India makes the panels.
Now it must make the cells.

The fund that finally got the call.

Jupiter International Limited (JIL) has been making solar cells in Baddi, Himachal Pradesh, since 2009 — fifteen years before solar cells became a national priority. Incorporated in Kolkata in 1978 by the Garodia family, the company spent its first three decades in IT peripherals before pivoting into photovoltaics with a single 30 MW line. Today that single line has become 0.96 GW of M10 / M10R Mono PERC cell capacity with peak efficiency of 23.40%, a customer list that reads like a roll-call of Indian module manufacturing, and a build-out programme that aims to take total capacity to 6.4 GW of cells and 2.4 GW of modules by FY27.

The timing matters. From 1 June 2026, MNRE's ALMM List-II (the ALCM, or Approved List of Cell Manufacturers) requires every ALMM-listed solar module sold into covered Indian projects to use cells made by an approved domestic manufacturer. India's module manufacturing base ballooned from 2.3 GW in 2014 to 172 GW by March 2026 under ALMM List-I. The domestic cell base it must now source from is roughly 30 GW. Jupiter is one of the small handful of incumbents that gets a fifteen-year head start in that pool.

Marquee institutional money has already taken positions. Edelweiss Alternatives put in ₹170 Cr via NCDs in 2022. ValueQuest's S.C.A.L.E. Fund has invested ₹324 Cr across four tranches starting July 2024 — its blended cost works out to roughly ₹70 per current share, against today's ₹232. A further ₹800 Cr equity raise is on the table to fund the final 2.4 GW Phase-2 cell expansion at Khorda, Odisha.

FY25 audited numbers landed in May 2026: revenue ₹556 Cr, EBITDA ₹226 Cr (margin 40.65%, up from 20.07%), PAT ₹123 Cr (margin 22.12%, up from 7.16%). On those numbers, the unlisted price of ₹232 puts the company at 140.6x trailing earnings. On management's FY27 projection of ₹959 Cr PAT, it is 18x forward. The valuation question is whether the build-out lands.

A pure-play cell maker in a country that needs more of them.

Jupiter International makes the cell, the power-generating wafer at the heart of every solar panel. It does not — yet — make panels, ingots, wafers, or polysilicon. The company sells cells to module manufacturers; that is the entire business. There are three revenue legs in practice. Solar cells are the core: M10 / M10R large-format Mono PERC, sold B2B to nearly every Indian module maker. Solar solutions / EPC is a small but real downstream business — 11.80 MW of rooftop and ground-mounted projects executed as of June 2025, plus solar pumps, BESS, O&M and consulting. And solar modules are coming: integrated cell-plus-module units are under construction in Odisha that will move the company forward into the next stage of the value chain.

The promoter family

The company is controlled by the Kolkata-based Garodia family. Through promoter-group holding companies Dayanidhi Management and Stuti Tie-Up, plus direct family shareholdings, the group held approximately 82.8% of the fully diluted equity as of 31 March 2025. Alok Garodia, a Chartered Accountant by training, has been with the business since 1986 and set up the solar cell business in 2009; he serves as Chairman and Managing Director. Akash Garodia (MBA, HULT) became Whole-time Director and President — New Initiatives in September 2025. The operating bench is run by Dhruv Sharma (CEO, MBA IIM Calcutta) and Nishant Bajaj (CFO, CA + CS); German and Egyptian technology consultants — Dr. Johannes Rostan and Dr. Osama Tobail — back the process and technology side.

The technology

The current product is Mono PERC — Passivated Emitter and Rear Cell — in M10 and M10R format, with peak efficiency of 23.40%, which puts Jupiter near the top of the Indian peer group. The next step is TOPCon (Tunnel Oxide Passivated Contact), the industry's mainstream next-generation technology; a 1.25 GW TOPCon line is being added at Baddi with a Q4 FY2026 commissioning target. The plant is certified by TÜV Rheinland (ISO 9001 / 14001 / 45001) and cells are tested by Fraunhofer ISE in Germany and SGS.

