Juniper Green Energy Limited

Utilities — Utilities - Renewable · NSE

₹263.70−₹6.40 (−2.37%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of Juniper Green Energy Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Juniper Green Energy Private Limited operates as an independent renewable energy power producer and operator. The company's portfolio of projects includes wind, solar, wind-solar hybrid (WSH), firm and dispatchable renewable energy (FDRE), and battery energy storage systems.

IndustryUtilities - Renewable

SectorUtilities

Employees703

Annual revenue₹709 Cr

How does it make money?

Turns over ₹709 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹92 left at the operating level before interest, tax and depreciation. Each of its 703 employees supports ₹1.01 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.01 Cr

Who are its competitors?

The closest listed comparisons in its industry are NTPC LTD, POWER GRID CORP. LTD., TATA POWER CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 2.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE13.7%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 115.6% and earnings to grow about 354.0% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+115.6%

Est. earnings growth+354.0%

Analysts2

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 2 years revenue moved +87% while net margin moved -46% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+87%

Margin effect-46%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Debt/Equity of 4.02x is high — earnings must service borrowings before shareholders see anything
✗ Current ratio of 0.97 — short-term liabilities exceed short-term assets
✗ Free cash flow is negative — growth is being funded by borrowing or fresh equity
✗ Interest cover of only 1.1x — little room if profits dip
✗ Debt has grown 118.1% a year — worth checking what it bought

Quality vs. Valuation

Company Quality

43/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

26/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

286.6x

Sector Median

14.6x

median of 3 sector peers

⚠️Against its sector it trades 1857% above the peer median of 14.6x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

14.6x median of 3 peers · +1857%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

42.2x

PEG

575.61

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 5.5% to 2.8% — often a sign of competition or overexpansion.

Red Flags

6 items require attention · 4 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 375% over 2 years, from ₹2,894 Cr to ₹13,761 Cr.
🔴High leverageFinancial
Debt/Equity of 4.02x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Margins are compressingFinancial
EBITDA margin is down 3.9 points over 2 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.97 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 96.4% to 92.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 21.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 1857% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 27% a year✓ 36.7% CAGR
Latest reported year was 81.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 90%✓ 92.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 21.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹6,171 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.1x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹15,004 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

286.6x

Expensive

Expensive — verify against sector peers

P/B Ratio

3.77x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.92

Profitable

Profitable on a per-share basis

ROE

1.2%

Weak

Weak capital efficiency

ROCE

2.8%

Weak

Low return on total capital employed

Debt/Equity

4.02x

High

High leverage

Revenue Growth (YoY)

81.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

54.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹6,171 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

20.7x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

64.2%

Good

Healthy core-business profitability

Net Margin

6.1%

Average

Average bottom-line conversion

Current Ratio

0.97

Adequate

Adequate, but no real cushion

52W Range Position

60%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

271.1 / 263.2

Bullish alignment (short > long)

RSI (14)

49.9

Neutral momentum

Financial Trend (3-Year)

Metric	FY24	FY25	FY26	2Y CAGR
Revenue	₹380 Cr	₹499 Cr	₹709 Cr	+36.7%
EBITDA	₹366 Cr	₹473 Cr	₹656 Cr	+33.8%
EBITDA Margin	96.4%	94.8%	92.4%	—
PAT (Net Profit)	₹40 Cr	₹36 Cr	₹40 Cr	+0.5%
EPS	₹0.7	₹0.64	—	—
ROE	2.3%	1.1%	1.2%	—
ROCE	5.5%	3.4%	2.8%	—
Total Debt	₹2,894 Cr	₹5,971 Cr	₹13,761 Cr	+118.1%
Free Cash Flow	-₹509 Cr	-₹2,208 Cr	-₹6,171 Cr	—

🟢 Revenue has grown at 36.7% a year over 2 years.

🟢 EBITDA has grown at 33.8% a year over 2 years.

🔴 EBITDA Margin has fallen from 96.4% to 92.4% over 2 years (-3.9 pts).

🟡 PAT (Net Profit) has been broadly flat over 2 years (0.5% a year).

🔴 ROE has fallen from 2.3% to 1.2% over 2 years (-1.1 pts).

🔴 ROCE has fallen from 5.5% to 2.8% over 2 years (-2.7 pts).

🔴 Total Debt has grown at 118.1% a year over 2 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹19,538 Cr

Total Liabilities

₹16,115 Cr

Cash & Equivalents

₹1,102 Cr

Operating Cash Flow

₹470 Cr

Capex

-₹6,641 Cr

Shareholding (proxy)

Institutional Holding

4.4%

Insider Holding

85.9%

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹350.5

+32.9% vs CMP

Target Range

₹330 – ₹371

Peer Comparison

Company	P/E	ROE
NTPC LTD	11.0x	13.7%
POWER GRID CORP. LTD.	14.6x	15.8%
TATA POWER CO LTD	29.3x	9.8%

Recent News

1 mixed5 general

Juniper Green Energy Ltd. Share Price Live Today

CNBC TV18, 16 Oct

JUNIPER GREEN ENERGY LTD Share Price

Upstox, 14 Oct

Juniper Green Energy Ltd. IPO

The Economic Times, 13 Oct

Juniper Green Energy incorporates two renewable energy subsidiaries

scanx.trade, 17 Oct

Juniper Green Energy IPO Listing: Shares jump 15% over Issue Price

India Infoline, 06 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Juniper Green Energy Share Price Near All-Time High View

Univest, 07 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingBusiness Quality · Growth

WeakFinancial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