Juniper Green Energy Ltd (JNPR) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator (JM Financial Institutional Securities): Ladies and gentlemen, good day, and welcome to the Juniper Green Energy Limited Q2 FY '27 earnings conference call, hosted by JM Financial Institutional Securities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhanshu Bansal from JM Financial Institutional Securities. Thank you, and over to you, sir.
Sudhanshu Bansal (JM Financial Institutional Securities): Thank you, Alaric. Hello, everyone. On behalf of JM Financial, I welcome you all
Sudhanshu Bansal (JM Financial Institutional Securities): the second quarter FY27 earning call of Juniper Green. For today's call, we have with us leadership team of the company led by Mr. Ankush Malik, CEO, Mr. Parag Agrawal, CFO and Mr. Bajrang, Head of Investor Relations, along with other team members. Now, I will hand over the call to Ankush sir for his opening remarks, after which we will open the floor for Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. Over to you, Ankush sir.
Ankush Malik (Juniper Green Energy Ltd): Thanks, Sudhanshu. Good morning, everyone, and thank you for joining us for Juniper Green Energy's Q2 FY27 earnings call. This is our second call as a listed company, and I want to start by thanking our shareholders, lenders, and partners for the continued confidence you've shown in us since our listing in August. Before I turn to our performance, a quick word on the sector. India's installed renewable capacity reached close to 300 GW as of September 30, 2026, with nearly 25 GW added in the first half of FY27 alone. Power demand has remained robust, and the policy push towards FDRE, round the clock, and storage backed supply continues to gather pace. That is exactly the segment we have built our portfolio around, and we believe Juniper is well placed to capture a growing share of it. Power demand across the country has stayed strong this year with a 10.2% growth for H1, with peak demand continuing to rise, and the evening peak hours in particular putting real pressure on the grid. We see battery storage as part of the solution here, helping move daytime solar power into peak hours, and we are well placed to install close to 4.5 GWh of BESS by June '27 and 10 GWh by March '28. Coming to this quarter, Q2 FY27 was another record quarter for us. Our total income grew 2.3 times year-on-year to INR 372 crores, and EBITDA grew 2.6 times to INR 340 crores, our highest ever quarterly total income and EBITDA, at an EBITDA margin of 91%. On the operating side, for the second quarter of FY27, generation grew 127% year-on-year to 1,130 million units. Our fleet wide CUF for Q2 was 27%, compared with 21% in the last in the quarter in FY26. For the first half of FY27, generation grew 98% year-on-year to 2,075 million units, and our fleet wide CUF was 28.5%, compared with 21 24.1% in H1 FY26. The standout for us was wind. Our wind portfolio delivered a weighted average CUF of 50%, up from 41.3% a year ago, with our especially with our 50 megawatt Juniper Green Bhim project delivering a CUF of 58.3% and another 70 megawatt Juniper Green Kai project at the same site delivering close to 58%. Plant availability for the first half stood at 98.7% and grid availability at 99.5%. During this quarter, we also commissioned close to 316 megawatt peak of renewable capacity and around 100 megawatt-hours of BESS, delivering on the 250 to 300 megawatt peak guidance we shared on our last call. In the first seven months of FY27, we have now commissioned more than 1 GW peak of capacity with close to 494 megawatt peak of solar and 542 megawatt of wind, along with about 500 megawatt-hours of BESS across 11 sites in three states. That takes our overall operational capacity as on date to 2.8 GW peak plus 600 megawatt-hours of BESS. I also want to call out a big technology milestone. We've commissioned now close to 51 units of India's largest wind turbine by rotor diameter, the Envision E-182. These 5-megawatt turbines have a rotor diameter of 181 meters and at a at a hub height of 130 meters. We remain on track for our full year commissioning guidance of 2 GW peak of generation capacity and one 1.7 GWh of BESS. On BESS, our operating assets continue to perform well with SOH of more than 99% and RTE of close to 90%. As on date, our total portfolio stands at close to 11.2 GW peak plus 9 GWh of BESS, of which the operational and PPA-signed capacity is 6.1 GW peak. On the portfolio quality, as mentioned earlier, 86% of our portfolio is contracted with central agencies, which is SJVN, NHPC, NTPC, and SECI,
Ankush Malik (Juniper Green Energy Ltd): for off-takers. We continue to build the resource base to execute at this scale, surplus connectivity of more than 5 gigawatt for future bids, and connectivity of more than 20 gigawatt-hours of BESS, over 16,000 acres of land for our under construction, contracted, and awarded projects, and more than 100 identified locations for wind turbine installation. Our in-house EPC team continues to execute end-to-end in parallel across multiple sites and states at both STU and CTU levels. With that, let me hand it over to Parag to take you through the financials in detail.