Who buys the cells

Per the company's investor deck, Jupiter supplies cells to nearly every large Indian module maker and to the public sector: Premier Energies, Waaree, Vikram Solar, Tata Power, Emmvee, Saatvik, Goldi, Rayzon Solar, Gautam Solar, RenewSys, Alpex, Jakson, EN-ICON, Patanjali, PV Power Tech, Bharat Electronics (BEL) and BHEL. The customer concentration is the entire Indian module industry — which is precisely the population that the ALCM mandate now forces toward domestic cells.

Where Jupiter sits in the solar value chain.

Solar PV manufacturing is a five-step chain: polysilicon → ingot → wafer → cell → module, followed by downstream system integration (EPC). Each step adds value and technical complexity, and each step has very different geography. China dominates the upstream — polysilicon, ingots, wafers. India has rapidly built module capacity. And India is now localising the cell step, which is the most capital- and technology-intensive stage outside polysilicon itself. Jupiter sits exactly at this cell sweet-spot, is extending forward into modules (Odisha), and already operates downstream EPC.

ALMM transformed modules. ALCM is doing it again — for cells.

The Approved List of Models and Manufacturers (ALMM) was introduced by MNRE on 2 January 2019 and enforced from April 2021 (List-I, covering modules). It made it mandatory for government-backed, subsidised, net-metering and open-access projects to buy modules only from MNRE-approved, India-based manufacturers. It worked as a powerful non-tariff wall against cheap imports and gave bankable demand visibility to domestic module makers.

The numbers speak. India's solar module manufacturing capacity went from 2.3 GW in 2014 to 172 GW in March 2026 — including a ~98 GW jump in FY2025-26 alone. Module imports collapsed roughly threefold in a year, from $2,152 mn in FY25 to $758 mn in FY26 (till January 2026).

ALCM — what changes on 1 June 2026

MNRE's amendment dated 9 December 2024 introduced ALMM List-II for solar PV cells — the Approved List of Cell Manufacturers (ALCM) — effective from 1 June 2026. A further clarification on 28 July 2025 retained the date, and MNRE has since reaffirmed it. The mandate is therefore already in force as of this report date. Projects whose last bid-submission date fell before the order's cut-off are exempt even if commissioned later; case-by-case relief exists for projects substantially completed before the deadline.

The policy runway is also lengthening. MNRE has already announced the next step — ALMM pathways for ingot-wafer by June 2028 — signalling a durable, deepening localisation policy rather than a one-off rule.

India is now the third-largest renewable market on the planet.

Per the PIB release of 8 April 2026 (PRID 2250039): India is now the world's third-largest renewable energy market by installed capacity, having overtaken Brazil. Total non-fossil capacity reached 283.46 GW on 31 March 2026 — 274.68 GW of renewables plus 8.78 GW of nuclear — against the 500 GW non-fossil 2030 target. The 50%-of-capacity NDC milestone was achieved in June 2025, five years early. FY2025-26 saw a record 55.3 GW of non-fossil additions, of which solar alone contributed a record 44.61 GW — nearly double FY25's 23.83 GW. In July 2025, renewables met an all-time-high 51.5% of national demand.

Every GW of new solar build is module demand. Post-ALCM, every covered module is domestic cell demand — directly expanding Jupiter's addressable market.

One operating site today. Two states by FY27.

Jupiter operates from a single integrated complex at Baddi, Himachal Pradesh, where it has fifteen years of operating history, cleanroom plus lean operations, and the TÜV Rheinland certification. Two additional Baddi units are under construction. The big move, however, is Odisha — a Bhubaneswar joint venture with AMP Energy plus a Khorda greenfield owned through Jupiter Renewables Pvt Ltd (JRPL), where the integrated cell-plus-module units will go up.

Registered & corporate office: 'Unnayanam', 20A Ashutosh Chowdhury Avenue, Kolkata – 700019.

From 0.96 GW today to 6.4 GW by FY27.

