Juniper Green Q1 FY27 Results (NSE: JNPR)
Signal: Margin expansion
The read
The operating trajectory accelerated through capacity commissioning: revenue reached ₹291.2 Cr, up 81.2% YoY, generation rose 72% to 944 million units and 601 MWp plus ~400 MWh BESS was added in Q1; however, PAT rose only 54% to ₹33.45 Cr and other income equalled 74.8% of PBT, so cash-generating asset growth is more convincing than reported bottom-line quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹291.2 Cr | +81.2% | +37.0% |
| EBIT | ₹219.97 Cr | N/A | |
| Net profit | ₹33.45 Cr | +54% | |
| EPS | ₹0.68 | N/A | |
| EBIT margin | 101.1% |
P&L walk
Consolidated operating income rose to ₹291.2 Cr, up 81.2% YoY and 37.0% QoQ, while EBITDA increased 86% YoY to ₹294.49 Cr and margin expanded to 101.1%; PAT grew 54% YoY to ₹33.45 Cr, but other income of ₹33.02 Cr represented 74.8% of PBT and materially supported earnings quality.
Segments
No segment results table was disclosed, but the standalone-versus-consolidated gap is material: consolidated revenue was ₹291.2 Cr versus standalone revenue of ₹113.63 Cr, and consolidated PAT was ₹33.45 Cr versus standalone PAT of ₹7.45 Cr, indicating subsidiaries contribute substantially to group earnings.
Key positives
- Operating revenue rose 81.2% YoY to ₹291.2 Cr and generation increased 72% YoY to 944 million units, linking growth to higher operating capacity rather than only reported pricing.
- The company commissioned a record 601 MWp in Q1FY27, comprising 458 MWp solar and 143 MW wind, and added ~400 MWh BESS, taking operational capacity to 2,409 MWp and operational BESS to 503 MWh at quarter-end.
- CUF improved to 30.2% from 28.2% YoY, while wind CUF was 49.9% and solar CUF was 27.9%.
- 98% of the portfolio is secured through long-term PPAs, typically 25 years, and 98% is with offtakers rated A or above.
- More than ₹1,700 Cr was refinanced at a weighted average interest rate below 8% across three projects; operational-portfolio weighted average cost of debt was 8.58%.
Key concerns
- Other income of ₹33.02 Cr represented 74.8% of consolidated PBT of ₹44.16 Cr, making the ₹33.45 Cr PAT less representative of recurring operating profitability.
- Standalone other income of ₹51.28 Cr was more than five times standalone PBT of ₹10.05 Cr, highlighting an even greater non-operating contribution at the parent level.
- Net debt was ₹11,217 Cr against net worth of ₹3,463 Cr, with net debt-to-equity at 3.24x as of June 30, 2026; the planned asset build therefore remains leverage-sensitive.
- EBITDA rose 86% YoY versus operating revenue growth of 81.2% YoY, a 4.8 percentage-point gap that does not meet the required threshold for a confirmed operating-leverage signal.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.