Juniper Green Energy IPO (30 July - 3 August) Analysis

IPO Analysis | BSE and NSE Main Board | 100% Book Built Issue (Pure Fresh Issue) | Regulation 6(1)

Based on Red Herring Prospectus dated July 23, 2026 | Renewable Energy Independent Power Producer (Solar, Wind, WSH and FDRE) | New Delhi

STATUS: LIVE RHP, ANCHOR BID JULY 29, BIDDING OPENS JULY 30 AND CLOSES AUGUST 3, 2026

Pure Fresh Issue Aggregating up to Rs.18,000.00 Million (Rs.1,800 Crore) | No Offer for Sale | Main Board Listing on Both BSE and NSE

Among Top 10 Largest Renewable IPPs in India by Total Capacity | 4 Listed Peers Including Adani Green Energy and NTPC Green Energy | Debt to Equity of 3.77x

 Juniper Green Energy Limited was originally incorporated as AT Capital Advisory India Private Limited on December 5, 2011, renamed Juniper Green Energy Private Limited in 2018 to reflect a strategic shift, and converted to a public limited company thereafter. Its CIN is U40100DL2011PLC228318, and its registered office is at Hemkunt Chamber, 89 Nehru Place, New Delhi, with a corporate office in Gurugram, Haryana. The Promoters are Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.

The Company is a renewable energy independent power producer and, per the CRISIL Report commissioned for this Offer, is among the top 10 largest renewable IPPs in India by Total Capacity (including operational, under construction contracted and awarded projects) as at March 31, 2026. Since commencing operations in 2018, the Company has expanded to a Total Capacity of 7,910.20 MW (10,247.06 MWp) across 50 projects as at June 30, 2026, spanning solar, wind, Wind-Solar Hybrid (WSH) and Firm and Dispatchable Renewable Energy (FDRE) formats.

Installed operational capacity alone grew from 660.20 MW in Fiscal 2024 to 1,233.14 MW in Fiscal 2026. The Company is ranked the second largest bidder by total capacity won in WSH and FDRE tenders between April 2021 and March 2026, with a 96.80% conversion rate on such tenders, and holds a land bank of more than 12,000 acres plus more than 300 wind turbine generator locations across Rajasthan, Maharashtra, Gujarat and Madhya Pradesh.

The Company's revenue from operations grew from Rs.3,915.50 million in Fiscal 2024 to Rs.7,189.34 million in Fiscal 2026, while its balance sheet has expanded roughly fourfold over the same period (total assets from Rs.49,864.44 million to Rs.195,384.53 million), reflecting the scale of ongoing capital expenditure to build out its project portfolio. Net profit has stayed comparatively flat at around Rs.400 million per year across all 3 fiscals even as the balance sheet has grown sharply, a dynamic explored in detail in Section 4.

Key Basics

Particulars	Details
Document Type	Red Herring Prospectus (RHP) dated July 23, 2026. This is a live offer: Anchor Investor Bid on Wednesday, July 29, 2026, Bid or Issue opens Thursday, July 30, 2026 and closes Monday, August 3, 2026, the same bidding window as another main board offer in this batch, MV Electrosystems Limited.
Issue Structure	100% Book Built Issue, pure Fresh Issue aggregating up to Rs.18,000.00 million (Rs.1,800 Crore). No Offer for Sale. This is by far the largest Issue size in this report series to date.
Face Value	Rs.10 per Equity Share. A 10:1 bonus issue was completed in March 2025.
Promoters	Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.
Selling Shareholders	Not applicable. This Issue is entirely a Fresh Issue with no Offer for Sale.
Eligibility Route	Regulation 6(1) of the SEBI ICDR Regulations, the standard main board profitability-based eligibility route (unlike MV Electrosystems Limited elsewhere in this batch, which used Regulation 6(2) following a reported loss).
Listing Exchange	Main board listing on both BSE Limited and the National Stock Exchange of India (NSE), with NSE as the Designated Stock Exchange.
BRLMs	A 4-bank syndicate: ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Kotak Mahindra Capital Company Limited, reflecting the scale of this transaction.
Registrar	KFin Technologies Limited.
Bid or Issue Dates	Anchor Bid: Wednesday, July 29, 2026. Opens: Thursday, July 30, 2026. Closes: Monday, August 3, 2026.
Listed Peers, One Line	4 large listed peers (ACME Solar Holdings, NTPC Green Energy, Adani Green Energy, Renew Global Energy Plc), all with materially higher RoNW than the Company.

The most structurally distinctive features of this offer are its scale, by far the largest Fresh Issue size in this report series, its 4-bank BRLM syndicate typical of large main board transactions, and its use of the standard Regulation 6(1) profitability route, in contrast to the other main board IPO processed in this batch, MV Electrosystems Limited, which required the loss-permitting Regulation 6(2) route.

How Will the IPO Money Be Used?