The capacity story is the equity story. Today: 0.96 GW of cells, no modules. FY27 target: 6.4 GW of cells plus 2.4 GW of modules — an 8x scale-up of the cell base, with the integrated module business added on top. The leg that takes the FY27 number from 4 GW to 6.4 GW is the Phase-2 Cell expansion at Khorda, which is contingent on the proposed ₹800 Cr equity raise. Everything else is either operational, under construction, or independently funded.

Execution credential: the company delivered an integrated Mono PERC facility at Baddi in 10 months.

Edelweiss came first. ValueQuest came back four times.

Two institutional names anchor the cap table. Edelweiss Alternatives put in ₹170 Cr via Non-Convertible Debentures in 2022, funding the 528 MW Mono PERC unit that took total Baddi capacity to 828 MW. That was debt funding, not equity. ValueQuest's S.C.A.L.E. Fund — the Mumbai AIF run by Ravi Dharamshi that backs proven mid-size manufacturers through their scale-up phase — has come back four times, putting in ₹324 Cr in total.

*Per current share after the Sep-2025 split (₹10→₹2) and 8:1 bonus: divide the original price by 45.

ValueQuest's validation cheque was the July 2024 round at ₹1,665 per pre-split share, anchored by a shareholders' agreement of 3 May 2024. That set the stage for the 2025 Series B CCPS tranches at ₹7,037.46, which between May and September 2025 brought in a further ~₹545 Cr in total (of which ValueQuest's share was ₹200 Cr). Adjusted for the split and bonus, ValueQuest's blended cost works out to roughly ₹70 per current share — about 3.3x covered at today's ₹232. As of 31 March 2025, the fund held 7,45,149 CCPS (4.72%) plus 1,000 equity shares, making it the largest institutional shareholder.

The remaining piece: a proposed ₹800 Cr raise (₹600 Cr equity + ₹200 Cr corporate purposes) to fund the 2.4 GW Khorda Phase-2 cell expansion that lifts FY27 capacity from 4 GW to 6.4 GW. Sized roughly: at the last round-adjusted price, ₹600 Cr equity equates to ~4 Cr new shares, or ~5% dilution.

The Garodias still own most of it.

Per the company's certified list of shareholders as on 31 March 2025 (146 holders, signed by the Company Secretary), the fully diluted base was 1,57,88,910 shares (FV ₹10) — 1,39,59,164 equity (88.41%) and 18,29,746 CCPS (11.59%). The promoter family and group entities — the Garodia family plus group companies Dayanidhi Management and Stuti Tie-Up — together held approximately 82.8%. ValueQuest S.C.A.L.E. Fund was the largest institutional holder at 4.73%, and marquee individual investor Mukul Mahavir Agrawal held 0.38% via CCPS.

The split and bonus that turned 1.66 Cr shares into 74.53 Cr

On 30 September 2025, the company did two corporate actions simultaneously. The first was a stock split from face value ₹10 to ₹2 — one share became five. The second was an 8:1 bonus issue — eight new shares for every one held. Combined, one old share became 45 shares. The total share count (equity plus CCPS) jumped from approximately 1.66 Cr to 74,53,37,385. Every holder's percentage stake stayed exactly where it was; the moves improve liquidity and per-share affordability ahead of any future listing. Adjusted for these corporate actions, the Series B price of ₹7,037.46 equals ~₹156 per current share, so today's ₹232 sits about 48% above the last institutional round.

FY25 audited PAT tripled. The margin doubled.

FY25 is the latest audited year and it is the year the operating model showed up. Revenue was ₹556 Cr — broadly flat year-on-year on the like-for-like base, because FY25 included the 300 MW multi-crystalline line decommissioning and the Mono PERC ramp. EBITDA nearly doubled to ₹226 Cr, with operating margin rising from 20.07% to 40.65%. PAT tripled, from ₹41 Cr to ₹123 Cr, with net margin rising from 7.16% to 22.12%. The driver is the cost line: cost of materials consumed dropped from ₹348 Cr in FY24 to ₹195 Cr in FY25, as the higher-efficiency Mono PERC mix kicked in.

EPS ₹77.95 on the pre-split-and-bonus FV ₹10 base equals ₹1.73 per current share after the Sep-2025 corporate actions.

