Juniper Green Energy Q2 FY27 Earnings Call: 1 GWp Commissioned in 7 Months, EBITDA Run-Rate to Hit Rs. 2,750 Cr (JNPR)

Juniper Green Energy Ltd held its Q2 FY27 earnings call on October 30, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Second Consecutive Record Quarter on Revenue, EBITDA and Margins

• Total income of Rs.372 Cr in Q2 FY27 — up 2.3x YoY from Rs.160 Cr in Q2 FY26 and up 15% QoQ; EBITDA grew 2.6x YoY to Rs.340 Cr (from Rs.130 Cr), also up 15% sequentially, with margin expanding to 91.4%.
• Operating income of Rs.345 Cr (up 2.4x YoY) — operating EBITDA of Rs.313 Cr (up 2.7x YoY) at a 90.7% margin in Q2 FY27.
• Adjusted PAT of Rs.54 Cr in Q2 FY27 — versus a loss of Rs.18 Cr in Q2 FY26 and Rs.53 Cr on the same adjusted basis in Q1 FY27; cash PAT was Rs.153 Cr, 3.9x Q2 FY26's Rs.40 Cr.
• H1 FY27 total income of Rs.696 Cr, up 104% YoY — H1 EBITDA of Rs.634 Cr (2.2x H1 FY26) at a 91.1% margin; H1 adjusted PAT Rs.106 Cr and cash PAT Rs.280 Cr (2.5x H1 FY26).
• Generation of 1,130 million units in Q2 FY27, up 127% YoY — fleet-wide CUF of 27% vs 21% in Q2 FY26; H1 FY27 generation of 2,075 million units (up 98% YoY) at 28.5% CUF vs 24.1% in H1 FY26.
• Wind was the standout performer — weighted average CUF of 50% in Q2 FY27 vs 41.3% in Q2 FY26; the 50 MW Juniper Green Beam project delivered 58.3% CUF and the 70 MW Juniper Green Kite project at the same site delivered close to 58%.
• Curtailment of ~2.5% of overall revenue in Q2 FY27 — concentrated in July–August while Stellar transmission lines were being completed; from September–October onward no curtailment is being observed, with any CTU curtailment fully absorbed by available battery capacity.

1 GWp Commissioned in 7 Months; FY27 Guidance on Track

• ~316 MWp of renewable capacity and ~100 MWh of BESS commissioned in Q2 FY27 — delivering on the 250–300 MWp guidance shared on the previous call.
• Over 1 GWp commissioned in the first 7 months of FY27 — 494 MWp solar and 542 MW wind, plus ~500 MWh of BESS across 11 sites in 3 states, taking operational capacity to 2.8 GWp plus 600 MWh of BESS as on date.
• Management remains on track for FY27 full-year commissioning guidance of 2 GWp — of generation capacity and 1.7 GWh of BESS for FY 2026-2027.
• BESS build-out targets — management is well placed to install close to 4.5 GWh of BESS by June FY27 and 10 GWh by March FY28.
• Technology milestone with 51 units of the Envision E182 commissioned — India's largest wind turbine by rotor diameter (5 MW rating, 181-meter rotor diameter, 130-meter hub height).
• Juniper Green Beta commissioning expected "in all probability" by March 2027 (Q4 FY 2026-2027) — close to half of the 1,300 MWh merchant battery at the site should be operational by March 2027; management is "very confident" of no curtailment even if commissioning slips a couple of months.
• Transmission risk confined to Juniper Green Stellar — only the Fatehgarh 3–Bhadla 3 element (being constructed by Apraava) is pending; originally slated for FY 2026-2027, management now expects completion by December 2026 (Q3 FY 2026-2027), with the project's FDRE battery providing cover and no curtailment currently.

IPO Proceeds, ICRA Upgrade and Falling Cost of Debt

• Capex of ~Rs.2,600 Cr incurred in Q2 FY27 — taking H1 FY27 capex to Rs.3,800 Cr; as of 30 September 2026, gross block stood at Rs.12,250 Cr, CWIP including capital advances at Rs.6,600 Cr, and cumulative capex at close to Rs.19,000 Cr.
• Total debt of Rs.13,700 Cr as of 30 September 2026 (net debt Rs.11,600 Cr) — 68% of borrowings from financial institutions (PFC, IRDA, NIFED, IFCL), providing long-tenor, stable-cost funding; operational net debt ~Rs.9,000 Cr in Q2 FY27.
• More than Rs.2,500 Cr refinanced across 5 projects so far in FY27 — at a weighted average interest rate below 8% per annum; operational portfolio weighted average cost of debt fell to 8.46% from 8.58% in Q1 FY27.
• ICRA upgraded the credit rating to AA- (stable) — with 7 rating upgrades at project level and 3 SPVs now rated AA; management noted better ratings should help keep bringing down cost of debt as refinancing continues.
• Rs.1,800 Cr of primary IPO proceeds (August 2026) took net worth to Rs.5,200 Cr — as of 30 September 2026; net debt-to-net worth improved to 2.22x. Cash balance stood at Rs.2,000 Cr as of 30 September, per CFO Parag Agarwal.
• Other income is primarily interest on surplus funds — management guided that other income will decline going forward as surplus funds are progressively deployed for capex.
• CFO expects an additional ~Rs.5,000 Cr of capex in H2 FY 2026-2027 — taking cumulative capex to Rs.24,000 Cr by end of FY 2026-2027.

