Jupiter Wagons Limited (JWL)
₹173.39 -5.01% last close, 23 Oct
Snapshot
Jupiter Wagons Limited closed at ₹173.39 on 23 Oct 2026, 35.2% below its 200-day average, with an RSI(14) of 18.5 and a P/E of 46.17. On the daily chart it is in a strong downtrend, with a technical score of 12/100 (strong bearish). In the quarter ended June 2026, revenue grew 46.0% and net profit fell 15.7% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹173.39
- Day change
- -5.01%
- Market Cap
- ₹7,410 Cr
- 52-week range
- ₹170.80 – ₹358.25
- From 52-week high
- -51.60%
Financials23 Oct 2026
- P/E
- 46.17
- P/B
- 2.49
- ROE
- 5.4%
- ROCE
- 9.0%
- Debt to Equity
- 0.33
- OPM
- 11.5%
- YoY qtr sales growth
- 46.0%
- YoY qtr profit growth
- -15.7%
- Dividend Yield
- 0.58%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Strong Downtrend
- Technical score
- 12/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 18.52
- ADX (14)
- 28.46
- SuperTrend
- Bearish
- vs 20-day SMA
- -18.31%
- vs 50-day SMA
- -24.78%
- vs 200-day SMA
- -35.22%
- RS rating
- 5.00
- Nearest resistance
- ₹218.45
Exchange activity23 Oct 2026
- Delivery
- 39.73% vs 37.03% average
- Volume vs its average
- 1.1×
Events
- Latest results
- Q1 FY27, filed 15 Aug 2026
- Board meeting filing
- 14 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jupiter Wagons' revenue was ₹671 Cr (+46.0% year on year, -14.0% on the previous quarter), and net profit ₹26.2 Cr (-15.7% year on year); the operating margin was 9.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹671 | +46.0% | -14.0% |
| Operating profit | ₹64.9 | +8.5% | -17.8% |
| Net profit | ₹26.2 | -15.7% | -3.0% |
| EPS (₹) | 0.66 | -14.3% | -1.5% |
| Operating margin | 9.7% | — | — |
JWL delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 39.73% of the JWL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 37.03%. That is close to its usual level.
Delivery in the last 5 sessions: 24.9% · 43.9% · 38.5% · 41.2% · 39.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jupiter Wagons Limited (JWL) has signed a Memorandum of Understanding (MoU) with Pojazdy Szynowe PESA Bydgoszcz S.A. (PESA), Poland's largest trainset and metro manufacturer. The partnership aims to explore the development, manufacturing, and deployment of passenger rolling stock for metro, semi-high-speed, and high-speed rail projects in India and overseas markets. No financial commitments, contract values, or specific capital outlays were disclosed in the filing. This initiative aligns with JWL's stated long-term strategy to diversify beyond freight wagons toward an integrated mobility ecosystem.
- MoU signed on October 23, 2026, during the Polish-Indian Economic Forum in New Delhi
- Partners with Poland's PESA Bydgoszcz, a rolling stock manufacturer established in 1851
- Targeting India's expanding metro, semi-high-speed, and high-speed rail passenger vehicle segment
- Commercial deal value, capex requirements, and ownership structure are not disclosed
Jupiter Wagons Limited (JWL), via its energy arm JEM Energy in partnership with Madhav Infra Projects, emerged as the L1 bidder for a 41 MW/102.5 MWh standalone Battery Energy Storage System (BESS) project in Uttarakhand. The project involves supply and commissioning of approximately ₹100 crore of BESS systems, which constitutes ~3.2% of JWL's TTM revenue of ₹3,127 crore. Additionally, JWL received a formal Letter of Award from WBSEDCL for the 50 MW/200 MWh Jeerat BESS project in West Bengal. Management reiterated a target of building an INR 1,000 crore BESS order book by FY27, expecting JEM to turn EBITDA positive by Q3 FY27 and profitable by FY28.
- Won 41 MW/102.5 MWh standalone BESS project from UPCL with ~INR 100 crore supply and commissioning scope
- Received formal Letter of Award for 50 MW/200 MWh standalone BESS project at Jeerat from WBSEDCL
- Company reiterated its target of a ₹1,000 crore BESS order book by FY27
- Management targets subsidiary Jupiter Electric Mobility (JEM) to turn EBITDA positive in Q3 FY27 and profitable by FY28
Jupiter Wagons Limited reported the voting results of its Annual General Meeting held on September 29, 2026. All 14 resolutions, including the adoption of FY26 financial statements and director re-appointments, were passed with requisite majority. Notable resolutions passed include the alteration of the Object Clause in the Memorandum of Association (99.9991% in favour) and the modification of the object clause for utilizing funds raised via the December 2023 QIP (99.9989% in favour).
