Jupiter International Ltd
Kolkata group turned solar-cell manufacturer, expanding from Baddi to a multi-gigawatt TOPCon plant in Odisha as India's ALMM rules favour domestic cells.
Market cap
₹2,250 Cr
10.00 Cr shares
P/E ratio
20.45
Sector average 40
Book value
₹90.00
P/B 2.50
1-year return
-9.34%
52w ₹170 – ₹260
Currently 61% of the way through its 52-week range.
Indicative price history
1Y change
-8.07% ₹245 → ₹225
52-week band in this window: ₹220.89 – ₹249.07. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Domestic solar-cell maker with lines at Baddi and a multi-GW TOPCon plant under construction in Odisha.
- FY25 revenue about ₹1,400 Cr and PAT above ₹100 Cr on our estimates.
- Equity quoted at ₹225 and CCPS at ₹195 in the unlisted market.
About Jupiter Solar
Jupiter International Limited is a Kolkata-headquartered company that has become one of India's larger domestic manufacturers of solar photovoltaic cells. Promoted by the Garodia family and led by managing director Alok Garodia, the group started in trading and industrial products, entered solar in 2009 through Jupiter Solar Power and now operates cell and module lines at Baddi in Himachal Pradesh, selling DCR-compliant cells to module makers and ALMM-listed modules to project developers.
The company is in the middle of its biggest expansion: a multi-gigawatt TOPCon cell and module complex near Bhubaneswar, Odisha, supported by the state's renewable manufacturing incentives, funded by bank debt, internal accruals and a compulsorily convertible preference share (CCPS) placement with financial investors. Domestic cell supply is scarce under India's ALMM List-II rules, which supports pricing for incumbent producers.
On our estimates revenue rose from about ₹550 Cr in FY23 to ₹850 Cr in FY24 and ₹1,400 Cr in FY25, with profit after tax above ₹100 Cr in FY25 and leverage rising with the Odisha capex. Both the equity shares (₹225) and the CCPS (₹195) trade in the unlisted market.
Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate. Share count and shareholding are estimates.
Where the revenue comes from
- Solar cells55%
Mono PERC and TOPCon cells from the Baddi plant, sold to Indian module makers
- Solar modules40%
ALMM-listed modules for utility and rooftop projects
- Other5%
Legacy trading and services
Products & services
Solar cells
Mono PERC and TOPCon cells for domestic module manufacturers, DCR-compliant.
Solar modules
Mono and bifacial modules listed under ALMM.
What works
- • One of few Indian producers of solar cells, protected by ALMM List-II and DCR requirements for government-backed projects.
- • Large Odisha expansion positions the company for the 2026-28 domestic cell shortage.
- • Profitable and growing quickly, with CCPS funding from financial investors validating the plan.
What to watch
- • Capital-intensive expansion raises debt; delays or cost overruns at Odisha would strain cash flows.
- • Cell prices are set globally and Chinese overcapacity can compress margins if import rules are relaxed.
- • Unlisted liquidity is thin and estimates on this page are unverified.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Jupiter SolarThis page | ₹225.00 | ₹2,250 Cr | 20.45 | 2.50 | +59.54% |
| Jupiter CCPS | ₹195.00 | ₹292.5 Cr | 17.73 | 2.17 | +59.54% |
Latest reported year: FY25 ending 31 Mar 2025.