Juniper Green Energy
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 24.94×
- Big non-institutionalbNII · above ₹10 lakh
- 1.97×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.37×
- Retail individualRII · up to ₹2 lakh
- 0.67×
- Employeesreserved quota
- 3.44×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Aug 2026 | ₹23 | +10.22% | ₹1,200 | ₹248 | ₹1,518 |
| 05 Aug 2026 | ₹22.5 | +10.00% | ₹1,100 | ₹247.5 | ₹1,485 |
| 04 Aug 2026 | ₹13 | +5.78% | ₹700 | ₹238 | ₹858 |
| 03 Aug 2026 | ₹9.5 | +4.22% | ₹500 | ₹234.5 | ₹627 |
| 02 Aug 2026 | ₹1.75 | +0.78% | ₹100 | ₹226.75 | ₹115.5 |
| 01 Aug 2026 | ₹1.5 | +0.67% | ₹100 | ₹226.5 | ₹99 |
| 31 Jul 2026 | ₹3 | +1.33% | ₹200 | ₹228 | ₹198 |
| 30 Jul 2026 | ₹8 | +3.56% | ₹400 | ₹233 | ₹528 |
| 29 Jul 2026 | ₹17 | — | ₹900 | — | ₹1,122 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 30 Jul 2026 – 03 Aug 2026
- Listing date
- 06 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹214 – ₹225
- Issue price
- ₹225 per share
- Lot size
- 66 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,800 Cr
- Fresh issue
- ₹1,800 Cr 8,00,09,150 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹12,802 Cr
- Promoter holding
- 100.00% → 85.94% pre-issue → post-issue
- ISIN
- INE05C901015
- CIN
- U40100DL2011PLC228318
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 1103A & 1103B, 11th Floor, Hemkunt Chamber, 89, Nehru Place, New Delhi 110 019, Delhi, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,68,03,737 | 28.57% | 28.52% |
| Anchor investor · within QIB | 2,39,73,333 | — | 40.69% |
| NII (HNI) | 1,26,02,804 | 21.43% | 21.39% |
| bNII > ₹10L · within NII | 84,01,870 | — | 14.26% |
| sNII < ₹10L · within NII | 42,00,934 | — | 7.13% |
| Retail (RII) | 2,94,06,542 | 50.00% | 49.91% |
| Employee | 1,03,626 | — | 0.18% |
| Market maker | 0 | — | 0.00% |
| Total issue | 5,89,16,709 | — | 100.00% |
Net offer to the public of 5,88,13,083 shares, out of a total issue of 5,89,16,709. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 66 shares per lot, in multiples, at ₹225
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 66 | ₹14,850 |
| Retail (max) | 13 | 858 | ₹1,93,050 |
| S-HNI (min) | 14 | 924 | ₹2,07,900 |
| S-HNI (max) | 67 | 4,422 | ₹9,94,950 |
| B-HNI (min) | 68 | 4,488 | ₹10,09,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹225 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.83 | 0.71 |
| P/E (×) | 271.08 | 316.90 |
| Price to book (×) | 3.21 | — |
| Market cap | — | ₹12,802 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 1.18%
- EBITDA margin
- 85.99%
- NAV per share
- ₹70.02
- Price to book
- 3.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 804.93 | 569.78 | 424.45 |
| Revenue from operations | 718.93 | 508.68 | 391.55 |
| Other income | 86 | 61.1 | 32.9 |
| Total expenses | 749.74 | 514.88 | 366.95 |
| Operating profit | 55.19 | 54.9 | 57.5 |
| Operating margin | 6.86% | 9.64% | 13.55% |
| Profit before tax | 55.19 | 54.9 | 57.5 |
| Profit after tax | 40.46 | 36.48 | 40.06 |
| PAT margin | 5.03% | 6.40% | 9.44% |
| Balance sheet | |||
| Total assets | 19,538.45 | 10,356.81 | 4,986.44 |
| Current assets | 3,782.87 | 2,947.9 | 1,028.44 |
| Current liabilities | 3,910.47 | 1,055.81 | 536.27 |
| Total liabilities | 16,114.57 | 6,996.91 | 3,254.77 |
| Net worth | 3,423.88 | 3,359.9 | 1,731.68 |
| Current ratio | 0.97× | 2.79× | 1.92× |
| Return on equity | 1.18% | 1.09% | 2.31% |
| Cash flow | |||
| Operating cash flow | 469.99 | 365.07 | 322.23 |
| Investing cash flow | -6,509.77 | -4,182.82 | -1,579.54 |
| Financing cash flow | 6,866.2 | 4,071.22 | 1,231.38 |
| Net cash flow | 826.42 | 253.47 | -25.94 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment, in full or part, of certain borrowings availed by the Company ₹683 Cr
The company intends to utilize funds towards full or partial repayment/prepayment of borrowings to reduce outstanding indebtedness, maintain favorable debt-equity ratio, and enable utilization of internal accruals for business growth and expansion.
