Juniper Green Energy IPO: Date, Price, GMP & Lot Size

Juniper Green Energy IPO Details

Juniper Green Energy IPO is a Mainboard IPO with an issue size of Rs. 1,800 Cr by Juniper Green Energy Limited, comprising a wholly fresh issue of 8 crore shares.

The Juniper Green Energy IPO date of opening is 30 Jul 2026; its initial public offering will end on 03 Aug, IPO allotment on Aug 04, and refund initiation on Aug 05, 2026, and the listing date (expected) might be on Thursday, Aug 06, 2026, on the BSE and NSE. 

The Juniper Green Energy IPO price band is Rs. 214 to Rs. 225.

If you are also looking to apply in this IPO and are confused about whether you should proceed or not, then we have made an analysis in which we will be covering the company’s business, financials, industry trends, valuation, strengths and weaknesses, its current GMP indications, etc that can help you in taking a decision. Keep scrolling.

Juniper Green Energy IPO- Company Analysis 

Juniper Green Energy is one of the top independent power producers (IPPs) in India that develops, constructs, runs, and maintains utility-scale renewable energy projects. With Battery Energy Storage Systems (BESS), the company develops solar, wind, Wind-Solar Hybrid (WSH), and Firm & Dispatchable Renewable Energy (FDRE) projects. It makes money through long-term power purchase agreements with entities supported by the federal and state governments.

The company was among the top 10 renewable IPPs in India by total capacity as of June 30, 2026, with a total renewable energy portfolio of 7,910.20 MW (10,247.06 MWp) that included operational, under-construction, contracted, and awarded projects. It has a solid track record of timely project execution, solid land acquisition, grid connectivity, and technology-driven renewable energy solutions thanks to its integrated in-house EPC and operations & maintenance (O&M) skills.

IPO Timetable (Tentative) 

Industry Growth and Industry Outlook

Peak demand is expected to grow at an annual average CAGR of ~6-7% between Fiscal 2026 and Fiscal 2031, reaching 335-345 GW by Fiscal 2031.

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The Objective of the Issue

• Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. ~ Rs. 683.24 Cr.
• Investment in Material Subsidiaries and Subsidiaries for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings. ~ Rs. 728.69 Cr.
  
  

Promoters And Management of Juniper Green Energy Ltd.

• Arvind Tiku
• Hemant Tikoo
• Niharika Tiku
• At Holdings Pte.Ltd.
• Juniper Renewable Holdings Pte.Ltd.

Company Financials 

• The Total Assets (everything the company owns, such as land, machines, cash, and materials) have shown strong growth over the last three years, driven by significant expansion in the renewable energy portfolio, investments in Property, Plant and Equipment (PPE), and a sharp rise in Capital Work-in-Progress related to under-construction projects. Total Assets stood at ₹195,384.53 million as at March 31, 2026 (up from ₹103,568.06 million as at March 31, 2025, and ₹49,864.44 million as at March 31, 2024).
  
  

• The Total Income (money earned from main business plus any other income) has demonstrated robust growth over the last three years, primarily driven by higher revenue from operations due to increased installed and operational capacity, along with growth in other income. Total Income stood at ₹8,049.30 million for the year ended March 31, 2026 (up from ₹5,697.80 million for the year ended March 31, 2025, and ₹4,244.47 million for the year ended March 31, 2024)
  
  

• The Profit After Tax (final profit left after paying all costs and taxes) has remained relatively stable with moderate growth in the latest year, reflecting higher finance costs and depreciation associated with capacity expansion. PAT stood at ₹404.64 million for the year ended March 31, 2026 (compared to ₹364.78 million for the year ended March 31, 2025, and ₹400.64 million for the year ended March 31, 2024).
  
  

• The EBITDA (operating profit before deducting interest, taxes, and asset wear-and-tear costs) has shown strong growth over the last three years, driven by higher revenue from operations and operational efficiency as the portfolio expanded. EBITDA stood at ₹6,921.84 million for the year ended March 31, 2026 (up from ₹4,856.85 million for the year ended March 31, 2025, and ₹3,708.43 million for the year ended March 31, 2024).
  
  

• The Net Worth (total value belonging to the owners/shareholders of the company) has grown significantly over the last three years, supported by equity infusions, retention of profits, and conversion-related capital adjustments. Net Worth stood at ₹34,238.83 million as at March 31, 2026 (up from ₹33,598.98 million as at March 31, 2025, and ₹17,316.77 million as at March 31, 2024).
  
  

• The Reserves (profits saved and kept inside the company for future use) have increased over the last three years, reflecting retained earnings and other equity adjustments, including securities premium from capital raises. Reserves and Surplus stood at ₹29,348.93 million as at March 31, 2026 (up from ₹28,709.08 million as at March 31, 2025, and ₹17,057.71 million as at March 31, 2024).
  
  

• The Total Borrowings (total loans and debt taken by the company) have increased substantially over the last three years, primarily to fund the expansion of the renewable energy project pipeline, including under-construction capacity and related capital expenditure. Total Borrowings (current + non-current) stood at ₹129,205.41 million as at March 31, 2026 (up from ₹55,025.29 million as at March 31, 2025, and ₹26,717.01 million as at March 31, 2024).
  
  

Financials Snapshot

(Amount in Cr)

Cash Flows

• The Net Cash Flow from Operating Activities (cash generated from the company’s main day-to-day business after adjusting for working capital and taxes) stood at ₹3,222.25 million for the year ended March 31, 2024. It increased to ₹3,650.68 million for the year ended March 31, 2025, and further rose to ₹4,699.92 million for the year ended March 31, 2026.
  