Object	Estimated Amount (Rs. Million)	Substantiation
Repayment or prepayment of certain borrowings of the Company	6,832.35	A specific rupee figure disclosed as debt reduction at the parent company level; not itemised lender by lender in the summary reviewed here.
Investment in Material Subsidiary (Juniper Green Gamma One Private Limited) and Subsidiaries (Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited) for repayment or prepayment of their borrowings	7,286.86	A specific rupee figure directed at deleveraging 3 named project-level subsidiaries; this is the largest single identified use of Net Proceeds.
General corporate purposes	[TBD]	Capped at 25% of Gross Proceeds, consistent with the higher cap typically seen at larger main board issues in this series relative to SME-scale offers.

Unlike every other report in this series, this Issue has no capital expenditure Object at all: the entire identified use of Net Proceeds (Rs.6,832.35 million at the Company level plus Rs.7,286.86 million channelled into 3 named subsidiaries) is directed at debt repayment. This is a deleveraging exercise for a company that has funded a large, ongoing renewable energy build-out substantially through borrowings, consistent with the debt to equity dynamics discussed in Section 4 and Section 6. As with all RHPs at this stage, the Gross Proceeds, Net Proceeds and General Corporate Purposes figures remain undetermined until the Issue Price is fixed.

Financial Performance

P&L and Key Metrics (Rs. Million unless stated, Consolidated)

Particulars	FY 2026	FY 2025	FY 2024
Revenue from operations	7,189.34	5,086.78	3,915.50
Total income	8,049.30	5,697.80	4,244.47
Finance costs	4,001.26	2,644.09	1,911.96
Profit before tax	551.94	548.98	574.95
Net profit for the year	404.64	364.78	400.64
Basic and Diluted EPS (Rs.)	0.83	0.99	1.90
Return on net worth / RoNW (%)	1.18	1.09	2.31
Total equity (net worth)	34,238.83	33,598.98	17,316.77
NAV per equity share (Rs.)	70.02	91.10	81.93

Balance Sheet and Leverage Highlights (Rs. Million)

Particulars	FY 2026	FY 2025	FY 2024
Total assets	195,384.53	103,568.06	49,864.44
Total borrowings	129,205.41	55,025.29	26,717.01
Debt to equity ratio (times)	3.77	1.64	1.54
Net debt to equity ratio (times)	2.75	0.81	1.00
Contingent liabilities as % of net worth	64.56	N/A	N/A

This is the largest and most capital-intensive company in this report series by a wide margin, and its financial profile should be read through that lens rather than compared directly to the smaller SME issuers processed alongside it. Revenue grew a healthy 30.7% in FY25 and a further 41.3% in FY26 (independently recomputed and reconciling with the RHP's own figures), but net profit has stayed essentially flat, around Rs.400 million in each of the last 3 fiscals, even as the balance sheet nearly quadrupled.

This is explained by the Company's own disclosure: revenue and profit from newly commissioned projects take time to ramp up (a phenomenon the Company's Risk Factors describe as the lag between upfront investment and revenue realisation), while finance costs on the debt funding that expansion have grown quickly (from Rs.1,911.96 million to Rs.4,001.26 million), consuming much of the operating profit growth. EPS has actually declined across all 3 years (from Rs.1.90 to Rs.0.99 to Rs.0.83), reflecting a large increase in share capital (including a 10:1 bonus issue in March 2025) diluting a broadly stable profit base.

The Company's own Risk Factors disclose a debt to equity ratio of 3.77 times as at FY 2026, up sharply from 1.64 times in FY25 and 1.54 times in FY24, which the Company attributes to increased construction activity across its project portfolio and states is within its typical long-term financing mix of 75:25 to 80:20 debt to equity for the sector.

Separately, contingent liabilities (largely performance and bid bond guarantees issued to off-takers and transmission utilities) stood at 64.56% of net worth as at FY 2026, a meaningful figure that the Company states has not historically materialised into actual liabilities.

This is a fundamentally different financial profile than the SME issuers elsewhere in this series: a large, fast-growing, debt-funded infrastructure build-out where near-term reported profit is muted by financing and depreciation costs on assets that are expected to generate stable, long-term contracted cash flows once fully operational, rather than a smaller company's organic growth story.

How Does It Compare to Peers?

