Skip To Main Content
This is the logo of equentis - a sebi registered investment advisory
Login
📞Call us
+91 80629 16290

Juniper Green Energy Ltd IPO

Status: Upcoming

Overview

IPO date
30 Jul 2026 to 03 Aug 2026
Face value
₹ 10 per share
Price
₹ 214 to ₹225 per share
Issue Size
80,000,000 shares
(aggregating up to ₹ 1800 Cr)
Allotment Date
04 Aug 2026
Listing at
NSE
Issue type
Book Building
Sector
Infrastructure Developers & Operators

This image for unlock stock of the monthUnlock Stock of the Month

T&C*

Strengths vs Risks of Juniper Green Energy Ltd

Know the pros & cons

Strengths

  • We are amongst the top 10 renewable energy independent power producers in India in terms of our Total Capacity as at December 31, 2024 with a focus on complex renewable energy projects.
  • Proven ability to secure land and establish robust connectivity well in advance.
  • We have long-term power purchase agreements with central and state government off-takers and fixed tariff structures, enabling long-term and stable cash flows.
  • We have a track record of delivering projects ahead of schedule which is backed by our end-to-end inhouse capabilities in developing and operating renewable energy projects.
  • Established supply chain de-risking strategy, ensuring timely procurement and quality of the critical components.
  • Experienced and committed Promoters, credible financial partners and a dynamic team guided by experienced leadership.

