Jupiter Electric Mobility Pvt. Ltd. entered into MoUs with Chalukya Power and Pickrenew Energy covering 110 MWh of BESS deployments in India. The contracts increased the company’s BESS orderbook to more than INR 150 crore with additional targets of INR 200 crore order inflow in FY2026-27 and INR 500 crore revenue by FY2027-28. The projects are aligned with rising storage demand linked to India’s renewable energy expansion and government-backed BESS projects.
PROJECT SNAPSHOT
Project: BESS deployment agreements
Capacity: 110MWh
Location: India
Developer: Jupiter Electric Mobility Pvt. Ltd.
Partners: Chalukya Power, Pickrenew Energy
Applications: Utility-scale and C&I deployments
Orderbook: INR 150+ crore
FY26-27 Target: INR 200 crore
FY29-30 Goal: INR 1,000 crore revenue from battery and BESS vertical
Status: MoUs signed
Jupiter Electric Mobility Pvt. Ltd., a subsidiary of Jupiter Wagons Limited, a railway wagons and logistics infrastructure manufacturer has signed formal MoUs with Chalukya Power and Pickrenew Energy. The agreements add 110 MWh of BESS business to JEM Energy’s FY 2026–27 orderbook.
The planned projects include utility-scale systems, to support grid stability and renewable integration as well as Commercial and Industrial (C&I) battery storage deployments. The Ministry of Power has moved to mandate four-hour energy storage capabilities for new large-scale renewable energy installations to handle grid intermittency. The company linked its growth outlook to India’s expanding policy support for energy storage. This strategy includes the government’s push for four-hour storage integration with new renewable energy projects. The government has launched viability gap funding (VGF) scheme to support 4,000 MWh standalone BESS. The country is aiming to install 500 GW non-fossil fuel capacity by 2030.
Following the agreements, JEM Energy said its BESS orderbook has exceeded INR 150 crore including projects from private renewable energy developers and public sector clients such as Power Grid Corporation of India Limited. The company is targeting a combined battery and BESS orderbook of INR 200 crore during FY 2026-27 as storage demand accelerates across India.
JEM Energy said the agreements strengthen its position in the domestic BESS market while reflecting increasing confidence among developers in locally integrated storage solutions. Looking ahead, the company is expecting a target revenue of more than INR 500 crore from its battery and BESS business in FY 2027-28. The company expects the segment to achieve EBITDA positivity during the same period.
Vivek Lohia, Managing Director, Jupiter Wagons Limited said the agreements with Chalukya Power and Pickrenew Energy demonstrate JEM Energy’s growing position in India’s energy storage market. He noted that the company’s INR 150+ crore orderbook and FY 2026-27 target of INR 200 crore reflect the pace of business expansion and the confidence developers are placing in domestic BESS providers. Lohia added that Jupiter Wagons believes long-term business leadership in the storage segment will depend on technological capability and reliable project execution, while reaffirming support for JEM Energy’s target of achieving INR 1,000 crore revenue in the BESS business by FY 2029-30.
Kartik Hajela, CEO, JEM Energy described the MoUs as the beginning of long-term partnerships with developers that had rigorously evaluated the company’s technical and execution capabilities before selecting JEM Energy as their BESS partner. He said the current INR 150+ crore orderbook provides strong revenue visibility and operational momentum, while the company remains focused on delivering projects with reliability and quality as it scales toward its FY 2027-28 revenue target. Hajela added that the INR 1,000 crore target for FY 2029-30 is supported by a growing project pipeline, favorable policy conditions and the company’s expanding capabilities across its energy storage portfolio.