- All resolutions passed at the AGM held on September 29, 2026
- Adoption of FY26 financial statements passed with 99.9993% valid votes in favour
- Modification to the object clause for December 2023 QIP proceeds approved with 99.9989% votes in favour
- Adoption of new Articles of Association approved with 95.2734% votes in favour (4.7266% against)
Jupiter Wagons Limited successfully concluded its 46th Annual General Meeting (AGM) held on September 29, 2026. A total of 47 members attended via video conferencing to transact 14 agenda items, comprising 4 ordinary and 10 special resolutions. Key proposals included the re-appointment of Managing Director Vivek Lohia and Deputy Managing Director Vikash Lohia for 5-year terms, alteration of the MOA/AOA object clauses, and modification of the object clause for December 2023 QIP proceeds. Official voting results and the scrutinizer's report will be declared on or before October 1, 2026.
- Concluded 46th AGM on September 29, 2026, with 47 members attending via video conference
- Transacted 14 resolutions spanning financial adoption, MOA/AOA alterations, and re-appointments
- Approved consideration for the re-appointment of MD Vivek Lohia and Deputy MD Vikash Lohia for 5 years
- Proposed modification of object clause for utilization of funds raised via the December 2023 QIP
- Voting results and Scrutinizer's Report to be declared on or before October 1, 2026
Jupiter Wagons Limited (JWL) has announced the incorporation of a subsidiary named Jupiter Rail Mobility Private Limited (JRMPL), with incorporation effective September 3, 2026. JWL holds a 99.9% stake in the newly formed entity. JRMPL has an authorized share capital of ₹15,00,000 and a paid-up share capital of ₹1,00,000. Operating in the railway and engineering industry, the subsidiary has yet to commence operations.
- Incorporated new subsidiary Jupiter Rail Mobility Private Limited with 99.9% shareholding
- Date of incorporation recorded as September 3, 2026
- Authorized share capital stands at ₹15,00,000
- Paid-up share capital is ₹1,00,000 with commercial operations yet to begin
Jupiter Wagons Limited has signed a Wagon Purchase Agreement valued at ₹97.66 crore (including applicable taxes) with GATX India Private Limited. Under the contract, the company will manufacture and supply specialized BFNS22.9 rakes. The order value represents approximately 3.1% of JWL's TTM revenue of ₹3,127 crore, reflecting steady contract additions in the private wagon leasing segment. Execution timelines and detailed delivery milestones were not disclosed in the filing.
- Secured an order worth ₹97.66 crore (incl. applicable tax) from GATX India Private Limited.
- Scope covers the manufacture and supply of specialized BFNS22.9 rakes.
- Order represents approximately 3.1% of JWL's trailing twelve-month (TTM) revenue of ₹3,127 crore.
- Reinforces participation under the Indian Railways Wagon Leasing Scheme for private operators.
Jupiter Wagons Limited has issued an intimation to shareholders who do not have registered email addresses, providing web links and access paths for the FY 2025-26 Annual Report and Notice of the 46th Annual General Meeting (AGM). The AGM is scheduled to be held virtually on September 29, 2026, at 01:00 PM IST. The cut-off date for e-voting entitlement is September 22, 2026, with remote e-voting taking place from September 26 to September 28, 2026. Results of the e-voting are scheduled to be declared on or before October 1, 2026.
- 46th Annual General Meeting scheduled for September 29, 2026 at 01:00 p.m. IST via Video Conferencing
- Cut-off date for remote e-voting eligibility set as September 22, 2026
- Remote e-voting period runs from September 26, 2026 (09:00 a.m. IST) to September 28, 2026 (05:00 p.m. IST)
- Voting results to be declared on or before October 1, 2026
Jupiter Wagons Limited has fixed Tuesday, September 22, 2026, as the record date for determining shareholder eligibility for its 46th Annual General Meeting (AGM). The AGM is scheduled to take place on Tuesday, September 29, 2026. This is a standard regulatory filing pursuant to Regulation 42 of SEBI LODR Regulations without immediate financial or operational impact.