Risks

  • A significant portion of our 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 our revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect our business, results of operations, financial condition and cash flows.
  • Our business is dependent on suppliers for the procurement of critical components, equipment, material and other goods for the operation of our projects as well as for other business operations. Our top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of our total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of our critical components and other goods could adversely affect our business operations, financial position and cash flows.
  • Our Corporate Promoter, Juniper Renewable Holdings Pte. Ltd. has encumbered some of its Equity Shares in favor of the Indian Renewable Energy Development Agency Limited. In the event that any encumbrance is enforced, it may dilute the shareholding of our Corporate Promoter, which could adversely affect our business and reputation.
  • Our renewable energy projects are located in the states of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Any change in governmental policies or occurrence of natural disasters in any of these states may impact our business, cash flows, financial condition and results of operations.
  • Our development of renewable energy projects may be restrained by our inability to identify or acquire suitable land sites. If we are unable to identify suitable land on commercially acceptable terms, our ability to develop new renewable energy projects on a timely basis or at all might be affected, which could result in the imposition of liquidated damages and/or reductions in tariffs which could adversely affect our business, financial condition, cash flows and results of operations.
  • Our business is subject to environmental conditions, seasonal fluctuations and natural calamities that may have an adverse impact on our business, financial condition, cash flows and results of operations.
  • We have in the past entered into a number of related party transactions and may continue to enter into related party transactions in the future that may involve conflicts of interest.
  • The reduction, modification or cancellation of government and economic incentives may reduce the economic benefits of our existing renewable energy projects and our opportunities to develop or acquire new renewable energy projects.
  • We do not own a majority of the land on which our projects are located or will be located and our Registered Office and our Corporate Office are leased. If these leases or sub-leases are terminated or not renewed on terms acceptable to us, it could adversely affect our business, results of operations and cash flows.
  • A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain loan facilities availed by our Company from The Hongkong and Shanghai Banking Corporation Limited which is an affiliate of HSBC Securities and Capital Markets (India) Private Limited, one of the Book Running Lead Managers.
  • We have entered into power purchase agreements with several central government or state government entities and have limited ability to negotiate the terms of such power purchase agreements which may contain onerous terms and any breach of these terms could result in the termination, and in turn could have a material adverse effect on our business, cash flows, financial condition and results of operations.
  • We participate in highly competitive renewable energy project auctions. Any change in the auction process, and factors that influence our decision to participate in the bidding process may adversely impact our ability to expand our portfolio and impact our business, results of operations and cash flows.
  • Our past performance may not be indicative of our future growth. Our future growth is significantly dependent on successfully executing our projects. In the event we are not successful in executing these projects, our business, results of operations and cash flows may be adversely impacted.
  • Operational problems may reduce energy production below our expectations and repairing any failure could require us to expend significant amounts of capital and other resources which could have a material adverse effect on our business, cash flows, financial condition and results of operations.
  • The delay between making significant upfront investments in our renewable energy projects and receiving revenue could adversely affect our liquidity, business, cash flows and results of operations.
  • We are required to provide bid bond guarantees at the time of bidding, connectivity bank guarantees in relation to our grid permits and performance bank guarantees under our power purchase agreements. Any default, contractual or regulatory, on our part may result in invocation of our guarantee claims and payment of liquidated damages which could have an adverse effect on our business, cash flows, financial condition and results of operations. We have also provided corporate guarantees for certain debt of our Subsidiaries, which, if invoked, could lead to a material adverse effect on our business, cash flows, financial condition and results of operations.
  • We are a capital-intensive business with a debt to equity ratio (times) of 3.77, 1.64 and 1.54 and net debt to equity ratio (times) of 2.75, 0.81 and 1.00 as at March 31, 2026, 2025 and 2024, respectively, and we are subject to restrictive covenants under our financing arrangements. Any inability to obtain financing could adversely affect our business, cash flows, financial condition and results of operations.
  • We have significant working capital requirements. Any failure in arranging adequate working capital for our operations may adversely affect our business, results of operations, cash flows and financial condition.
  • Our ability to access capital at attractive costs depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business, financial conditions, cash flows and results of operations.
  • While we have experience in commissioning solar and wind power projects, we have limited experience in commissioning WSH and FDRE projects. With limited experience in commissioning such projects, we could encounter delays and unexpected costs, undermining project viability and profitability.
  • We have estimated capital expenditure for our projects based on current market conditions, however, with rising input/commodity cost and potentially higher costs for, or delay in, obtaining rights of way for our transmission lines and roads, actual capital expenditure may exceed expected capital expenditure and may impact the financial closure and commissioning timelines.
  • The current planned capacity configurations and locations of our Under Construction Contracted Projects and Under Construction Awarded Projects are preliminary and estimates and may be subject to change. Such changes may lead to increased costs, delays or a less optimal project design and may impact our estimated revenue from operations, future cash flows and financial position.
  • If our off-takers with whom we have entered into power purchase agreements are unable to enter into subsequent power sale agreements with distribution companies and/or are unable to obtain the requisite approvals from their respective electricity regulatory commissions, there may be delays in commissioning our projects, or our projects may be postponed, and our revenue from operations, financial conditions and cash flows may be impacted consequently.
  • Potential delays in the tariff adoption by regulatory authorities for our renewable energy projects post receiving the letter of awards could have an adverse effect on our business, results of operations and cash flows.
  • There is a limited pool of buyers of utility-scale electricity. If our power purchase agreement counterparties fail to meet their obligations, it could adversely affect our business, results of operations and cash flows.
  • Undertaking acquisitions or divestments may subject us to additional risks that may adversely affect our business, financial condition, cash flows, results of operations and prospects.
  • Our financing agreements provide for payment of interest at variable rates and any increases in interest rates may adversely affect our results of operations and cash flows.
  • We may suffer significant construction delays and any increase in finance or construction costs in excess of our expectations, leading to time and cost overruns, could have a material adverse effect on our business, cash flows, financial condition and results of operations.
  • Adverse public response to renewable energy projects in general can negatively affect the operation of our projects.
  • Any constraints in the availability of the electricity grid, including our inability to obtain access to transmission lines in a timely and cost-efficient manner, could adversely affect our business, results of operations and cash flows.
  • As at March 31, 2026, our contingent liabilities were 64.56% of our net worth. If they materialize, it may affect our results of operations, financial condition and cash flows.
  • There are outstanding litigation proceedings involving our Company, Subsidiaries, Promoters, Directors and Key Managerial Personnel. Any adverse outcome in such proceedings may have an adverse impact on our reputation, business, cash flows, financial condition and results of operations.
  • Our Company is a party to an arbitration proceeding involving our former chief executive officer and a complaint has also been filed by him with Securities and Exchange Board of India alleging coercion, bribery and unethical practices. Any adverse outcome to such proceeding could have an adverse impact on our reputation, results of operations, cash flows, and the market price of our Equity Shares.
