JWL

Jupiter Wagons share price & financials

Price
₹254.3
Market cap
₹10.2k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q4 FY26 · call held 01 Jun 2026

Jupiter Wagons Q4 FY26

FY26 EBITDA ₹363 cr FY26 EBITDA Margin 12.4% FY26 PAT ₹166 cr FY26 Total Income ₹2,961 cr

What went well

  • FY26 consolidated total income reached INR 2,961 crore and PAT was INR 166 crore.
  • EBITDA for FY26 was INR 363 crore, translating into a healthy margin of 12.4%.
  • The company enters FY27 with a robust order book of INR 4,675 crore, providing strong revenue visibility.

What to watch

  • FY26 financial performance was impacted by external factors, including a prolonged shortage of wheelsets and global supply chain pressures.
  • Q4 FY26 results showed operational challenges with total income of INR 790 crore, EBITDA of INR 83 crore, and PAT of INR 27 crore.
Read the full call →

What Jupiter Wagons Limited does

Jupiter Wagons Limited designs and manufactures freight wagons, wagon and passenger-coach accessories (couplers, draft gears, brake discs, bogies), forged wheelsets, track products (CMS crossings), and braking systems for Indian Railways and other rail networks. It also builds commercial-vehicle load bodies, tippers, trailers and specialised containers (including BESS/data-centre containers) for the mining, infrastructure, construction, defence and municipal segments. Through its subsidiary Jupiter Electric Mobility (JEM), it manufactures electric light commercial vehicles and Battery Energy Storage Systems for railway, C&I and utility-scale clean-energy applications. Operations are organised into two principal divisions - Rail Mobility, and Road & Multi-modal Mobility - alongside the JEM electric-mobility vertical, with several product lines built through joint ventures with global technology partners.

Segments

  • Rail Mobility
  • Road & Multi-modal Mobility
  • Electric Mobility (Jupiter Electric Mobility / JEM)
Manufacturing facilities
13 facilities spread across ~350 acres
Manufacturing hub locations
Kolkata, Jabalpur, Aurangabad, Indore, Jamshedpur, Khordha, Bengaluru, Pune and Baddi
Workforce
Over 3,000 employees
Business divisions
2 principal divisions (Rail Mobility; Road & Multi-modal Mobility) plus the JEM electric-mobility vertical
Global technology/JV partnerships
9 strategic collaborations, including Tatravagonka, DAKO-CZ, Kovis, Talleres Alegria, LAF, CAF, RITES and Budamar Logistics
Client base
Trusted partner to 60+ leading private and public sector enterprises
Headquarters Corporate office in Kolkata, West Bengal; registered office in Jabalpur, Madhya Pradesh Company website

Guidance record · Q4 FY26

what the last two calls moved 22 tracked 1 delivered 8 missed 13 open
  • Stone India Brake System Approvals delivered, diluted said Q2 FY25 Promised: by end of FY25 Q4 FY26: Achieved. Management confirmed Stone India received RDSO approval for its freight brake system during the quarter, meeting the revised timeline.
  • Overall Topline Revenue missed said Q3 FY25 Promised: close to Rs. 5,000 crore Q4 FY26: FY26 total income reported as INR 2,961 crore, confirming the significant miss against the INR 5,000 crore target.
  • Non-Wagon Revenue Contribution delayed said Q2 FY25 Promised: approx 50% by FY27 end Q4 FY26: No specific update on the 50% mix target for FY28, but management highlighted strong growth in non-wagon businesses. Status remains delayed.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 50.6%, net profit up 15.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue974 1,000 1,002 411 707 −27%776 −22%645 −36%619 +51%
EBITDA133 141 145 51 88 −34%94 −33%67 −54%66 +29%
Net profit89 98 97 33 53 −40%58 −41%39 −60%38 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −24.9% 1Y

₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 1 Jun 2026

1Y: ₹319.2 on 10 Sept 2025 → ₹239.58. High ₹347.55 (26 Dec 2025), low ₹238.1 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−5.7%
1 Jun
Q3 FY26
−2.0%
13 Feb
Q2 FY26
−0.3%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.1% a year over 3 years, FY23 to FY26. Operating margin held at 11.8%.

