🚫 Avoid
Listed
Power
Juniper Green Energy Limited IPO
₹1,800 Cr · Fresh Issue · Power
Price Band
₹214 – ₹225
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹1,800 Cr
Fresh Issue
Market Cap
₹12802.26 Cr
At upper band
P/E Ratio
316.4x
P/S: 17.8x
Listing Date
06 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
30 Jul 2026
✓
Closes
03 Aug 2026
✓
Allotment
4 Aug 2026
✓
Refund
5 Aug 2026
✓
Listing
06 Aug 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company trades at 13.76× sector midpoint—far beyond the 2.0× threshold for Avoid—with a P/E of 316.4x that reflects near-zero profit growth despite 37.7% revenue CAGR. Profitability has stalled (PAT CAGR 0.5%), and the 5.6% net margin indicates operational leverage is not translating to earnings, making this a high-risk valuation bet on a renewable energy business with execution risk.
Listing Performance
Issue Price
₹225
Allotment price
Listing Price
₹242
+7.56% on listing day
Current Price (CMP)
₹247.15
+9.8% vs issue
Listed On
06 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong Revenue Growth Trajectory
The company has delivered 37.7% revenue CAGR over two years (₹424.4 Cr in FY-2 to ₹804.9 Cr in FY0), demonstrating rapid scaling in renewable energy capacity. This growth rate exceeds typical sector benchmarks and reflects strong market demand for clean energy assets.
✓ Strength
Exceptional EBITDA Margin Profile
EBITDA margin of 85.99% is exceptionally high for power generation, indicating strong operational efficiency and pricing power in renewable energy contracts. This suggests the underlying asset quality and long-term power purchase agreements are solid.
⚠ Risk
Severe Earnings Stagnation Despite Growth
Net profit has remained flat at ₹40–41 Cr over three years (PAT CAGR 0.5%) despite revenue nearly doubling, indicating that incremental revenue is being consumed by rising costs, interest, or taxes. This disconnect between top-line growth and bottom-line stagnation is a critical red flag for equity investors.
⚠ Risk
Extreme Valuation Multiple Unjustified
At 316.4x P/E and 13.76× sector midpoint, the company is priced at a level that assumes dramatic future earnings acceleration with no current evidence. The 5.6% net margin leaves minimal room for margin expansion, making the valuation dependent entirely on speculative growth assumptions.
₹ Valuation
Valuation Far Exceeds Sector Norms
The P/E of 316.4x is indefensible relative to the niche/unlisted power sector midpoint of 23× (range 18–28×). Even at 13.76× the midpoint, the company trades at a 576% premium to sector baseline, with no justification from margins (5.6% NPM) or earnings quality (0.5% PAT CAGR).
👁 Watch
Monitor Quarterly Profit Margin Trends
Investors must track whether net margins expand materially in post-listing quarters; if they remain below 8–10%, the valuation thesis collapses entirely. Any further deterioration in PAT despite revenue growth would confirm the business is not converting scale into shareholder value.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Juniper Green Energy Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹718.93 Cr
Net Profit
₹40.46 Cr
Industry
Power
Issue Type
Fresh Issue
Promoters
ARVIND TIKU, HEMANT TIKOO, NIHARIKA TIKU, AT HOLDINGS PTE. LTD. AND JUNIPER RENEWABLE HOLDINGS PTE. LTD.
Lead Managers
ICICI Securities, HSBC Securities, JM Financial and Kotak Mahindra Capital
Quick Actions
Frequently Asked Questions
Avoid. The company trades at 13.76× sector midpoint—far beyond the 2.0× threshold for Avoid—with a P/E of 316.4x that reflects near-zero profit growth despite 37.7% revenue CAGR. Profitability has stalled (PAT CAGR 0.5%), and the 5.6% net margin indicates operational leverage is not translating to earnings, making this a high-risk valuation bet on a renewable energy business with execution risk.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹214 – ₹225.
The IPO opens on 30 Jul 2026. It closes on 03 Aug 2026. Allotment is expected on 4 Aug 2026. Refunds initiate on 5 Aug 2026. Listing on BSE and NSE is on 06 Aug 2026.
The lead managers for the IPO are ICICI Securities, HSBC Securities, JM Financial and Kotak Mahindra Capital. Check the SEBI filing for the registrar details.
The IPO listed on 06 Aug 2026 at ₹242 against an issue price of ₹225 (+7.56% on listing day). The current market price (CMP) is approximately ₹247.15 (+9.8% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 03 Aug 2026. The company trades at 13.76× sector midpoint—far beyond the 2.0× threshold for Avoid—with a P/E of 316.4x that reflects near-zero profit growth despite 37.7% revenue CAGR. Profitability has stalled (PAT CAGR 0.5%), and the 5.6% net margin indicates operational leverage is not translating to earnings, making this a high-risk valuation bet on a renewable energy business with execution risk.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 03 Aug 2026. The IPO is priced at a P/E of 316.4x. Market cap at issue price is ₹12802.26 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 03 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Juniper Green Energy Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
Explore More