  • We generated 1.34%, 1.82% and 3.00% of our revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from the sale of voluntary emission reductions and sale of renewable energy certificates presented under other operating revenue under revenue from operations. However, we have not entered into any definitive long-term contracts for the sale of these voluntary emission reductions and we may not be able to renew our agreement for the sale of renewable energy certificates or secure future offtake arrangements.
  • Certain of our Subsidiaries have incurred losses within Fiscals 2026, 2025 and 2024, and any similar losses in the future may adversely affect our business, financial condition and cash flows.
  • Changes in the price of solar modules, wind turbines, inverters and other materials due to changes in demand and other factors or underperformance by our suppliers may cause cost overrun of our under construction projects.
  • There were certain instances of delays in payment of statutory dues by us. Future delays in payment of statutory dues could attract financial penalties or other regulatory actions from the respective government authorities and in turn adversely affect our financial condition and cash flows.
  • There is an outstanding regulatory actions in relation to certain projects undertaken by one of our Subsidiaries. Any adverse outcome in such regulatory or statutory actions may adversely affect our business, reputation, results of operations, financial condition and cash flows.
  • Restrictions on renewable energy equipment imports may increase our costs of procurement of such equipment. Furthermore, enforcement of warranties in different jurisdictions may be challenging.
  • We are required to schedule and forecast the power generated by our renewable energy projects for which we are dependent upon third party forecasting service providers. Any errors or inaccuracies could lead to penalties and have an adverse impact on our business operations, financial position and cash flows.
  • We may not be able to identify or correct defects or irregularities in title to the properties which we own, lease or intend to acquire in connection with the development of our renewable energy projects as land title in India can be uncertain. Additionally, certain land on which our renewable energy projects are located or will be located may be subject to third party rights or onerous conditions which may adversely affect its use.
  • We have limited experience with merchant power plants where power is primarily sold through energy exchanges and carries inherent risk due to the variability and unpredictability of market prices. While there is a flexibility to sign short term bilateral power purchase agreements based on the opportunities available in the market, our inability to sell power at such exchanges or to renew our existing power purchase agreements for our merchant plants due to any disruptions, breakdowns or termination of our agreements could have a material adverse impact on our financial conditions, reputation and future projects.
  • The use of battery energy storage system technology is prone to certain risks, which may adversely affect our business and operations.
  • Exchange rate fluctuations may adversely affect our business, results of operations and cash flows.
  • Changes in technology may render our current technologies obsolete or require us to make substantial capital investments. Failure to respond to current and future technological changes in an effective and timely manner may adversely affect our business, cash flows and results of operations.
  • In relation to our business operations, certain approvals, licenses, registrations and permissions have to be obtained and any delay or failure to obtain, renew or maintain them could adversely affect our business, cash flows and results of operations of our projects and financial condition.
  • Our operations in the renewable energy industry are subject to numerous environmental, health and safety laws and regulations. Violations of those laws and regulations may result in fines, ceasing of project operations or even criminal sanctions and injunctions.
  • Our success depends on our key management, including our Directors, Key Managerial Personnel and Senior Management and any failure to attract and retain our management team could harm our ability to maintain and grow our business.
  • Some of our Directors do not have prior experience with listed entities which may require additional time for them to fully understand their roles and responsibilities. This could potentially affect our corporate governance standards, investor confidence and operational performance.
  • Any disruption in the steady and regular supply of workforce for our operations, including due to strikes, work stoppages or increased wage demands by our workforce or any other kind of disputes with our workforce or our inability to control the composition and cost of our workforce could adversely affect our business, cash flows and results of operations.
  • Inability to maintain adequate insurance cover in connection with our business may adversely affect our operations and profitability.
  • We face significant competition in the renewable energy market and we may lack sufficient financial or other resources to maintain or improve our competitive position.
  • We have pledged or have agreed to pledge and will continue to pledge a significant portion of our cash and cash equivalents in favor of lenders, who may exercise their rights under the respective pledge agreements in the event of a default.
  • Our business and operations significantly depend on our Promoters. Furthermore, our Promoters, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd. have provided certain corporate guarantees and undertakings in relation to loans obtained by us and our Subsidiaries and any default by us or our Subsidiaries may impact our financial structure, cash flows, and debt-to-equity ratios.
  • We may not be able to realize revenue from power generated in excess of the contracted capacity under our power purchase agreements, which could adversely affect our business and results of operations.
  • We may incur penalties for the prepayment of our borrowings, which could reduce the Net Proceeds available from the Issue.
  • Certain of our Directors, Key Managerial Personnel and Senior Management Personnel have interests in our Company in addition to their remuneration and reimbursement of expenses.
  • Our inability in the future to comply with or any delay in compliance with the strict regulatory requirements with respect to our non-convertible debentures may have an adverse effect on our business, results of operations, cash flows and financial condition.
  • We have included certain Non-GAAP Measures and industry measures related to our operations and financial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non-GAAP Measures and industry measures may not be comparable with financial or industry-related statistical information of similar nomenclature computed and presented by other companies.
  • Our Statutory Auditors, and the auditors for our Subsidiaries have included certain remarks in their audit reports and examination reports. There can be no assurance that our audit reports for any future periods or financial years will not contain qualifications, matters of emphasis or other observations, including any observations that may have an effect on our financial statements and which could adversely affect our financial condition, cash flows and results of operations.
  • A certain portion of the land on which our renewable energy projects are or will be located may require certain approvals and permits in order for us to use such land for developing such renewable energy projects. In the event we are unable to obtain such approvals and permits, our business, results of operations, cash flows and financial condition could be adversely affected.
  • Certain of our Subsidiaries and members of our Promoter Group are engaged or are authorized by their constitutional documents to engage in business activities which are similar to those undertaken by our Company which may result in conflicts of interest.
  • If we are unable to maintain an effective system of internal controls and compliances, our business and reputation could be adversely affected.
  • Our funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond our control.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • Our Company cannot assure payment of dividends on the Equity Shares in the future.
  • We may face claims of infringement of intellectual property rights of others that may be costly to defend and/or limit our ability to use such technology in the future, which may have a material adverse effect on our business, financial condition, cash flows and results of operations.
  • Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned by us and paid for by us for such purpose.
  • Certain information included in this Red Herring Prospectus has been derived from technical reports by RE Force Management Services Private Limited appointed by our Company.
  • Our Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct our business and affairs; their interests may conflict with your interests as a shareholder.
  • The Equity Shares have never been publicly traded and after the Issue, the Equity Shares may experience price and volume fluctuations and an active trading market for the Equity Shares may not develop. Furthermore, the Issue Price, market capitalization to revenue from operations multiple, price to revenue from operations ratio and price to earnings ratio based on the Issue Price of our Company, may not be indicative of the market price of the Equity Shares of face value of Rs.10 each on listing.

