
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.
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.
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.
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.
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.
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 across the entire raise, from May through September.
Working backwards through the Form PAS-3 filings: 23 September 2025 saw 78,669 shares for ₹55.44 crore; 12 September 2025, 56,160 shares for ₹39.58 crore; 26 July 2025, a token 142 shares; 23 July 2025, 1,88,012 shares for ₹132.50 crore; 12 July 2025, 24,051 shares for ₹16.95 crore; 8 July 2025, 1,97,872 shares for ₹139.45 crore; and 16 May 2025, 19,866 shares for ₹14.00 crore. Across those tranches that is 5,64,772 shares raising approximately ₹398 crore.
That ₹7,047.46 was not a negotiated number pulled from the air. It matches, to the paisa, the independent registered-valuer report prepared by Omnifin Valuation Services dated 8 April 2025 with a valuation date of 28 February 2025, which assessed equity value at ₹11,127 crore across 1,57,88,910 diluted shares.
On the institutional side, ValueQuest has backed the company through its S.C.A.L.E. fund — reported at ₹500 crore in press coverage — and Edelweiss Alternatives has been an earlier investor. Promoter Alok Garodia brings over thirty years of group manufacturing experience. On the shareholding pattern, Dayanidhi Management Pvt Ltd holds roughly 47%, Stuti Tie-Up Pvt Ltd roughly 25%, with Alok Garodia and Sushila Garodia holding around 6.3% and 5.3% respectively.
This is where most retail investors get tripped up, so it is worth walking through slowly.
Two corporate actions apply. The face value was sub-divided from ₹10 to ₹2, which is a 1:5 split, so one share became five. A bonus issue of 8:1 followed — eight bonus shares for every one held — so one share became nine. Multiply the two and the cumulative adjustment factor is 45x.
Apply that to the institutional entry price and the ₹7,047.46 becomes an effective ₹156.61 per share of ₹2 face value. FY25 earnings per share restates from ₹77.95 to roughly ₹1.73 on the same basis.
So the comparison that actually matters: institutions came in through 2025 at an effective ₹156.61, and the Jupiter International unlisted share price today sits in the ₹250 to ₹260 region. That is a mark-up somewhere in the region of 60% to 66% over the last validated primary round price, achieved in under a year, with no fresh institutional round in between to confirm it.
Two caveats on the arithmetic. The order of the corporate actions does not matter — split-then-bonus and bonus-then-split both give 45x. But if the "8:1" is intended as eight shares in total for every one held rather than eight additional, the factor is 40x and the effective institutional entry becomes ₹176.19, narrowing the premium. Confirm against the board resolution before relying on the number.
Three policy levers work in Jupiter International's favour simultaneously.
High Basic Customs Duty on imported cells raises the landed cost of Chinese product. Production Linked Incentive support improves domestic unit economics. And ALMM List-II, effective from 1 June 2026, requires covered Indian projects to source from domestically approved cells — which places a hard floor under demand for the small group of incumbent Indian cell makers who were already inside that list. Jupiter is one of them, and being inside the pool before the gate closed is not something a competitor can replicate quickly.
Demand underneath all of this comes from PM Surya Ghar, PM-KUSUM, CPSU and rooftop programmes, which give multi-year visibility. The global solar market is estimated to compound at over 20%.
Chinese import competition and global cell price volatility from oversupply remain the dominant external risk. A single sharp move in cell prices flows straight through the model.
Margin normalisation is the internal one. FY25's roughly 41% operating margin is well above industry norms and may not hold.
Execution and capital intensity follow closely. The expansion to 7.5 GW is very large relative to the existing base, and any slippage in the Nagpur commissioning delays the earnings ramp that current valuations are leaning on.
Policy dependence cuts both ways — the thesis rests on BCD, ALMM and PLI staying in place. Technology risk is real, as shifts toward TopCon and HJT demand continuous R&D and capex, and Mono PERC is not a permanent moat. And finally, unlisted shares carry liquidity risk, wide bid-ask spreads, and no guarantee that any IPO happens on any particular timeline or at any particular price.
What is the Jupiter International unlisted share price today? As of August 2026 quotes across major unlisted platforms sit broadly in the ₹250 to ₹260 range, though prices differ between platforms and there is no exchange-based price discovery for unlisted shares. Always check the live quote and the bid-ask spread with your dealer before transacting.