Company	Revenue (Rs. Million)	Diluted EPS (Rs.)	P/E (times)	EV/EBITDA (times)	RoNW (%)	NAV/Share (Rs.)
Juniper Green Energy Limited	7,189.34	0.83	NA (Price TBD)	NA	1.18	70.02
ACME Solar Holdings Limited	20,233.79	8.16	47.21	22.47	9.86	91.03
NTPC Green Energy Limited	28,584.20	0.62	148.34	42.88	2.76	26.91
Adani Green Energy Limited	1,29,280.00	9.65	156.88	32.04	8.27	127.85
Renew Global Energy Plc	1,34,305.00	27.24	22.25	10.68	8.25	343.49

The RHP discloses 4 large listed renewable energy peers, all substantially larger than Juniper Green Energy by revenue (ranging from roughly 2.8 times to 18.7 times), including 2 of India's largest renewable energy names, Adani Green Energy and NTPC Green Energy, plus ACME Solar Holdings and the Nasdaq-listed Renew Global Energy Plc. On RoNW, the comparison is stark: the Company's 1.18% sits well below all 4 peers (ranging from 8.25% to 9.86%), reflecting its earlier stage of scaling relative to these more mature portfolios and the profit-muting effect of rapid, debt-funded capacity build-out discussed in Section 4.

The industry P/E range is wide (22.25 times to 156.88 times, averaging 93.67 times per the RHP's own disclosure), and the Company's own P/E cannot yet be calculated pending Issue Price determination. Investors should note that scale, capital structure and stage of portfolio maturity all differ meaningfully across this peer set, so it should inform rather than substitute for company-specific analysis of growth runway and financing risk.

Key Risks

l The Company is highly leveraged and leverage has risen sharply: debt to equity increased from 1.54 times (FY24) to 1.64 times (FY25) to 3.77 times (FY26), with finance costs more than doubling over the same period (Rs.1,911.96 million to Rs.4,001.26 million), consuming much of the Company's operating profit growth and holding net profit roughly flat despite strong revenue growth.

l Contingent liabilities (predominantly performance and bid bond bank guarantees to off-takers and transmission utilities) stood at 64.56% of net worth as at FY 2026; while the Company states none have historically materialised, this is a large contingent exposure relative to the equity base.

l EPS has declined in each of the last 3 fiscals (Rs.1.90 to Rs.0.99 to Rs.0.83), driven by substantial share capital increases including a 10:1 bonus issue in March 2025, meaning per-share earnings have moved in the opposite direction of the Company's absolute revenue growth.

l RoNW of 1.18% in FY 2026 is far below all 4 disclosed listed peers (ranging from 8.25% to 9.86%), reflecting the Company's earlier stage of portfolio maturity and the near-term profit drag from its rapid, debt-funded capacity expansion.

l The Company does not own the majority of the land on which its projects are or will be located, and is dependent on land acquisition, leasing and related regulatory processes to execute its pipeline.

l There are outstanding litigation proceedings involving the Company, its Subsidiaries, Promoters, Directors and Key Managerial Personnel, and a separate arbitration proceeding involving a former Chief Executive Officer.

l The Corporate Promoter, Juniper Renewable Holdings Pte. Ltd., has encumbered some of its Equity Shares, which could affect Promoter shareholding stability in certain scenarios.

l The Company operates in a highly competitive renewable energy project auction environment, and changes in auction design or government and economic incentive structures could affect future project economics.

l There is an inherent delay between significant upfront investment in renewable energy projects and the realisation of corresponding revenue, a timing mismatch that the Company itself flags as a standalone risk.

l The Company depends on a limited pool of buyers for utility-scale electricity under long-term power purchase agreements, and potential delays in tariff adoption by regulatory authorities could affect project cash flows.

l The business is subject to environmental conditions, seasonal fluctuations and natural calamities that can affect renewable energy generation output.

l There have been past instances of delay in creating security interests under financing agreements, resulting in penalties, and the Company's financing agreements carry restrictive covenants requiring lender consent for certain corporate actions.

l A small portion of revenue (1.34% to 3.00% across the last 3 fiscals) comes from a specific disclosed source the Company itself flags separately in its Risk Factors as warranting standalone attention.

Positives to Note

l The Company is among the top 10 largest renewable independent power producers in India by Total Capacity as at March 31, 2026, per the CRISIL Report commissioned for this Offer, with Total Capacity of 7,910.20 MW (10,247.06 MWp) across 50 projects as at June 30, 2026.

l The Company is ranked the second largest bidder by total capacity won in WSH and FDRE tenders between April 2021 and March 2026, with an unusually high 96.80% conversion rate on such tenders, indicating strong execution capability in more complex renewable energy formats.

l Revenue from operations grew strongly and consistently, by roughly 30.7% in FY25 and a further 41.3% in FY26, and installed operational capacity nearly doubled from 660.20 MW to 1,233.14 MW over the same period.

l The Company holds long-term power purchase agreements with central and state government off-takers at fixed tariff structures, which the Company states supports long-term, stable cash flow visibility once projects are fully operational.

l This Issue's Net Proceeds are directed entirely at deleveraging rather than new capital expenditure, which, if completed as planned, would reduce the elevated FY 2026 debt to equity ratio and associated finance costs.

l The Company holds a substantial land bank (more than 12,000 acres) and more than 300 wind turbine generator locations across resource-rich states, supporting future pipeline execution without incremental land acquisition risk for that portion of its growth plan.

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