Juniper Green Energy Ltd Peer Comparison

Understand the company’s industry standing

Juniper Green Energy Ltd
Acme Solar Holdings Limited
NTPC Green Energy Limited
Face Value
10
2
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
718.93
2023.38
2858.42
EPS-Basis
0.83
8.24
0.62
EPS-Diluted
0.83
8.16
0.62
NAV Per Share
70.02
91.03
26.91
P/E-Basic EPS
---
47.21
148.34
P/E-Diluted EPS
---
---
---
RONW(%)
1.18
9.86
2.76
Latest NAV Period
---
---
---
Latest NAV
---
---
---
Journey for how to check the allotment status

How to check the allotment status of Juniper Green Energy Ltd IPO?

Follow the steps

IPO allotment status journey step 1
IPO allotment status journey step 2
IPO allotment status journey step 3
IPO allotment status journey step 4

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

IPO reads

Stay updated with the latest IPO developments

This is ₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis

February 27, 2025 | 5 min read

₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT AnalysisRead More
This is Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%

February 25, 2025 | 5 min read

Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%Read More
This is Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details Here

February 18, 2025 | 5 min read

Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details HereRead More
This is Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!

October 25, 2024 | 5 min read

Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!Read More
This is Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!

October 22, 2024 | 5 min read

Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!Read More
This is Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons WhyRead More
This is Bajaj Housing Finance IPO: All You Need to Know

September 6, 2024 | 5 min read

Bajaj Housing Finance IPO: All You Need to KnowRead More
This is Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons WhyRead More
This is Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue Launch

August 26, 2024 | 5 min read

Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue LaunchRead More

More on IPOs

Navigate your way to other IPO resources

More on IPOs

Current IPOs

More on IPOs

Upcoming IPOs

More on IPOs

Closed IPOs

More on IPOs

Listed IPOs

More on IPOs

Performing IPOs

Latest videos on IPOs

IPO highlights & details!

FAQs on IPO

Get answers to all your questions here!

The IPO opens on 30 Jul 2026 & closes on 03 Aug 2026.