- Record date fixed as Tuesday, September 22, 2026
- 46th Annual General Meeting scheduled for Tuesday, September 29, 2026
- Notice issued pursuant to Regulation 42 of SEBI LODR Regulations
Jupiter Wagons Limited has issued the notice for its 46th Annual General Meeting (AGM) to be held on September 29, 2026, via video conferencing. The cut-off date for e-voting entitlement is September 22, 2026, with the e-voting period open from September 26 to September 28, 2026. Key special resolutions include 5-year re-appointments of Managing Director Vivek Lohia and Deputy Managing Director Vikash Lohia effective May 30, 2027. The agenda also includes the re-appointment of independent directors and adoption of FY26 financial statements.
- 46th AGM scheduled on September 29, 2026 at 1:00 PM via Video Conferencing.
- E-voting window set from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM).
- Shareholder eligibility cut-off date fixed as September 22, 2026.
- Special resolution proposed for 5-year re-appointment of Managing Director Vivek Lohia effective May 30, 2027.
- Re-appointment proposed for Independent Directors Madhuchhanda Chatterjee and Avinash Gupta for second 5-year terms (2027 to 2032).
Jupiter Wagons published its Q1 FY27 earnings call transcript, reporting revenue of ₹671 crore (up 46% YoY), EBITDA of ₹65 crore (up 9% YoY), and PAT of ₹26 crore. The company outlined a total order book of over ₹4,700 crore (~1.5x TTM revenue), comprising ₹3,000 crore in wagons, ₹700 crore in wheelsets, ₹500 crore in CV bodies, and ₹500 crore in BESS. Strategically, Lucchini RS and SIMEST are investing ~₹290 crore for a 25% stake in its railwheel subsidiary (JTRWF), and Stone India commenced commercial production of freight brake systems following RDSO approval.
- Q1 FY27 consolidated revenue rose 46% YoY to ₹671 crore, with EBITDA at ₹65 crore and PAT at ₹26 crore
- Total order book stands at >₹4,700 crore, with management guiding for 60%–70% execution in FY27
- Lucchini RS and SIMEST to acquire a combined 25% stake in JTRWF for an investment of ~₹290 crore
- BESS (battery energy storage) order book reached ~₹500 crore (500 MW), targeting ₹1,000 crore in FY27
Jupiter Wagons Limited (JWL) has submitted the audio recording link for its Investor/Analyst conference call held on August 18, 2026. The call discussed the unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026 (Q1 FY27). In Q1 FY27 (Jun 2026), JWL reported revenue of ₹670.74 crore and net profit of ₹26.19 crore. This filing is a standard regulatory compliance requirement under Regulation 30 of SEBI LODR.
- Audio recording released for the Q1 FY27 investor call held on August 18, 2026
- Call pertained to financial results for the quarter ended June 30, 2026
- Filing follows prior company intimation dated August 13, 2026
- Web link provided to access the recording on the company's official domain
Jupiter Wagons Limited announced that its senior management will participate in the Kotak Manufacturing Forum 2026 on Thursday, August 20, 2026, at 10:00 A.M. The interaction will take place as a physical group meeting with analysts and institutional investors. The company confirmed that discussions will refer to the publicly available Q1 FY27 investor presentation and will not involve any unpublished price-sensitive information.
- Senior management attending Kotak Manufacturing Forum 2026 on August 20, 2026, at 10:00 A.M.
- Format of the interaction is a physical group meeting with institutional investors and analysts.
- Discussions to reference the Q1 FY27 Investor Presentation uploaded on the company's website.
- Filing confirms that no unpublished price-sensitive information (UPSI) will be shared.
Jupiter Wagons reported Q1 FY27 consolidated revenue of ₹670.7 Cr, growing 46.0% YoY but declining 14.0% QoQ. Consolidated EBITDA rose 8.5% YoY to ₹64.9 Cr, while operating margins contracted 330 bps YoY to 9.7% due to higher input costs. Consolidated PAT dropped 15.7% YoY to ₹26.2 Cr, yielding an EPS of ₹0.66. The company maintained a robust total order book of ₹4,550 Cr (1.56x TTM revenue) and announced Lucchini/SIMEST's upcoming ₹290 Cr equity infusion for a 25% stake in its wheel subsidiary.