Year endingFY23FY24FY25FY26
Revenue₹2.1k Cr₹3.6k Cr₹3.9k Cr₹2.5k Cr
Operating profit₹252 Cr₹491 Cr₹548 Cr₹300 Cr
Operating margin12.2%13.5%14.2%11.8%
Interest₹29 Cr₹40 Cr₹54 Cr₹56 Cr
Depreciation₹25 Cr₹28 Cr₹31 Cr₹36 Cr
Net profit₹123 Cr₹333 Cr₹373 Cr₹183 Cr
Net margin5.9%9.1%9.6%7.2%
Cash from operations₹73 Cr₹-6 Cr₹200 Cr₹54 Cr
Free cash flow₹8 Cr₹-97 Cr₹91 Cr₹-72 Cr
ROCE24.0%32.0%21.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹387 Cr₹387 Cr₹387 Cr₹412 Cr₹424 Cr₹427 Cr
Reserves₹246 Cr₹296 Cr₹421 Cr₹1.2k Cr₹2.4k Cr₹2.6k Cr
Borrowings₹138 Cr₹139 Cr₹288 Cr₹338 Cr₹590 Cr₹590 Cr
Other liabilities₹220 Cr₹250 Cr₹542 Cr₹836 Cr₹573 Cr₹630 Cr
Total liabilities₹991 Cr₹1.1k Cr₹1.6k Cr₹2.8k Cr₹4.0k Cr₹4.2k Cr
Fixed assets₹416 Cr₹426 Cr₹463 Cr₹518 Cr₹581 Cr₹641 Cr
Capital work in progress₹21 Cr₹22 Cr₹26 Cr₹29 Cr₹72 Cr₹68 Cr
Investments₹4 Cr₹10 Cr₹16 Cr₹452 Cr₹1.1k Cr₹1.3k Cr
Other assets₹550 Cr₹615 Cr₹1.1k Cr₹1.8k Cr₹2.2k Cr₹2.2k Cr
Total assets₹991 Cr₹1.1k Cr₹1.6k Cr₹2.8k Cr₹4.0k Cr₹4.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.37 pp while FIIs trimmed −0.98 pp.

Promoters
68.3%
FIIs
3.5%
DIIs
0.8%
Public
27.4%

Since Jun 2025

  • Public +1.37 pp
  • FIIs −0.98 pp
  • DIIs −0.60 pp

How it drifted, 12 quarters

Over this window promoters fell from 72.4% to 68.3% — −4.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.4%, FIIs 0.9%, DIIs 1.0%, Public 25.8%.Dec '23: Promoters 70.1%, FIIs 1.3%, DIIs 2.0%, Public 26.6%.Mar '24: Promoters 70.1%, FIIs 2.3%, DIIs 1.9%, Public 25.7%.Jun '24: Promoters 70.1%, FIIs 4.1%, DIIs 0.9%, Public 24.8%.Sep '24: Promoters 68.1%, FIIs 3.5%, DIIs 2.0%, Public 26.4%.Dec '24: Promoters 68.1%, FIIs 3.4%, DIIs 1.7%, Public 26.7%.Mar '25: Promoters 68.1%, FIIs 3.9%, DIIs 1.7%, Public 26.3%.Jun '25: Promoters 68.1%, FIIs 4.5%, DIIs 1.4%, Public 26.1%.Sep '25: Promoters 68.1%, FIIs 4.4%, DIIs 1.0%, Public 26.5%.Dec '25: Promoters 68.3%, FIIs 4.5%, DIIs 0.8%, Public 26.4%.Mar '26: Promoters 68.3%, FIIs 4.2%, DIIs 0.8%, Public 26.7%.Jun '26: Promoters 68.3%, FIIs 3.5%, DIIs 0.8%, Public 27.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Jupiter Wagons Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Karisma Goods Private Limited 20.96%unchanged
Tatravagonka A.S. 19.24%unchanged
Jupiter Metal Spring Private Limited 10.15%unchanged
Anish Consultants & Credits Pvt Ltd 3.59%unchanged
Murari Lal Lohia 3.57%unchanged
Jupiter Forgings And Steel Pvt Ltd 3.50%unchanged
Gothic Corporation Endowment3.06%unchanged
Vikash Lohia 2.67%unchanged
Atyant Capital India Fund - I FPI fund2.11%−0.24 pp
Vivek Lohia 1.82%unchanged
Murari Lal Lohia Huf 1.71%unchanged
Vanderbilt University 1.19%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in JWL

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.04 L shares (+1.1%).

Held by funds
₹9 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹5 Cr+0.03 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +3,894 shares (+1.1%)

Funds are sitting on
-36%
vs est. average cost
Held by funds
₹9 Cr
5 schemes · ≈ 0.09% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund

Shares held by these funds +155%

Mar '24 3.70 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹240, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹73 — downside of 70%.

Growth the price implies
33.6% a year
for 7 years, fading to 4%
It has actually compounded at
14.2% a year
net profit, FY23–FY26 · EPS 10.1%
The gap
0.2 pp
-70% downside if it only repeats history
Price today ₹239.58 Value at the reference growth ₹72.56

Change the assumptions yourself →

All earnings calls (7)

Read the Q4 FY26 call →

Learn to analyse Jupiter Wagons Limited

Guides on how to read this kind of business and the numbers that matter.