Juniper Green Energy was originally incorporated as 'AT Capital Advisory India Private Limited' as a private limited company, dated December 5, 2011. Subsequently, the name of the Company was changed to 'Juniper Green Energy Private Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies on December 8, 2018. Upon the conversion of Company into a public limited company, the name of the Company was changed to 'Juniper Green Energy Limited', and a fresh certificate of incorporation dated May 26, 2025 was issued by the Registrar of Companies, Central Processing Centre. The Company is an independent power producer (IPP) in India which develops, builds, operates and maintains utility scale renewable energy projects through in-house engineering, procurement and construction and operations and maintenance teams, and generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities. The projects include wind, solar, wind-solar hybrid, firm and dispatchable renewable energy and battery energy storage systems. The Company launched its renewable energy plants in Gujarat, India with a first bid for a 120.00 MW solar project in 2019. It commissioned the first solar project with a capacity of 100 Megawatts in Maharashtra, India in March, 2020. In 2024, the Company commissioned first 69.30 MW wind project and have since expanded the portfolio of projects to a Total Capacity of 7,898.45 MW (10,069.58 MWp) as at May 31, 2025. Company is planning the initial public offer by raising funds aggregating to Rs 3000 Cr equity shares via Fresh Issue.

Juniper Green Energy Ltd IPO will close on 03 Aug 2026.

  • We are amongst the top 10 renewable energy independent power producers in India in terms of our Total Capacity as at December 31, 2024 with a focus on complex renewable energy projects.
  • Proven ability to secure land and establish robust connectivity well in advance.
  • We have long-term power purchase agreements with central and state government off-takers and fixed tariff structures, enabling long-term and stable cash flows.
  • We have a track record of delivering projects ahead of schedule which is backed by our end-to-end inhouse capabilities in developing and operating renewable energy projects.
  • Established supply chain de-risking strategy, ensuring timely procurement and quality of the critical components.
  • Experienced and committed Promoters, credible financial partners and a dynamic team guided by experienced leadership.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Juniper Renewable Holdings Pte 488989292 100 488989292 85.94