2 Investment in Material Subsidiaries for repayment/pre-payment of their outstanding borrowings ₹729 Cr
The company proposes to invest in Juniper Green Gamma One Private Limited, Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/prepayment of their outstanding borrowings to reduce consolidated indebtedness.
3 General corporate purposes —
The company intends to deploy balance funds towards general corporate purposes including funding growth opportunities, bidding for projects, meeting corporate contingencies, employee expenses, and other purposes approved by the Board.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Juniper Green Energy
Juniper Green Energy Limited is a renewable energy company incorporated in India in 2011 that designs, develops, constructs, owns, operates and maintains utility-scale grid-connected renewable energy projects. The company generates revenue through long-term power purchase agreements (typically 25 years) with central and state government entities, as well as through merchant power generation and renewable energy certificates. As of June 30, 2026, the company has an operational portfolio of 977.15 MW (1,304.24 MWp), with additional capacity under construction and awarded. The company operates across solar, wind, wind-solar hybrid, and firm dispatchable renewable energy segments.
Management
Arvind Tiku
CEO
Hemant Tikoo
COO
Ankush Malik
MD
Parag Agrawal
CFO
Balaji Viswanathan Swaminathan
Director
Kottamasu Venkateswara Rao
Director
Maithreyi Swaminathan
Director
Prashant Parashar
Director
Strengths
As stated in the offer document
Top 10 Renewable Energy Independent Power Producer in India
The company is among the top 10 largest renewable IPPs in India in terms of Total Capacity as at March 31, 2026, with 7,910.20 MW (10,247.06 MWp) across 50 projects, focusing on complex renewable energy projects like WSH and FDRE.
Proven Land Acquisition and Grid Connectivity Capabilities
The company has secured more than 12,000 acres for solar projects and more than 300 WTG locations, with surplus grid connectivity of 1,688.00 MW at CTU level available for future projects beyond current requirements.
Long-term Power Purchase Agreements with Strong Counterparties
The company has 97.68% of Total Capacity backed by long-term PPAs (typically 25 years) with creditworthy counterparties rated 'A' or above, providing stable cash flows with shortest receivable days of 21.88 days in Fiscal 2026.
Track Record of Early Project Commissioning
The company has commissioned operational projects ahead of schedule by a weighted average of 147 days, with one solar project completed 552 days ahead and one wind project 222 days ahead of schedule.
Established Supply Chain De-risking Strategy
The company has secured long-term agreements with market leaders including 200 WTGs from Envision, 1 GW solar modules from First Solar, and comprehensive 25-year O&M contracts with suppliers ensuring quality and timely procurement.
Experienced Promoters and Strong Financial Support
The company benefits from ₹32,824.63 million in equity support, U.S.$40.00 million standby letter of credit, ₹4,671.86 million in corporate guarantees, and ₹10,037.00 million in guarantees from promoters, maintaining net debt to equity of 2.75.
Risk factors
As stated in the offer document
High Customer Concentration Risk
The company's top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect the company's business, results of operations, financial condition and cash flows.
High Supplier Concentration Risk
The company's top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of critical components and other goods could adversely affect the company's business operations, financial position and cash flows.
High Debt-to-Equity Ratio and Financial Leverage
The company operates with a debt to equity ratio of 3.77, 1.64 and 1.54 and net debt to equity ratio of 2.75, 0.81 and 1.00 as at March 31, 2026, 2025 and 2024, respectively. The company is subject to restrictive covenants under financing arrangements and any inability to obtain financing could adversely affect business operations.
Geographic Concentration Risk
The company's renewable energy projects are concentrated in only four states: Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Any change in governmental policies or occurrence of natural disasters in these states may impact the company's business, cash flows, financial condition and results of operations.
Project Execution and Commissioning Risk
The company's future growth is significantly dependent on successfully executing projects. There have been instances of delays resulting in liquidated damages of ₹67.20 million, ₹22.43 million, and ₹5.30 million for various projects. Failure to execute projects on time could result in penalties, reduced tariffs, and termination of capacity.
Limited Experience with Complex Project Types
While the company has experience in solar and wind projects, it has limited experience in commissioning WSH and FDRE projects. As at June 30, 2026, 9.43% of Under Construction Contracted Projects and 25.09% of Under Construction Awarded Projects are WSH projects, with 23.83% and 15.71% respectively being FDRE projects.
Regulatory and Policy Dependency Risk
The company's business is highly dependent on government policies, incentives, and regulatory frameworks. Changes in policies could lead to significant reduction in support for renewable energy projects, and 94.92% of total capacity is backed by central or state government entities at pre-determined tariffs.
