Juniper Green Energy IPO
Juniper Green Energy IPO is a mainboard IPO raising ₹1,800 Cr at ₹214 – ₹225 a share. The smallest application you can make is 66 shares, costing ₹14,850 at the top of the band. Bidding opens on 30 Jul 2026.
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What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Juniper Green Energy develops, builds and operates utility-scale renewable energy projects in India — including solar, wind, wind-solar hybrid (WSH) and firm dispatchable renewable energy (FDRE) plants with battery storage (BESS) — using in-house EPC and O&M teams. It sells the electricity generated to central and state government-owned off-takers and to private utilities under long-term power purchase agreements. It ranks among the top 10 renewable-energy independent power producers in India by total capacity.
How it earns
Earns primarily by selling electricity generated from its operational renewable energy plants to off-takers under long-term (typically 25-year) PPAs, supplemented by sale of Renewable Energy Certificates and Voluntary Emission Reductions.
Who buys
As at June 30, 2026, off-takers comprise central government entities (SECI, SJVN, NHPC, NTPC), state government entities (GUVNL, MSEDCL) and private (The Tata Power Company Limited). 97.68% of Total Capacity (by MWp) is backed by long-term PPAs (typically 25 years) with counterparties rated 'A' or above; balance is merchant. State-wise revenue from operations in FY26 was Maharashtra ₹333.33 crore, Gujarat ₹288.63 crore and Rajasthan ₹96.98 crore (total revenue from operations ₹718.93 crore) — note: ₹ million figures converted at 1 crore = ₹10 million.
Scale
50 projects, Total Capacity 7,910.20 MW (10,247.06 MWp) with planned 4,563.88 MWh BESS as at June 30, 2026; Operational Projects 1,794.80 MW (2,408.91 MWp); more than 700 employees; land bank of 12,000+ acres for solar and 300+ WTG locations across Rajasthan, Maharashtra, Gujarat and Madhya Pradesh; FY26 revenue from operations ₹7,189.34 million (≈₹718.93 crore); FY26 EBITDA ₹6,921.84 million (≈₹692.18 crore).
What it says sets it apart
- Among the top 10 renewable energy IPPs in India by Total Capacity, with 7,910.20 MW (10,247.06 MWp) spread across 50 projects as at June 30, 2026 (operational 1,794.80 MW; under-construction contracted 2,875.40 MW; under-construction awarded 3,240.00 MW; plus planned 4,563.88 MWh of BESS).
- Specialised in complex renewables — second-largest bidder in WSH and FDRE tenders between April 1, 2021 and March 31, 2026, with a 96.80% tender-to-award conversion rate.
- End-to-end in-house EPC and O&M capabilities covering bidding, site prospecting, land, engineering, procurement, project financing, construction/commissioning and operations, allowing retention of EPC margins and tighter cost/timeline control.
- Track record of commissioning ahead of schedule — Operational Projects brought online a weighted average of 147 days early (one solar project 552 days early; one wind project 222 days early on weighted-average basis).
- Shortest receivable cycle among listed industry peers per CRISIL Report: 21.88 days in FY26, 16.94 days in FY25 and 23.06 days in FY24, and 97.68% of capacity tied to 25-year PPAs with 'A' or above rated off-takers.
Revenue mix
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