limited IPO

    Summary:


    Juniper Green Energy Limited is a renewable energy independent power producer. Its portfolio spans solar, wind and hybrid projects across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. The IPO is entirely a Fresh Issue of up to 80,000,000 equity shares aggregating up to ₹1,800 crore. It opens from 30 July to 3 August 2026 at ₹214 to ₹225 per share, with a tentative listing date of 6 August 2026 on BSE and NSE. Net Proceeds will mainly fund the repayment of borrowings of the company and select subsidiaries. India's renewable energy targets and rising power demand may continue to support these segments. This is per the CRISIL Report cited in the RHP.

    The risk side deserves equal attention too. Rising debt, profit growth trailing revenue growth, dependence on policy support and geographic concentration are each disclosed in the RHP. These remain the points to watch.

    Juniper Green Energy IPO: Issue Opens on 30 July 2026

    India's power generation capacity has grown at a CAGR of approximately 9.0% since independence, with renewable energy now central to that expansion. The Red Herring Prospectus (RHP) describes Juniper Green Energy Limited as one of India's top ten renewable energy independent power producers by total capacity, with an in-house model covering engineering, construction and operations. The company develops solar, wind and hybrid projects across several states.

    Juniper Green Energy Limited filed its RHP, dated 23 July 2026. The issue opens for subscription on Thursday, 30 July 2026 and closes on Monday, 3 August 2026. The Juniper Green Energy IPO is entirely a Fresh Issue. It is for up to 80,000,000 equity shares, aggregating up to ₹1,800 crore. The price band is ₹214 to ₹225 per share. Listing is proposed on both BSE and NSE. ICICI Securities Limited leads a syndicate of book running lead managers. KFin Technologies Limited acts as registrar.

    A draft prospectus carries the details investors look for. This includes the business model, promoters, financials and risks. This article sets out the key facts in simple terms.

    IPO Details

    The table below highlights the key details of the public issue based on the RHP and the announced schedule.

    ParticularsDetails
    IPO TypeBook Built Issue
    IPO Open DateThursday, 30 July 2026
    IPO Close DateMonday, 3 August 2026
    Face Value₹10 per equity share
    Price Band₹214 to ₹225 per share
    Lot Size66 shares
    Fresh IssueUp to 80,000,000 equity shares
    Offer for SaleNot Applicable
    Total Issue SizeUp to ₹1,800 crore
    Listing ExchangeBSE and NSE

    The issue consists entirely of a Fresh Issue, so the proceeds, net of issue expenses, flow to the company.

    Investors can bid for a minimum of 66 shares and in multiples thereafter. At the upper band, the minimum investment for a retail investor works out to ₹14,850 for one lot. Small non-institutional investors need at least 14 lots, or 924 shares, worth ₹2,07,900.

    From the Net Proceeds, ₹683.24 crore is earmarked for repayment or pre-payment of certain borrowings of the company. A further ₹728.69 crore will go towards three group firms. These are Juniper Green Gamma One, Juniper Green Kite, and Juniper Green Power Five. These three group entities will use the funds to repay or pre-pay their own borrowings. The balance is kept for general corporate purposes.

    Reservation follows the standard book built pattern under Regulation 6(1) of the SEBI ICDR Regulations. Not more than 50% of the net issue goes to Qualified Institutional Buyers. Not less than 35% goes to retail individual bidders, and not less than 15% to non-institutional bidders. A portion is also reserved for eligible employees. The tentative schedule places allotment on 4 August, refunds and credit of shares on 5 August, and listing on 6 August 2026.

    About the Company

    Company Background

    Juniper Green Energy was incorporated as AT Capital Advisory India Private Limited on 5 December 2011. It was renamed Juniper Green Energy Private Limited in 2018. A fresh certificate dated 26 May 2025 marked its conversion into a public limited company under its present name. The registered office sits at Nehru Place, New Delhi.

    The RHP names five promoters: Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd. The pre-issue promoter holding stands at 100%. As of 30 June 2026, the company had 733 permanent employees and 75 employees on contract.

    Business Overview

    Juniper Green Energy develops, builds, operates and maintains utility-scale renewable energy projects. It runs its own engineering, procurement and construction team, along with operations and maintenance. The company commissioned its first solar project of 100 MW in March 2020 and has expanded steadily since.

    Its project portfolio spans solar, wind, Wind-Solar Hybrid (WSH), and Firm and Dispatchable Renewable Energy (FDRE) projects paired with Battery Energy Storage Systems (BESS).

    As of 30 June 2026, the total renewable energy portfolio stood at 7,910.20 MW, or 10,247.06 MWp, across 50 projects. This covers operational, under-construction, contracted and awarded capacity. Projects sit across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. These four states together hold around 41% of India's solar energy potential.

    Revenue Model

    Revenue comes from the sale of electricity under long-term power purchase agreements. Most of these sit with central and state government-backed entities. This gives the company revenue visibility over many years, rather than exposure to short-term power prices.

    The company has also built a track record in the WSH and FDRE segment. It ranks as the second largest bidder by capacity won in WSH and FDRE tenders between April 2021 and March 2026. Its conversion rate for tenders won in that period stood at 96.80%. It also had the shortest receivable days among peers in Fiscals 2024, 2025 and 2026.

