Business Profile of Juniper Green Energy Limited
Juniper Green Energy is specialized work under the development, construction, and operation of solar, wind, and hybrid power projects and it is a prominent independent renewable energy power producer in India. The company was established with focus on clean energy and sustainable solutions. Under function of company it includes development of renewable energy project through process of bidding and auction, site prospecting, land acquisition & grid permits, engineering & technology, procurement, project financing, plant construction and operation & maintenance. The company has made long term power purchase agreement with major governments companies NHPC, NTPC, SJVN and SECI. The company has expanded its geographical range in Rajasthan, Maharashtra, Madhya Pradesh and Gujarat as on date of 31 May, 2025.
Objective of Juniper Green Energy IPO
As per the draft red hearing prospects, the IPO issue consists only offer for sale. The fresh issue consists of XXXX shares at the face value of ₨ 10.00 each aggregating up to ₹ 30,000.00 millions. There are only fresh shares issues and main objective of company is repayment of borrowings, investment in subsidiaries and general corporate expense.
Details of Juniper Green Energy IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹10.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity Shares |
| Aggregating up to ₨ 30,000.00 million | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 30,000.00 million | |
| Offer For Sale | N.A. |
| N.A. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Juniper Green Energy IPO: Issue Price & Size
The issue price of JUNIPER GREEN ENERGY LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has offer for sale issue aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of Juniper Green Energy IPO
The IPO opening date of JUNIPER GREEN ENERGY LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Juniper Green Energy Limited
| Particulars (Rs in Millions) | Ended Dec 31 , 2024 | F.Y 2024 | F.Y 2023 | F.Y 2022 |
| Income | ||||
| Revenue from operations | 3,515.94 | 3,915.50 | 3,313.07 | 1,705.30 |
| Other income | 348.05 | 328.97 | 311.79 | 186.40 |
| Total income | 3,863.99 | 4,244.47 | 3,624.86 | 1,891.70 |
| Expenses | ||||
| Employee benefits expense | 177.56 | 141.30 | 290.99 | 81.41 |
| Finance cost | 1,916.58 | 1,911.96 | 1,983.86 | 840.31 |
| Depreciation and amortization expense | 1,220.97 | 1,221.52 | 1,100.58 | 438.87 |
| Other expenses | 394.75 | 394.74 | 351.00 | 160.43 |
| Total expenses | 3,709.86 | 3,669.52 | 3,726.43 | 1,521.02 |
| Profit / ( loss ) before tax | 154.13 | 574.95 | ( 101.57 ) | 370.68 |
| Tax expense | ||||
| Current tax expense | 56.88 | 67.51 | 0.52 | 17.26 |
| Adjustment of tax relating to earlier period / year | – | 0.04 | 0.12 | 3.28 |
| Deferred tax expense | 19.06 | 106.76 | 18.37 | 77.86 |
| Total tax expense | 75.94 | 174.31 | 19.01 | 98.40 |
| Net profit / ( loss ) for the period | 78.19 | 400.64 | ( 120.58 ) | 272.28 |
Key financial ratios of Juniper Green Energy Limited
| Particulars | Units | Ended Dec 31 , 2024 |
Mar 31 , 2024 |
Mar 31 , 2023 |
Mar 31 , 2022 |
| Revenue from operations |
million | 3,515.94 | 3.915.50 | 3,313.07 | 1,705.30 |
| Revenue Growth | % | NA | 18.18 | 94.28 | 71.17 |
| Total Income | million | 3,863.99 | 4,244.47 | 3,624.86 | 1,891.70 |
| EBITDA | million | 3,291.68 | 3,708.43 | 2,982.87 | 1,649.86 |
| EBITDA Margin | % | 85.19 | 87.37 | 82.29 | 87.22 |
| Operating EBITDA | million | 2.943.63 | 3,379.46 | 2,671.08 | 1,463.46 |
| Operating EBITDA Margin | % | 83.72 | 86.31 | 80.62 | 85.82 |
| Profit /loss after tax | million | 78.19 | 400.64 | ( 120.58 ) | 272.28 |
| Net Debt to Equity | ( times ) | 0.78 | 1.00 | 2.47 | 1.72 |
| Days of Receivable Outstanding | ( Days ) | 16.70 | 23.06 | 19.89 | 15.46 |
| Interest Coverage | ( times ) | 1.72 | 1.94 | 1.50 | 1.96 |
| Operating EBITDA ROCE | ( % ) | 9.75 | 12.12 | 29.58 | 28.64 |
Promoters & Shareholding Juniper Green Energy IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of the Shareholder | Number of Shareholders | Number of Equity Shares | Equity Share capital (% ) |
| Promoter & Promoter Group | 7 | 488,989,292 | 100 |
| Public | – | – | – |
| Total | 7 | 488,989,292 | 100 |
Should You Subscribe To Juniper Green Energy IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Juniper Green Energy IPO
Prominent in power production list
The company is amongst top 10 renewable energy independent power producers in India in terms of total capacity as at December 31, 2024. The total capacity of company stood at 7,898.45 MW (10,069.58 MWp) across its 48 projects. The total portfolio comprised of 18 solar projects with a total capacity of 955.00 MW (1,350.38 MWp), five wind projects with a total capacity of 382.15 MWp, 17 WSH projects with a total capacity of 3,040.60 MW (3,927.35 MWp) and eight FDRE projects with a total capacity of 3,520.70 MW (4,409.70 MWp).
