Jupiter International Unlisted Shares
Jupiter International Ltd.
INE467C01027
Incorporation Date: 08-Sep-1978
Listing Status: DRHP Not Filed
About Jupiter International Unlisted Shares
Overview of Jupiter International Unlisted Shares
Jupiter International Limited
🏢 Company Overview
- Industry & Scope: Incorporated in 1978, Jupiter International Limited (JIL) is a premier Indian solar photovoltaic (PV) cell and module manufacturer.
Originally founded as a trading company, JIL pivoted into solar manufacturing in 2009. Today, it stands as one of India's largest independent solar cell OEMs with a ~10% domestic market share in solar cell production. - Manufacturing Hubs & Scale: Headquartered in Kolkata,West Bengal, its main manufacturing facilities operate out of Baddi, Himachal Pradesh, alongside major integrated expansions (solar cells and modules) operationalizing in Odisha and Maharashtra.
⚙️ Business Model & Operational Verticals
| Vertical | Operational Scope & Revenue Model |
| Solar Cell Manufacturing (OEM) | Core revenue driver producing high-efficiency Mono PERC and TOPCon solar cells. Supplies raw cells to major panel assembly majors (e.g., Waaree, Tata Power Solar, Vikram Solar). |
| Solar PV Modules & EPC | Manufactures branded solar panels/modules and provides turn-key Engineering, Procurement, and Construction (EPC) services for rooftop, commercial, and utility-scale projects. |
| PM-KUSUM & Solar Pumps | B2G (Business-to-Government) vertical executing government contracts (e.g., MSEDCL) for solar water pumps and off-grid agricultural solar systems. |
👥 Management Structure
- Alok Garodia: Chairman & Managing Director (Promoter who pioneered the 2009 solar pivot)
- Dhruv Sharma: Chief Executive Officer (IIM Calcutta alumnus driving operational scale)
- Akash Garodia: Whole-time Director & President (New Initiatives)
- Key Technology Leadership: Supported by international PV technological consultants, including Dr. Johannes Rostan and Dr. Osama Tobail, supervising TOPCon line integration.
🚀 Recent Developments & Strategic Initiatives
- Massive Capacity Expansion: Scaling its solar cell and module production capacity beyond 2 GW–3 GW through multi-state greenfield and brownfield projects across Himachal Pradesh, Odisha, and Maharashtra.
- AmpIn Energy Joint Venture: Entered into a strategic JV with AmpIn Energy Transition to establish a 1.2 GW integrated solar cell and module manufacturing unit.
- Institutional Backing & Pre-IPO Prep: Raised institutional capital from PE funds (such as ValueQuest SCALE Fund and Edelweiss Alternatives) and appointed merchant bankers to structure a multi-hundred-million-dollar Initial Public Offering (IPO).
Insights of Jupiter International Unlisted Shares
Jupiter International Limited – Strategic Insights & Financial Overview
Financial Snapshot (FY23 – FY25)
| Category (in ₹ Cr.) | FY23 | FY24 | YoY Change (FY24) | FY25 | YoY Change (FY25) |
| Net Revenue | 430.42 | 577.62 | +34.2% | 555.92 | -3.8% |
| EBITDA | 21.53 | 116.02 | +438.9% | 226.12 | +94.9% |
| EBITDA Margin (%) | 5.00% | 20.09% | +1509 bps | 40.67% | +2058 bps |
| Profit After Tax (PAT) | (35.80) | 41.46 | Turnaround | 123.13 | +197.0% |
| PAT Margin (%) | -8.32% | 7.18% | +1550 bps | 22.15% | +1497 bps |
- FY26 Visibility: Unverified independent market sources project FY26 Net Revenue to reach approximately ₹975 Cr.
- Operating Leverage: While top-line revenue experienced a slight 3.8% dip in FY25, EBITDA nearly doubled (+94.9%) and PAT surged 197%, reflecting significant margin expansion driven by higher-margin Mono PERC cell realizations and improved operational efficiencies
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Corporate Actions
- Stock Split: Sub-division of equity shares in a 10:2 ratio (Face Value split from ₹10 to ₹2 per share).
