Jupiter International Limited

Jupiter International Unlisted Share Price, IPO Plans and Valuation: A 2026 Investor Guide Jupiter International Limited is one of the most actively discussed names in India's unlisted share market right now, and for a straightforward reason: it is a solar cell manufacturer with a fifteen-year head start in a segment that Indian policy has spent the last three years deliberately protecting. This guide covers the Jupiter International unlisted share price, the company's IPO plans, its financial trajectory, its recent fund raise history, and — the number most investors actually want — what the last institutional round works out to per share after the split and bonus. Last updated: August 2026. Figures should be verified against primary filings before any decision. What Jupiter International Limited Does Jupiter International Limited was incorporated in Kolkata in September 1978 and spent its early decades in traditional trading, then IT peripherals under the Frontech brand, then optical media. In 2009 it pivoted to solar. Today it is a near pure-play solar manufacturer, and that 2009 date is the whole thesis in a single number — the company was making solar cells in Baddi well before it became a national priority. Its integrated cell facility at Baddi, Himachal Pradesh produces high-efficiency Mono PERC cells at peak efficiency of roughly 23.4%. The revenue model is large-volume cell supply under long-term contracts with module makers including Tata Power Solar, Waaree and Webel Solar. The expansion story has moved considerably in 2026. A 3 GW TopCon manufacturing unit is under construction at Nagpur, with commissioning expected between December 2026 and March 2027, which would take cell manufacturing capacity to roughly 7.5 GW by the end of the current financial year. Management has also outlined a 5 GW ingot and wafer facility at Nagpur over the following twenty months. The overall expansion programme is estimated at around ₹3,000 crore. Separately, the company has flagged interest in a US module facility with a local partner, leveraging Inflation Reduction Act incentives. Registered office remains 20A, Ashutosh Choudhury Avenue, Kolkata, West Bengal 700019. CIN is U51109WB1978PLC031668. Jupiter International Unlisted Share Price Today The Jupiter International unlisted share price is not set on an exchange. There is no central price discovery mechanism for unlisted shares in India — the price is negotiated between buyer and seller, and it therefore varies from platform to platform on any given day. As of August 2026, quoted prices across the major unlisted-share platforms sit broadly in the ₹250 to ₹260 range, with some platforms showing a meaningfully wider bid-ask spread between what they will buy at and what they will sell at. That spread is the single most underappreciated cost in unlisted investing, and it is worth checking on more than one platform before transacting. Key identifiers for anyone verifying holdings: ISIN INE467C01027, face value ₹2, PAN AAACJ6956B, depository CDSL. Note that older listings may still show the pre-split ISIN — if a platform is quoting an ISIN ending 01019 or a share count of 1,57,88,910, that page has not been updated for the split and bonus and any ratios on it will be wrong. On roughly 74.53 crore shares outstanding, the implied market capitalisation sits around ₹17,000 crore. The Jupiter International IPO: What Is Actually Confirmed This is the search everyone is running, so it is worth being precise about what is known versus what is speculation. What is reported: Jupiter International appointed bankers in March 2026 to raise approximately $300 million through an initial public offering. Draft red herring prospectus filing has been indicated by platform trackers, and the company publicly reiterated IPO intent alongside its capacity expansion announcements in mid-2026. What is not confirmed: there is no announced Jupiter International IPO date, no confirmed price band, and no published issue structure. Anyone quoting a specific IPO price for this company is guessing. Once a DRHP is live on the SEBI website, that document becomes the authoritative source and supersedes everything on this page. For unlisted holders, the practical point is lock-in. For retail investors, HNIs and body corporates, the standard lock-in runs six months from the date of listing. For venture capital funds and foreign VC investors it is six months from date of acquisition, and AIF Category-II holdings have no lock-in. That distinction matters for anyone modelling an exit. Financial Performance: The Margin Story Revenue moved from ₹430 crore in FY23 to ₹578 crore in FY24, then dipped very slightly to ₹556 crore in FY25 before roughly doubling to approximately ₹975 crore in FY26. Management has guided to something in the region of ₹3,200 crore for the current financial year on the back of the new capacity — a target that is entirely dependent on the Nagpur commissioning landing on schedule. The more interesting line has been margins rather than topline. EBITDA ran ₹21 crore, ₹116 crore and ₹226 crore across FY23 to FY25, taking operating margin from 4.9% to 20.1% to 40.7%. Profit after tax swung from a loss of ₹36 crore in FY23 to ₹41.4 crore in FY24 and ₹123 crore in FY25. The FY25 inflection is the crux of the bull case: revenue actually fell slightly, yet EBITDA nearly doubled on a richer Mono PERC mix and lower input costs. Whether a roughly 41% operating margin is sustainable is the single biggest open question on this name — it is high for the industry, and a normalisation would leave a rich multiple exposed very quickly. Fund Raise History and What Institutions Paid Through 2025, Jupiter International raised capital across a series of tranches of Compulsorily Convertible Preference Shares issued for cash. Every one of them was struck at exactly the same price: ₹10 face value plus a premium of ₹7,037, an issue price of ₹7,047.46 per share. The price did not move once acr