Is a Jupiter International IPO coming? The company appointed bankers in March 2026 for an IPO of approximately $300 million and has publicly reiterated IPO intent. However, no IPO date, price band or issue structure has been confirmed. The DRHP on the SEBI website is the authoritative source once available.
What is the Jupiter International ISIN? INE467C01027, with a face value of ₹2 following the sub-division from ₹10. Older pages may still show a pre-split ISIN.
What did institutions pay for Jupiter International shares? The 2025 CCPS rounds were all issued at ₹7,047.46 per share, which after the 1:5 split and 8:1 bonus works out to an effective ₹156.61 per share of ₹2 face value.
How do you buy Jupiter International unlisted shares? Through registered unlisted-share dealers and platforms, settled into your demat account against a Client Master Report and payment. Compare quotes across at least two platforms, since spreads vary materially.
Is buying unlisted shares legal in India? Yes. Off-market transfers of unlisted shares are legal and settled through the depository system. Tax treatment and holding-period rules differ from listed equity, so take professional advice.
Disclaimer: This article is for informational purposes only and is not investment advice. No recommendation is expressed or implied. Unlisted shares are illiquid, carry no guarantee of listing, and are unsuitable for many investors. The valuation report referenced was prepared for a specific statutory purpose — issue of shares under the Companies Act, 2013 — and its own terms restrict use beyond that purpose. Prices quoted are indicative and change frequently. Verify all figures against primary filings and consult a SEBI-registered adviser before investing.
| Particulars | FY22 | FY23 | FY24 | FY25Latest |
|---|---|---|---|---|
| Revenue | 301 | 430 | 578 | 556▼4% |
| EBITDA | 49 | 21 | 116 | 226▲95% |
| OPM (%) | 16.28 | 4.88 | 20.07 | 40.65▲103% |
| PBT | 9 | -44 | 55.7 | 167▲200% |
| PAT | 4.7 | -36 | 41.4 | 123▲197% |
| EPS (₹) | 3.32 | -25.81 | 29.68 | 77.95▲163% |
| Date | Amount Raised | Price | Allotment Type | Instrument | PAS‑3 | Valuation Report |
|---|---|---|---|---|---|---|
| 23 Sept 2025 | ₹55.44 Cr | ₹7,047₹10 nominal + ₹7,037 premium | Private Placement | CCPS | ||
| 12 Sept 2025 | ₹39.58 Cr | ₹7,047₹10 nominal + ₹7,037 premium | Private Placement | CCPS | — | |
| 23 Jul 2025 | ₹132.49 Cr | ₹7,047₹10 nominal + ₹7,037 premium | Private Placement | CCPS | — | |
| 08 Jul 2025 | ₹139.44 Cr | ₹7,047₹10 nominal + ₹7,037 premium | Private Placement | CCPS | — | |
| 08 May 2025 | ₹147.54 Cr | ₹7,047₹10 nominal + ₹7,037 premium | Private Placement | CCPS | — |
Official annual reports and financial statements filed by Jupiter International Limited, year by year. PDFs open in a new tab.
Please find below the procedure for buying Jupiter International Limited at UnlistedZone.
Please find below the procedure for selling Jupiter International Limited at UnlistedZone.
The lock-in period for Jupiter International Limited varies depending on the category of investors:
This regulation was introduced by SEBI in August 2021. The rule change, which reduced the lock-in period from one year to six months, was aimed at encouraging more investments in startups that are preparing for public offerings or IPOs. This reduction in the lock-in period is seen as a significant step forward, and since its introduction, many Portfolio Management Services (PMS) have been advising their clients to invest in Pre-IPO shares to capitalize on the benefits of early-stage investments.
However, for SME IPOs, the lock-in period is of One year.
DIS, or Delivery Instruction Slip, is a tool used by investors to sell or transfer Jupiter International Limited from their demat account to another. There are two types of DIS Methods:
1. Offline-DIS: This is a traditional, paper-based method for transferring shares. When using Offline-DIS, investors are required to fill out a DIS form and submit it to their broker. The necessary fields in the form include:
a. ISIN number of Jupiter International Limited.
b. Name of Jupiter International Limited.
c. Quantity of Jupiter International Limited.
d. Consideration Amount.
e. Target DP ID and Client ID.
f. Annexure.
