IPO closes on 3 Aug'26
Juniper Green Energy Ltd
Minimum Investment
₹ 14,850 / 66 shares
Our Verdict:
Avoid
- Avoid due to rich valuation, with limited margin of safety despite strong industry prospects.
- Profit after tax has remained largely flat over FY24–FY26, indicating earnings have not kept pace with revenue growth.
- High capital expenditure and debt requirements for capacity expansion may continue to put pressure on profitability and cash flows.
- Grey Market Premium (GMP) of ~4% suggests muted listing gains and limited short-term upside.
- Overall Verdict: Avoid the IPO for now; consider investing after listing if valuations become more attractive and earnings improve.
About the company
Founded in
5 Dec'11
Managing director
Ankush Malik
- JGEL develops, builds, owns, operates and maintains utility-scale renewable energy projects through its in-house EPC and O&M teams, and generates revenue from the sale of electricity to central and state government-backed off-takers under long-term (typically 25-year) PPAs.
- The portfolio spans solar, wind, Wind-Solar Hybrid (WSH) and Firm Dispatchable Renewable Energy (FDRE) projects; JGEL is ranked the 2nd largest bidder by capacity won in WSH/FDRE tenders (FY22–FY26) with a 96.80% conversion rate. (Source: CRISIL Report)
- As at June 30, 2026, Total Capacity comprised 20 Operational Projects (1,794.80 MW), 19 Under Construction Contracted Projects (2,875.40 MW) and 11 Under Construction Awarded Projects (3,240.00 MW), largely in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.
- Promoters: Arvind Tiku (Chairman, Non-Executive Director), Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.; the Company is led operationally by Ankush Malik, Whole-time Director and CEO.
STRENGTHS
- Top-10 Renewable IPP with Complex Project Focus: Among the top 10 renewable energy IPPs in India by Total Capacity as at March 31, 2026, with a growing tilt towards complex, higher-tariff WSH and FDRE projects. (Source: CRISIL Report)
- Land Bank and Advance Connectivity: An existing land bank of over 12,000 acres and 300+ WTG locations in RE Potential Zones, with grid connectivity secured well in advance — a key bottleneck for competitors in RE-rich states like Rajasthan and Gujarat.
- Long-Term, Government-Backed Off-take: Revenue is contracted under 25-year PPAs predominantly with central and state government-backed off-takers, providing long-term cash flow visibility, though concentrated with the top 2 off-takers contributing 86.06% of revenue in FY26.
- Improving Operating Returns: Operating EBITDA RoCE improved from 12.12% in FY24 to 16.11% in FY26, and Operating EBIT RoCE from 7.74% to 9.81%, even as the Company scaled up capacity significantly.
- Experienced Promoters and Execution Track Record: Led by Chairman Arvind Tiku and CEO Ankush Malik, with a track record of delivering projects ahead of schedule backed by an end-to-end in-house EPC and O&M capability.
RISK FACTORS
- Off-taker Concentration: The top 2 off-takers (GUVNL and MSEDCL) contributed 86.06%, 91.11% and 97.00% of revenue from operations in FY26, FY25 and FY24, respectively. Loss of these relationships could materially affect revenue and cash flows.
- High Capital Intensity and Leverage: The business is capital intensive with a debt-to-equity ratio of 3.77x, 1.64x and 1.54x, and Net Debt to Equity rising sharply from 1.00x (FY24) to 0.81x (FY25) to 2.75x (FY26) as capacity expansion accelerates.
- Land Ownership Risk: The Company does not own a majority of the land on which its projects are, or will be, located, exposing it to risks around title, renewal or continuity of land/lease rights.
- Competitive Auction-Based Bidding: Projects are largely secured through competitive renewable energy auctions; any adverse change in auction design, tariff caps or increased competition could affect the ability to win projects at viable tariffs.
- Working Capital and Credit Rating Sensitivity: The Company has significant working capital requirements, and its ability to access capital at attractive costs depends on maintaining strong credit ratings; any downgrade could raise the cost of, or restrict access to, funding.
- Interest Rate and Financing Risk: A portion of financing agreements carry variable interest rates; rising interest rates could increase finance costs, which already stood at ₹400.13 crore in FY26 against revenue of ₹718.93 crore.
- Execution and Operational Risk: Operational problems, delays in commissioning Under Construction Contracted/Awarded capacity (5,591.16 MW as at June 30, 2026), or natural calamities could reduce energy production below expectations.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ Up to ₹1,800 crore
Fresh Issue
₹ Up to ₹1,800 crore
OFS
₹ Nil
Price range
₹ 214 - 225
Lot size
66 shares
Issue Objective
This is entirely a Fresh Issue aggregating up to ₹1,800 crore (no Offer for Sale). Net proceeds are proposed to be used for: (i) repayment/pre-payment of certain borrowings of the Company (₹683.24 crore); (ii) investment in Material Subsidiary Juniper Green Gamma One Pvt. Ltd. and Subsidiaries Juniper Green Kite Pvt. Ltd. and Juniper Green Power Five Pvt. Ltd. for repayment of their borrowings (₹728.69 crore); and (iii) general corporate purposes.
Dates
Bidding open
30 Jul'26
Bidding close
3 Aug'26
Allotment date
4 Aug'26
Refund date
5 Aug'26
Listing
6 Aug'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
This document has been issued by Liquide Solutions Private Limited for information purposes only. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment or investment strategies that may have been discussed or referred herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information / opinion herein.