Juniper Green Energy Ltd (JNPR) Q1 FY27 Earnings Call: Guides Rs. 2,700 Cr Run-Rate EBITDA, Commissions 601 MW in Q1

Juniper Green Energy Ltd held its Q1 FY27 earnings call on August 26, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Record Revenue and EBITDA, Expanding Fleet Metrics

• Total income of Rs.324 crore — up 79% YoY from Rs.181 crore in Q1 FY26, marking the highest-ever quarterly revenue for the company.
• EBITDA of Rs.294 crore — up 86% YoY; EBITDA margin of 91%, an improvement of ~300 bps YoY. Operating EBITDA margin reached 90%, up 400 bps YoY.
• PAT of Rs.33 crore — up 54% YoY, while cash PAT came in at Rs.108 crore (up 50% YoY) for Q1 FY27. PAT was impacted by a Rs.18 crore one-time pre-tax refinancing cost.
• Fleet CUF of 30.2% — improved from 28.2% in Q1 FY26; generation reached 944 million units, up 72% YoY.
• Plant availability of 98.8% — grid availability of 99.6%; BESS round-trip efficiency of 91% with state of health at 99.6%.
• Days receivable outstanding of 19 days — as of 30 June 2026, among the lowest in the sector.

601 MW Commissioned; 11.2 GW Portfolio with Strong Tender Wins

• 601 MW commissioned in Q1 FY27 — comprising 458 MW solar, 143 MW wind, plus 400 MWh of BESS, the highest quarterly capacity addition ever.
• SECI FDRE RTC tender win — 870 MW capacity plus 2,200 MWh BESS, with 230 MW contracted at a tariff of Rs.5.26/kWh.
• 150 MW wind project from GOVNL — won at Rs.3.51/kWh, and a 50 MW PPA signed with SJVN under the FDRE portfolio at Rs.4.25/kWh.
• Total portfolio of ~11.2 GW — plus ~9 GWh of BESS; 84% of capacity is in FDRE and wind-solar hybrid formats. Blended average tariff stands at Rs.3.7/kWh.
• Operational plus PPA-signed capacity exceeds 6.2 GW — with a BPA (Bid Pipeline Award) portfolio of ~6 GW peak and an ALOA (Letter of Award) portfolio of ~5 GW peak.
• India's first FDRE project — commissioned under the SJVN tender, a key milestone for dispatchable renewable energy delivery.

Integrated Battery Approach, Thermal Mimic Conversion, and Merchant Capacity

• 4.5 GWh of BESS contracted from Envision (AESC cells) — with 2–2.5 GWh closed in January FY26 at a container price of ~$58–$60 (all-in ~$100) and the remainder at ~$68 container (all-in ~$110) in FY27.
• Fully integrated BESS solution — management is pursuing container, PCS, and EMS from a single entity with a 15–20 year LTSA, citing global best practice versus the fragmented approach common in India.
• Thermal mimic tender conversion expected — management targets ~1 GW peak plus 2.2 GWh BESS, with SECI noting the "tariff discovered in the thermal mimic tender is attractive relative to current thermal tariffs".
• Government of India directed SECI — "to only issue bids after aggregating demand from states", a policy change management believes could improve LOA-to-PPA conversion by reducing discom shopping, though it may reduce the total number of tenders floated.
• 1,500 MW of merchant BESS — out of the 4,500 MW BESS installed by June 2027, 1,500 MW will run on a merchant basis for 1–2 years (through FY27 and into FY28). An additional 700 MWh merchant capacity is expected by December 2026 (Q3 FY27).
• Charging costs dropped to Rs.1–Rs.1.5/kWh — from a historical Rs.2.5/kWh, while HP-DAM sales reached up to Rs.20/kWh, lifting the previous full-year average of Rs.8/kWh. Management expects FY27 margins to be "significantly higher", subject to weather and market conditions.

Debt Optimisation, Low Receivables, and Post-IPO Net Worth Lift

• Net debt of Rs.11,217 crore total — as of 30 June 2026; net debt for operating projects was Rs.7,183 crore. Net debt-to-equity stood at 3.24×.
• Refinanced over Rs.1,700 crore — across three projects at a weighted average interest rate of less than 8%, bringing the operational portfolio's blended cost of debt to ~8.5%.
• Pre-IPO net worth of Rs.3,463 crore — increased to Rs.5,200 crore post-IPO after raising Rs.1,800 crore in primary capital as of 30 June 2026.
• EBITDA margin expansion of ~300 bps YoY (total) and 400 bps YoY (operating) — driven by higher capacity utilisation and improved fleet performance, despite a one-time PAT impact of Rs.18 crore from refinancing in Q1 FY27.
• Depreciation policy aligned to market practice — based on a fresh assessment during the quarter.

FY27: ~4 GW, Rs.2,700 Cr Run-Rate EBITDA; FY28: ~6 GW, Rs.4,500 Cr

• FY27 commissioned capacity target of ~4 GW — with run-rate EBITDA of ~Rs.2,700 crore, supported by 2,000 MW of new capacity addition in FY27 (>760 MW already commissioned, ~300 MW balance expected in Q2 FY27).
• FY28 commissioned capacity target of ~6 GW — with run-rate EBITDA of ~Rs.4,500 crore, reflecting the scaling of the FDRE and BESS portfolio.
• Total capex of Rs.16,000 crore as of 30 June 2026 — expected to rise to Rs.22,000 crore by March 2027 (FY27 year-end), covering 3,900 MW of projects commissioning by then and subsequent capacity.
• BESS capacity targets — 4.5 GWh by June 2027 (Q1 FY28) and nearly 10 GWh by March 2028 (FY28). Battery deployment can be accelerated to bridge transmission gaps, with merchant sales as a fallback.
• Near-term conversion target of ~2 GW peak plus ~4 GWh BESS — management expects fast conversion of thermal mimic and other FDRE capacity over the next few months, with 350 MW of additional FDRE capacity under advanced discussions.
• Curtailment limited to ~2–2.5% on a 50 MW merchant plant — in Bikaner; management is doubling battery storage there from 100 MWh to 200 MWh within a month to fully eliminate curtailment, and separately adding 400 MWh of battery for other TGNA capacity.