Juniper Green Energy Limited- Prospectus
PROSPECTUS · filed 18 Aug 2026
Juniper Green Energy Limited is a renewable energy company that generated Rs 718.93 crore in revenue and Rs 40.46 crore in profit in the latest fiscal year, with revenue growing at a CAGR of 35.5%. The IPO consists entirely of a fresh issue of Rs 1,800 crore with no offer for sale. The company faces high material risks regarding customer concentration, as its top two off-takers accounted for over 97% of revenue in the latest fiscal year, and medium risks regarding supplier concentration and warranty obligations.
What stands out
High leverage. Debt-to-equity of 3.77x.
Risk factor. A significant portion of revenue from operations is derived from the sale of electricity generated at our projects and our top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively.
Risk factor. The loss of any key commercial relationships with our top two off-takers, Gujarat Urja Vikas Nigam Limited and Maharashtra State Electricity Distribution Company Limited, could adversely affect our business, results of operations, financial condition and cash flows.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth. Restated revenue CAGR of 35.5%.
How the offer is structured
Fresh issue
₹1.80k Cr
New capital into the company
OFS share
0%
- repayment/pre-payment, in full or part, of certain borrowings availed by our Company₹683 Cr
- investment in one of our Material Subsidiaries namely Juniper Green Gamma One Private Limited, and our Subsidiaries namely Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings₹729 Cr
- General corporate purposes₹296 Cr
Restated financials
Revenue
₹719 Cr
Latest fiscal year
Profit after tax
₹40.5 Cr
Revenue CAGR
35.5%
Return on equity
1.2%
Debt / equity
3.77
P/E at upper band
271.08
Only in a priced RHP
PAT CAGR
0.5%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹392 Cr | ₹40.1 Cr | ₹1.73k Cr | |
| 2025 | ₹509 Cr | ₹36.5 Cr | ₹3.36k Cr | |
| 2026 | ₹719 Cr | ₹40.5 Cr | ₹3.42k Cr |
Promoters, litigation & related parties
Promoter (pre)
99.4%
Except as disclosed in this section, as on the date of this Prospectus, there are no outstanding (i) criminal proceedings (including first information reports for which no cognizance has been taken by any court or any judicial authority); (ii) actions taken by regulatory or statutory authorities including notices issued by such authorities; (iii) disciplinary actions including penalty imposed by the SEBI or stock exchanges against the Promoters in the last five Financial Years including outstanding actions; (iv) claims related to direct and indirect taxes (disclosed in a consolidated manner giving the total number of claims and the total amount involved); (v) litigation as determined to be material pursuant to the Materiality Policy (as defined hereinafter), in accordance with the SEBI ICDR Regulations in each case involving our Company, Subsidiaries, Promoters and Directors (collectively the “Relevant Parties”); (vi) criminal proceedings (including first information reports for which no cognizance has been taken by any court or any judicial authority) involving, or (vii) actions taken by regulatory or statutory authorities (including any outstanding penalties and show cause notices and any other notices received from regulatory and statutory authorities) against any of the Key Managerial Personnel or members of Senior Management.
Risks the company discloses
A significant portion of revenue from operations is derived from the sale of electricity generated at our projects and our top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations for Fiscals 2026, 2025 and 2024, respectively.(Customer Concentration)
The loss of any key commercial relationships with our top two off-takers, Gujarat Urja Vikas Nigam Limited and Maharashtra State Electricity Distribution Company Limited, could adversely affect our business, results of operations, financial condition and cash flows.(Customer Concentration)
Our business is dependent on suppliers for the procurement of critical components, equipment, material and other goods, with our top 10 suppliers collectively contributing to 84.42%, 79.99% and 87.52% of total purchases for Fiscals 2026, 2025 and 2024, respectively.(Supplier Concentration)
We are highly dependent on certain suppliers to provide quality goods on a timely basis, and vendors may not perform their obligations in full or at all.(Supplier Concentration)
For our wind projects, our key component is wind turbine generators, and for our solar energy projects, our key equipment consists of solar modules and invertors.(Component Dependency)
Any issues arising after the expiry of warranties provided by manufacturers against equipment failures and defects would necessitate repairs at our expense.(Warranty and Liability)
Vendor liability for warranty breaches is typically capped at a portion of the purchase price or service fees, and any losses exceeding this cap would be our responsibility.(Warranty and Liability)
If vendors fail to meet obligations, deliver defective components or violate quality standards, we could face delays and need costlier contracts with other vendors, who may not be readily available.(Warranty and Liability)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

