JUNIPER GREEN ENERGY LTD – Q1 FY27 CONCALL HIGHLIGHTS
#Q1FY27
Q1FY27 Financial Performance
- Revenue grew 79% YoY to ₹324 Cr vs ₹181 Cr.
- EBITDA grew 86% YoY to ₹294 Cr; margin improved to 91%.
- Operating income rose 81% YoY to ₹291 Cr.
- Operating EBITDA increased 89% YoY to ₹261 Cr.
- PAT grew 54% YoY to ₹33 Cr.
- Cash PAT increased 50% YoY to ₹108 Cr.
- Receivable days remained low at 19 days.
- Q1 marked the company's highest-ever quarterly revenue, EBITDA and commissioning.
Capacity & Execution
- Fleet-wide Q1 COEF improved to 30.2% vs 28.2% YoY.
- Generation increased 72% to 944 MU.
- Wind portfolio of 190 MW delivered weighted average CUF of 49.9%.
- Plant availability stood at 98.8% and grid availability at 99.6%.
- Commissioned 601 MW during Q1: 458 MW solar + 143 MW wind.
- Also commissioned around 400 MWh BESS during the quarter.
- Since April, commissioned 760+ MW renewable capacity across 8 sites.
- FY27 target remains around 2 GW capacity addition.
- Management expects another 250–300 MW commissioning in Q2.
- India's first FDRE project under the SJVN FDRE tender was commissioned.
BESS Expansion
- BESS installed capacity target: 4.5 GWh by June 2027.
- Target rises to 10 GWh by March 2028.
- Additional 4 GWh orders have already been placed.
- Existing BESS round-trip efficiency is around 91%.
- State of health stands at approximately 99.6%.
- Company is primarily integrating BESS with renewable projects rather than pursuing standalone BESS.
- Standalone BESS economics are currently considered unattractive.
- Merchant BESS opportunities are also being evaluated.
Order Wins & Portfolio
- Won SECI FDRE tender for 870 MW + 2,200 MWh BESS.
- Contracted capacity for the tender is 230 MW at ₹5.26/unit.
- Won 50 MW wind project from GOVNL at ₹3.51/unit.
- Signed 50 MW FDRE PPA with SJVN at ₹4.25/unit.
- Total portfolio reached around 11.2 GW + 9 GWh BESS.
- 84% of portfolio comprises FDRE and hybrid projects.
- Blended weighted average tariff is around ₹3.70/unit.
- Operational + PPA-signed capacity exceeds 6.2 GW.
Pipeline & Development Resources
- More than 4.5 GW surplus connectivity available over current pipeline.
- Connectivity available for more than 20 GWh BESS for future bids.
- Land bank exceeds 14,000 acres.
- More than 200 identified wind locations available.
- In-house EPC team handles parallel execution across multiple states.
- 98% contracted capacity is with A-rated or better off-takers.
- Around 98% portfolio is secured through long-term PPAs, typically 25 years.
FY27 Capex & Growth
- Total CapEx stood around ₹16,000 Cr as of June 2026.
- Expected to rise to around ₹22,000 Cr by March 2027.
- Includes capacity of around 3.9 GW expected to be commissioned by March 2027.
- FY27 commissioning target remains around 4 GW.
- Run-rate EBITDA for FY27 capacity expected around ₹2,750 Cr.
- FY28 target is around 6 GW commissioned capacity.
- FY28 run-rate EBITDA guidance is around ₹4,500 Cr.
Balance Sheet
- Gross/net debt stood at around ₹11,217 Cr.
- Operating-project net debt was around ₹7,183 Cr.
- Refinanced ₹1,700+ Cr across 3 projects at weighted interest rate below 8%.
- Operational portfolio weighted average cost of debt is around 8.5%.
- Pre-IPO net worth was ₹3,463 Cr.
- IPO raised ₹1,800 Cr of primary capital.
- Post-IPO net worth increased to around ₹5,200 Cr.
- IPO has materially strengthened the balance sheet.
FDRE & Thermal Mimic Opportunity
- Company sees strong demand for peak and firm power.
- Around 350 MW FDRE is in advanced discussions for PPA conversion.
- Another 150 MW hybrid project is in advanced discussions.
- Thermal mimic opportunity is around 1 GW peak + 2.2 GWh BESS.
- Overall near-term conversion opportunity could exceed 2 GW peak + 4 GWh BESS.
- Thermal mimic tender is designed to replicate thermal plant-like round-the-clock output.
- Higher battery affordability makes solar + BESS increasingly competitive.
- Management believes improved tender structure should support better LOA-to-PPA conversion.
BESS Economics & Procurement
- Entire 4.5 GWh BESS contracted capacity is from Envision.
- Integrated solution includes battery containers, PCS and EMS.
- LTSA provides warranty and O&M for around 15–20 years.
- Earlier battery container procurement was around $58–60/kWh.
- Current container pricing is around $65–68/kWh.
- All-in pricing including BOS, taxes and duties is around $100–110/kWh.
- Falling battery costs are making solar + BESS solutions increasingly attractive.
Merchant Strategy
- Around 1.5 GW BESS planned by June 2027 is currently unlinked to projects and expected to operate as merchant capacity.
- Additional capacity may temporarily operate on merchant basis until GNA connectivity/PPA is available.
- Around 700 MWh additional BESS expected by December 2026 will also initially support merchant operations.
- Management expects charging power cost around ₹1–1.50/unit.
- Higher merchant realization is expected, supported by favorable market opportunities.
KEY TAKEAWAY
- 11.2 GW portfolio + 9 GWh BESS; strong 4 GW FY27 execution visibility.
1August 31, 2026 657