  • A significant portion of our 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 our revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect our business, results of operations, financial condition and cash flows.
  • Our business is dependent on suppliers for the procurement of critical components, equipment, material and other goods for the operation of our projects as well as for other business operations. Our top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of our total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of our critical components and other goods could adversely affect our business operations, financial position and cash flows.
  • Our Corporate Promoter, Juniper Renewable Holdings Pte. Ltd. has encumbered some of its Equity Shares in favor of the Indian Renewable Energy Development Agency Limited. In the event that any encumbrance is enforced, it may dilute the shareholding of our Corporate Promoter, which could adversely affect our business and reputation.
  • Our renewable energy projects are located in the states of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Any change in governmental policies or occurrence of natural disasters in any of these states may impact our business, cash flows, financial condition and results of operations.
  • Our development of renewable energy projects may be restrained by our inability to identify or acquire suitable land sites. If we are unable to identify suitable land on commercially acceptable terms, our ability to develop new renewable energy projects on a timely basis or at all might be affected, which could result in the imposition of liquidated damages and/or reductions in tariffs which could adversely affect our business, financial condition, cash flows and results of operations.
  • Our business is subject to environmental conditions, seasonal fluctuations and natural calamities that may have an adverse impact on our business, financial condition, cash flows and results of operations.
  • We have in the past entered into a number of related party transactions and may continue to enter into related party transactions in the future that may involve conflicts of interest.
  • The reduction, modification or cancellation of government and economic incentives may reduce the economic benefits of our existing renewable energy projects and our opportunities to develop or acquire new renewable energy projects.
  • We do not own a majority of the land on which our projects are located or will be located and our Registered Office and our Corporate Office are leased. If these leases or sub-leases are terminated or not renewed on terms acceptable to us, it could adversely affect our business, results of operations and cash flows.
  • A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain loan facilities availed by our Company from The Hongkong and Shanghai Banking Corporation Limited which is an affiliate of HSBC Securities and Capital Markets (India) Private Limited, one of the Book Running Lead Managers.
  • We have entered into power purchase agreements with several central government or state government entities and have limited ability to negotiate the terms of such power purchase agreements which may contain onerous terms and any breach of these terms could result in the termination, and in turn could have a material adverse effect on our business, cash flows, financial condition and results of operations.
  • We participate in highly competitive renewable energy project auctions. Any change in the auction process, and factors that influence our decision to participate in the bidding process may adversely impact our ability to expand our portfolio and impact our business, results of operations and cash flows.
  • Our past performance may not be indicative of our future growth. Our future growth is significantly dependent on successfully executing our projects. In the event we are not successful in executing these projects, our business, results of operations and cash flows may be adversely impacted.
  • Operational problems may reduce energy production below our expectations and repairing any failure could require us to expend significant amounts of capital and other resources which could have a material adverse effect on our business, cash flows, financial condition and results of operations.
  • The delay between making significant upfront investments in our renewable energy projects and receiving revenue could adversely affect our liquidity, business, cash flows and results of operations.
  • We are required to provide bid bond guarantees at the time of bidding, connectivity bank guarantees in relation to our grid permits and performance bank guarantees under our power purchase agreements. Any default, contractual or regulatory, on our part may result in invocation of our guarantee claims and payment of liquidated damages which could have an adverse effect on our business, cash flows, financial condition and results of operations. We have also provided corporate guarantees for certain debt of our Subsidiaries, which, if invoked, could lead to a material adverse effect on our business, cash flows, financial condition and results of operations.
  • We are a capital-intensive business with a debt to equity ratio (times) of 3.77, 1.64 and 1.54 and net debt to equity ratio (times) of 2.75, 0.81 and 1.00 as at March 31, 2026, 2025 and 2024, respectively, and we are subject to restrictive covenants under our financing arrangements. Any inability to obtain financing could adversely affect our business, cash flows, financial condition and results of operations.
  • We have significant working capital requirements. Any failure in arranging adequate working capital for our operations may adversely affect our business, results of operations, cash flows and financial condition.
  • Our ability to access capital at attractive costs depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business, financial conditions, cash flows and results of operations.
  • While we have experience in commissioning solar and wind power projects, we have limited experience in commissioning WSH and FDRE projects. With limited experience in commissioning such projects, we could encounter delays and unexpected costs, undermining project viability and profitability.
  • We have estimated capital expenditure for our projects based on current market conditions, however, with rising input/commodity cost and potentially higher costs for, or delay in, obtaining rights of way for our transmission lines and roads, actual capital expenditure may exceed expected capital expenditure and may impact the financial closure and commissioning timelines.
  • The current planned capacity configurations and locations of our Under Construction Contracted Projects and Under Construction Awarded Projects are preliminary and estimates and may be subject to change. Such changes may lead to increased costs, delays or a less optimal project design and may impact our estimated revenue from operations, future cash flows and financial position.
  • If our off-takers with whom we have entered into power purchase agreements are unable to enter into subsequent power sale agreements with distribution companies and/or are unable to obtain the requisite approvals from their respective electricity regulatory commissions, there may be delays in commissioning our projects, or our projects may be postponed, and our revenue from operations, financial conditions and cash flows may be impacted consequently.
  • Potential delays in the tariff adoption by regulatory authorities for our renewable energy projects post receiving the letter of awards could have an adverse effect on our business, results of operations and cash flows.
  • There is a limited pool of buyers of utility-scale electricity. If our power purchase agreement counterparties fail to meet their obligations, it could adversely affect our business, results of operations and cash flows.
  • Undertaking acquisitions or divestments may subject us to additional risks that may adversely affect our business, financial condition, cash flows, results of operations and prospects.
  • Our financing agreements provide for payment of interest at variable rates and any increases in interest rates may adversely affect our results of operations and cash flows.
  • We may suffer significant construction delays and any increase in finance or construction costs in excess of our expectations, leading to time and cost overruns, could have a material adverse effect on our business, cash flows, financial condition and results of operations.
  • Adverse public response to renewable energy projects in general can negatively affect the operation of our projects.
  • Any constraints in the availability of the electricity grid, including our inability to obtain access to transmission lines in a timely and cost-efficient manner, could adversely affect our business, results of operations and cash flows.
  • As at March 31, 2026, our contingent liabilities were 64.56% of our net worth. If they materialize, it may affect our results of operations, financial condition and cash flows.
  • There are outstanding litigation proceedings involving our Company, Subsidiaries, Promoters, Directors and Key Managerial Personnel. Any adverse outcome in such proceedings may have an adverse impact on our reputation, business, cash flows, financial condition and results of operations.
  • Our Company is a party to an arbitration proceeding involving our former chief executive officer and a complaint has also been filed by him with Securities and Exchange Board of India alleging coercion, bribery and unethical practices. Any adverse outcome to such proceeding could have an adverse impact on our reputation, results of operations, cash flows, and the market price of our Equity Shares.
