Juniper Green Energy Ltd. reported its strongest quarterly results since listing, with first-quarter fiscal 2027 revenue rising 79% year-on-year to INR 324 crore. Earnings before interest, taxes, depreciation and amortization climbed 86% to INR 294 crore, while profit after tax increased 54% to INR 33 crore despite a one-time refinancing cost of INR 18 crore.
The company commissioned 601 megawatts of renewable capacity in the quarter, including 458 MW of solar and 143 MW of wind, marking its highest-ever quarterly additions. Total generation rose 72% to 944 million units, while the fleet-wide capacity utilization factor improved to 30.2% from 28.2% a year earlier. Wind assets demonstrated strong performance with a weighted average CUF of 49.9%, plant availability of 98.8% and grid availability of 99.6%.
Juniper also expanded its battery energy storage systems portfolio, commissioning approximately 400 megawatt-hours of capacity in the quarter and placing orders for an additional 4 gigawatt-hours. The company targets 4.5 gigawatt-hours of installed BESS capacity by June 2027 and 10 gigawatt-hours by March 2028. Operational round-trip efficiency for its BESS assets stands at 91%, with state of health at 99.6%. Container pricing was secured between $58 and $60 per kilowatt-hour, with all-in pricing ranging from $100 to $110 per kilowatt-hour.
Total portfolio capacity reached nearly 11.2 gigawatts, including almost 9 gigawatt-hours of BESS. Operational and PPA-signed capacity exceeded 6.2 gigawatts, with 84% of the portfolio comprising firm and dispatchable renewable energy and wind-solar hybrid formats. The blended weighted average tariff stood at INR 3.7, and 98% of contracted capacity was with off-takers rated 'A' and above. The company holds a land bank of over 14,000 acres and has identified more than 200 wind locations.
Net debt totaled INR 11,217 crore as of June 30, 2026, including INR 7,183 crore tied to operating projects. Net worth increased to INR 5,200 crore following the INR 1,800 crore initial public offering. The net debt-to-equity ratio stood at 3.24 times prior to the IPO. Refinancing of more than INR 1,700 crore across three projects was completed at a weighted average interest rate below 8%, while the weighted average cost of debt for the operational portfolio was approximately 8.5%.
Juniper secured new contracts including India’s first firm and dispatchable renewable energy project under the SJVN tender at a tariff of INR 4.25, a 50-megawatt wind project from GUVNL at INR 3.51 per unit, and a win in the SECI firm and dispatch renewable energy round-the-clock tender for 870 megawatts and 2,200 megawatt-hours of BESS against a contracted capacity of 230 megawatts at a tariff of INR 5.26.
Management guided for 2 gigawatts of capacity additions in fiscal 2027, targeting total operational capacity of about 4 gigawatts and a run-rate EBITDA of INR 2,700 crore to INR 2,750 crore. For fiscal 2028, the company expects capacity to reach approximately 6 gigawatts with a run-rate EBITDA of INR 4,500 crore.
Shares fell 3.07% to $259.24 following the results, remaining 8.1% below the 52-week high and 15.2% above the low. Year-to-date returns stood at 5.5%.
