Juniper Green EnergyIPO Review — Financials, Valuation & Peers
A data-only look at the Juniper Green Energy IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 424.45 | 40.06 | 370.84 | 108.21 | 4,986.44 | 2,671.7 | — |
| FY 2025 | 569.78 | 36.48 | 485.69 | 116.29 | 10,356.81 | 5,502.53 | — |
| FY 2026 | 804.93 | 40.46 | 692.18 | 122.89 | 19,538.45 | 12,920.54 | 0.83 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 271.08x
- P/E (post-issue)
- 316.9x
- RoNW
- 1.18%
- EPS (pre-issue)
- ₹0.83
- EPS (post-issue)
- ₹0.71
- EBITDA Margin
- 85.99%
- P/BV
- 3.21x
- NAV / share
- ₹70.02
- Market Cap
- ₹12,802.46 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Juniper Green Energy | 0.83 | 70.02 | — | 1.18% | — | Consolidated |
| Acme Solar Holdings Ltd | 8.24 | 91.03 | 47.21x | 9.86% | 4.23x | Consolidated |
| Adani Green Energy Ltd | 9.65 | 127.85 | 156.88x | 8.27% | 11.91x | Consolidated |
| Ntpc Green Energy Ltd | 0.62 | 26.91 | 148.34x | 2.76% | 3.5x | Consolidated |
| Renew Global Energy PLC Ltd | 27.6 | 343.49 | 22.25x | 8.25% | 1.77x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2024. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Arvind Tiku, Hemant Tikoo, Niharika Tiku, At Holdings Pte.Ltd., Juniper Renewable Holdings Pte.Ltd.</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 85.94%
- Dilution
- 14.06%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Juniper Green Energy IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Juniper Green Energy placed shares with 31 anchor investors, who together put in ₹539.39 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ABU DHABI INVESTMENT AUTHORITY-STABLE (₹80 crore), NIPPON INDIA SMALL CAP FUND (₹52 crore) and SBI INFRASTRUCTURE FUND (₹50 crore). Investor categories represented include Other and Insurance. The lock-in on half the anchor shares ends on 2 Sept 2026, with the remainder locked until 1 Nov 2026.
Analyst view tally
1 third-party review is on record for the Juniper Green Energy IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Juniper Green Energy operates at an EBITDA margin of 85.99%. At the upper band, the post-issue market capitalisation works out to about ₹12,802.46 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in material subsidiaries namely juniper green gamma one pvt.ltd., juniper green three pvt.ltd., juniper green field pvt.ltd., juniper green beam pvt.ltd., and subsidiaries namely juniper green kite pvt.ltd. and juniper green ray two pvt.ltd. for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings (₹728.69 crore), alongside repayment/pre-payment, in full or part of certain borrowings availed by company (₹683.24 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Juniper Green Energy reported revenue of ₹804.93 crore and a net profit of ₹40.46 crore. Revenue grew from ₹424.45 crore in FY2024 to ₹804.93 crore in FY2026 (+90.0%). Net worth stood at ₹122.89 crore at the end of FY2026. At the upper band, that puts the issue at roughly 271.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 316.9× post-issue earnings and 3.21× book value, against a return on net worth of 1.18%. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Acme Solar Holdings Ltd and Adani Green Energy Ltd, with a median peer P/E of about 97.8×. The issue's own post-issue P/E works out to 316.9×.
Promoters
The promoters of the company are <p>Arvind Tiku, Hemant Tikoo, Niharika Tiku, At Holdings Pte.Ltd., Juniper Renewable Holdings Pte.Ltd.</p>. Promoter holding stands at 100% before the issue and comes down to 85.94% after listing.
Frequently asked questions
- What is the reservation split in the Juniper Green Energy IPO?
- Of the total shares offered, retail investors get 34.96%, QIBs 19.98% (plus 29.96% anchor), non-institutional investors 14.98%.
- Who are the promoters of Juniper Green Energy and what is their holding?
- The promoters are <p>Arvind Tiku, Hemant Tikoo, Niharika Tiku, At Holdings Pte.Ltd., Juniper Renewable Holdings Pte.Ltd.</p>. Promoter holding is 100% before the issue and 85.94% after listing.
- What is the P/E ratio of the Juniper Green Energy IPO?
- At the upper price band, the Juniper Green Energy IPO is valued at 271.08× pre-issue earnings and 316.9× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Juniper Green Energy IPO?
- The net proceeds go primarily toward investment in material subsidiaries namely juniper green gamma one pvt.ltd., juniper green three pvt.ltd., juniper green field pvt.ltd., juniper green beam pvt.ltd., and subsidiaries namely juniper green kite pvt.ltd. and juniper green ray two pvt.ltd. for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings, among 4 disclosed objects.