Parag Agrawal (Juniper Green Energy Ltd): Thank you, Ankur, and good morning, everyone. As Ankur mentioned, Q2 was another record quarter financially. Total income for Q2 FY27 came in at INR 372 crore, 2.3 times of the INR 160 crore we reported Q2 FY26 and up 15% quarter-on-quarter. EBITDA grew 2.6 times year-on-year to 340 crore from INR 130 crore and was up 15% sequentially. Our EBITDA margin expanded to 91.4%. Looking at operational performance specifically, operating income was 345 crore, up 2.4 times year-on-year, and operating EBITDA was 313 crore, up 2.7 times at a margin of 90.7%. Profit after tax for the quarter was INR 54 crore, adjusted for one-time expense relating to refinancing and the IPO expense, compared with a loss of INR 18 crore in Q2 FY26 and INR 53 crore on the same adjusted basis in Q1. Cash PAT, adjusted PAT plus depreciation, was INR 153 crore, 3.9 times the INR 40 crore in Q2 FY26. For the first half of FY27, total income was INR 696 crore, up 104% year-on-year, and EBITDA was INR 634 crore, 2.2 times H1 FY26, at a margin of 91.1%. PAT for H1 was INR 106 crore, adjusted for one-time expenses, and cash PAT, on the same basis, was INR 280 crore, 2.5 times H1 FY26. Turning to CapEx and the balance sheet, we incurred CapEx of approximately 2,600 crore during the quarter, taking our CapEx for first half to 3,800 crore. As on September 30th, 2026, our gross block stood at INR 12,250 crore and capital work-in-progress, including capital advances, at 6,600 crores, taking our cumulative CapEx to close to 19,000 crore. On debt, total debt outstanding as on September 30th was 13,700 crore and net debt of INR 11,600 crore. About 68% of our borrowing are from financial institutions like PFC, REC, IREDA, NABFID, and IFC, which gives us long tenure, stable cost of funding, with low interest rate volatility. We have stayed active on refinancing, refinanced more than 2,500 crore across five projects so far in FY27 at a weighted average interest rate of below 8% per annum, and now our weighted average cost of debt for the operational portfolio has come down to 8.46% per annum. The same was 8.58% last quarter. Our credit profile continues to strengthen. ICRA upgraded our credit rating to AA- stable. Other than this, we have also received seven rating upgrades at project level and now about three of our SPV on itself are AA category. Better rating should help us keep bringing down our cost of debt as we refinance. On the balance sheet, add INR 1,800 crore of primary proceeds from our IPO in August, took our net worth to 5,200 crore as on September 30th and net debt-to-net worth improved to 2.22x. To summarize, a second consecutive record quarter on revenue, EBITDA, and margins, commissioning in line with guidance, a portfolio of over 11 gigawatt, with 84% in FDRE and hybrid formats, and a materially stronger, better rated balance sheet. With that, we will now be happy to take your questions.
Moderator (JM Financial Institutional Securities): Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone.
Moderator (JM Financial Institutional Securities): The first question comes from the line of Puneet with HSBC Bank. Please go ahead.
Puneet (HSBC Bank): Yeah. Thank you so much and congrats on decent performance. My first question is, do you worry about any projects where there is a risk of transmission delays? As of now, I see only Juniper Green Stellar, where transmission is still yet to come. Would you be able to highlight what is the progress there?
Ankush Malik (Juniper Green Energy Ltd): Right. So Puneet on on the on Juniper Green Stellar, the plant is running on TG TGNA. There is only one element left, which is Fatehgarh 3 - Bhadla 3, which the scheduled commissioning was in fact last year. But we expect that line to be completed in December. So that line is being constructed by Apraava. However, given that the all the other elements are done, and the battery that we have at this project, and is part of an FDRE project, we today, this is from probably a couple of months back, right? So the the improvement has been substantial, so we don't face any curtailment today once we take everything into consideration.
Puneet (HSBC Bank): Right. Okay. And and for Beta also is is it likely March 27 or can it slip over to next year?
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