- Bonus Issue: Bonus share allotment in the ratio of 8:1 (8 bonus shares issued for every 1 existing equity share held).
Funding & Unlisted Valuation Overview
- Share Base at Valuation Stage: 1,57,88,910 total shares (comprising 1,39,59,164 Equity Shares + 18,29,746 CCPS).
- Baseline Implied Market Cap: ~₹11,127 Cr (calculated at ₹7,047.46 per share).
- Adjusted for Stock Split (10:2): CCPS value adjusts to ₹1,409.50 per share.
- Adjusted for Split & Bonus (8:1): Equity value adjusts to ₹156.60 per share.
- At CMP ₹200 / share: Market Cap = ₹14,906 Cr
- At CMP ₹180 / share: Market Cap = ₹13,416 Cr
Industry Overview & Structural Tailwinds
- Macro Policy Boost: The Indian solar sector is experiencing strong tailwinds from government mandates such as the Approved List of Models and Manufacturers (ALMM), the Production Linked Incentive (PLI) scheme, and the PM Surya Ghar Muft Bijli Yojana, which prioritize domestically manufactured solar cells over imports.
- Technology Upgrade & Expansion: JIL’s focus on high-efficiency Mono PERC technology places it in a sweet spot as module manufacturers transition away from legacy multi-crystalline technology.
- Key Risks: The primary industry risks include global supply chain volatility for raw polysilicon/wafers, aggressive price cuts from Chinese solar manufacturers, and fast-evolving technology cycles (e.g., transition toward TOPCon and HJT cells).
Peer Comparison (As of Sept 2026)
| Metric | Jupiter International Ltd. (Unlisted) | Premier Energies Ltd. (Listed) |
| Current Market Price (CMP) | ₹250.00 | ₹902.00 |
| Market Capitalization | ₹18,600 Cr | ₹40,946 Cr |
| Price-to-Earnings (P/E) | 151.06x (FY25) | 24.60x |
| Price-to-Sales (P/S) | 19x | 4.84x |
| Latest Net Revenue (FY26) | ₹975.00 Cr | ₹7,824.00 Cr |
Financial Charts of Jupiter International Unlisted Shares
Balance Sheet of Jupiter International Unlisted Shares
Profit and Loss of Jupiter International Unlisted Shares
Ancillary of Jupiter International Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Jupiter International Unlisted Shares
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How to buy Jupiter International Ltd.?
Below are three ways through which you can purchase Jupiter International Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Jupiter International Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Jupiter International Ltd.?
Below are three ways through which you can sell Jupiter International Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Jupiter International Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Jupiter International Ltd.?
We provide a two way quote on all the shares we deal in. Your buy price for Jupiter International Ltd. is ₹250 and your sell price for Jupiter International Ltd. is ₹190. The price is based on our estimates and market conditions.
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What is the lock-in period of Jupiter International Ltd.?
The lock-in period for Jupiter International Ltd. varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Jupiter International Ltd.
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Jupiter International Ltd.
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Jupiter International Ltd. price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Jupiter International Ltd.. The price is also determined from the most recent funding round for Jupiter International Ltd.. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Jupiter International Ltd.?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Jupiter International Ltd. with us kindly click here.
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What are the financials of Jupiter International Ltd.?
The financials of Jupiter International Ltd. which includes the P/L of Jupiter International Ltd. and the Balance Sheet of Jupiter International Ltd. is in the financials section (Click on link).
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Where can I find the annual report of Jupiter International Ltd.?
The annual report of Jupiter International Ltd. is available in the annual report section (Click on link).
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Is buying Jupiter International Ltd. legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Jupiter International Ltd.?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Jupiter International Ltd. and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Jupiter International Ltd. once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Jupiter International Ltd.?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Jupiter International Ltd. from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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