  • We generated 1.34%, 1.82% and 3.00% of our revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from the sale of voluntary emission reductions and sale of renewable energy certificates presented under other operating revenue under revenue from operations. However, we have not entered into any definitive long-term contracts for the sale of these voluntary emission reductions and we may not be able to renew our agreement for the sale of renewable energy certificates or secure future offtake arrangements.
  • Certain of our Subsidiaries have incurred losses within Fiscals 2026, 2025 and 2024, and any similar losses in the future may adversely affect our business, financial condition and cash flows.
  • Changes in the price of solar modules, wind turbines, inverters and other materials due to changes in demand and other factors or underperformance by our suppliers may cause cost overrun of our under construction projects.
  • There were certain instances of delays in payment of statutory dues by us. Future delays in payment of statutory dues could attract financial penalties or other regulatory actions from the respective government authorities and in turn adversely affect our financial condition and cash flows.
  • There is an outstanding regulatory actions in relation to certain projects undertaken by one of our Subsidiaries. Any adverse outcome in such regulatory or statutory actions may adversely affect our business, reputation, results of operations, financial condition and cash flows.
  • Restrictions on renewable energy equipment imports may increase our costs of procurement of such equipment. Furthermore, enforcement of warranties in different jurisdictions may be challenging.
  • We are required to schedule and forecast the power generated by our renewable energy projects for which we are dependent upon third party forecasting service providers. Any errors or inaccuracies could lead to penalties and have an adverse impact on our business operations, financial position and cash flows.
  • We may not be able to identify or correct defects or irregularities in title to the properties which we own, lease or intend to acquire in connection with the development of our renewable energy projects as land title in India can be uncertain. Additionally, certain land on which our renewable energy projects are located or will be located may be subject to third party rights or onerous conditions which may adversely affect its use.
  • We have limited experience with merchant power plants where power is primarily sold through energy exchanges and carries inherent risk due to the variability and unpredictability of market prices. While there is a flexibility to sign short term bilateral power purchase agreements based on the opportunities available in the market, our inability to sell power at such exchanges or to renew our existing power purchase agreements for our merchant plants due to any disruptions, breakdowns or termination of our agreements could have a material adverse impact on our financial conditions, reputation and future projects.
  • The use of battery energy storage system technology is prone to certain risks, which may adversely affect our business and operations.
  • Exchange rate fluctuations may adversely affect our business, results of operations and cash flows.
  • Changes in technology may render our current technologies obsolete or require us to make substantial capital investments. Failure to respond to current and future technological changes in an effective and timely manner may adversely affect our business, cash flows and results of operations.
  • In relation to our business operations, certain approvals, licenses, registrations and permissions have to be obtained and any delay or failure to obtain, renew or maintain them could adversely affect our business, cash flows and results of operations of our projects and financial condition.
  • Our operations in the renewable energy industry are subject to numerous environmental, health and safety laws and regulations. Violations of those laws and regulations may result in fines, ceasing of project operations or even criminal sanctions and injunctions.
  • Our success depends on our key management, including our Directors, Key Managerial Personnel and Senior Management and any failure to attract and retain our management team could harm our ability to maintain and grow our business.
  • Some of our Directors do not have prior experience with listed entities which may require additional time for them to fully understand their roles and responsibilities. This could potentially affect our corporate governance standards, investor confidence and operational performance.
  • Any disruption in the steady and regular supply of workforce for our operations, including due to strikes, work stoppages or increased wage demands by our workforce or any other kind of disputes with our workforce or our inability to control the composition and cost of our workforce could adversely affect our business, cash flows and results of operations.
  • Inability to maintain adequate insurance cover in connection with our business may adversely affect our operations and profitability.
  • We face significant competition in the renewable energy market and we may lack sufficient financial or other resources to maintain or improve our competitive position.
  • We have pledged or have agreed to pledge and will continue to pledge a significant portion of our cash and cash equivalents in favor of lenders, who may exercise their rights under the respective pledge agreements in the event of a default.
  • Our business and operations significantly depend on our Promoters. Furthermore, our Promoters, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd. have provided certain corporate guarantees and undertakings in relation to loans obtained by us and our Subsidiaries and any default by us or our Subsidiaries may impact our financial structure, cash flows, and debt-to-equity ratios.
  • We may not be able to realize revenue from power generated in excess of the contracted capacity under our power purchase agreements, which could adversely affect our business and results of operations.
  • We may incur penalties for the prepayment of our borrowings, which could reduce the Net Proceeds available from the Issue.
  • Certain of our Directors, Key Managerial Personnel and Senior Management Personnel have interests in our Company in addition to their remuneration and reimbursement of expenses.
  • Our inability in the future to comply with or any delay in compliance with the strict regulatory requirements with respect to our non-convertible debentures may have an adverse effect on our business, results of operations, cash flows and financial condition.
  • We have included certain Non-GAAP Measures and industry measures related to our operations and financial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non-GAAP Measures and industry measures may not be comparable with financial or industry-related statistical information of similar nomenclature computed and presented by other companies.
  • Our Statutory Auditors, and the auditors for our Subsidiaries have included certain remarks in their audit reports and examination reports. There can be no assurance that our audit reports for any future periods or financial years will not contain qualifications, matters of emphasis or other observations, including any observations that may have an effect on our financial statements and which could adversely affect our financial condition, cash flows and results of operations.
  • A certain portion of the land on which our renewable energy projects are or will be located may require certain approvals and permits in order for us to use such land for developing such renewable energy projects. In the event we are unable to obtain such approvals and permits, our business, results of operations, cash flows and financial condition could be adversely affected.
  • Certain of our Subsidiaries and members of our Promoter Group are engaged or are authorized by their constitutional documents to engage in business activities which are similar to those undertaken by our Company which may result in conflicts of interest.
  • If we are unable to maintain an effective system of internal controls and compliances, our business and reputation could be adversely affected.
  • Our funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond our control.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • Our Company cannot assure payment of dividends on the Equity Shares in the future.
  • We may face claims of infringement of intellectual property rights of others that may be costly to defend and/or limit our ability to use such technology in the future, which may have a material adverse effect on our business, financial condition, cash flows and results of operations.
  • Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned by us and paid for by us for such purpose.
  • Certain information included in this Red Herring Prospectus has been derived from technical reports by RE Force Management Services Private Limited appointed by our Company.
  • Our Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct our business and affairs; their interests may conflict with your interests as a shareholder.
  • The Equity Shares have never been publicly traded and after the Issue, the Equity Shares may experience price and volume fluctuations and an active trading market for the Equity Shares may not develop. Furthermore, the Issue Price, market capitalization to revenue from operations multiple, price to revenue from operations ratio and price to earnings ratio based on the Issue Price of our Company, may not be indicative of the market price of the Equity Shares of face value of Rs.10 each on listing.

