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Jupiter International Limited Unlisted Shares
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Fundamentals About Jupiter International Limited
Downloads & Investor Documents
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Key Financials of Jupiter International Limited
About Company
The following table shows a 10-point analysis of Jupiter International Ltd. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY24 Revenue ₹579 cr PAT ₹41 cr |
Solar photovoltaic cell manufacturer serving India’s growing renewable energy sector, supporting domestic solar power deployment. |
| Industry & Market Position | Solar cell manufacturing capacity ~1 GW | Established domestic solar manufacturer with plans to expand capacity to support India’s increasing renewable energy demand. |
| Revenue Growth Trend | Revenue increased from ₹430 cr (FY23) to ₹579 cr (FY24) |
Growth driven by rising solar installations and stronger demand for locally manufactured photovoltaic components. |
| Profitability & Margins | PAT ₹41 cr (FY24) FY23 Loss ₹35.89 cr |
Company returned to profitability after operational recovery and improved market demand for solar products. |
| Cash Flow Quality | ₹500 cr investment raised in 2025 | Fresh capital infusion supports manufacturing expansion, working capital needs, and technology upgrades. |
| Balance Sheet Strength | External capital infusion for expansion | New funding improves financial flexibility and enables the company to accelerate capacity expansion plans. |
| Valuation Comfort | Private market valuation linked to solar sector growth | Investor interest driven by long-term renewable energy demand and India’s push for domestic solar manufacturing. |
| Management & Governance | Promoter-led management | Leadership guided by experienced promoters with background in solar manufacturing and renewable energy development. |
| Growth Triggers & Catalysts | Planned expansion to 9.4 GW cells 6 GW modules capacity |
Capacity expansion is expected to significantly increase production capability and strengthen the company’s position in the solar manufacturing ecosystem. |
| Liquidity & Exit Visibility | IPO exploration reported | Potential future listing could provide liquidity and exit opportunities for early investors. |
Company Overview
(i) Jupiter International Ltd. is an Indian renewable energy manufacturing company engaged in the production of solar photovoltaic (PV) cells, which are a key component used in solar power modules.
(ii) The company was founded in 2009 by Alok Garodia and focuses on manufacturing solar cells used in solar panels deployed in rooftop and utility-scale solar power projects.
(iii) Jupiter International operates a solar cell manufacturing facility located in Baddi, Himachal Pradesh, which currently has a manufacturing capacity of approximately 1 gigawatt (GW) of photovoltaic cells annually.
(iv) Solar photovoltaic cells manufactured by the company are used by solar module manufacturers and solar project developers to build solar power systems for electricity generation.
(v) The company operates in the renewable energy manufacturing ecosystem and contributes to the supply chain of solar energy infrastructure in India.
(vi) India’s renewable energy sector has been expanding rapidly as the country increases its solar power generation capacity and encourages domestic manufacturing of solar equipment.
(vii) Jupiter International aims to strengthen its position in the solar manufacturing industry through investments in capacity expansion and technology upgrades.
(viii) The company is also planning to increase its manufacturing footprint by expanding into solar modules and developing a more integrated solar manufacturing capability.
(ix) Such expansion plans are aimed at supporting India’s growing solar energy demand and improving the company’s ability to serve large-scale renewable energy projects.
(x) With increasing investments in renewable energy and rising adoption of solar power systems, companies like Jupiter International play an important role in the development of domestic solar manufacturing infrastructure.
Challenges in Jupiter International’s Business
- Capital intensive operations: Solar manufacturing requires substantial investment in manufacturing facilities, machinery, and production technology. Continuous upgrades are necessary to remain competitive in the solar technology landscape.
- Dependence on policy environment: The renewable energy sector is influenced by government policies, incentives, and import regulations related to solar equipment. Any change in these policies can affect demand and profitability.
- Technology advancement risk: Solar photovoltaic technology evolves rapidly, with improvements in efficiency and new cell technologies emerging frequently. Manufacturers must continually invest in research and development to stay relevant.
Financial Review
Here are the financial indicators of Jupiter International Ltd..
FY22 Performance
During FY22, Jupiter International Ltd reported revenue of approximately ₹301 crore, while the company’s net profit stood at around ₹34.49 crore.This reflected stable operations in the solar cell manufacturing business during the financial year.
FY23 Performance
In FY23, the company’s revenue increased to approximately ₹429.99 crore, reflecting growth in solar manufacturing demand.
However, Jupiter International reported a net loss of around ₹35.89 crore during the year.
The decline in profitability was largely due to higher operational costs and margin pressures in the solar manufacturing sector.
FY24 Performance
In FY24, Jupiter International Ltd showed a strong recovery in financial performance. Revenue increased to approximately ₹579 crore, indicating continued growth in the solar manufacturing business.
The company also returned to profitability with net profit reaching around ₹41 crore during the financial year.
Quick Summary
Jupiter International Ltd is a solar photovoltaic cell manufacturer operating in India’s growing renewable energy manufacturing sector. The company manufactures solar cells used in solar power systems and contributes to the domestic solar manufacturing supply chain.
Over the past few years, Jupiter International has demonstrated revenue growth and has returned to profitability after experiencing margin pressure in FY23. With plans to expand solar cell and module manufacturing capacity, the company aims to increase its scale of operations and strengthen its role in India’s renewable energy ecosystem.
From an investment perspective, Jupiter International Ltd unlisted shares provide exposure to the solar manufacturing industry. However, the business remains capital intensive and influenced by policy changes, technological advancements, and renewable energy market cycles.
Promoters of Jupiter International Ltd
The following are the active promoters of the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Alok Garodia | Managing Director | View Profile |
| Abhishek Garodia | Director | - |
Click Here to visit the official website of Jupiter International Ltd
Shareholding Pattern of Jupiter International Limited
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Frequently Asked Questions
Jupiter International Ltd unlisted shares are equity shares of Jupiter International Ltd, a private company that is not listed on NSE or BSE.
Yes. Investors can buy Jupiter International Ltd unlisted shares on UnlistedKraft by completing their KYC process and placing an order through the platform.
All unlisted investments carry certain risks due to lower liquidity and limited public information compared to listed companies. However, Jupiter International Ltd operates in the renewable energy manufacturing sector, which has been experiencing strong growth due to increasing adoption of solar power.
The price of Jupiter International Ltd unlisted shares is determined based on private market transactions between buyers and sellers.
Yes. An active demat account is required to hold Jupiter International Ltd unlisted shares.
There is no mandatory lock-in period for Jupiter International Ltd unlisted shares unless the company announces an IPO. Most investors hold these shares until a liquidity event such as an IPO or acquisition for potential long-term gains.
Yes. Investors can sell Jupiter International Ltd unlisted shares before the IPO through private market platforms such as UnlistedKraft.
If Jupiter International Ltd unlisted shares are held for more than two years, the gains are treated as long-term capital gains and taxed at 20% with indexation.
If the shares are sold within two years, the gains are considered short-term capital gains and taxed according to the investor’s income tax slab.
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