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
- RoNW
- 1.18%
- EPS (pre-issue)
- ₹0.83
- EBITDA Margin
- 85.99%
- NAV / share
- ₹70.02
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%
Analysis in brief
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%. 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, 3 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.
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×.
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 is 100% before the issue.
Frequently asked questions
- 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.
- 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 3 disclosed objects.