UpcomingMainboardRenewable Energy · Wind and Solar Power Generation
Juniper Green Energy
TEMPJUNI
★★★☆☆3/5
🔗 Official WebsitePrice Band: —
Issue Size: 3000
About the Company
What does this company do?
Juniper Green Energy Limited is a renewable energy company focused on the development, construction, and operation of wind and solar power projects in India. Originally incorporated as AT Capital Advisory India Private Limited in 2011, it rebranded to Juniper Green Energy in 2018 to reflect its strategic shift toward r…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
3000
Fresh Issue
3000
Proceeds go to company
Reservation Structure
QIB (Qualified Institutional Buyers)
50%
Not more than 50% of Net Issue
NII / HNI (Non-Institutional Investors)
15%
Not less than 15% of Net Issue
RII (Retail Individual Investors)
35%
Not less than 35% of Net Issue
Products & Brands
Key offerings and brand portfolio of the company.
Wind Power Generation: Development, construction and operation of wind energy projects across multiple Indian states with long-term PPAs
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | H1 FY25 (9M Dec 2024) | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue from Operations | 3515.94 | 3915.50 | 3313.07 | 1705.30 |
| EBITDA | 3757.37 | 3601.75 | 2884.55 | 1602.54 |
| EBITDA Margin | 106.9% | 92.0% | 87.1% | 94.0% |
| Depreciation & Amortisation | 1220.97 | 1221.53 | 1100.58 | 438.88 |
| EBIT | 2536.40 | 2380.22 | 1783.97 | 1163.66 |
| Finance Costs (Interest) | 1803.27 | 1805.27 | 1885.54 | 793.43 |
| PBT (Profit Before Tax) | 154.13 | 574.95 | -101.57 | 370.68 |
| Tax | 75.94 | 174.31 | 19.01 | 98.40 |
| PAT (Net Profit) | 78.19 | 400.64 | -120.58 | 272.28 |
| PAT Margin | 2.2% | 10.2% | -3.6% | 16.0% |
| EPS — Basic (₹) | 0.23 | 1.90 | -0.79 | 2.19 |
| EPS — Diluted (₹) | 0.23 | 1.90 | -0.79 | 2.19 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
—
H1 FY25 (9M Dec 2024)
EPS — Diluted (₹)
—
H1 FY25 (9M Dec 2024)
P/E Ratio
—
At upper band
RoNW (%)
—
H1 FY25 (9M Dec 2024)
NAV per Share (₹)
—
Pre-issue
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
Repayment/pre-payment of certain borrowings availed by the Company
1
Investment in Material Subsidiaries for repayment/pre-payment of their outstanding borrowings
2
General corporate purposes
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Growing operational renewable energy portfolio with long-term PPAs
Strong capital backing from Singapore-based holding company
Experienced management with track record in renewable energy development
Improving revenue trajectory from ₹1,705 million in FY22 to ₹3,916 million in FY24
⚠️Weaknesses
Very high debt levels relative to equity creating significant interest burden
Net loss in FY2023 and low PAT margins
Single promoter holding 100% pre-IPO creates concentration risk
Negative cash flows from investing activities reflecting capital-intensive nature
🚀Opportunities
India's ambitious 500 GW renewable energy target by 2030 provides large addressable market
Government policy support for renewable energy including RPOs and green energy corridors
Growing corporate demand for renewable energy through open access and group captive models
Potential for significant value creation as under-construction projects become operational
🔥Threats
Interest rate risk affecting cost of large debt portfolio
Regulatory changes in tariff determination or PPA terms
Competition from larger players and new entrants in renewable energy sector
Resource risk from changing wind and solar patterns due to climate change
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Growing renewable energy portfolio with a diversified mix of wind and solar power assets across multiple Indian states
✓
Long-term power purchase agreements (PPAs) with government entities providing stable and predictable revenue streams
✓
Strong parentage and backing from Juniper Renewable Holdings Pte. Ltd. enabling access to capital for capacity expansion
✓
Experienced management team with deep domain expertise in renewable energy project development and operations
✓
Significant capacity under construction providing visibility on future revenue growth and capacity addition
✓
Strategic focus on debt reduction through IPO proceeds aimed at improving balance sheet health and reducing finance costs
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
100.00%100.00%
0.00%0.00%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
High leverage with total borrowings of ₹52,548.81 million as of December 31, 2024 relative to net worth, resulting in significant finance costs
⚠
Revenue and profitability dependent on wind and solar resource availability, which is subject to seasonal and climatic variability
⚠
Concentration risk with single holding company (Juniper Renewable Holdings Pte. Ltd.) holding 100% pre-IPO equity
⚠
Regulatory and policy risk given dependence on government-set tariffs, PPAs, and renewable energy policy continuity
⚠
Execution and construction risk associated with large capital expenditure projects and multiple subsidiaries under development
⚠
Contingent liabilities of ₹15,548.86 million including bank guarantees and performance guarantees as of December 31, 2024
◆ Neutral
Should You Apply?
Juniper Green Energy Limited is a renewable energy company operating wind and solar power assets in India, backed by Singapore-based Juniper Renewable Holdings Pte. Ltd. The company has shown strong revenue growth from ₹1,705 million in FY22 to ₹3,916 million in FY24, supported by long-term PPAs, though profitability remains constrained by very high debt (₹52,549 million as of Dec 2024) and associated finance costs of ₹1,803 million for the nine months ended December 2024. The IPO of ₹3,000 crore (₹30,000 million) is entirely a fresh issue aimed at deleveraging, which should improve future profitability, but the price band has not yet been disclosed in this DRHP making valuation assessment difficult. Given the high leverage, early-stage profitability, and undisclosed price band, investors should await the final price band and RHP before making a subscription decision.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (4)
ICICI Securities
HSBC
JM Financial
Kotak Mahindra Capital
Registrar to the Issue
📋
KFin Technologies Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Juniper Green Energy Limited
CIN
U40100DL2011PLC228318
Registered Office
1103A & 1103B, 11th Floor, Hemkunt Chamber, 89, Nehru Place, New Delhi 110 019, Delhi, India
Contact Person
Prashant Pandia
Phone
+91 124 473 9600
Website
www.junipergreenenergy.com