2. Online DIS: Some brokers offer the facility to transfer Jupiter International Limited through an online DIS system. It's advisable to check with your broker if such a facility is available.
For instance, platforms like Angel Broking provide an Online-DIS feature. In this method, an investor simply needs to add a beneficiary and transfer Jupiter International Limited by filling in details similar to those required in the Offline-DIS.
For a more comprehensive understanding of this process, you can refer to our detailed article: https://unlistedzone.com/how-do-i-sell-my-unlisted-shares/
In recent years, the unlisted share market has expanded significantly, leading to a reduction in the minimum investment amount. Previously, the typical investment ticket size ranged from 5-10 Lakhs, but in the current market scenario, it has decreased to between 35-50k. Therefore, through our UnlistedZone platform, if someone wishes to invest in Jupiter International Limited, the minimum investment required would now be in the range of 35-50k
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
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.
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:
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 favorable 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.
When you purchase Jupiter International Limited through UnlistedZone, it's important to note that, as per SEBI regulations, these shares can only be transferred to a demat account.
There are two primary ways to check the credit of Jupiter International Limited in your account:
1. Using NSDL or CDSL Applications:
Download the NSDL or CDSL application from the Google Play Store.
To determine whether your stock broker is registered with NSDL or CDSL, you can examine the format of your Demat Account number. The Demat Account number consists of 16 characters, combining the DP ID and Client ID.
DP ID is the unique identification number of the Broker, assigned by CDSL or NSDL.
Client ID is the unique identification number of the Client, representing their portfolio.
In CDSL, the Demat Account number is entirely numeric (e.g., 12345678 for DP ID and 91234567 for Client ID).
In NSDL, the first two characters are alphabetic, representing the country (e.g., 'IN' for India), followed by a 6-digit unique number for the Broker (DP ID) and an 8-digit Client ID (e.g., IN123456 for DP ID and 78912345 for Client ID).
2. Checking in Broker's Application:
The credit of Jupiter International Limited can also be checked in your broker's application. However, it's important to note that it may take T+2 days for the shares to show up in the application after the transaction.
The Jupiter International Limited are credited in the demat account on the same day as the transfer of funds into our company's bank account.
"The price of Jupiter International Limited can be checked in two ways. First, you can join our Telegram channel, where we share the latest prices of all unlisted shares daily in the morning. Secondly, you can check price on our UnlistedZone platform to view historical graphs and prices of all shares in one place."
Investing in Jupiter International Limited, like any investment, carries certain risks that should be carefully considered:
1. Liquidity Risk: Unlisted shares, by their nature, are not traded on public stock exchanges. This can result in lower liquidity compared to listed shares, meaning it might be more challenging to find buyers when you wish to sell your shares.
2. Price Volatility: The price of Jupiter International Limited can be more volatile compared to listed shares. This is partly due to the lack of regular public trading and potentially limited information available about the company's financial health and performance.
3. Regulatory Risk: Unlisted shares are subject to different regulatory frameworks than listed shares. Any changes in regulations or compliance requirements can impact the value and tradeability of these shares.
4. Limited Information: There may be less publicly available information about unlisted companies. This can make it more difficult to assess the company's true value and potential for growth, increasing the risk of investment.
5. No Guarantee of Future Listing: Investing in Jupiter International Limited with the expectation of future listing on a public exchange carries the risk that the listing may not occur. This can affect both the liquidity and potential value appreciation of the shares.
6. Company-Specific Risks: Each company has its own set of risks based on its industry, management, financial health, and market position. These risks can significantly impact the performance of your investment in Jupiter International Limited.
UnlistedZone: Pioneering Excellence in India's Unlisted Share Market
UnlistedZone stands as India's fastest-growing and leading marketplace for buying and selling unlisted shares. Over the past 5 years, we have carved a niche in the financial market, website hit user inflows over a 2 million users on our platform since inception. This remarkable journey is underscored by the sheer volume of transactions facilitated through UnlistedZone, which has already surpassed the 300 Crore mark.
At the helm of our success are our esteemed co-founders, Mr. Umesh Paliwal and Dinesh Gupta. Their insights and expertise are regularly sought after by leading financial publications such as MoneyControl, Business Standard, and The Economic Times, particularly for their authoritative views on IPOs and the unlisted market. Our journey over these 5 years has not just been about numbers; it's been about building trust and reliability.
