All IPOs 
Juniper Green Energy
Mainboard · NSE listed
+8.89%
Listing gain
Price Band
₹214 – ₹225
Issue Size
₹1,800 Cr
1 lot at upper band
₹14,850
Lot Size
66
Open
30 Jul 2026
Close
03 Aug 2026
Allotment
—
Listing
06 Aug 2026
Scheduled dates
- Open30 Jul 2026
- Close03 Aug 2026
- Refund05 Aug 2026
- Demat credit05 Aug 2026
- Listing06 Aug 2026
Listing Performance
Listing Price
₹245
Listing Gain
+8.89%
Day Close
—
Current (LTP)
— (—)
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹23 9 sessions
Subscription (times)
Latest per-category subscription · as of 03 Aug, 06:56 pm IST.
QIB 26.22x
NII 1.92x
BHNI 2.07x
SHNI 1.60x
RII 0.98x
Employee 3.44x
Total 8.38x
About Juniper Green Energy
The company is among the top 10 largest renewable independent power producers in India in terms of Total Capacity as at March 31, 2026, where total capacity includes operational, under construction contracted and awarded projects. The company develops, builds, operates and maintains utility scale renewable energy projects through its in-house EPC team and O&M team, and generates revenue through the sale of electricity to various off-takers, including central and state government-backed entities. The company commissioned its first solar project with a capacity of 100 Megawatts in March 2020 and has since expanded its portfolio of projects to a Total Capacity of 7,910.20 MW as at June 30, 2026.
www.junipergreenenergy.com ↗Strengths
- Top 10 Renewable Energy Independent Power Producer in IndiaThe company is among the top 10 largest renewable IPPs in India in terms of Total Capacity as at March 31, 2026, with 7,910.20 MW (10,247.06 MWp) across 50 projects, focusing on complex renewable energy projects like WSH and FDRE.
- Proven Land Acquisition and Grid Connectivity CapabilitiesThe company has secured more than 12,000 acres for solar projects and more than 300 WTG locations, with surplus grid connectivity of 1,688.00 MW at CTU level available for future projects beyond current requirements.
- Long-term Power Purchase Agreements with Strong CounterpartiesThe company has 97.68% of Total Capacity backed by long-term PPAs (typically 25 years) with creditworthy counterparties rated 'A' or above, providing stable cash flows with shortest receivable days of 21.88 days in Fiscal 2026.
- Track Record of Early Project CommissioningThe company has commissioned operational projects ahead of schedule by a weighted average of 147 days, with one solar project completed 552 days ahead and one wind project 222 days ahead of schedule.
- Established Supply Chain De-risking StrategyThe company has secured long-term agreements with market leaders including 200 WTGs from Envision, 1 GW solar modules from First Solar, and comprehensive 25-year O&M contracts with suppliers ensuring quality and timely procurement.
- Experienced Promoters and Strong Financial SupportThe company benefits from ₹32,824.63 million in equity support, U.S.$40.00 million standby letter of credit, ₹4,671.86 million in corporate guarantees, and ₹10,037.00 million in guarantees from promoters, maintaining net debt to equity of 2.75.
Risk Factors
- High Customer Concentration RiskThe company's top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect the company's business, results of operations, financial condition and cash flows.
- High Supplier Concentration RiskThe company's top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of critical components and other goods could adversely affect the company's business operations, financial position and cash flows.
- High Debt-to-Equity Ratio and Financial LeverageThe company operates with a debt to equity ratio of 3.77, 1.64 and 1.54 and net debt to equity ratio of 2.75, 0.81 and 1.00 as at March 31, 2026, 2025 and 2024, respectively. The company is subject to restrictive covenants under financing arrangements and any inability to obtain financing could adversely affect business operations.
- Geographic Concentration RiskThe company's renewable energy projects are concentrated in only four states: Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Any change in governmental policies or occurrence of natural disasters in these states may impact the company's business, cash flows, financial condition and results of operations.
- Project Execution and Commissioning RiskThe company's future growth is significantly dependent on successfully executing projects. There have been instances of delays resulting in liquidated damages of ₹67.20 million, ₹22.43 million, and ₹5.30 million for various projects. Failure to execute projects on time could result in penalties, reduced tariffs, and termination of capacity.
- Limited Experience with Complex Project TypesWhile the company has experience in solar and wind projects, it has limited experience in commissioning WSH and FDRE projects. As at June 30, 2026, 9.43% of Under Construction Contracted Projects and 25.09% of Under Construction Awarded Projects are WSH projects, with 23.83% and 15.71% respectively being FDRE projects.
- Regulatory and Policy Dependency RiskThe company's business is highly dependent on government policies, incentives, and regulatory frameworks. Changes in policies could lead to significant reduction in support for renewable energy projects, and 94.92% of total capacity is backed by central or state government entities at pre-determined tariffs.
- Grid Infrastructure and Curtailment RiskThe company relies on transmission grids owned by state governments. There have been instances of curtailment notices limiting power evacuation, and grid constraints could reduce electricity output and limit operational efficiencies, adversely affecting business and results of operations.
- Operational and Equipment Failure RiskThe company faces risks from equipment malfunction, environmental factors, and operational problems. There have been instances of equipment failures including DC cable failure and transformer issues, with insurance claims totaling ₹37.95 million. Such failures could require significant capital expenditure and affect power generation.
- High Contingent LiabilitiesAs at March 31, 2026, the company's contingent liabilities were 64.56% of net worth, totaling significant amounts in performance guarantees, bid bond guarantees, and bank guarantees. If these materialize, they may affect results of operations, financial condition and cash flows.
Objects of the Issue
- Repayment/pre-payment, in full or part, of certain borrowings availed by the CompanyThe company intends to utilize funds towards full or partial repayment/prepayment of borrowings to reduce outstanding indebtedness, maintain favorable debt-equity ratio, and enable utilization of internal accruals for business growth and expansion.683.24 crores
- Investment in Material Subsidiaries for repayment/pre-payment of their outstanding borrowingsThe company proposes to invest in Juniper Green Gamma One Private Limited, Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/prepayment of their outstanding borrowings to reduce consolidated indebtedness.728.69 crores
- General corporate purposesThe company intends to deploy balance funds towards general corporate purposes including funding growth opportunities, bidding for projects, meeting corporate contingencies, employee expenses, and other purposes approved by the Board.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 804.93 | +41.3% | 40.46 | +10.9% | 19538.45 | 3423.88 | 469.99 |
| 31/03/2025 | 569.78 | +34.2% | 36.48 | -8.9% | 10356.81 | 3359.90 | 365.07 |
| 31/03/2024 | 424.45 | — | 40.06 | — | 4986.44 | 1731.68 | 322.23 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 271.08
- Shares / Lot
- 66
- Minimum Bid
- 66 shares
- Refund
- 05 Aug 2026
- Credit to Demat
- 05 Aug 2026
- ISIN
- INE05C901015
- CIN
- U40100DL2011PLC228318
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- ICICI Securities Ltd.
- Registered Office
- 1103A & 1103B, 11th Floor, Hemkunt Chamber, 89, Nehru Place, New Delhi 110 019, Delhi, India
Management
Arvind TikuCEO
Hemant TikooCOO
Ankush MalikMD
Parag AgrawalCFO
Balaji Viswanathan SwaminathanDirector
Kottamasu Venkateswara RaoDirector
Maithreyi SwaminathanDirector
Prashant ParasharDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.