Jupiter Wagons Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
JWL · price
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Awaiting price reaction for this filing.
Jupiter Wagons filed its quarterly Reg 32 statement covering three prior fund raises, and reported NIL deviation or variation in any of them for the quarter. The December 2023 QIP (~Rs. 403.41 Crores, net Rs. 394.18 Cr) saw no utilisation this quarter; the original Jabalpur alloy steel foundry object (Rs. 50 Cr) stands modified to Bandel capacity expansion per shareholder approval dated April 18, 2025. The June 2024 convertible warrants issue (total Rs. 135 Cr) received its second tranche of Rs. 101.25 Cr on December 15, 2025, with the earlier Rs. 33.75 Cr still shown as the utilised amount and NIL deployment this quarter. The July 2024 QIP (~Rs. 800 Cr, net Rs. 783.24 Cr) is on track, with the full Rs. 425 Cr investment into subsidiary Jupiter Tatravagonka Railwheel Factory now deployed — the remaining Rs. 82.97 Cr was used in Q3 FY26 for the railway wheel and axle plant, while Rs. 175 Cr for working capital and Rs. 67.25 Cr of the Rs. 183.24 Cr general corporate pool remain unutilised.
No fresh deviations across any of the three issues is a mild positive for governance and disclosure hygiene, and the completion of the Rs. 425 Cr subsidiary deployment for the rail wheel and axle plant is a clear capex milestone. However, large unutilised pools (working capital, general corporate, Bandel expansion, and the freshly raised Rs. 101.25 Cr warrant tranche) signal that the company is sitting on raised capital that is yet to be put to productive use, which investors may view as a drag on return ratios until deployment picks up.