NSE: JWL · BSE: 533272
JUPITER WAGONS LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAGARH RAIL SYSTEMS LTD | 9,467 | 49.5 | 3.85 | 29.6 | 5.0 | 7.4 | 15.9 | 13.3 |
| JUPITER WAGONS LIMITED ◆ | 7,864 | 48.9 | 2.63 | 22.0 | 6.2 | 7.6 | — | 11.0 |
| TEXMACO RAIL & ENG. LTD. | 4,113 | 18.9 | 1.71 | 11.5 | 8.0 | 9.0 | 21.0 | 10.0 |
| ORIENTAL RAIL INFRA L | 767 | 18.1 | 1.82 | 10.7 | 10.1 | 12.6 | 21.1 | 17.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.9 | 26.5 | 96 of 139 | 31% |
| P/B | 2.6 | 3.0 | 57 of 120 | 53% |
| ROCE | 7.6 | 11.2 | 103 of 151 | 32% |
| ROE | 6.2 | 9.5 | 84 of 121 | 31% |
| Debt / Equity | 0.3 | 0.2 | 81 of 121 | 33% |
| 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 | 7864 | 325 | 15 of 150 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · JWL and PESA to explore passenger train manufacturing in India | compliance | low | — | — |
| 23 Oct 2026 · Jupiter Wagons signs non-binding agreement with Poland's PESA | strategic transactions | medium | — | — |
| 7 Oct 2026 · Compliance certificate for dematerialization of shares for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · JWL wins Uttarakhand BESS project, gets Jeerat LoA in West Bengal | business updates | high | — | — |
| 1 Oct 2026 · Jupiter Wagons clarifies BSE query on unusual share volume surge | compliance | minimal | — | — |
| 1 Oct 2026 · Jupiter Wagons gets credit ratings reaffirmed by ACUITE | credit debt | medium | — | — |
| 1 Oct 2026 · Jupiter Wagons clarifies unusual trading volume to NSE | regulatory legal | high | — | — |
| 30 Sept 2026 · NSE flags unusual trading volume in Jupiter Wagons, awaits company response | regulatory legal | high | — | — |
| 30 Sept 2026 · Jupiter Wagons AGM: All 14 resolutions passed, including MD re-appointment | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Jupiter Wagons 46th AGM held; 14 resolutions transacted | board shareholder meetings | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.