Juniper Green Q1FY27: consol PAT +54% YoY on paper, ~9% adjusted; finance costs bite

Juniper Green Energy's first results as a listed company (IPO completed August 6, 2026) show consolidated revenue from operations of Rs291.2 Cr for the quarter ended June 30, 2026, up 81% YoY from Rs160.7 Cr and 37% QoQ from Rs212.6 Cr, as new solar and wind capacity commissioned during the quarter expanded the operating base (note 8). Consolidated PAT of Rs33.45 Cr was up 54% YoY on paper, but Rs9.74 Cr of that came from a one-time change in the assumed useful life of solar and wind plant & machinery (applied prospectively from April 1, 2026); stripping that out, underlying PAT growth was closer to 9% YoY (Rs23.7 Cr vs Rs21.7 Cr) — a materially more modest story than the headline. Revenue landed just under the Rs300-350 Cr range we flagged pre-result; EBITDA-level profitability held up at roughly 90% of revenue from operations, coming in above the 85-87% band we and pre-IPO brokerages expected going in.

Despite the strong topline, net margin actually compressed YoY to 10.3% of total income from 12.0% a year ago (though it expanded sequentially from 8.8% in Q4 FY26). The squeeze sits below the operating line: finance costs more than doubled YoY to Rs175.8 Cr from Rs79.2 Cr, and depreciation rose 48% YoY to Rs74.5 Cr even after the useful-life change trimmed the quarter's charge by Rs124.1 Cr — both consistent with debt-funded capacity expansion running ahead of revenue. Management has no formal quarterly guidance on record, so there is no explicit company outlook to grade the print against.

EPS: consolidated Rs0.68 (basic, not annualised) vs Rs0.44 a year ago — standalone Rs0.15 vs Rs0.36.

Analyst coverage remains thin this early post-listing, as flagged pre-result, so there is no published Street consensus to benchmark beyond our own on-plan range. All the watch items we flagged pre-result played out within the disclosure window: the Rs600 Cr NCD redemption completed August 13, 2026 (addressing the debt-reduction watch item, though after the June 30 quarter-end), 167 MW of wind and 50 MW of hybrid wind-solar capacity added August 12, and a 230 MW FDRE-RTC SECI win on August 15 following an earlier 230 MW SECI tender win on August 7 — none of these land inside the Q1 numbers themselves but support the pipeline toward the 6 GW FY28 target cited pre-result. No management press release or commentary accompanying the results was available to cross-check against the numbers; the filing comprises only the board-outcome letter and limited-review statements.