    Industry Position

    Juniper Green Energy ranks among India's top ten renewable power producers by total capacity. This is per the CRISIL Report cited in the RHP. Its model covers project development, EPC, and operations and maintenance. This supports work across solar, wind and hybrid segments.

    Industry Overview

    India's total power generation capacity has grown at a CAGR of approximately 9.0% since independence. It reached around 533 GW as of March 2026, according to the CRISIL Report cited in the RHP. Total capacity is expected to cross 800 GW by 2030. India remains the third largest producer and consumer of electricity globally.

    Renewable energy sits at the centre of this growth. The central government has set a target of 500 GW of non-fossil fuel-based capacity by 2030. The share of renewable energy in the capacity mix, including hydro and storage, is set to rise to around 62% in Fiscal 2029. It stood at around 51.56% in Fiscal 2026.

    Key factors supporting the industry include:

    • Government targets for non-fossil fuel-based capacity by 2030.

    • Rising electricity demand, with global demand set to grow at 3.6% a year between 2026 and 2030.

    • Continued policy support through programmes such as the National Solar Mission.

    • Growth in newer formats such as WSH and FDRE projects with battery storage.

    • Large transmission investment needed to connect renewable zones to the grid.

    Renewable project economics still depend on policy continuity, land, grid connectivity and financing costs. This keeps execution risk part of the sector.

    Company Financials

    The table below presents the restated consolidated financial information of the company for the last three fiscals.

    Period Ended (₹ crore)31 Mar 202631 Mar 202531 Mar 2024
    Assets19,538.4510,356.814,986.44
    Total Income804.93569.78424.45
    Profit After Tax40.4636.4840.06
    EBITDA692.18485.69370.84
    Net Worth122.89116.29108.21
    Reserves and Surplus2,934.892,870.911,555.14
    Total Borrowing12,920.545,502.532,671.70

    Total income rose from ₹424.45 crore in Fiscal 2024 to ₹804.93 crore in Fiscal 2026. Revenue increased by 41% between Fiscal 2025 and Fiscal 2026. Profit after tax rose by 11% over the same period, a slower pace than revenue. This reflects higher finance costs and depreciation as the asset base has grown. Total borrowing grew sharply too, from ₹2,671.70 crore in Fiscal 2024 to ₹12,920.54 crore in Fiscal 2026. As of 31 March 2026, the EBITDA margin stood at 85.99%, with a return on net worth of 1.18%.

    Strengths of Juniper Green Energy Limited

    1. Scale among Indian renewable IPPs

      A total capacity of 7,910.20 MW places the company among India's top ten renewable power producers. Operations span solar, wind and hybrid formats.

    2. Integrated in-house execution

      In-house engineering, construction, and operations and maintenance support timely project work. This includes land acquisition and grid connectivity, rather than relying only on external contractors.

    3. Long-term revenue visibility

      Power purchase agreements with central and state government-backed entities provide predictable, long-term cash flows. This reduces exposure to short-term electricity price swings.

    4. Position in complex renewable formats

      A 96.80% win rate in WSH and FDRE tenders between April 2021 and March 2026 stands out. Ranking as the second largest bidder by capacity won in that period reflects strong skill in these complex project types.

    5. Diversified project footprint

      Projects across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh spread the portfolio across states. These states together hold a large share of India's solar energy potential.

    Risks Associated with the Business

    • Rising debt alongside asset growth

      Total borrowing rose from ₹2,671.70 crore in Fiscal 2024 to ₹12,920.54 crore in Fiscal 2026. This grew faster than net worth.

    • Profit growth lagging revenue growth

      Profit after tax grew by 11% between Fiscal 2025 and Fiscal 2026, well behind the 41% revenue growth. This reflects higher finance costs and depreciation on a larger asset base.

    • Dependence on regulatory and policy support

      Revenue depends on long-term power deals tied to government renewable targets and policy. These could change over the life of the contracts.

    • Execution and connectivity risks

      Utility-scale renewable projects depend on timely land acquisition, grid connectivity and equipment supply. Delays in any of these can affect project timelines and returns.

    • Concentration in specific states

      A significant share of the portfolio sits across four states. Regional policy shifts or grid constraints in these areas could affect operations more than a wider spread would.

    • Full pre-issue promoter holding

      The promoters and promoter group held 100% of the company before the issue. Governance and related party practices set during this period carry forward as the company moves to public ownership.

    Key Things Investors May Consider

    Before evaluating the Juniper Green Energy IPO, investors may consider the following:

    • The position of the company as one of India's top ten renewable energy independent power producers by capacity.

    • The issue structure as a pure Fresh Issue of up to ₹1,800 crore with no Offer for Sale.

    • The proposed use of Net Proceeds, mainly towards repaying borrowings of the company and select subsidiaries.

    • The pace of revenue growth against slower profit growth and rising borrowings.

    • The long-term revenue visibility from power purchase agreements with government-backed entities.

    • The geographic concentration of the project portfolio across four states.

    • The growth outlook for renewable energy as per the CRISIL Report cited in the RHP.

    • The schedule, price band and lot size announced for the issue.

    Disclaimer :

    Investments in securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.


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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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    Publish Date: 29 Jul 2026

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