Jupiter International Ltd CCPS
Compulsorily convertible preference shares of solar-cell maker Jupiter International, quoted at a discount to the ₹225 equity because they convert into equity on fixed terms at a later date.
Market cap
₹292.5 Cr
1.50 Cr shares
P/E ratio
17.73
Sector average 40
Book value
₹90.00
P/B 2.17
1-year return
-3.84%
52w ₹150 – ₹225
Currently 60% of the way through its 52-week range.
Indicative price history
1Y change
-4.77% ₹205 → ₹195
52-week band in this window: ₹192.66 – ₹210.27. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Compulsorily convertible into Jupiter International equity on pre-agreed terms (verify ratio and date with the dealer).
- Quoted at about ₹195 versus ₹225 for the equity – a 13% discount.
- Carries liquidation preference and a preference dividend until conversion.
About Jupiter CCPS
This page covers the compulsorily convertible preference shares (CCPS) of Jupiter International Limited, quoted by dealers at about ₹195 against ₹225 for the ordinary equity. A CCPS is a preference share that must convert into equity shares on or before a specified date or event (commonly an IPO or a fixed anniversary of allotment) at a conversion ratio fixed in the placement documents – typically one equity share per CCPS, sometimes adjusted for a valuation formula. Until conversion the holder ranks ahead of equity on liquidation and is normally entitled to a small fixed preference dividend, but has limited voting rights.
The CCPS were issued to financial investors in early 2025 to fund the Odisha cell and module plant. Buyers should obtain the term sheet or the PAS-3/shareholders' agreement extract from the dealer to confirm the conversion ratio, the outside date for mandatory conversion, any anti-dilution adjustment and the preference-dividend rate; we have not verified these terms. The discount of about 13% to the equity quote reflects the waiting period until conversion, the reduced voting rights and thinner liquidity of the instrument.
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.
Company financials, management and shareholding shown here are those of Jupiter International Limited and are reused from the equity profile. 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.
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
- • Same economic exposure as the equity at a discount, plus liquidation preference and a preference dividend until conversion.
- • Mandatory conversion means holders end up with ordinary shares of a fast-growing solar-cell manufacturer.
- • Issued to institutional investors, so terms were negotiated at arm's length.
What to watch
- • Conversion ratio, dates and dividend rate must be verified from the placement documents; an unfavourable formula could yield fewer equity shares than assumed.
- • Limited voting rights and thinner liquidity than the equity; dealers may quote wider spreads.
- • All operating risks of Jupiter International – capex overruns, cell-price swings and leverage – apply equally.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Jupiter CCPSThis page | ₹195.00 | ₹292.5 Cr | 17.73 | 2.17 | +59.54% |
| Jupiter Solar | ₹225.00 | ₹2,250 Cr | 20.45 | 2.50 | +59.54% |
Latest reported year: FY25 ending 31 Mar 2025.