Juniper Green Energy Limited IPO Analysis : Comprehensive Fundamental Research Note, Financial Schedules, Valuation & Analyst Recommendation

1. IPO Overview

Juniper Green Energy Limited is entering the primary capital markets with a public issue aggregating up to ₹1,800 crore. The issuance consists entirely of a fresh issue of equity shares with no offer-for-sale (OFS) component from existing promoters or investors.

The public issue opens for bidding on July 30, 2026, and closes on August 3, 2026. The equity shares are slated for listing on both major domestic exchanges, BSE and NSE.

2. Key IPO Details

The issue structure reserves specific allocations for Qualified Institutional Buyers (QIB), Non-Institutional Investors (HNI) and Retail Individual Investors, along with an explicit employee discount component.

Offer Structure

Issue Breakup

Lead Managers & Registrar

• Lead Managers: ICICI Securities Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., JM Financial Ltd., Kotak Mahindra Capital Co. Ltd.
• Registrar: Kfin Technologies Ltd.

3. Company Overview

Juniper Green Energy Limited is among the top 10 largest renewable independent power producers (IPPs) in India by Total Capacity as of March 31, 2026, spanning operational, under-construction contracted and awarded projects.

The Company develops, builds, operates and maintains utility-scale renewable energy assets through its own in-house EPC and O&M teams, and earns revenue primarily by selling electricity to central and state government-backed off-takers under long-term power purchase agreements (PPAs).

Beyond conventional solar, the Company has deliberately built expertise in more complex, higher-value renewable formats—Wind-Solar Hybrid (WSH) and Firm and Dispatchable Renewable Energy (FDRE) projects paired with Battery Energy Storage Systems (BESS) where competitive intensity and technical barriers to entry are higher, supporting better long-term realizations than plain-vanilla solar.

4. Objects of the Issue

The Issue is entirely a fresh issue of equity shares aggregating up to Rs.1,800 crore, with no offer-for-sale component.

Net proceeds are mainly earmarked for deleveraging:

• Parent Debt Repayment: Rs.683.24 crore to repay/prepay the Company's own borrowings.
• Subsidiary Investment for Debt Repayment: About Rs.728.69 crore to be invested into subsidiaries Juniper Green Gamma One, Juniper Green Kite and Juniper Green Power Five to repay their outstanding borrowings.
• General Corporate Purposes: Balance funds (capped at 25% of gross proceeds) for general corporate purposes.

Over 78% of quantified proceeds thus go toward reducing leverage across the parent and project-level subsidiaries, rather than funding new capacity.

5. Highlights

• Among the top 10 largest renewable IPPs in India by Total Capacity.
• Total Capacity scaled to 7,910.20 MW (10,247.06 MWp) across 50 projects.
• Ranked the second-largest bidder by capacity won in WSH and FDRE tenders.
• Land bank of 12,000+ acres and 300+ WTG locations across Rajasthan, Maharashtra, Gujarat and Madhya Pradesh.
• Long-term PPAs with central and state government.

Brief Financials

*FY24 PAT is negative due to a one-time non-cash goodwill impairment. **Not Annualized

6. IPO Timeline & Application Matrices

Indicative Time Table

PRICE CHART (@419) (Retail Category)

HNI Payment Chart

7. Our View / Analyst Recommendation

Total income grew from Rs.424.45 crore in FY24 to Rs.804.93 crore in FY26 (~38% CAGR), and EBITDA margins remain exceptionally high at 85-87%, reflecting the annuity-like, fixed-tariff nature of contracted renewable power.

With Total Capacity more than doubling in under two years to 7,910 MW and over half still under construction, the earnings base should expand materially as these projects commission over FY27-FY29.

Crucially, 78% of this fresh-issue-only IPO is being used to delever both the parent and key subsidiaries, which should ease the finance-cost drag and support margin/RoNW recovery.

At listed peer diluted P/E of 22x-157x (average ~93.7x) against Juniper's FY26 diluted EPS of Rs.0.83, there's reasonable valuation headroom even after pricing in execution risk.

8. Frequently Asked Questions (FAQs)

Q1: When does the Juniper Green Energy IPO open and close?

The issue opens on July 30, 2026, and closes on August 3, 2026.

Q2: What is the price band and issue size of Juniper Green Energy IPO?

The price band is ₹214 to ₹225 per share. The total issue size is ₹1,800 crore, consisting entirely of a fresh issue of 8,00,00,000 equity shares.

Q3: What is the minimum lot size for retail investors?

The lot size is 66 shares, requiring a minimum bid amount of ₹14,850 at the upper price band of ₹225.

Q4: How will the IPO proceeds be utilized by the company?

Over 78% of net proceeds will go towards deleveraging: ₹683.24 crore to repay/prepay company borrowings, and about ₹728.69 crore to repay debt in project subsidiaries (Juniper Green Gamma One, Juniper Green Kite, and Juniper Green Power Five).

Q5: What is Sushil Finance's official recommendation on the IPO?

Sushil Finance gives a 'Subscribe' recommendation to Juniper Green Energy Limited based on its strong EBITDA margins (85-87%), expanding power portfolio, debt reduction strategy, and reasonable valuation relative to peer averages.