Juniper Green Energy IPO
Juniper Green Energy IPO is a mainboard IPO raising ₹1,800 Cr at ₹214 – ₹225 a share. It listed on 6 Aug 2026 at ₹245, +8.9% against its issue price of ₹225, and trades at ₹266 today (+18.2% since issue). It was subscribed 7.97× in total.
8.0 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
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
The numbers at a glance
The price they’re asking →derived: cut-off price Rs225 / stated EPS Rs0.83 (FY26 (year ended March 31, 2026) diluted EPS, restated consolidated, Ind AS 33). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 25× their allocation. Retail: 0.93×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by ICICI Securities Limited — median +18.2% across the 111 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 14 Sept 2026.
What to watch
- Priced at 271.1× earnings — 177% above the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track JUNIPER GREEN ENERGY LTD
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