Juniper Green Energy

Juniper Green Energy Limited

Juniper Green Energy is a renewable energy independent power producer (IPP), among India's top 10 by total capacity. It builds, owns and operates solar, wind and hybrid power plants, winning capacity through competitive government auctions and selling electricity under long-term (typically 25-year) fixed-tariff power purchase agreements (PPA). Its total portfolio stood at ~10,247 MWp across 50 projects, tilted toward higher-tariff, storage-integrated FDRE (~44%) and wind-solar hybrid (~38%) projects, with plain solar (~13%) and wind (~4%) making up the operational base. It is controlled by Arvind Tiku's AT Group through a Singapore holding structure and is professionally managed.

DRHP filed: June 27, 2025

IPO open & close: July 30, 2026 - August 3, 2026

Listing date: August 6, 2026 (tentative)

BRLM: ICICI Securities, HSBC Securities & Capital Markets (India), JM Financial, Kotak Mahindra Capital

Auditor: Walker Chandiok & Co LLP

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Delta's View:

No Material Listing Gains | Skip

Juniper is an emerging player in the high-growth, capital-intensive renewable energy sector. However, the economics are not particularly favourable for equity holders -low return on capital (ROCE ~2.9% FY26) and negative free cash flow (₹-6,171 cr FY26) in the medium term, turning favourable only as assets mature or industry tariffs improve. About ~74% of capacity is not yet operational and still to be built, which could pose risks in the form of delays or curtailments. At ~34x FY26 EV/EBITDA, we would prefer to stay on the sidelines and wait for the industry economics and valuations to turn reasonable.

One can expect only flat to moderate listing gains as per current GMP ~3% (31 July 2026), provided the GMP sustains.

•     India added ~161 GW of renewable capacity over FY18-26 to reach ~275 GW, and targets 500 GW of non-fossil capacity by 2030. Those additions make the industry hard to ignore, alongside 80%+ operating EBITDA margins and 25-year fixed-tariff PPAs. The issue is the capital intensive nature, visible in cumulative FY24-26 capex was Adani ₹66k cr, NTPC ₹37k cr, ACME ₹11.4k cr, Juniper ₹10k cr. Free cash flow stayed depressed for every player despite those margins: Adani ₹-15,857 cr, NTPC ₹-12,928 cr, ACME ₹-4,070 cr, Juniper ₹-6,171 cr.

•     It favours more to a lender than equity holder at this point. Getting long term locked cash flow guarantees on the assets. What separates the players is the cost of that debt, and it varies widely. FY26 effective cost of debt: NTPC Green ~6.0% (PSU-parent advantage), ACME Solar ~8.6% (ICRA estimate), Adani Green ~8.5-9.5%, and Juniper the highest of the set at ~9.75%.

•     Juniper's returns are thin and its leverage climbed sharply in FY26. Its ROCE was 3.9% (FY25) and 2.9% (FY26), while D/E jumped from 1.64x to 3.77x as capex ramped. The ₹1,412 cr debt repayment from IPO proceeds eases D/E back to ~2.2x, leaving it better placed than ACME (~3.8x) and Adani (5.0x).

•     About 74% of Juniper's capacity is still to be built, against ~1,425 MW AC / ~2,409 MWp DC live today. So the case rests on converting a pipeline several times its operating base, just as transmission becomes the sector's binding constraint. ICRA (Jul 2026) flags heavy grid curtailment (50-60% in solar hours), worst in Rajasthan and Gujarat, two of Juniper's states, with Gujarat being a major one. Projects for NTPC, Adani and ACME already sit stranded on grid delays (Reuters).

•     As a utility-scale player, Juniper sells largely to state DISCOMs, with 86% of FY26 revenue came from just two, MSEDCL (Maharashtra) and GUVNL (Gujarat). That's high concentration, but both rank among India's financially healthier DISCOMs, and the mix should broaden as the FDRE/WSH pipeline which is largely contracted with central agencies (SECI, NTPC, NHPC, SJVN) comes online

•     The strategic bet is a tilt toward higher-tariff, storage-backed projects -WSH and FDRE together are ~83% of total capacity (FDRE ~44%, WSH ~38%), fetching ₹4.25-4.69/kWh against ~₹2.6-3.6 for plain solar/wind. ACME is chasing the same shift and has leaned harder into FDRE - it's ~2.4x larger operationally and FDRE is a bigger slice of its book (~37% vs Juniper's ~20%). But both are at the same early stage where it counts: operational FDRE is still negligible for each.

