Juniper Green Energy Q1 FY27: Record Revenue & EBITDA, Capacity Grows

Juniper Green Energy Limited (JNPR) announced its Q1 FY27 financial results, marking a record quarter with the highest ever quarterly revenue and EBITDA, alongside the highest renewable capacity commissioned in a single quarter. The company reported a fleet-wide C UF of 30.2%, a significant increase from 28.2% in the prior year's quarter, leading to a 72% growth in generation to 944 million units.

Operationally, the wind portfolio of 190 megawatts achieved a weighted average CUF of 49.9%, with plant availability at 98.8% and grid availability at 99.6%. The company commissioned 601 megawatt peak in Q1 FY27, comprising 458 megawatt peak of solar and 143 megawatts of wind, its highest quarterly commissioning to date. Additionally, 400 megawatt-hours of battery energy storage system (BESS) were commissioned. Since April, over 760 megawatts of renewable capacity and 400 megawatt-hours of BESS have been commissioned across 8 sites.

A significant achievement was the commissioning of India's first FDRE project under the SJVN FDRE tender. Juniper Green Energy is targeting an additional 250 to 300 megawatts of capacity in the current quarter and aims for 2 gigawatts for the full year, with connectivity, land, and financing largely secured.

On the BESS front, the company has placed orders for an additional 4 gigawatt-hours of capacity, aiming for approximately 4.5 gigawatt-hours by June 2027 and 10 gigawatt-hours by March 2028. The BESS assets demonstrated strong performance with a round-trip efficiency of 91% and a state of health of 99.6%.

Subsequent to the quarter, Juniper Green Energy secured two new tenders: an 870 megawatt and 2,200 megawatt-hours of BESS SECI Firm and Dispatch renewable energy tender at a tariff of ₹5.26, and a 50-megawatt wind project from GUVNL at ₹3.51 per unit. A 50-megawatt PPA was also signed with SJVN under the FDRE portfolio at a tariff of ₹4.25. The total portfolio now stands at nearly 11,200 megawatts of capacity plus 9 gigawatt-hours of BESS, with FDRE and wind-solar hybrid projects forming 84% of the portfolio at a blended weighted average tariff of ₹3.7.

Financially, total income for Q1 FY27 surged by 79% year-on-year to ₹324 crore, with EBITDA growing 86% year-on-year to ₹294 crore, resulting in an EBITDA margin of 91%. Profit after tax was ₹33 crore, up 54% year-on-year. Cash PAT increased by 50% year-on-year to ₹108 crore. The company's net worth has increased to ₹5,200 crore post-IPO, significantly strengthening its balance sheet. The net debt-to-equity ratio stands at 3.24x before considering the IPO proceeds.

The company also provided an update on its capital expenditure plan, expecting it to increase to ₹22,000 crore by March 2027, which includes capacity to be commissioned and under construction for subsequent quarters. Management addressed potential curtailment issues, noting it's largely restricted to TGNA capacity and is being managed through BESS installations.