Manufactures railway wagons and metal-fabricated components for commercial vehicles and rail freight, posting FY26 consolidated revenue of ₹2,915.7 crore. Operations span wagon assembly, a wheelset subsidiary JTRF with over ₹500 crore revenue at 16% EBITDA margins, brake systems through Stone India now RDSO-approved for freight brake systems, and a battery/BESS vertical via Jupiter Electric Mobility. FY26 performance was hit by wheelset supply shortages in the first half and LPG-related disruptions in Q4 from geopolitical tensions, driving consolidated profit after tax down 56% to ₹166 crore. Raw materials dominate the cost structure at 75.7% of revenue, with employees, other operating expenses and depreciation accounting for the rest. Forward plans include a long-term Tatravagonka supply agreement for wheelsets and entry into passenger mobility. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metal fabrication for commercial vehicles and rail freight wagons. Cyclical, asset-heavy industrial manufacturing in railway wagons and metal fabrication
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,178 | 2,068 | 3,644 | 3,963 | 2,916 |
| EBITDA (ex other income) | 114 | 252 | 489 | 578 | 345 |
| margin % | 9.7 | 12.2 | 13.4 | 14.6 | 11.8 |
| Owners' profit | 50 | 121 | 332 | 382 | 171 |
| EPS, as reported (₹) | 1.28 | 3.12 | 8.24 | 9.08 | 4.02 |
| ROE % · ROCE % | 7.3 · 13.2 | 15.0 · 27.1 | 20.3 · 28.8 | 13.7 · 20.0 | 6.2 · 9.6 |
| Debt / equity (x) | 0.20 | 0.36 | 0.21 | 0.17 | 0.31 |
| Cash from operations | 60 | 78 | (19) | 104 | 9 |
| Capex | (37) | (73) | (125) | (508) | (535) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,009 | 1,030 | 1,045 | 459 | 786 | 890 | 780 | 671 |
| Profit before tax | 120 | 135 | 133 | 45 | 68 | 90 | 51 | 38 |
| Net profit | 89 | 96 | 103 | 31 | 45 | 62 | 27 | 26 |
| EPS (₹) | 2.12 | 2.29 | 2.44 | 0.77 | 1.10 | 1.33 | 0.67 | 0.66 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAGARH RAIL SYSTEMS LTD | 11,348 | 59.4 | 4.62 | 35.3 | 5.0 | 7.4 | 15.9 | 13.3 |
| JUPITER WAGONS LIMITED ◆ | 10,254 | 63.8 | 3.43 | 28.1 | 6.2 | 7.6 | — | 11.0 |
| TEXMACO RAIL & ENG. LTD. | 4,829 | 22.2 | 2.00 | 13.2 | 8.0 | 9.0 | 21.0 | 10.0 |
| ORIENTAL RAIL INFRA L | 828 | 19.5 | 1.97 | 11.4 | 10.1 | 12.6 | 21.1 | 17.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Jupiter Wagons resubmits FY26 BRSR with complete pages | compliance | low | — | — |
| 8 Sept 2026 · Jupiter Wagons bags Rs 97.66 crore order from GATX India | business updates | medium | — | — |
| 7 Sept 2026 · Newspaper publication copies for 46th AGM notice - AGM on 29 Sept 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · AGM notice and Annual Report web link sent to shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Record date for Jupiter Wagons AGM set for 22-Sep-2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Jupiter Wagons AGM to vote on energy plans and executive pay | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Newspaper publication of notice for 46th Annual General Meeting | compliance | minimal | — | — |
| 21 Aug 2026 · Jupiter Wagons Q1 FY27 Earnings Call Transcript Filed | investor communications | medium | — | — |
| 18 Aug 2026 · Audio recording of Q1 FY27 analyst call shared with exchanges | investor communications | low | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY26 financial results filed with exchanges | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.8 | 26.9 | 115 of 147 | 22% |
| P/B | 3.4 | 3.4 | 60 of 119 | 50% |
| ROCE | 7.6 | 11.2 | 104 of 153 | 32% |
| ROE | 6.2 | 9.2 | 87 of 125 | 31% |
| Debt / Equity | 0.3 | 0.2 | 85 of 125 | 32% |
| EBITDA margin | 11.0 | 12.6 | 69 of 117 | 41% |
| Revenue growth | 46.0 | 19.5 | 27 of 122 | 79% |
| Profit growth | (15.7) | 17.1 | 77 of 117 | 35% |
| Market cap | 10254 | 376 | 13 of 149 | 92% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
