Juniper Green Energy Limited reported consolidated revenue from operations of Rs 344.7 crore (Rs 3,446.58 million) for the quarter ended 30 September 2026 (Q2 FY27), against Rs 145.9 crore a year earlier. Profit for the quarter was Rs 30.6 crore, compared with a loss of Rs 18.4 crore in Q2 FY26. The results were approved by the board on 30 October 2026 at a meeting that ran from 3.41 p.m. to 4.45 p.m., and were filed with BSE and NSE. They are the first quarterly results the company has published since its shares were listed on 6 August 2026.
Q2 FY27 financial performance
Total income for the quarter was Rs 371.6 crore, including other income of Rs 27.0 crore. Profit before finance costs, depreciation, amortisation and tax was Rs 339.5 crore, compared with Rs 129.8 crore a year earlier and Rs 294.5 crore in the previous quarter. Finance costs were Rs 201.1 crore and depreciation and amortisation was Rs 99.0 crore. Profit before tax was Rs 39.4 crore, against a loss before tax of Rs 24.7 crore in Q2 FY26, and tax expense was Rs 8.8 crore. Basic earnings per share were Rs 0.57, against a loss of Rs 0.38 per share a year earlier.
Compared with the quarter ended 30 June 2026, revenue rose from Rs 291.2 crore. Profit was slightly lower than the Rs 33.5 crore reported in that quarter, even though revenue was higher, because finance costs rose from Rs 175.8 crore and depreciation from Rs 74.5 crore.
For the six months ended 30 September 2026, revenue was Rs 635.9 crore against Rs 306.6 crore in the same period last year. Profit for the half year was Rs 64.0 crore against Rs 3.3 crore, and profit before tax was Rs 83.6 crore against Rs 4.4 crore.
What the company says about comparability
The company states that the quarter is not strictly comparable with earlier periods. In the notes to the results, it says that the holding company and certain subsidiaries started commercial generation and sale of power during the quarter, which enlarged the group’s operating base. It adds that renewable energy is a seasonal business and that the quarter’s performance should not be taken as indicative of the full financial year ending 31 March 2027.
The company operates as a single reportable segment, renewable power generation within India.
Change in depreciation estimate
From 1 April 2026 the group revised the useful life of the plant and machinery of its solar and wind power plants, after reviewing operational estimates such as operating efficiency. The change applies from that date forward. The company discloses that, had the earlier useful life continued, depreciation would have been Rs 12.5 crore higher for the quarter and Rs 24.9 crore higher for the half year. After the related deferred tax effect, the impact on profit after tax is Rs 9.8 crore for the quarter and Rs 19.6 crore for the half year. On that basis, the quarter’s profit would have been about Rs 20.7 crore under the earlier estimate.
Balance sheet and funding
On 30 September 2026 the group’s total assets were Rs 22,101.6 crore, compared with Rs 19,538.5 crore at 31 March 2026. Property, plant and equipment rose to Rs 11,404.0 crore from Rs 6,386.8 crore, while capital work in progress fell to Rs 5,449.9 crore from Rs 7,373.1 crore, which reflects projects moving into operation. Long-term borrowings were Rs 12,215.4 crore against Rs 11,241.7 crore, and short-term borrowings were Rs 1,496.0 crore. Total equity rose to Rs 5,216.3 crore from Rs 3,423.9 crore after the public offer.
The cash flow statement shows Rs 632.2 crore of net cash from operating activities in the half year and Rs 4,231.7 crore spent on property, plant and equipment, including capital work in progress. Rs 600 crore of non-convertible debentures were repaid. Cash and cash equivalents were Rs 609.6 crore at the end of the period, and other bank balances were Rs 1,257.1 crore.
Public offer and use of proceeds
The company completed a fresh issue of 8,00,09,150 equity shares of Rs 10 face value at Rs 225 per share, raising Rs 1,800 crore. Shares listed on NSE and BSE on 6 August 2026. After offer expenses of Rs 88.0 crore, the amount planned for use under the prospectus was Rs 1,712.0 crore. Of this, Rs 1,259.4 crore had been used by 30 September 2026 and Rs 452.5 crore was pending, held in the public offer account or in fixed deposits with scheduled commercial banks.
What it means for India’s clean-energy sector
Juniper Green’s results show how a recently listed renewable developer is converting projects under construction into revenue-generating assets, which is visible in the shift between capital work in progress and operating plant. They also show how heavily the economics depend on debt: finance costs of Rs 201.1 crore consumed a large part of the quarter’s operating profit, which is common for capital-intensive solar and wind developers. For the sector, public listings are providing equity that is being used to reduce borrowings, which can lower interest costs over time.
Investors and lenders will be watching whether the new capacity added during the quarter delivers full-quarter revenue in the next results, and how the cost of debt moves as the offer proceeds are used.
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