Juniper Green’s 89.79% operating margin is offset by heavy finance costs
Interest and depreciation absorbed much of operating profit, while other income of Rs 33.02 cr formed a large part of consolidated profit before tax.
Filed 26 Aug 2026, 19:53 IST · after market close · JNPR (JNPR)
Key takeaways
- Juniper Green’s consolidated operating margin was 89.79%, but interest of Rs 175.82 cr and depreciation of Rs 74.52 cr limited profit before tax to Rs 44.16 cr.
- Other income of Rs 33.02 cr was a large component of consolidated profit before tax, making reported profit quality an important focus.
- Management said generation rose 72% YoY to 944 million units in Q1FY27, while plant availability declined as wind capacity increased in the operating portfolio.
Operating profit did not translate into proportionate earnings
Juniper Green reported consolidated operating profit of Rs 261.47 cr on revenue of Rs 291.2 cr, but interest of Rs 175.82 cr and depreciation of Rs 74.52 cr were substantial deductions below the operating line. This left profit before tax at Rs 44.16 cr and net profit at Rs 33.45 cr. Other income of Rs 33.02 cr was a large component of profit before tax, so reported earnings included a significant non-operating contribution.
Generation rose as wind capacity expanded
Management said generation increased 72% YoY to 944 million units in Q1FY27, driven by capacity additions. The company also said plant availability declined because wind capacity became a larger part of the operational portfolio. Management reported a weighted average CUF of 49.9% for its 192 MW wind projects.
Capex and BESS plans define the expansion agenda
Management said the company incurred Rs 1,183 cr of capex during Q1FY27 and has connectivity available for more than 20,000 MWh of BESS installation. It said it is targeting about 4,500 MWh of BESS installation by June 2027 and about 10,000 MWh by March 2028. The company also said it has surplus connectivity of more than 4,500 MW for future bids and commissioned India’s first FDRE project under the SJVN FDRE scheme.
Results were filed after market close
The consolidated results were filed after market close on 26 August 2026. A post-results stock reaction is therefore not assessed here.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹291 cr |
| Other income | ₹33 cr |
| Expenses | ₹30 cr |
| Operating profit | ₹261 cr |
| Operating margin (%) | 89.79% |
| Interest | ₹176 cr |
| Depreciation | ₹75 cr |
| Profit before tax | ₹44 cr |
| Tax | ₹11 cr |
| Net profit | ₹33 cr |
| EPS (₹) | ₹0.68 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Generation increased 72% year over year to 944 million units in Q1 FY27, driven by capacity additions.
- The weighted average CUF for the company's 192 MW wind projects was 49.9% in Q1 FY27.
Guidance & outlook
- The company targets BESS installation of about 4,500 MWh by June 2027 and about 10,000 MWh by March 2028.
- The company has surplus connectivity of more than 4,500 MW available for future bids.
Expansion
- The company incurred INR 1,183 crore of capex during Q1 FY27.
- The Light Ten FDRE project has 480 MWp and 884 MWh capacity, with expected COD and BESS installation in June 2027.
- The company has connectivity available for installation of more than 20,000 MWh of BESS.
New orders
- The company signed a 50 MW PPA with SJVN at a tariff of INR 4.25 per kWh.
- The company won the SECI FDRE round-the-clock tender for 870 MWp and 2,200 MWh of BESS at INR 5.26 per kWh.
New initiatives
- The company commissioned India's first FDRE project under the SJVN FDRE Scheme tender.
- The company's in-house EPC team supports parallel execution across multiple sites and states at STU and CTU levels.
Problems & risks
- Plant availability declined because wind capacity increased as a share of the overall operational portfolio.
What to watch
- Whether operating margin remains near the reported 89.79% as interest is tracked against Rs 175.82 cr.
- Whether generation continues to build from 944 million units while plant availability recovers from the reported decline.
- Progress reported toward management’s target of about 4,500 MWh of BESS installation by June 2027.