The Issue type of Juniper Green Energy Ltd is Book Building.

The minimum application for shares of Juniper Green Energy Ltd is 66.

The total shares issue of Juniper Green Energy Ltd is 80000000.

Initial public offer of 80,000,000 equity shares of face value of Rs. 10 each ("Equity Shares") of Juniper Green Energy Limited ("Company") for cash at a price of Rs. 214-225 per equity share of face value of Rs. 10 each (including a securities premium of Rs. 204-215 per equity share) ("Issue Price") aggregating up to Rs. 1800.00 Crores ("Fresh Issue" or the "Issue"). The issue shall constitute [*]% of the post-issue paid-up equity share capital of the company. The company, in consultation with the brlms, may consider a further issue of specified securities to certain investors for an amount aggregating up to Rs.600.00 crores ("Pre-IPO Placement"), as permitted under applicable laws on or prior to the date of filing of the pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlms. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the issue, subject to compliance with Rule 19(2)(b) of the scrr. the pre-ipo placement, if undertaken, shall not exceed 20% of the size of the issue. Prior to the completion of the issue, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the issue or the issue may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (If Undertaken). The issue includes a reservation of up to 88,889 equity shares of face value of Rs. 10 each, aggregating up to Rs. 2 Crores (constituting up to [*]% of the post-issue paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The issue less the employee reservation portion is hereinafter referred to as the "Net Issue". The issue and the net issue shall constitute [*]% and [*]% of the post-issue paid-up equity share capital of the company, respectively. The company may in consultation with the brlms, offer a discount of Rs.[*] on the issue price to eligible employees bidding in the employee reservation portion ("Employee Discount"). Price Band: Rs. 214 to Rs. 225 per equity share of face value of Rs. 10 each. The floor price is 21.4 times of the face value of the equity shares and the cap price is 22.5 times of the face value of the equity shares. Bids can be made for a minimum of 66 equity shares of face value of Rs. 10 each and in multiples of 66 equity shares of face value of Rs. 10 each thereafter. A discount of Rs. 21 per equity share is being offered to eligible employees bidding in the employee reservation portion.