Grid Infrastructure and Curtailment Risk
The company relies on transmission grids owned by state governments. There have been instances of curtailment notices limiting power evacuation, and grid constraints could reduce electricity output and limit operational efficiencies, adversely affecting business and results of operations.
Operational and Equipment Failure Risk
The company faces risks from equipment malfunction, environmental factors, and operational problems. There have been instances of equipment failures including DC cable failure and transformer issues, with insurance claims totaling ₹37.95 million. Such failures could require significant capital expenditure and affect power generation.
High Contingent Liabilities
As at March 31, 2026, the company's contingent liabilities were 64.56% of net worth, totaling significant amounts in performance guarantees, bid bond guarantees, and bank guarantees. If these materialize, they may affect results of operations, financial condition and cash flows.
Company Analysis
from RHPJuniper Green Energy Limited develops, builds, owns, and operates utility-scale grid-connected renewable energy projects primarily in solar, wind, and hybrid segments across India.
Juniper Green Energy Limited is a renewable energy company incorporated in India in 2011 that designs, develops, constructs, owns, operates and maintains utility-scale grid-connected renewable energy projects. The company generates revenue through long-term power purchase agreements (typically 25 years) with central and state government entities, as well as through merchant power generation and renewable energy certificates. As of June 30, 2026, the company has an operational portfolio of 977.15 MW (1,304.24 MWp), with additional capacity under construction and awarded. The company operates across solar, wind, wind-solar hybrid, and firm dispatchable renewable energy segments.
Objects of the Issue
- Repayment or prepayment, in full or in part, of certain borrowings availed by the Company from various lenders p.39
- Investment in Material Subsidiaries and Subsidiaries for repayment/prepayment of outstanding borrowings p.81
- General corporate purposes p.81
Issue Structure
- Total Issue
- ₹18,000.00 million
- Fresh Issue
- [●] Equity Shares of face value ₹10 each aggregating up to ₹18,000.00 million
- Offer for Sale
- Not applicable
- Price Band
- [●] per Equity Share (to be determined through book-building process)
- Lot Size
- [●] Equity Shares (minimum bid lot to be announced)
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily through the sale of electricity generated at its renewable energy projects under long-term power purchase agreements with central and state utility providers at fixed tariffs. Additional revenue streams include the sale of renewable energy certificates, voluntary emission reductions, and merchant power sales on energy exchanges. The company is capital-intensive, typically financing projects through a mix of equity contributions (20-25%) and debt arrangements (75-80%).
Business Segments
SWOT Analysis
- • Diversified renewable energy portfolio across solar, wind, and hybrid projects(p.324)
- • Long-term PPAs with creditworthy government off-takers providing revenue stability(p.39)
- • Proven track record of early project commissioning(p.43)
- • Strong financial performance with growing revenues(p.100)
- • High concentration of revenue from two off-takers(p.30)
- • High dependence on top 10 suppliers for procurement(p.31)
- • Significant pledged equity shares by promoter(p.33)
- • High leverage with debt-to-equity ratio of 3.77(p.48)
- • Several subsidiaries incurring losses despite operational status(p.62)
- • India's growing renewable energy capacity targets and government support(p.280)
- • Expansion into wind-solar hybrid and FDRE projects(p.52)
- • Diversification into merchant power generation and energy trading(p.68)
- • Growing demand for battery storage systems integrated with renewable projects(p.69)
- • Geographic concentration of projects in four Indian states(p.34)
- • Delays in grid evacuation infrastructure availability(p.57)
- • Regulatory changes affecting equipment sourcing and costs(p.67)
- • Dependency on government policy continuity for renewable energy support(p.38)
- • Intense competitive bidding environment(p.42)
- • Weather-dependent generation affecting financial performance(p.35)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arvind Tiku | Individual Promoter | — | — |
| Hemant Tikoo | Individual Promoter | — | — |
| Niharika Tiku | Individual Promoter | — | — |
| AT Holdings Pte. Ltd. | Corporate Promoter | — | — |
| Juniper Renewable Holdings Pte. Ltd. | Corporate Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2024
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Juniper Green Energy Ltd THIS ISSUE | 0.83 | 70.02 | 316.90, computed at the offer price | 3.21, computed at the offer price | 1.18% |
| 8.24 | 91.03 | 47.21 | 4.23 | 9.86% | |
| 0.62 | 26.91 | 148.34 | 3.50 | 2.76% | |
| 9.65 | 127.85 | 156.88 | 11.91 | 8.27% | |
Renew Global Energy PLC Ltd | 27.60 | 343.49 | 22.25 | 1.77 | 8.25% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.