  

• Net Cash Flow from Investing Activities (cash used for buying/selling long-term assets like machinery, property, or investments, capital work-in-progress, and other investments) stood at an outflow of ₹15,795.44 million for the year ended March 31, 2024. The outflow increased to ₹41,828.19 million for the year ended March 31, 2025, and further rose to ₹65,097.69 million for the year ended March 31, 2026.
  
  

• Net Cash Flow from Financing Activities (cash from loans, repayments, share issuance, and interest payments) stood at ₹12,313.81 million for the year ended March 31, 2024. It increased to ₹40,712.21 million for the year ended March 31, 2025, and further rose to ₹68,661.96 million for the year ended March 31, 2026.

Cash Flows Snapshot

(Amount in Mn)

Revenue Bifurcation

(Source: RHP)

Off-taker-wise Pie Diagram

Listed Peers of Juniper Green Energy Ltd. 

Note: ^This amount is in USD

Valuation

• The Return on Net Worth (RoNW), which measures the Company’s ability to generate profit from its net worth, stood at 1.18% for the year ended March 31, 2026. It was 1.09% for the year ended March 31, 2025 and 2.31% for the year ended March 31, 2024. The weighted average RoNW for the three years is 1.34%.
  
  

• The EBITDA Margin, which indicates the operating profitability of the business as a percentage of total income, stood at 85.99% for the year ended March 31, 2026. It was 85.24% for the year ended March 31, 2025 and 87.37% for the year ended March 31, 2024.
  
  

Valuation Snapshot

Is Valuation Expensive?

At the upper price band of ₹225, the implied P/E of ~271x is significantly higher than all the listed peers mentioned in the RHP and the content. Even the highest peer P/E among the comparable companies is 156.88x (Adani Green).

Evaluation of P/E Ratio

Considering the period ended FY 2026 with an EPS of Rs. 0.83 from the last year, the resulting P/E ratio is 271.08x.

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IPO's Strengths/ Bull Case

• One of India's top 10 renewable energy independent power producers by total capacity.
• Diversified portfolio across solar, wind, hybrid, and FDRE projects with BESS.
• End-to-end in-house EPC and O&M capabilities with a proven execution track record.
• Long-term power purchase agreements providing stable and predictable cash flows.
  
  

IPO's Weaknesses/ Bear Case

• High dependence on key power off-takers.
• Dependence on competitive project auctions.
• Project execution and growth risk.
  
  

Future Opportunities

Juniper Green Energy IPO GMP

Juniper Green Energy IPO GMP today is Rs. 0 as of 27 July 2026, while writing this information. With the upper price band of Rs. 225, Juniper Green Energy IPO's estimated listing price is Rs. 225. The expected listing gain/loss per share is 0%.

Anchor Investors

Details of anchor participation (if any) would be available in filings; pre-IPO investors include entities like Anchorage Capital and Baring PE.

Subscription Status (Live)

Subscription data will be available during/after the issue period on BSE/NSE websites. Check official sources for real-time updates.

Juniper Green Energy IPO Lesser Known Facts

• One of the Corporate Promoters (Juniper Renewable Holdings Pte. Ltd.) had pledged 7,194,462 Equity Shares (1.46% of pre-Issue share capital on a fully diluted basis) in favour of IREDA. These shares have been temporarily released and must be re-pledged within 60 days of listing and commencement of trading.
  
  

• The Company claims to have the shortest receivable days in the Indian renewable energy sector among listed peers for Fiscals 2024, 2025 and 2026 (21.88 days, 16.94 days and 23.06 days respectively).
  
  

• A complaint was filed in May 2023 against promoters Arvind Tiku and Hemant Tikoo, in their capacity as directors of Experion Developers, concerning the cancellation of an apartment booking and forfeiture of a Rs. 1.95 million deposit. They submitted their response to the Gurugram police in June 2023, and as of the RHP date, a copy of the complaint had not yet been served on them.
  
  

Who Should Avoid this IPO?

Every investor has different risk appetite, financial goals, and analysis methods. The blog suggests reviewing the full RHP, latest GMP, subscription trends, and consulting your own SEBI-registered advisor before making any decision. Allotment is not guaranteed, and market conditions on listing day also matter.

Juniper Green Energy IPO Summary

IPO Lot Details 

Juniper Green Energy IPO Allotment Status

To check the Juniper Green Energy IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using the BSE Website - ​BSE IPO allotment status

IPO Lead Managers

• ICICI Securities Ltd.
  
  

Dividend Policy

The company has not paid a Dividend during the last three FYs.

Should You Apply for Juniper Green Energy IPO?

Investors are advised to review the full RHP, latest GMP, subscription trends, and consult SEBI-registered professionals before taking any decision. Different investor categories may evaluate scale, valuation, risks, and opportunities differently.

Conclusion

Juniper Green Energy IPO offers exposure to India’s growing renewable energy sector with a diversified solar, wind, hybrid and FDRE portfolio. However, the valuation at the upper price band appears stretched compared to listed peers. Investors should carefully review the RHP, risks, and current market conditions before making any decision.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.

You must consult your financial advisor before making any financial decisions.

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To read the Prospectus of the company, click here to download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and informational purposes only. Always consult your eligible financial advisor for investment-related decisions.