Jupiter Wagons Ltd(JWL)

NSE: JWLBSE: 533272

₹ 173.4-5.01%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 7,411 crWebsite: www.jupiterwagons.comUpdated: 24 Oct 2026

About

Jupiter Wagons Ltd (JWL) is an Indian railway rolling stock manufacturer producing freight wagons, forged wheelsets, braking systems, containers, commercial vehicle bodies, and battery energy storage systems across 13 manufacturing facilities in seven cities. The company reported consolidated revenue of ₹2,915.7 Cr in FY26 and is the first and only rolling stock manufacturer in India to own a wheelset plant. Rail business contributes 89.1% of total revenue; non-rail (commercial vehicles, containers, batteries) contributes 10.9%.^[1][2]

Business segments

Rail business contributed 89.1% of total revenue in FY25, covering freight wagons, forged wheelsets, braking systems and CMS crossings.^[2]
Non-rail business (commercial vehicle bodies, containers, batteries/BESS, and electric LCVs) contributed 10.9% of total revenue in FY25.^[2]
Private wagon orders constituted approximately 80% of the order book as of Q1 FY27, up from ~70% as of Q3 FY26, reflecting the shift toward private wagon ownership and leasing.^[3][4]

Products and brands

Rail Mobility wagon portfolio spans open, covered, flat, defence, container carrier, cement, car carrier, coil carrier, and double-decker SUV carrier wagons, plus bogies, couplers, draft gears, brake discs, CMS crossings, and forged wheelsets.^[2]
Road & Multi-modal products include CV load bodies (tippers, tankers, trailers), water tankers, fire engines, ambulances, CSC-certified containers, BESS containerised units, and the JEM TEZ electric LCV.^[2]
JEM Electric Mobility markets two e-LCV variants - JEM TEZ (1-tonne payload, ARAI approved, commercially launched 3 March 2025) and EV STAR CC - from a Pithampur, Indore plant with initial annual capacity of 8,000 - 10,000 units.^[2]
The Bengaluru battery unit covers residential, Commercial & Industrial, and utility-grade battery segments, drone battery systems, and containerised BESS (modular, 241 kWh - 3 MWh per unit).^[2][5]

Manufacturing operations

13 manufacturing facilities spread across 350 acres in Kolkata, Jabalpur, Aurangabad, Indore, Jamshedpur, Khordha, and Bengaluru as of FY25.^[2]
Monthly wagon production capacity stands at 1,000 wagons/month as of Q3 FY26.^[4]
Indore container facility has annual capacity of 4,500 TEUs and manufactures ISO and CSC-certified and BESS containers.^[2]
Jupiter Tatravagonka Railwheel Factory (JTRWF; 97.79% owned) is the existing wheelset plant; the Odisha greenfield plant will expand annual forged wheelset capacity from 20,000 to 1,00,000 units at an investment of ~₹2,500 Cr.^[2]
Stone India subsidiary received RDSO approval for its Freight Brake System; commercial production commenced July 2026, targeting 100% internal fulfilment of Jupiter's freight brake requirements by end of CY2026.^[3][6]

Key operating numbers

Consolidated order book: ₹4,550 Cr as of Q1 FY27, vs ₹4,675 Cr at end-FY26, ₹5,041 Cr at end-Q3 FY26, and ₹6,304 Cr at end-FY25.^[3][6][4][2]
Railway wagon deliveries: 1,141 units in Q1 FY27; 1,347 in Q4 FY26; 5,498 in 12M FY26 vs 8,718 in 12M FY25.^[3][6]
Wheelset production: 1,282 units in Q1 FY27; 5,290 in Q4 FY26; 19,939 in 12M FY26 vs 11,993 in 12M FY25.^[3][6]
Wagon average realisation was ₹41.5 lakh/wagon in Q1 FY27.^[3]
Container volumes: 1,460 units in 12M FY26 vs 1,012 in 12M FY25; brake disc volumes: 26,267 in 12M FY26 vs 16,290 in 12M FY25.^[6]
JTRWF wheelset subsidiary crossed ₹500 Cr revenue in FY26 at a 16% EBITDA margin.^[6]
Pending wagon backlog stood at ~7,000 wagons in Q1 FY27; management guides 60 - 70% of the ₹4,550 Cr order book to be executed in FY27.^[3]

Customers and distribution

Indian Railways is the primary wagon customer; the company is also a trusted partner to more than 60 leading private and public sector enterprises.^[2]
Recent private wagon orders include ₹264 Cr from JSW Rail Logistics and CWC, and ₹211 Cr from JSW Port Logistics and Orissa Alloy Steel Private Limited, secured in Q1 FY27.^[3]
Container marquee customers include GE, TMEIC, Tata Solar, Reliance, and Delta as of Q2 FY26.^[5]
The company holds AAR (Association of American Railroads) certification enabling exports to the US; it has also commenced direct BESS exports to the USA.^[2]
Tatravagonka A.S. (promoter, 68.31% shareholding post-warrant conversion) has signed a long-term supply agreement for its entire wheelset requirement of ~20,000 - 30,000 wheelsets/year from the Odisha facility.^[6]

Expansion and capex

Odisha greenfield forged wheelset plant (₹2,500 Cr investment, 1,00,000 wheelsets/year): axle line targeted for commissioning in FY27, wheel line in FY28; civil construction at advanced stage as of Q1 FY27.^[3][2]
At full capacity the Odisha plant is targeted to generate ₹2,500 - 3,000 Cr in annual revenue; 50% of capacity earmarked for exports with Lucchini RS given international marketing rights.^[3][2]
Lucchini RS (Italy) and SIMEST (Italian government financial institute) will acquire a combined 25% stake in JTRWF for ~₹290 Cr, reducing Jupiter's equity infusion requirement to ₹600 Cr from ₹900 Cr.^[3]
JEM Energy BESS order book exceeded 500 MWh / ₹500 Cr as of Q1 FY27; the company targets ₹1,000 Cr in BESS orders by end-FY27 and ₹5,000 Cr over three years.^[3]

Recent developments

October 2026: Jupiter Wagons won a 41 MW/102.5 MWh BESS project in Uttarakhand worth ₹100 Cr and received a Letter of Award for a 50 MW/200 MWh project (Jeerat, West Bengal) worth ₹100 Cr.^[7]
Q1 FY27: JEM won two standalone BESS projects in West Bengal (Jeerat and Kharagpur, combined 100 MW/400 MWh, ~₹400 Cr BESS supply) under a 15-year build-own-operate model with West Bengal State Electricity Board.^[3]
Stone India commenced commercial production of freight brake systems in July 2026 following RDSO approval obtained in Q1 FY27.^[3]
Wagon production fell to 1,141 units in Q1 FY27 from 1,347 in Q4 FY26 due to prototype approval timelines as the company transitioned to new private-sector wagon designs.^[3]
Promoter Tatravagonka A.S. converted warrants to increase promoter shareholding to 68.31% as of Q4 FY26.^[6]
Management guided a passenger rolling stock technology partnership announcement by end of CY2026.^[4][3]

Market Cap

₹7,411 Cr

High / Low

₹358 / 200

Stock P/E

52.9

Price / Book

3.0

Book Value

₹70

EPS

₹4.0

No. of Shares

42.74 Cr

ROCE

9.2%

ROE

6.0%

OPM

11.5%

Debt / Equity

0.31

Sales

₹2,916 Cr

Net Profit

₹166 Cr

Promoter holding

68.3%

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