Juniper Green IPO

Juniper Green Energy is an independent power producer that builds and runs utility-scale renewable generation in India — solar, wind, hybrid solar-wind projects and battery energy storage. It is not a manufacturer and does not sell electricity to households; it wins capacity through competitive auctions, builds the plant, and then sells the output under long-term power purchase agreements to intermediaries and large buyers. Offtakers named in the prospectus include the state-backed procurers SECI, SJVN, NHPC and NTPC, alongside private buyers such as Tata Power. The company was incorporated in December 2011 as AT Capital Advisory India Private Limited, renamed Juniper Green Energy Private Limited in 2018, and converted to a public limited company in May 2025. Projects are concentrated in Gujarat, Rajasthan, Maharashtra and Madhya Pradesh. As of 30 June 2026 the total portfolio stood at 7,910.20 MW (10,247.06 MWp) counting operational, under-construction, contracted and awarded capacity together, which places it among India's ten largest renewable IPPs by portfolio. Only a minority of that was generating at the time of the issue: the company reported an operational portfolio of roughly 2,745 MWp plus 603 MWh of battery storage by early October 2026.

Revenue is a tariff multiplied by units generated, locked in for the life of a 25-year power purchase agreement, which is why the FY26 EBITDA margin was 85.99% — once a solar or wind farm is commissioned there is almost no variable cost. The economics are therefore entirely front-loaded into capital: the company borrows heavily to build, then collects a thin but extremely predictable annuity for decades. That shows up starkly in the balance sheet. Total assets went from ₹4,986.44 Cr in FY24 to ₹19,538.45 Cr in FY26, and borrowings from ₹2,671.70 Cr to ₹12,920.54 Cr, while revenue only moved from ₹424.45 Cr to ₹804.93 Cr and profit after tax stayed flat at ₹40.06 Cr, ₹36.48 Cr and ₹40.46 Cr across the three years. Interest and depreciation on capacity that is built but not yet earning absorb nearly all of the EBITDA. The company handles the full project lifecycle in house — auction bidding, site prospecting, land acquisition, grid connectivity approvals, engineering, procurement, project financing, construction, commissioning and ongoing operations and maintenance.