Juniper Green Energy Q2 FY27 Results Analysis: EBITDA Surges 162%, Finance Costs Jump 108% (JNPR)

Cofacto Research Published October 30, 2026 4 min read

Positive

Juniper Green Energy Ltd's Q2 FY27 numbers came in strong. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 344.66 Cr (+136.24% YoY)
PAT (Q2)	Rs. 30.59 Cr
EBITDA margin	91.37% (+1035 bps YoY)
EPS (Q2)	Rs. 0.57

Quarter Snapshot

Juniper Green's first post-listing quarter showed revenue up 136.24% YoY and EBITDA up 161.64% YoY with operating EBITDA margin at 90.69%, as newly commissioned PPA-backed assets came online at minimal incremental opex. The Rs.1,800 Cr IPO cut net debt/equity to 2.27x and capex is on track toward the ~Rs.22,000 Cr March 2027 target, while the Rs.2,700–2,750 Cr FY27 run-rate EBITDA guide remains the key forward benchmark. Rising finance costs (+108.40% YoY) and a negative H1 FCF of −Rs.3,599.43 Cr are the main drags in this build-phase story.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"YoY revenue growth should stay firmly positive on capacity in service"	+136.24% YoY	Played out
Operating margin	"operating EBITDA margin likely flat-to-expanding"	90.69% vs 89.79% in Q1	Played out
Finance cost	"interest expense likely remains the main drag between EBITDA and PAT"	+108.40% YoY; PAT −8.56% QoQ despite EBITDA +15.30%	Played out
Module-price / capex-economics headwind	capex headwind, could test the ~Rs.22,000 Cr capex math	Est. cumulative capex ~Rs.19,351.68 Cr — on track; commissioning MW not disclosed	Partially
Q2 commissioning 250–300 MW; one-off check in Q2 PAT	watch items	MW not disclosed; Q2 clean of one-offs	First: Not observable; second: Played out

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 run-rate EBITDA Rs.2,700–2,750 Cr on ~4 GW	Q1 FY27 call	Q2 EBITDA Rs.339.55 Cr; no run-rate disclosure	Too Early
FY27 capacity ~2 GW; BESS ~4,500 MWh by Jun 2027, ~10,000 MWh by Mar 2028	Q1 FY27 call	Not disclosed in the Q2 filing	Too Early
Total capex ~Rs.22,000 Cr by March 2027	Q1 FY27 call	Est. cumulative ~Rs.19,351.68 Cr at Sep 30 (Rs.16,303 Cr at Jun 30 per the Q1 recap + implied Q2 capex Rs.3,048.68 Cr); needs ~Rs.2,648 Cr over H2	On Track
No repeat of the ~Rs.18 Cr Q1 one-off in Q2 PAT	Q1 FY27 call (CFO quantification)	No exceptional item or refinancing one-off in the Q2 P&L or cash-flow reconciliation	Met

Key Numbers, Quarter by Quarter

Metric	FY25	Q1 FY27	As on presentation date (post-Q1)	Q2 FY27
Operational capacity	1,174 MWp	2,409 MWp + 101 MWh BESS	2,575 MWp + 503 MWh BESS	not disclosed
Generation	—	944 MU (+72% YoY)	—	not disclosed
Fleet CUF	—	30.2%	—	not disclosed

Key Investment Insights

Key Positives

Revenue from operations grew 136.24% YoY to Rs.344.66 Cr and 18.36% QoQ
EBITDA (company basis) grew 161.64% YoY to Rs.339.55 Cr; operating EBITDA margin of 90.69% expanded ~1,150 bps YoY and 90 bps QoQ
Consolidated PAT of Rs.30.59 Cr vs a loss of Rs.18.40 Cr in Q2FY26
Net worth rose 52% in six months to Rs.521.63 Cr on the Rs.1,800 Cr August IPO; net debt/equity fell from 2.79x to 2.27x
Rs.600 Cr NCD repayment completed in H1; ICRA upgraded parent to AA- (Stable) on September 16, 2026
Capex on track: ~Rs.19,351.68 Cr cumulative vs ~Rs.22,000 Cr target by March 2027, needing ~Rs.2,648 Cr over H2
Q2 PAT was clean of one-offs — no repeat of the ~Rs.18 Cr Q1 refinancing cost, as committed on the Q1 call
CWIP fell to Rs.544.99 Cr from Rs.737.31 Cr while PPE rose to Rs.1,140.40 Cr, indicating construction converting to operating assets

Risk Factors

Finance costs doubled YoY (+108.40%) to Rs.201.14 Cr and rose 14.40% QoQ, with EBITDA covering finance costs only 1.69x
Q2 PAT declined 8.56% QoQ despite EBITDA growth of 15.30% QoQ due to rising finance costs and D&A
Free cash flow was negative at −Rs.3,599.43 Cr for H1 amid the build-phase capex program
Standalone PAT halved YoY (−48.83%) to Rs.7.26 Cr; 76.28% of consolidated PAT comes from subsidiaries
Q2 PAT includes a +Rs.9.85 Cr benefit from the useful-life revision of solar/wind plant & machinery effective April 1, 2026
Trade receivables rose to Rs.19.65 Cr from Rs.11.19 Cr at March 2026