Juniper Green IPO: ₹1,800 Cr Issue Opens July 30

Juniper Green Energy Limited will launch its ₹1,800-crore Initial Public Offering on July 30, with shares offered in a price band of ₹214–225. This valuation places the Gurugram-based independent power producer at approximately ₹12,800 crore at the upper end of the band. The IPO consists entirely of a fresh issue, aimed at addressing the company’s financial structure.

Juniper’s Renewable Portfolio

Juniper is recognized as one of India’s top 10 renewable Independent Power Producers. The company manages a substantial portfolio, with significant capacity in various stages of development.

• Total portfolio (as of June 2026): 10,247 MWp of solar and wind capacity, alongside 4,564 MWh of battery storage.
• Currently operational: 2,409 MWp of solar and wind (23%) and 503 MWh of Battery Energy Storage Systems.
• Remaining capacity: 77% is under construction, contracted, or in earlier development stages.

Operational Edge and Tariff Structure

The company maintains a strong track record in project delivery, with its in-house Engineering, Procurement, and Construction team consistently commissioning projects an average of 147 days ahead of schedule. Juniper also holds a surplus of 1,688 MW in grid connectivity.

• Technology mix: 83% of total capacity is Wind-Solar Hybrid or Firm & Dispatchable Renewable Energy.
• Hybrid tariffs: ₹3.34/unit for hybrid and ₹4.46/unit for FDRE, compared to ₹2.60/unit for plain solar.
• Market forecast: CRISIL predicts over 55 GW of new hybrid and dispatchable capacity between FY27 and FY31.
• Contract quality: 98% of projects secured by 25-year Power Purchase Agreements with highly-rated off-takers like SECI and NTPC.
• Receivables cycle: 22 days, shortest among its listed peers.

Financials and Debt Overview

Juniper reported revenue from operations grew by 41% in FY26 to ₹718.9 crore, with an EBITDA margin of 86%. However, net profit has remained relatively flat over the past three years.

• Net profit FY24: ₹40.1 crore.
• Net profit FY25: ₹36.5 crore.
• Net profit FY26: ₹40.5 crore.
• Net debt-to-equity ratio: 2.75x, a significant concern for investors.
• IPO proceeds use: Repaying borrowings at the parent and material subsidiaries.
• Estimated net debt: ₹9,400 crore on the balance sheet.