India’s renewable energy sector is in the spotlight.
With the Juniper Green Energy Initial Public Offering (IPO) opening for subscription, investors are not only evaluating the new public issue but are also comparing it with an already listed renewable energy player – NTPC Green Energy.
Both companies operate in the clean energy space. Both are expanding their renewable portfolios. But when it comes to business model, financial profile and growth strategy, they are quite different.
So, does this IPO offer a better opportunity, or does NTPC Green still look like the safer renewable energy bet? Here’s a look.
Juniper Green enters the primary market
Juniper Green Energy’s Rs 1,800 crore IPO has been launch. It is entirely a fresh issue of 8 crore equity shares. The public issue opened for bidding on July 30 and will close on August 3, while the shares are expected to list on the NSE and BSE on August 6.
The company has fixed the price band at Rs 214-225 per share, with a minimum investment of Rs 14,850 for retail investors.
Founded in 2011, Juniper Green Energy develops, builds and operates utility-scale renewable energy projects across solar, wind, wind-solar hybrid and firm and dispatchable renewable energy projects. This is supported by battery energy storage systems. Its revenue primarily comes from long-term power purchase agreements signed with government-backed entities.
Talking of the financial health of the company, the revenue increased 41%, while profit after tax (PAT) rose 11% in FY26 compared with the previous financial year.
Juniper Green Energy IPO: Why brokerages remain optimistic
According to SBI Securities, the company’s future growth could be supported by its project pipeline.
The brokerage said, “The company’s current operational capacity stands at 1,795 MW, while an additional 6,115 MW (3.4x current operational capacity) is under construction.”
It further noted, “As these projects get commissioned progressively over the coming years, the expanded operational portfolio is expected to drive an exponential increase in revenue, providing strong long-term growth visibility.”
Based on the expected commissioning pipeline, SBI Securities estimates that the company could eventually generate annual revenue of around Rs 6,000-6,500 crore once the full capacity becomes operational.
On this basis, the brokerage has recommended investors “Subscribe to the issue for Long Term investment horizon.”
AnandRathi research in its IPO note said, “On the valuation front, based on annualized FY26 earnings, the company is seeking a P/E of 316x, EV/EBITDA 35.6x and a post-issue market capitalization of approximately Rs 1,28,023 million, making the issue appears to be aggressively priced. Therefore, we assign a Subscribe for Long Term rating for the issue.”
NTPC Green: A listed alternative
While Juniper Green is entering the stock market for the first time, NTPC Green Energy has already completed several months as a listed company.
The government-backed renewable energy company raised Rs 10,000 crore through its IPO in November 2024. Since then, the stock has traded between a 52-week high of Rs 119.95 and a 52-week low of Rs 84. At present, the shares are trading around Rs 91, nearly 4% lower so far in 2026.
NTPC Green Vs Juniper Green: Financial performance
Juniper Green Energy revenue from operations increased 41.3% year-on-year to Rs 718.9 crore in FY26, compared with Rs 508.7 crore in FY25.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) also improved, rising to Rs 692.2 crore in FY26 from Rs 485.7 crore in FY25.
On the profitability front, profit after tax (PAT) stood at Rs 40.5 crore in FY26, up from Rs 36.5 crore in FY25.
For the June quarter, NTPC Green posted a 38.3% year-on-year increase in net profit, while revenue from operations climbed 62.7% to Rs 1,106.9 crore.
Its operating performance also remained strong. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased 63.8%, while EBITDA margin remained stable at 89.3%.
NTPC Green Vs Juniper Green: Growth versus operating stability
Although both companies belong to the same sector, Juniper Green represents a company that is still in an aggressive expansion phase. A large portion of its future earnings depends on successfully commissioning thousands of megawatts of projects currently under construction.
NTPC Green, meanwhile, already has an operating business backed by NTPC, one of India’s largest power companies. Its recent quarterly numbers suggest stable earnings growth and strong operating margins.
NTPC Green Vs Juniper Green: Capacity addition
NTPC Green has an operational capacity of 9.8GW for solar and 780MW for wind. Its overall installed capacity increased to 10.6GW in Q1FY27 from 6.8 GW last year. Overall, the company has 16.3GW capacity and 3.4GW of pipeline projects.
NTPC Green has stated that the company targets installing 60GW of renewable capacity by FY32 and 136GW by FY37. It has retained its capacity addition target for FY27 and FY28 at 8GW each. It has a Battery energy storage portfolio of 38.9GWH , of which 6.62GWH is under construction and 32.28GWH is under planning stage.
In comparison Juniper Green’s portfolio comprised 20 operational projects with 1,794.80 MW (2,408.91 MWp), 19 contracted projects with 2,875.40 MW 3,656.65 mega watt peak and 11 awarded projects with 3,240 MW. About 97.68% of their capacity is backed by long-term PPAs, typically for 25 years, with counterparties rated “A” or above. This ensures stable cash flows.
Conclusion
Juniper Green Energy is one of India’s leading independent renewable energy power producers, while NTPC Green is part of the larger Maharatna PSU-NTPC. The issue has subscribed 0.06 times as of 2 pm on July 30. Though both companies are well positioned to benefit from India’s long-term renewable energy transition, it needs to be seen how the valuation pans out after the listing of Juniper Green.
Disclaimer: This article is published for informational and educational purposes only and does not constitute financial advice, an offer, or a solicitation to buy, sell, or subscribe to any securities, including the Juniper Green Energy IPO or shares of NTPC Green Energy. The brokerage ratings, valuations, and target estimates cited reflect the independent views of the respective research firms and should not be construed as personalized investment guidance. Equity investments and public issues carry market risks, including the loss of principal. Readers are advised to carefully review all relevant offer documents and consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.