Jupiter Wagons

Jupiter Wagons Limited reported a consolidated total income of INR 2,961 crore and a Profit After Tax (PAT) of INR 166 crore for FY26. The company's EBITDA for the full year stood at INR 363 crore, achieving a margin of 12.4%. For the fourth quarter of FY26, total income was INR 790 crore, with EBITDA at INR 83 crore and PAT at INR 27 crore, reflecting operational challenges experienced during the year.

Despite headwinds from supply chain disruptions, Jupiter Wagons achieved several strategic milestones in FY26. The company strengthened its long-term growth platform across rail, mobility, logistics, and clean energy. It enters FY27 with a robust order book of INR 4,675 crore, and its financial position is supported by a reaffirmed CRISIL credit rating of AA(-)/Stable for long-term debt and A1(+) for short-term debt.

The wheelset business, primarily through Jupiter Tatravagonka Railwheel Factory, was a major highlight in FY26, crossing INR 500 crore in revenue with a healthy EBITDA margin of 17%. This compares favorably to 12% in the previous financial year, with revenues increasing from INR 343 crore to INR 528 crore. The company secured significant orders, including 9,000 LHB axles and 5,376 Vande Bharat wheelsets, and signed a long-term supply arrangement with Tatravagonka for wheelsets from its upcoming Odisha facility. The Odisha Greenfield wheelset project, though experiencing partial production delays due to global supply disruptions, is now targeting interim production by March 2027 and full commissioning by March 2028.

Jupiter Electric Mobility's clean energy business made meaningful progress, developing and deploying modular Battery Energy Storage Systems (BESS) in 10-feet and 20-feet container formats. The company commissioned a cell-to-battery manufacturing line in Indore to enhance vertical integration. MoAs with Chalukya Power and Pickrenew Energy added 110 megawatts of BESS business to the FY27 order book. The long-term aspiration is to build a INR 1,000 crore revenue business in batteries and energy storage over the next 3 to 4 years.

The container manufacturing business delivered healthy growth in FY26, supported by the Government of India's Production-Linked Incentive (PLI) scheme with a INR 10,000 crore budgetary allocation. Management anticipates the subsidy to be in the 8-10% range, which would help bridge the price gap with Chinese manufacturers. The company plans to expand its capacities, particularly into marine containers, and expects to double its container revenues in FY27.

A significant milestone was achieved with Stone India Limited receiving RDSO approval for its freight brake system, enabling full backward integration across the core railroad product portfolio. Commercial production is expected to commence in July 2026, and the business is projected to turn profitable in FY27. Stone India will focus on the freight side of the brake market, while a JV with Dako will continue to serve the passenger side.

Jupiter Wagons is preparing to enter the passenger mobility segment in FY27, leveraging its manufacturing capabilities and technology partnerships. The company is in the process of finalizing a strategic partnership, with a focus on the metro segment and new train orders. This strategic move is expected to create an important new avenue for growth and diversification for the company.

The management expressed optimism for FY27, expecting numbers to be 'much better than the previous financial year,' driven by significant growth in non-wagon businesses and improved wagon execution once new Railway orders are released. The long-term vision is to achieve INR 10,000 crore in revenue with a minimum of 15% EBITDA margins by 2030, supported by strong visibility in the rail sector and government policies.