- Consolidated revenue grew 46.0% YoY to ₹670.7 Cr, while PAT fell 15.7% YoY to ₹26.2 Cr with a 3.9% PAT margin.
- Consolidated EBITDA stood at ₹64.9 Cr with margin contracting by 330 bps YoY to 9.7%.
- Total order book stood at ₹4,550 Cr as of June 30, 2026 (~156% of TTM revenue).
- Lucchini RS and SIMEST to infuse approx. ₹290 Cr for a 25% stake in subsidiary Jupiter Tatravagonka Railwheel Factory (JTRWF).
- JEM Energy secured 100 MW/400 MWh BESS project in West Bengal worth ~₹400 Cr, pushing total BESS order book above ₹500 Cr.
Jupiter Wagons Limited submitted its quarterly Statement of Deviation or Variation under Regulation 32 for the quarter ended June 30, 2026. The company confirmed zero deviation in the deployment of proceeds from its December 2023 QIP, which had raised net proceeds of ₹394.18 crore (gross ₹403.41 crore). In addition, proceeds from the June 2024 Convertible Warrants and July 2024 QIP remain fully utilized. The report was reviewed by the Audit Committee and monitored by Care Ratings Limited with no adverse remarks.
- Confirmed nil deviation or variation in utilization of December 2023 QIP proceeds.
- Dec 2023 QIP gross amount raised was ₹403.41 crore with net proceeds of ₹394.18 crore.
- Funds raised via June 2024 Convertible Warrants and July 2024 QIP have been fully utilized.
- Monitoring agency Care Ratings Limited and Audit Committee reported no deviations or adverse remarks.
Jupiter Wagons Limited's Board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The Board also approved the re-appointment of Mr. Vivek Lohia as Managing Director and Mr. Vikash Lohia as Deputy Managing Director for five-year terms starting May 30, 2027, through May 29, 2032. Additionally, the company approved changes to its Memorandum of Association (MOA) object clause for business diversification and modification of the object clause for funds raised via the December 2023 QIP, both subject to shareholder approval.
- Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
- Re-appointed Vivek Lohia (MD) and Vikash Lohia (DMD) for a second 5-year tenure from May 30, 2027 to May 29, 2032.
- Approved re-appointment of Independent Directors Mrs. Madhuchhanda Chatterjee and Mr. Avinash Gupta for 5-year terms (2027–2032).
- Approved alteration of MOA object clauses for diversification and modified the December 2023 QIP fund utilization clause, subject to shareholder approval.
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Wagon segment remains the primary driver, contributing ~85% of revenue, though growth in fiscal 2025 was limited to 9% YoY (INR 3,963 Cr) due to supply chain disruptions. Commercial Vehicle (CV) load bodies contribute 5-10%, and containers/other items (brake discs, CMS crossings) contribute the remaining 5-10%. Management targets a shift in revenue mix by FY28, where wagons will represent only 50% of total revenue as other segments scale.
Geographic Revenue Split
Not disclosed in available documents; however, the company maintains strong relationships with Indian Railways and private domestic players in iron, steel, power, and logistics sectors.
Profitability Margins
Operating margins have shown volatility; H1 FY26 EBITDA margin stood at 13.1%, a decline of 150 bps from 14.6% in H1 FY25. Net profit margins were noted at approximately 5% in recent periods. The company aims to sustain operating margins above 14% through better product mix and backward integration.
EBITDA Margin
EBITDA margin for Q2 FY26 was 13.2% (INR 103.6 Cr), up 20 bps sequentially from Q1 FY26 but down from 13.8% in the prior year's quarter. Core profitability is impacted by raw material price fluctuations and the high cost of imported components like wheelsets.
Capital Expenditure
Planned greenfield capex of INR 2,500 Cr for a forged wheelset manufacturing plant in Odisha between fiscal 2025 and 2028. Additionally, brownfield capex is underway at JTRFPL to increase capacity by 13,000 wheelsets, rescheduled for completion in H2 FY2026.
Credit Rating & Borrowing
The company maintains a robust financial profile with a gearing of 0.2x and interest coverage of 12.1x as of March 31, 2024. CRISIL ratings are 'Stable', supported by a strong net worth of INR 2,558 Cr following QIP and preferential equity infusions.