11.2 GWp Portfolio; Thermal-Mimic PPA Signing Slower

• Total portfolio of close to 11.2 GWp plus 9 GWh of BESS — of which operational and PPA-signed capacity is 6.1 GWp; over 8 GW of capacity secured with PPAs and LOAs as cited on the Q2 FY 2026-2027 call, with a significant portion of LOAs expected to convert into PPAs in the near future.
• Portfolio quality metrics — 86% contracted with central agencies (SJVN, NHPC, NTPC, SECI) and GUVNL; 98% with off-takers rated A or above; 98% secured through long-term PPAs typically of 25 years; days receivable outstanding at 25 days in H1 FY27.
• EBITDA run rate of Rs.1,900 Cr on ~2.8 GW of commissioned capacity as of Q2 FY27 — management expects this to rise to Rs.2,750 Cr on the ~3.9 GW peak capacity expected by March 2027 (end of FY 2026-2027).
• More than 1–1.3 GW peak (with further batteries) of the 4 GW of LOAs expected to be contracted soon — leaving aside the thermal-mimic project (close to another 1 GW peak); REIs have received confirmation from the buying entity, with PSA and PPA signing expected over the next 1–1.5 months (by around December 2026).
• PPA signing for the ~1 GW peak thermal-mimic project is taking longer — per what SECI has told the company, there is strong buyer interest given the significantly lower tariff and fit with buyer requirements, with selection of buying entities still underway as buyers take time to evaluate the distinctive delivery structure; management remains confident its 15-minute delivery-based offering is superior to anything currently available.
• Transmission delays on FY28 projects — management did not claim "green shoots" but noted transmission elements for FY 2027-2028 commissioning projects were originally scheduled at least one year earlier (some by December 2026); current dates are not beyond June 2027 — already 6–9 months behind original schedules. Management is "pretty confident" FY28 capacity will come online.
• SCU capacity is not hampered by transmission delays — per management, it drove a large part of H1 FY 2026-2027 growth and is expected to keep enabling capacity expansion at that rate.

Mid-Teens Return Targets; Battery-Heavy Bid Strategy

• Mid-to-high-teens return target on new bids (period unspecified) — management generally participates in all tenders but selectively abstains where returns look unattractive; it stated the current market effectively requires a battery storage component and it will participate in tenders with batteries as a play.
• Thermal-mimicking tender win: 230 MW contract capacity — planned configuration of 530 MW solar (~790 MW solar DC at a 1.5x DC ratio), 75 MW of wind and ~2.2 GWh of batteries (build-out period unspecified); returns guided at mid-to-high teens (period unspecified).
• FDRE projects bid in 2023-24 expected to deliver returns close to 20% — battery prices having moved since those bids; hybrid returns sit at high teens (period unspecified).
• Management expects thermal-mimicking tenders to continue on a regular basis — citing the lowest discovered tariff providing all-round generation and dispatchable energy; it believes a significant volume of such tenders "should happen, and probably will happen," supported by buyer-side demand. Post the waiver of transmission charges going away, management noted this configuration effectively delivers a 75-80% CUF (period unspecified), keeping transmission charges for the buyer much lower or comparable to conventional power.
• Standalone BSS merchant arbitrage expected to continue — management has a "strong expectation" it will persist, as standalone BSS capacity slated to come up under competitive bidding has not materialized, attributed to ultra-aggressive tariffs bid by players with limited electricity-sector experience; no explicit end horizon was given to the analyst's query on FY28. Longer term, every battery installed will have a long-term solution, even though some batteries will remain completely merchant.
• Power demand growth of more than 10% in H1 FY 2026-2027 cited by management — which it believes is net of rooftop solar generation, itself growing, as supporting continued arbitrage.
• Management skipped the recent Rajasthan solar park tender — with all land fully secured, the tender drew many bidders, including foreign utilities that bid very aggressive (low) tariffs and are generally inactive in other bids. On standalone battery storage, management is waiting for numbers to correct to a sustainable level, believes that correction has not yet occurred, but continues to evaluate the opportunity.

Softening Battery and Module Costs; Bidding Revival Signals

• Lithium carbonate corrected from a peak of ~170,000 yuan/ton to ~100,000 yuan/ton — vs ~60,000-70,000 earlier, a move management linked to a ~7-8% reduction; with China removing the 6% export incentive from January onwards, management foresees container prices at ~66-68 versus ~68-70 currently (near term, FY 2026-2027).
• DCR module pricing — non-DCR modules are currently available at Rs.12 or lower; a SECI DCR procurement bid came in at ~Rs.18 (public number). Management expects DCR prices for larger utility projects at Rs.18 or below by FY 2027-2028 ("in a year or so"), and lower still a couple of years down the line; rooftop DCR pricing is higher, but larger contracts price significantly lower. Management is not procuring DCR modules yet, with its first DCR project still ahead.
• Signals from MNRE that utility-scale renewable bidding will pick up (no specific timeline given) — driven largely by FDRE-type tenders such as the recent RTC FDRE bid.
• Management drew a parallel to 2022-23 — when elevated exchange prices (even during solar hours) led to close to 50 GW being bid out across 2023, 2024 and 2025; it expects significant tendering for nighttime demand management since new thermal capacity is far away.
• Execution resource base — surplus connectivity of more than 5 GW for future bids, BESS connectivity of more than 20 GWh, over 16,000 acres of land for under-construction/contracted/awarded projects, and more than 100 identified wind turbine installation locations; in-house EPC team executing end-to-end across multiple sites at STU and CTU levels.
• Industry context cited on the call — India's installed renewable capacity reached close to 300 GW as of September 30, 2026, with nearly 25 GW added in H1 FY27; national power demand grew 10.2% in H1 FY27 with rising evening peaks, and the policy push toward FDRE, round-the-clock, and storage-backed supply continues.
• On the Rs.43-44 billion EBITDA run rate by end of FY 2027-2028 — asked whether this was a fair assumption, management affirmed confidence in the FY28 commissioning timeline but did not explicitly restate the specific run-rate figure.