Juniper Green Q2 adjusted profit positive as margin hits 91%

Juniper Green Energy reported adjusted profit after tax of Rs 54 crore in Q2 FY27, reversing an adjusted Rs 18 crore loss in Q2 FY26, as total income reached Rs 372 crore and earnings before interest, tax, depreciation and amortisation (EBITDA) margin reached 91%. The adjusted result excludes Rs 22.97 crore of refinancing and initial public offering (IPO) costs.

How did Juniper Green's Q2 earnings change?

Juniper Green's adjusted profit after tax turned positive in Q2 FY27 as income and EBITDA increased from both the prior year and the preceding quarter. Total income rose 2.3 times year on year to Rs 372 crore from Rs 160 crore, while EBITDA rose 2.6 times to Rs 340 crore from Rs 130 crore. EBITDA margin was 91%, up 1,034 basis points (bps) from 81% in Q2 FY26.

Juniper Green also increased total income by 1.15 times from Rs 324 crore in Q1 FY27 and EBITDA by 1.15 times from Rs 294 crore. Operating income rose to Rs 345 crore from Rs 291 crore, while operating EBITDA increased to Rs 313 crore from Rs 261 crore. Operating EBITDA margin was 91%, compared with 79% a year earlier and 90% in Q1 FY27.

Why is Juniper Green's Q2 profit adjusted?

Juniper Green adjusted Q2 FY27 profit after tax for Rs 22.97 crore of one-time expenses related to refinancing and the IPO. On this basis, adjusted profit after tax was Rs 54 crore, compared with an adjusted loss of Rs 18 crore in Q2 FY26 and adjusted profit of Rs 53 crore in Q1 FY27. The Q1 FY27 result was adjusted for Rs 19.29 crore of refinancing expenses.

Juniper Green reported cash profit after tax of Rs 153 crore for Q2 FY27, up from Rs 40 crore in Q2 FY26 and Rs 127 crore in Q1 FY27. The company defines this measure as profit after tax plus depreciation and one-time refinancing and IPO expenses. It is therefore distinct from adjusted profit after tax because it also adds back depreciation.

The presentation reported a 53-bps sequential increase in EBITDA margin to 91% in Q2 FY27. Operating EBITDA margin increased by 90 bps sequentially to 91%, after a 1,152-bps year-on-year increase from 79% in Q2 FY26.

What operating factors supported Juniper Green's earnings growth?

Juniper Green's earnings increase coincided with a 98% year-on-year rise in H1 FY27 generation to 2,075 million units from 1,046 million units. The company attributed the increase to capacity additions and wind performance. Total capacity utilisation factor (CUF) rose by 440 bps to 28.5% from 24.1%.

Wind CUF increased by 870 bps to 50.0% in H1 FY27 from 41.3% a year earlier. Juniper Green Beam, a 50.4-megawatt wind project, recorded a 58.3% CUF, while the 72.45-megawatt Juniper Green Kite recorded 57.9%. CUF is calculated on alternating-current capacity from the month after a project is fully commissioned.

Juniper Green had commissioned 1,036 megawatt-peak (MWp) and 503 megawatt-hours (MWh) of battery energy storage systems through FY27 to date across 11 sites in three states. Plant availability was 98.7% in H1 FY27, compared with 99.1% a year earlier, while grid availability increased to 99.5% from 99.4%.

How did Juniper Green perform in H1 FY27?

Juniper Green's H1 FY27 total income doubled to Rs 696 crore from Rs 341 crore in H1 FY26, while EBITDA increased 2.2 times to Rs 634 crore from Rs 288 crore. EBITDA margin rose to 91% from 84%. Operating income increased to Rs 636 crore from Rs 307 crore and operating EBITDA rose to Rs 574 crore from Rs 254 crore.

Adjusted profit after tax was Rs 106 crore in H1 FY27, compared with Rs 3 crore in H1 FY26, after Rs 42.26 crore of one-time refinancing and IPO expenses. Cash profit after tax rose to Rs 280 crore from Rs 111 crore. Operating EBITDA margin increased by 760 bps to 90% from 83% in the previous-year half.

The first-half operational figures accompanied the financial change. Generation rose by 1,029 million units year on year, while total CUF rose 4.4 percentage points. The company had also added 1,036 MWp of capacity and 503 MWh of storage through FY27 to date.

What debt and execution measures should readers track?

Juniper Green had net debt of Rs 11,607 crore and total debt of Rs 13,711 crore as of September 30, 2026, against net worth of Rs 5,216 crore. Net debt to net worth was 2.22 times. The company said its August 2026 IPO raised Rs 1,800 crore of primary funds and increased net worth by 51% quarter on quarter.

Total capital expenditure was Rs 18,895 crore as of September 30, 2026, including Rs 2,591 crore incurred during Q2 FY27. Gross block was Rs 12,249 crore and capital work in progress, including capital advances, was Rs 6,646 crore. Juniper Green refinanced more than Rs 2,550 crore across five projects during the fiscal year at a weighted average interest rate below 8% per annum.

Juniper Green reported an 8.46% weighted average cost of debt for its operational portfolio, with about 68% of project borrowings from financial institutions. Its portfolio totalled 11,218 MWp, of which 98% was associated with off-takers rated A or above and 98% was secured through long-term power purchase agreements. Days receivable outstanding rose to 25 in H1 FY27 from 22 in FY26.

Conclusion

Juniper Green's Q2 turnaround combined higher income, expanded EBITDA and a move from an adjusted loss to adjusted profit. The Rs 54 crore Q2 FY27 adjusted profit, Rs 340 crore EBITDA and 91% EBITDA margin were supported by the first-half increase in generation to 2,075 million units and higher wind CUF.

The next measures to watch are progress on 1,714 MW of contracted projects under construction and 2,580 MW of awarded projects under construction. Juniper Green has also disclosed more than 5,200 MW of surplus connectivity for future bids and connectivity for more than 20,000 MWh of battery storage, alongside net debt of Rs 11,607 crore as of September 30, 2026.