Operational Drivers
Raw Materials
Steel and related products are the primary raw materials, representing the largest portion of the cost structure. Rail wheelsets are a critical component, currently sourced externally from the Rail Wheel Factory (RWF) or imported.
Import Sources
Wheelsets are currently imported or sourced from domestic government facilities; the company is investing in a plant in Odisha to reduce this import dependency by CY 2027.
Key Suppliers
Rail Wheel Factory (RWF) is a key supplier of wheels; disruptions in their supply significantly impacted JWL's Q1 FY26 production.
Capacity Expansion
Current wheelset capacity at JTRFPL is 12,000 units, expanding to 25,000 units (+13,000) by H2 FY2026. The greenfield Odisha plant will further expand forged wheelset capacity by 2027.
Raw Material Costs
Raw material costs are susceptible to steel price volatility. While Indian Railways (IR) contracts often include price-variation clauses, private sector orders are typically fixed-price, making margins vulnerable to cost spikes during execution.
Manufacturing Efficiency
Capacity utilization was hampered in Q1 FY26 by component shortages but saw a 71% sequential revenue recovery in Q2 FY26 (INR 786 Cr) as wheelset supplies normalized.
Strategic Growth
Growth Strategy
Growth will be driven by diversifying the revenue base away from wagons (targeting 50% non-wagon revenue by FY28), aggressive backward integration to capture higher margins, and expanding into high-speed train infrastructure and specialized containers.
Products & Services
Freight wagons, commercial vehicle load bodies, ISO containers, brake discs, brake systems for rolling stock, weldable CMS crossings, couplers, and bogies.
Brand Portfolio
Jupiter Wagons Limited (JWL), Stone India Limited, JTRFPL.
New Products/Services
Expansion into forged wheelsets and high-speed train components; these are expected to improve margins as they carry higher premiums than standard wagons.
Market Expansion
Targeting the European market through technology partner Tatravagonka and expanding domestic presence in the high-speed rail segment.
Market Share & Ranking
Established market leader in the wagon manufacturing segment with an order book to operating income ratio of 1.6x to 1.8x.
Strategic Alliances
Key JVs include JWL Dako Cz India (brake systems), JWL Kovis (India), JWL Talegria (India), and a partnership with Tatravagonka (Slovakia) for wheelset technology.
External Factors
Industry Trends
The industry is shifting toward high-speed rail and specialized freight. JWL is positioning itself by diversifying into brake systems and forged wheels to move from a pure fabricator to a technology-driven engineering firm.
Competitive Landscape
Intense competition in the wagon segment from other domestic manufacturers; pricing is often decided by competitive bids which can restrict pricing power.
Competitive Moat
Moat is built on strategic technology partnerships (Tatravagonka) and deep backward integration. This is sustainable because it creates high entry barriers due to the capital-intensive nature of wheelset manufacturing.
Macro Economic Sensitivity
Highly sensitive to Indian Railways' capital expenditure budgets and the general health of the freight logistics and mining sectors.
Consumer Behavior
Increased demand for efficient rail logistics from private players (steel, cement) is driving the 50% private-sector share in the order book.
Geopolitical Risks
Dependence on imported wheelsets exposes the company to global supply chain disruptions and trade policy changes, which the Odisha plant aims to mitigate.
Regulatory & Governance
Industry Regulations
Operations must comply with stringent Indian Railways (RDSO) standards for rolling stock and safety components like brake systems and couplers.
Legal Contingencies
The company was formed through a debt resolution plan for CEBBCO in 2019; no specific pending High Court or Supreme Court case values were disclosed in the provided text.
Risk Analysis
Key Uncertainties
Timely completion of the INR 2,500 Cr wheelset plant is critical; any cost or time overruns could impact the return on capital employed (RoCE) and financial flexibility.
Geographic Concentration Risk
Manufacturing is concentrated in India (Jabalpur, Odisha), making it susceptible to local labor unrest and regional regulatory clearances.
Third Party Dependencies
High dependency on government-run Rail Wheel Factory for critical components, which caused a production disruption in Q1 FY26.
Technology Obsolescence Risk
Mitigated through continuous technology tie-ups with European partners to stay ahead of high-speed rail requirements.
Credit & Counterparty Risk
Exposure to Indian Railways (sovereign credit) is low risk, but the 50% private sector order book requires diligent monitoring of receivable quality (currently 75 days).