•     Battery storage is what makes FDRE work and is a genuine high-growth segment, but Juniper's exposure is mostly yet to be executed. Operational BESS is ~503 MWh (about ~6% of India's operational base at mid-2026 (IESA)) while ~4,061 MWh sits under construction or awarded. India tendered 130+ GWh of storage in 2025, yet only ~9.2 GWh was due to commission in 2026, and ~53 GWh of tenders have already been cancelled (IESA).

•     The promoters: the AT Group previously built and sold Orange Renewable (~1 GW) to Greenko for an estimated US$1 billion, and much of Juniper's senior team, including CEO Ankush Malik (IIT Delhi/IIM Lucknow) carried over from that platform, so the business is professionally managed rather than founder-operated. Promoter holding (99.43% pre issue, fully diluted, via Juniper Renewable Holdings), will reduce to ~85.9% post-issue, with no offer for sale.

•     Chairperson Arvind Tiku, ranked among Singapore's wealthiest (Forbes), built his career in the Kazakh oil-and-gas sector after studying in the former Soviet Union. That period drew investigative-media coverage, including a Swiss inquiry linked to a business associate (although closed in 2013 with no charges) and later mentions in the Pandora Papers (2021) and ICIJ (2024).

•     Valuation is demanding. At an IPO ask of ~34x FY26 EV/EBITDA, the buyer is pre-paying for capacity that is not yet built, not yet evacuated in the grid-constrained core states, and not yet generating cash.

Business

•     Juniper Green Energy is a renewable IPP, among India's top 10 by total capacity. It builds, owns and operates solar, wind and hybrid plants, winning capacity via competitive government auctions and selling power under 25-year fixed-tariff PPAs. Revenue from operations was ₹718.9 cr in FY26 (₹508.7 cr FY25, ₹391.6 cr FY24), at a weighted average tariff of ₹3.64/kWh.

•     The portfolio is only partly built out: of ~10,247 MWp across 50 projects, operational capacity is ~2,409 MWp (~24%), with ~3,657 MWp under-construction contracted and ~4,182 MWp awarded (PPA not yet signed) -so most capacity is still to be constructed and funded.

•     By technology, the mix tilts to complex, higher-tariff projects -FDRE (firm/round-the-clock with storage) ~44% and wind-solar hybrid ~38%, versus plain solar ~13% and wind ~4%. FDRE fetches ₹4.25-4.69/kWh against ~₹2.6-3.6 for standalone solar/wind. Operational BESS is ~503 MWh, with ~4,061 MWh more under construction or awarded.

•     Customers are central and state government-backed entities -GUVNL, MSEDCL, SECI, NTPC, NHPC, SJVN. Revenue is concentrated: MSEDCL (46.2%) and GUVNL (39.9%) were ~86% of FY26 revenue. Operations span four states -Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

Promoters and Leadership

•     Juniper is promoted and controlled by Arvind Tiku's AT Capital Group via a Singapore holding structure (Juniper Renewable Holdings → AT Holdings → Tiku family trust). The Tikus control the company but do not run it operationally; Arvind Tiku (Chairperson) and Hemant Tikoo sit on the Board as non-executive directors.

•     The AT Group is a repeat renewable operator: it previously built and sold Orange Renewable (~1 GW) to Greenko for a reported ~US$1 billion. Much of Juniper's senior team -including CEO Ankush Malik (IIT Delhi/IIM Lucknow) and CFO Parag Agrawal (CA) -carried over from Orange, giving the leadership sector continuity.

Shareholding Pattern

•     The company has raised capital almost entirely from its own promoter via repeated rights issues. Juniper Renewable Holdings Pte. Ltd., Singapore holds 100.00% of equity (99.43% fully diluted).

Issue Details

Fresh issue size - Amount → 1,800 cr; To be utilized in -

• Repayment/pre-payment of certain borrowings of the Company → 683 cr
• Investment in subsidiaries (Gamma One, Kite, Power Five) to repay/pre-pay their borrowings → 729 cr
• General Corporate Purposes & Others → 388 cr

Offer For Sale size - Amount → Nil;

Financials