UnlistedZone has established a formidable reputation in the industry, earning the trust and confidence of our users. This trust is our cornerstone, ensuring that new investors can engage with us without the apprehensions of fraud that are often associated with unknown brokers in the market.
At UnlistedZone, we are committed to maintaining the highest standards of transparency and integrity, ensuring that your investment journey is not just profitable but also secure and trustworthy.
Valuation Methodology at UnlistedZone for Jupiter International Limited
At UnlistedZone, we employ a meticulous and strategic approach to valuing Jupiter International Limited, utilizing two primary methods: Benchmark Valuation Based on Latest Funding:
1. Our first step is to examine the most recent funding round for Jupiter International Limited. 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. This method is particularly effective in capturing the latest market sentiment and financial health of the company.
2. Comparison with Listed Peers: In cases where there hasn't been recent funding for Jupiter International Limited, we adopt a comparative approach. This involves identifying a business in the listed market that closely resembles Jupiter International Limited in terms of industry, size, and business model. By comparing and contrasting the two, we can ascertain a fair valuation for Jupiter International Limited, drawing on the market data and performance metrics of its listed counterpart.
Investor Advisory: As experts in the unlisted space, we at UnlistedZone emphasize the importance of thorough risk assessment to all our investors. It's crucial to evaluate all risk parameters carefully before investing in unlisted shares. This due diligence is key to making informed and strategic investment decisions in the dynamic and evolving unlisted market.
"At UnlistedZone, our approach to sourcing Jupiter International Limited involves a strategic and direct method. Primarily, we acquire these shares from two key groups:
1. Employees of the Company: Often, employees of a company receive shares as part of their compensation or through employee stock option plans (ESOPs). Over time, some of these employees may decide to liquidate their holdings for various reasons, such as financial needs or portfolio diversification. We engage with these employees, providing them a platform to sell their shares.
2. Initial Investors: These are the early-stage investors or angel investors who provided capital to the company during its initial phases. As the company grows and evolves, these initial investors might look to sell part or all of their stake in the company. This could be for reasons like capitalizing on their investment, reallocating assets, or other strategic financial decisions.
By connecting with these groups, UnlistedZone ensures a reliable and consistent supply of Jupiter International Limited for our clients. This method not only helps employees and initial investors in liquidating their assets but also provides our clients with access to shares that are not readily available in the public market. It's a win-win for both the sellers and buyers, facilitated efficiently through our platform."
"The Securities and Exchange Board of India (SEBI) does have a regulatory influence on the unlisted market, though it's not as comprehensive as its oversight of the listed markets.
Key aspects of SEBI's involvement in the unlisted space include:
1. Applicable Rules and Regulations: Certain SEBI regulations are indeed applicable to transactions in the unlisted market. This includes the mandatory lock-in period of 6 months, the requirement to pay stamp duty, and depository participant (DP) charges for every transaction. These measures are in place to ensure a certain level of standardization and protection in the unlisted market, similar to those in the listed markets.
2. Lack of Specific Regulation for Unlisted Brokers: As of now, SEBI does not have specific regulations for becoming an unlisted broker. This means that while certain SEBI rules apply to transactions within the unlisted market, the process of becoming a broker in this space is not directly regulated by SEBI. This lack of direct regulation highlights the importance of due diligence by investors when engaging with brokers in the unlisted market.
3. Investor Protection and Transparency: The regulations that do apply, such as the lock-in period and transaction charges, are designed to protect investors and add a layer of transparency to these transactions. They aim to mitigate some of the risks inherent in trading unlisted securities, which typically don't have the same level of public scrutiny and regulatory oversight as listed securities. In summary, while SEBI's regulatory framework does extend to certain aspects of the unlisted market, it does not comprehensively regulate all aspects of it, particularly concerning the accreditation of unlisted brokers. This underscores the need for investors to exercise caution and conduct thorough research when participating in the unlisted market."
"For comprehensive and up-to-date news and information about Jupiter International Limited, we have several platforms to keep you informed. Our website is regularly updated with the latest insights and developments. For real-time updates and engaging discussions, you can join our Telegram channel. Additionally, follow us on Twitter for quick news bites and industry trends. And for more in-depth analysis and informative content, subscribe to our YouTube channel. These resources are designed to provide you with a well-rounded understanding of the unlisted market, ensuring you have access to all the information you need about Jupiter International Limited."
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