Juniper Green Energy

IPO Size: Rs. 1,800 cr, Entirely Fresh Issue   

• For repaying Rs. 1,412 cr of Rs. 13,266 cr gross debt as of 30.6.26

Price band: Rs. 214-225 per share

M cap: Rs. 12,802 cr, implying 14% dilution

IPO Date: Thu 30^th Jul to Mon 3^rd Aug 2026, Listing Thu 6^th Aug 2026

Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.

 

Renewal Energy Independent Power Producer (IPP)

Juniper Green Energy is an 8-year-old Gurugram based independent power producer (IPP) with 7.91 GW (10.25 GWp DC capacity) total capacity across 50 projects in Rajasthan, Maharashtra and Gujarat. Company has focus on wind-solar hybrid (WSH) and firm despatch renewable energy (FDRE) projects, which provide higher blended tariff of Rs. 3.64 as compared to vanilla solar or wind projects. Of this, 1.79 GW is operational, 2.87 GW is under construction and 3.24 GW is awarded capacity. Company also has total 4.56 GWh BESS capacity, of which, 0.5 GWh is operational.

 

Rising Debt

As of 31.3.26, gross debt stood at Rs. 12,891 cr, which rose to Rs. 13,266 cr as of 30.6.26. On net worth of Rs. 3,424 cr, the net debt to equity ratio is seen very high at 2.74x, and will remain elevated at 1.60x post IPO. Besides, net debt to EBITDA is also bulging at 15x currently and 9x, post IPO.

Company guides close to 4.6 GW AC operational capacity by FY28E and 7.9 GW operational by FY30E. For this, it envisages Rs. 30,000 cr capex over the next 3.5 years, of which Rs. 23,000 cr will be debt-funded. This will keep interest burden elevated and net margins low, despite higher EBITDA margin on hybrid and FDRE projects. Moreover, majority borrowings are on variable rate basis, a concern in the expected rising interest rate scenario.

 

Expensive Pricing

Rs. 8,300 cr net debt remains post listing on expanded net worth of Rs. 5,225 cr. On m cap of Rs. 12,802 cr, enterprise value is Rs.21,140 cr, implying a historic EV/EBITDA multiple of 35x, based on FY26 EBITDA of Rs. 605 cr excluding other income. This is quite steep vis-à-vis similar sized private IPPs like Acme Solar (19x) and Clean Max (23x).

Even if FY27E EBITDA is estimated at close Rs.1,050 cr, EV/EBITDA multiple of over 20x on current year basis is a stretch for Juniper Green, as net margin may remain in low single digit (5.6% in FY26). Besides, a Rs. 365 cr claim by company’s former CEO and allegation of bribery and unethical practices is pending arbitration in the court.