Juniper Green Energy Limited IPO Overview
Juniper Green Energy Limited, incorporated in 2011, is one of India’s leading renewable energy independent power producers (IPPs). The company develops, builds, operates, and maintains utility-scale solar, wind, hybrid, and Firm & Dispatchable Renewable Energy (FDRE) projects supported by Battery Energy Storage Systems (BESS). Originally incorporated in December 2011 as AT Capital Advisory India Private Limited, it was renamed Juniper Green Energy Private Limited in 2018 before converting to a public limited company in May 2025. The company maintains an average grid availability of 99.40% and plant availability of 99.16%, with long-term PPAs with central and state utilities providing strong revenue visibility.
As of June 30, 2026, the company had a renewable energy portfolio of 7,910.20 MW across operational, under-construction, contracted, and awarded projects, and is among India’s top 10 renewable energy IPPs by total capacity.
The company is now launching its Mainboard IPO to raise ₹1,800 crore entirely through a fresh issue of equity shares, with listing on both BSE and NSE. The price band is set at ₹214 to ₹225 per share, with a lot size of 66 shares, making the minimum retail investment ₹14,850. The IPO opens on 30 July 2026 and closes on 3 August 2026, with a tentative listing date of 6 August 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 29 July 2026 |
| IPO Open Date | 30 July 2026 |
| IPO Close Date | 3 August 2026 |
| Allotment Date | 4 August 2026 (Expected) |
| Refund Initiation | 5 August 2026 |
| Credit to Demat | 5 August 2026 |
| Listing Date | 6 August 2026 (Tentative) |
| Price Band | ₹214 – ₹225 per share |
| Face Value | ₹10 per share |
| Lot Size | 66 shares |
| Minimum Investment (Retail) | ₹14,850 (1 lot = 66 shares) |
| Maximum Investment (Retail) | ₹1,93,050 (13 lots = 858 shares) |
| Issue Size | ₹1,800 crore |
| Fresh Issue | 8,00,00,000 shares (₹1,800 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue of 8,00,00,000 shares. There is no Offer for Sale component, so all net proceeds are received directly by the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business expansion and debt repayment.
Objects of the Issue (Fund Utilization)
The company plans to use approximately ₹683.24 crore for repayment or pre-payment of certain borrowings, approximately ₹728.69 crore for investment in its material subsidiaries and subsidiaries toward repayment of their outstanding borrowings, and the balance for general corporate purposes.
- Repayment / pre-payment of company-level borrowings — ₹683.24 crore
- Investment in subsidiaries for repayment of their borrowings — ₹728.69 crore
- General corporate purposes — remaining proceeds
- Total identified utilization: ₹1,411.92 crore
Lead Managers & Registrar
- Book Running Lead Managers: ICICI Securities Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., JM Financial Ltd., and Kotak Mahindra Capital Company Ltd.
- Registrar to the Issue: KFin Technologies Ltd.
Promoters & Management
The company’s promoters — Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd., and Juniper Renewable Holdings Pte. Ltd. — hold 100% of the company pre-issue, a stake expected to decline to approximately 85.94% after the IPO.
Key Management:
- Promoter & Key Figure: Mr. Arvind Tiku
- Co-Promoters: Mr. Hemant Tikoo, Ms. Niharika Tiku
- As of March 31, 2026, the company had 24,240 employees across its network.
Company Details
Juniper Green Energy Limited develops, owns, and operates utility-scale renewable energy projects across solar, wind, hybrid renewable energy, and battery energy storage segments in India. Its activities cover the complete lifecycle of renewable energy projects — from identifying suitable locations and obtaining approvals to engineering, procurement, construction, and long-term operations and maintenance.
Sectors / Energy Types:
- Solar Power
- Wind Power
- Hybrid Renewable Energy (Solar + Wind)
- Firm & Dispatchable Renewable Energy (FDRE)
- Battery Energy Storage Systems (BESS)
Key Capabilities:
- Among the top 10 renewable energy independent power producers in India in terms of total capacity as of December 31, 2024, with a focus on complex renewable energy projects. Proven ability to secure land and establish robust connectivity well in advance.
- Rapid capacity scale-up from zero to 1,233 MWac in under 8 years, with EBITDA margins of 85–87% reflecting high operating leverage from long-term fixed-tariff PPAs with minimal variable costs.
PPA Partners:
- Central agencies: SECI, SJVN, NHPC, NTPC
- Private: Tata Power and others
Portfolio (as of June 30, 2026):
- Total renewable energy portfolio of 7,910.20 MW (10,247.06 MWp) across operational, under-construction, contracted, and awarded projects.
- Under-construction contracted capacity of 2,341 MWac includes 838.28 MWac of WSH, 1,203.07 MWac of FDRE, 279.81 MWac of wind, and 20 MWac of solar — reflecting a strategic shift toward higher-value complex technology configurations that command better tariffs.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹424.45 | ₹40.06 |
| FY25 | ₹569.78 | ₹36.48 |
| FY26 | ₹804.93 | ₹40.46 |
Key Financial Metrics
- Revenue grew 41% in FY26 and PAT rose 11%, reflecting continued expansion of the renewable asset base.
- EBITDA margins remain exceptionally strong at nearly 86%, reflecting the scalability of the operating model. However, profit growth has been relatively modest due to high finance costs arising from significant project borrowings.
- Total assets grew sharply from ₹4,986.44 crore in FY24 to ₹10,356.81 crore in FY25 to ₹19,538.45 crore in FY26.
- Total consolidated borrowings stand at ₹12,921 crore as of March 31, 2026.
- At the upper price band, the IPO is offered at a post-issue P/E of around 317x — investors are paying for future growth rather than present profitability.
- Despite steady top-line growth, the company currently operates with negative free cash flow, reflecting heavy capital expenditures required to expand its renewable asset pipeline.
Company Strengths
- Among India’s top 10 renewable energy IPPs by total capacity, with an integrated in-house EPC and O&M capability covering the entire project lifecycle.
- Diversified technology mix including complex FDRE configurations, with 99.40% grid availability and 99.16% plant availability.
- Strong long-term PPA coverage with government bodies (SECI, NTPC, NHPC, SJVN) and private players — providing high revenue visibility and stability.
- EBITDA margins of nearly 86% reflect exceptional operating leverage from fixed-tariff PPAs and minimal variable costs.
- Entire IPO is a fresh issue — no promoter exit; all funds directed toward debt reduction and capacity expansion.
- Strong tailwinds from India’s ambitious renewable energy targets and national energy transition policy.
Key Risks & Challenges
- Very high consolidated debt of ₹12,921 crore (D/E ratio of 3.77x) — the largest risk factor for investors in this IPO.
- Post-issue P/E of around 317x makes the IPO appear expensive on current earnings — investors are paying primarily for future growth.
- PAT declined from ₹40.06 crore in FY24 to ₹36.48 crore in FY25 despite significant revenue growth, reflecting the pressure of high finance costs on the bottom line.
- Negative free cash flow due to heavy capital expenditures required to continuously expand the renewable asset pipeline.
- Execution risk — delays in under-construction FDRE and hybrid projects could impact projected revenue ramp-up.
- Regulatory and policy risk — changes in government renewable energy policy, tariff revisions, or delays in PPA enforcement can impact long-term project viability.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
