JUNIPERGREENENERGY Q1 FY27 earnings call.
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Revenue
₹291 Cr
verified against source
Revenue YoY
79%
reported change
EBITDA
₹294 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Juniper Green Energy delivered a standout Q1 FY27 as its first results as a listed company, reporting record revenue of ₹324 crore (+79% YoY) and EBITDA of ₹294 crore (+86% YoY) with margins expanding 300bps to 91%. The company commissioned a record 601 MW in the quarter (458 MW solar + 143 MW wind) plus 400 MWh of battery storage, taking total portfolio to 11.2 GW. Generation surged 72% YoY to 944 million units. The ₹1,800 crore IPO strengthened the balance sheet with net worth now at ₹5,200 crore. Management reaffirmed FY27 guidance of 2 GW capacity addition (760 MW already commissioned through July) with run-rate EBITDA target of ₹2,700 crore. Key risks include transmission infrastructure readiness for the remaining 1 GW pipeline (substations expected by December), ~2-2.5% curtailment on TGNA-linked capacity being mitigated by battery augmentation, and tariff uncertainty on the newly-won 1 GW thermal mimic tender where CUF requirements (60% daytime) align with thermal plant profiles.
Colored figures show movement against the previous available record.
Guidance to track
- Company targets 2 GW of renewable capacity commissioning in FY27, with 760 MW already commissioned through July 10. Remaining ~300 MW in Q2 on STU projects, balance 1 GW on CTU with substations operational by December.
- Management guided run-rate EBITDA of approximately ₹2,700 crore for the 4 GW capacity that will be operational by March 2027, implying significant earnings ramp as new capacity gets commissioned and stabilizes.
- By FY28, the company targets 6 GW of commissioned capacity with run-rate EBITDA of ₹4,500 crore, nearly doubling from FY27 levels as the project pipeline moves to operations.
- Company targets 4.5 GWh of battery storage by June 2027 and 10 GWh by March 2028. 1.5 GWh of this will run as merchant capacity for 1-2 years before being absorbed into PPAs.
Risks flagged
- Analyst (Punit/HSBC) raised concerns about potential transmission delays affecting the 2 GW FY27 target. Management responded that substations are largely operational but one substation with ~300 MW has some remaining work expected by December. They have contingency plans using battery storage on TGNA to run merchant while awaiting full GNA connectivity.
- The company has ~5 GW of LOA (Letter of Award) capacity pending PPA conversion. Management acknowledged discussions are advanced on 350 MW FDR and 150 MW hybrid, but conversion depends on buyer confirmation and regulatory clarity. SEBI's new mandate requiring demand aggregation before bidding should improve conversion rates going forward.
- Battery container prices have fluctuated significantly—from $58-60/kWh (January 2026) to $68-70/kWh (peak) and now $65-68/kWh. The all-in price (including BoS and duties) is ~$100-110/kWh. While management locked in pricing for 4.5 GWh, future expansion to 10 GWh faces commodity price uncertainty, particularly lithium carbonate which has already seen 15-20% recent volatility.
- One-time refinancing cost of approximately ₹18 crore impacted Q1 PAT. While management characterized this as a one-off item, it reduced PAT by over 35% versus what it would have been otherwise (adjusted PAT would have been materially higher). This reflects the capital-intensive nature of project financing in the sector.
Key quotes
- This has been a milestone quarter for us. The first set of results we are presenting to you as a listed company. We have delivered our highest ever quarterly revenue and the highest ever renewable capacity that we have commissioned in a single quarter.
- Total income for Q1 FY27 grew to INR 324 crore, which is 79% year-on-year increase. Our EBITDA also grew 86% year-on-year to INR 294 crore, taking our EBITDA margin to 91%, an improvement of roughly 300 basis points year-on-year.
- What we have tried to do on curtailment—and curtailment is largely restricted to this TGNA capacity—is we basically now doubling up on that capacity. This 100 MWh will double to 200 MWh by in a month's time, so then there will not be any curtailment on this capacity.
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