What management projects from here

Per the company's investor deck (AUM Capital, Sep-2024), revenue is projected to grow from ₹556 Cr (FY25 audited) to ₹2,198 Cr in FY26 and ₹4,471 Cr in FY27, with PAT scaling from ₹123 Cr to ₹604 Cr and then to ₹959 Cr. The FY25 actual results landed close to the deck on revenue and EBITDA (₹556 Cr vs ₹547 Cr est; ₹226 Cr vs ₹228 Cr est) but below on PAT (₹123 Cr vs ₹143 Cr est) — higher depreciation on new lines and a higher effective tax rate explain the shortfall despite the operating-line beat.

The market is paying for the build-out, not the present.

At ₹232 per share the unlisted market cap is ₹17,292 Cr. The headline ratios all anchor cleanly to FY25 audited numbers. ROE 23.71% is ₹123 Cr ÷ ₹528 Cr net worth (book value ₹7.09 × 74.53 Cr shares). Trailing P/E 140.6x is ₹17,292 Cr ÷ ₹123 Cr. P/B 32.72x is ₹232 ÷ ₹7.09. Debt-to-equity is a lightly levered 0.10.

What the registered valuer said

The company's registered-valuer report — Omnifin Valuation Services, dated 8 April 2025, valuation date 28 February 2025 — pegs fair equity value at ₹11,127.17 Cr, i.e. ₹7,047.46 per share on 1,57,88,910 diluted shares (FV ₹10), using a two-stage DCF (FCFF) with WACC of 15.08% and terminal growth of 4.75%. Build-up: enterprise value ₹12,687.91 Cr; less debt ₹415.46 Cr; add cash ₹464.69 Cr; add non-operating assets ₹116.50 Cr; less non-controlling interest ₹1,239.04 Cr; less PV of proposed fund infusion ₹487.43 Cr. Adjusted for the September 2025 split and bonus, this fair value equals ~₹156.6 per current share — so today's ₹232 sits about 48% above the February 2025 registered-valuer mark, which itself preceded the Series B closes and the new units' revenue ramp.

What we are watching

• Timely commissioning of the Baddi TOPCon line (1.25 GW, Q4 FY26) and Odisha units (FY25–FY26).
• Terms of the proposed ₹800 Cr raise — issue price relative to current ₹232, dilution percentage, use of proceeds disclosure.
• Cell-price trends post-ALCM enforcement — whether the demand wall translates into pricing power for incumbents.
• Execution of the PLI-linked AMP Energy JV at Bhubaneswar (1 GW PLI allocation, ₹140 Cr incentive).
• Heavy reliance on imported wafers — upstream is not localised until the ingot-wafer ALMM in June 2028.
• Technology transition risk on the PERC → TOPCon move and yield ramp on the new lines.

The bottom line

Jupiter is small, profitable, promoter-controlled, and sits in front of a structural demand wall that has been gazetted, dated, and (as of last Sunday) is in force. The trailing multiple is rich. The forward multiple is not. What you are buying is the bridge from one to the other — which is to say, you are buying the build-out.

Where the numbers come from.

Company, promoters, technology, manufacturing & expansion: jil-jupiter.com (Home, Company, Products, Manufacturing pages). Price, fundamentals, share-capital history, funding and roadmap: unlistedzone.com Jupiter International page. India RE data & charts: PIB / Ministry of New & Renewable Energy press release dated 08-Apr-2026 (PRID 2250039). ALCM date: MNRE ALMM amendment dated 09-Dec-2024 and clarification dated 28-Jul-2025 (List-II effective 01-Jun-2026). Shareholding pattern as on 31.03.2025: company-certified MCA list of shareholders (146 holders). FY22–FY25 audited P&L: company financial statements (FY25 audited, latest). FY26–FY27 management projections, clientele: company investor deck prepared by AUM Capital (Sep-2024). Fair value: Omnifin Valuation Services registered-valuer report dated 08-Apr-2025 (valuation date 28-Feb-2025). ValueQuest tranche details & Edelweiss NCD classification: as provided by the client. Figures marked 'derived' are simple arithmetic on the above sources.