Juniper Green Energy shares rose over 3% in afternoon trade on Friday, trading at ₹266.05 on the NSE, up 3.24% as of 2:01 pm. The surge came after JM Financial Institutional Securities initiated coverage with a 'Buy' rating and target price of ₹371, implying around 39.4% upside from the current market price. According to reports from JM Financial, the brokerage had cited 44% potential upside in its initiation note, based on the share price at the time of coverage initiation.
The company has demonstrated exceptional financial growth over the past four years. Revenue, EBITDA and PAT rose from ₹1.7 billion, ₹1.5 billion and ₹0.3 billion in FY22 to ₹7 billion, ₹6 billion and ₹0.4 billion in FY26, respectively. As reported by JM Financial, the company maintains an EBITDA margin of 84% and is projected to deliver strong growth over FY26A-29E with a CAGR of 101%/104%/208% in revenue/EBITDA/PAT. The company recently reported a net profit of ₹40.46 crore in 2026. Latest financial data shows total revenue of ₹113.63 crore and net profit of ₹7.45 crore for the current period.
Juniper Green is positioned as one of India's leading renewable energy IPPs with a total portfolio of 8.4GW, according to JM Financial. The company's portfolio includes 2GW operational capacity, 2.7GW under construction and 3.7GW under construction and awarded projects, along with 500MWh of BESS capacity and plans to add 4.9GWh. The brokerage noted that Juniper is among the top 10 RE IPPs in India and is backed by a professionally managed team with deep expertise across the renewable energy value chain. The stock is currently trading in the price range of ₹267.00 to ₹255.00 with a market capitalization of ₹15,209.34 crore and 52-week high of ₹282.
According to JM Financial, macros favour RE growth with peak power demand expected to grow at a 6-7% CAGR to 388GW by FY32E from the current 271GW. The brokerage highlighted that RE has emerged as a key pillar of this demand momentum, supported by policy and the government's 500GW RE capacity target for 2030. Juniper is positioned to benefit from this growth trajectory through its focus on development, construction and operation of utility-scale solar, wind, hybrid, FDRE and BESS projects.
For the valuation, JM Financial values the stock at 9.5x FY28E run-rate EV/EBITDA. The brokerage noted that while the company is well-positioned for growth, investors should consider risks including regulatory, execution, financing, commodity, grid and curtailment risks. The target price of ₹371 represents significant upside potential from current levels, reflecting the brokerage's positive outlook on Juniper Green's growth prospects in India's expanding renewable energy sector. The stock has seen Mutual Fund holding decrease to 4.37% and FII holding decrease to 1.77% from the last quarter, according to recent market data.