Long-term power purchase agreements
The company has long term power purchase central and state government off-takers and fixed tariff structures, enabling long-term and stable cash flows. Additionally, our long-term PPAs have enabled us to enter into long-term financing agreements with various financial institutions. As at May 31, 2025, 97.64% of the total Capacity (in terms of MWp) is long-term with counterparties with strong credit ratings .This advantage has enabled company to raise funds on competitive terms and interest rates.
Supply chain de-risking strategy
The procurement team of company sources critical components such as solar modules, wind turbines and transformers in advance which aids in de-risking in company supply chain. They directly source its critical components and equipment from market leaders such as Envision, Suzlon, First Solar, Waaree, Goldi, Sungrow and TBEA. The company does not award turnkey EPC contracts and instead place orders directly with vendors through its special purpose vehicles. We believe that this approach reduces the risk and dependency associated with a single contractor.
Robust track record
The company has track record of delivering projects ahead of schedule which is backed by its end-to-end inhouse capabilities in developing and operating renewable energy projects. As at March 31, 2025, company has established a track record of commissioning most of their operational projects ahead of schedule and ahead of other IPPs in the respective bids thereby showcasing its expertise in timely project execution.
Risk Factors of Juniper Green Energy IPO
Top two Off-takers drive revenue
A significant portion of company revenue from operations is derived from the sale of electricity generated at their projects and top two off-takers collectively contributed 94.69%, 97.00%, 96.76% and 87.92% of company revenue from operations for the nine months period ended December 31, 2024 and Fiscals 2024, 2023 and 2022, respectively. The loss of any such key commercial relationships could adversely affect company business, results of operations, financial condition and cash flows.
Mandatory bid bond guarantees for bidding
The company is required to provide bid bond guarantees at the time of bidding, connectivity bank guarantees in relation to its grid permits and performance bank guarantees under power purchase agreements. Any default, contractual or regulatory, on their part may result in invocation of guarantee claims and payment of liquidated damages which could have an adverse effect on company business, cash flows, financial condition and results of operations. The company also provided corporate guarantees for certain debt of their Subsidiaries, which, if invoked, could lead to a material adverse effect on business.
Capital-intensive business
Juniper ltd. operates in a capital-intensive industry and typically maintains a long-term financing mix with a debt to equity ratio ranging from 75:25 to 80:20. The company fund construction and development of its renewable energy projects through a combination of equity infusion, internal accruals and external debt financing. If company is unable to comply with the terms of their financing agreements, lenders may choose to accelerate company obligations under its facility agreements, foreclose upon the collateral and charge additional or penal interest for the period of default.
Large working capital requirement
The company has significant working capital requirements to support our operations, including the construction and maintenance of our renewable energy plants, procurement of equipment and materials, servicing debt obligations and ensuring the availability of spare parts and consumables. If company raises additional debt to fund these needs, their repayment obligations would increase, impacting cash flows and profitability. Any changes in terms of credit or payment conditions could adversely affect company ability to manage its working capital efficiently.
Juniper Green Energy IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the JUNIPER GREEN ENERGY LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
