Jupiter Wagons Limited earned consolidated revenues of ₹2,961 crore and had an EBITDA of ₹362 crore in FY26, with a YoY fall of 56% in PAT to ₹166 crore due to lack of availability of wheelsets. At the end of FY26, Jupiter Wagons had an order book of ₹4,675 crore, along with 110 MWh of BESS business via MoUs by its renewable energy subsidiary, Jupiter Electric Mobility. Jupiter is diversifying into wheelsets, mobility and battery business, with a plan to earn ₹1,000 crore in the next 3-4 years.
PROJECT SNAPSHOT
Company: Jupiter Wagons Limited
Reporting Period: Q4 FY26 and FY26 ended March 31, 2026
FY26 Consolidated Revenue: ₹2,961 crore
FY26 EBITDA: ₹362 crore
FY26 PAT: ₹166 crore
Order Book: ₹4,675 crore
BESS Business: 110MWh added to FY27 orderbook
BESS Applications: Utility-scale and C&I deployments
Manufacturing: Cell-to-battery line commissioned in Indore
Wheelset Expansion: Odisha greenfield facility under development
Odisha Facility Status: Part production expected by end FY27; full commissioning by FY28
Indian manufacturer Jupiter Wagons Ltd declared decreased profits and revenue for the quarter ending March 31, 2026, due to disturbances caused in the supply chain of the rail freight industry environment affecting production process. This corporation working in the fields of rail, road transport, maritime transport and clean energy solutions announced its consolidated revenue of ₹790 crore for Q4 FY26 and ₹2,961 crore for the full fiscal year, whereas ₹1,057 crore and ₹3,963 crore respectively in FY25.
Quarterly consolidated EBITDA was ₹83 crore having an EBITDA margin of 10.7%, whereas yearly EBITDA was ₹362 crore, having an EBITDA margin of 12.4%. PAT for FY26 fell down to ₹166 crore from ₹380 crore of last year, whereas quarterly PAT was ₹27 crore.
In the clean energy segment, Jupiter Electric Mobility expanded its battery energy storage operations during FY26. The company deployed modular BESS in 10-foot and 20-foot containerized formats targeting applications such as diesel generator replacement, mobile energy storage and solar integration.
The company pointed out that the underperformance was largely due to the industry-wide lack of wheelsets for most of FY26, which hindered production in the wagon category. For the last quarter of FY26, some other disturbances, like the lack of liquefied petroleum gas (LPG), among others, affected production.
However, despite these difficulties, Jupiter Wagons noted that diversification across its business lines enabled it to balance off the slack in the wagon business. For example, the firm’s order book stood at ₹4,675 crore as of March 31, 2026. The company received reaffirmation of its bank facility credit ratings from CRISIL Ratings Limited at CRISIL AA(-)/Stable for long-term debt and CRISIL A1(+) for short-term debt.
A major contributor during FY26 was Jupiter Tatravagonka Railwheel Factory Private Limited, which crossed ₹500 crore in revenue while maintaining an EBITDA margin of 16%. Company secured a healthy order book for its wheelsets business across freight wagons, LHB coaches, metro applications and Vande Bharat trains, including a ₹113 crore Ministry of Railways order for 9,000 LHB axles, a ₹215 crore LoI for 5,376 Vande Bharat wheelsets, and additional contracts for machining and assembly of LHB wheelsets.
The company also entered into a long-term supply agreement with Tatravagonka to supply the latter’s full wheelset requirements from the upcoming Odisha manufacturing facility, which is expected to be around 20,000 – 30,000 wheelsets p.a. Jupiter Wagons said discussions are underway with additional global companies to expand export opportunities for the wheelset business.
The construction work is going on as per plan and the purchase of necessary machinery is done and is being delivered. The civil work is in its last stages, and production is anticipated by the end of FY27, with completion by the end of FY28.
The company also commissioned a cell-to-battery manufacturing line at its Indore facility to strengthen operational capabilities and improve manufacturing integration. During the year, Jupiter Electric Mobility signed memorandums of understanding with Chalukya Power and Pickrenew Energy for 110 MWh of BESS deployments covering both utility-scale and commercial and industrial applications. These projects have been added to the company’s FY27 order book.
Managing Director Vivek Lohia said the company has set an aspirational target of generating ₹1,000 crore in revenue from its battery and BESS vertical over the next three to four years, supported by India’s energy transition pipeline and the company’s growing manufacturing capabilities.
The company’s container manufacturing business also reported healthy growth during FY26. Jupiter Wagons expects to benefit from recently announced production-linked incentives scheme by Indian government to support the container manufacturing industry over the next five years through ₹10,000 crore budget allocation.
Concurrently, Stone India Limited, its subsidiary, has gotten approval from RDSO for its freight braking system and production will begin from July 2026 onwards. According to Jupiter Wagons, the approval means that backward integration has been completed in its entire range of products.
In future, the company anticipates increased demand in wagons due to the Government of India's efforts in encouraging modal shift from roadways to railways and expansion of railway capacity. Jupiter Wagons noted that its production capacity and technological collaborations put it in a good position to benefit from future railway tenders.