Jupiter Wagons Limited, a provider of comprehensive mobility solutions encompassing rail, road, and marine transportation, has announced its financial results for the second quarter and half year ended 30th September 2025.
On a consolidated basis, Revenue from Operations for Q2 FY26 was Rs. 786 crore, an increase of 71% on a q-o-q basis, driven by improved supply of wheelsets in the wagons business.
Financial Performance Summary Q2 & H1 FY26 (₹ in crore):
| Particulars | Consolidated | |||||||
| Q2FY26 | Q1FY26 | QoQ | Q2FY25 | YoY | H1FY26 | H1FY25 | YoY | |
| Total Income | 796.1 | 476.2 | 67.2% | 1,018.8 | -21.8% | 1,272.3 | 1,906.5 | -33.3% |
| EBITDA | 103.6 | 59.8 | 73.3% | 139.4 | -25.7% | 163.4 | 276.1 | -40.8% |
| EBITDA margin | 13.2% | 13.0% | +20 bps | 13.8% | -60 bps | 13.1% | 14.6% | -150 bps |
| PAT | 45.3 | 31.1 | 46.0% | 89.4 | -49.2% | 76.4 | 181.2 | -57.8% |
| PAT margin | 5.8% | 6.8% | -100 bps | 8.9% | -310 bps | 6.1% | 9.6% | -350 bps |
Performance Updates for Q2 FY26
Order book as of 30th September 2025 stands at ₹ 5,538 Crore
- The Board of Directors has appointed Mr. Vinod Kumar Agarwal as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from September 24, 2025
- Jupiter Wagons Limited has been independently assigned an ESG rating of “46” by ESG Risk Assessments and Insights Limited based on publicly available FY 2024–25 information
- Jupiter Wagons secured order worth ₹242 Crore from GATX for supply of 583 wagons.
- Jupiter Electric Mobility (JEM)
- Launched modular containerised BESS (10 ft & 20 ft) with capacities from 241 kWh to 3 MWh, built for DG replacement, solar storage, and backup — first 10 ft unit supplied to Greenlit (with GMMCO); first 20 ft export and liquid-cooled grid-scale BESS in pipeline
- Opened 6 more Dealerships – Hyderabad, Delhi, Ghaziabad, Pune, Ahmedabad and Thirvandrum marking strategic expansion in India
- Introduced JEM TEZ, a 1.05-ton eLCV with 300+ km certified range, strengthening its sustainable mobility portfolio
- Jupiter Tatravagonka Railwheel Factory (JWL)
- Secured INR 113 crore order from the Ministry of Railways for 9,000 LHB axles, reinforcing its role in India’s rail modernization and domestic manufacturing
- Received INR 215 crore LoI for 5,376 wheelsets for the Vande Bharat project
- Plant development ongoing as per schedule for our upcoming Wheel & Axle Facility at Odisha with an investment of INR 2,500 Crore to produce 100,000 forged wheelsets annually by 2027 under the ‘Make in India’ initiative
Key Developments in Q2 FY26
Commenting on the results, Vivek Lohia, Managing Director of Jupiter Wagons Ltd., said, “Having navigated supply challenges in Q1 and July, we’re pleased to report that wheelset deliveries are now back on track, paving the way for smoother operations ahead. Restoring production momentum, we have reported Consolidated Revenues of Rs. 786 crore in Q2 FY26, an increase of 71% on a QoQ basis. As a result, Consolidated EBITDA in Q2 has increased to Rs. 104 crore, higher by 73% on a QoQ basis. Even as we strive to restore the pace of revenue and EBITDA from our wagon business to the pre-disruption level, other business verticals continue to scale up performance.
Jupiter Electric Mobility (JEM) is at the forefront of the clean energy transition. This quarter, we introduced 10 ft and 20 ft containerised Battery Energy Storage Systems (BESS) with modular air-cooled architecture and capacities ranging from 241 kWh to 3 MWh, catering to diverse applications from diesel generator replacement to solar energy storage. We proudly delivered our first 10 ft BESS unit to Greenlit in partnership with GMMCO and further added multiple orders for 10 ft and 20 ft systems, which would lead to multifold increase in volume. We are also preparing to export our first 20 ft unit and our upcoming liquid-cooled grid-scale BESS will further strengthen our position in the fast-growing energy storage market.
Building on the successful launch of JEM’s first showroom in Bengaluru in June 2025, 6 more Dealerships – Hyderabad, Delhi ,Ghaziabad, Pune, Ahmedabad and Trivandrum. The showroom features the JEM TEZ, a 1.05-ton electric light commercial vehicle built specifically for urban logistics and last-mile delivery, offering a certified range of over 300 kilometers. This initiative underlines our commitment to purpose-built, sustainable mobility solutions and our goal of building a strong, accessible network across key logistics hubs in India.
At the Jupiter Tatravagonka Railwheel Factory, we achieved several milestones that reinforce our leadership in India’s rail manufacturing ecosystem. We received an INR 113 crore order from the Ministry of Railways for 9,000 LHB Axles, and a Letter of Intent worth INR 215 crore for 5,376 wheelsets for the Vande Bharat high-speed train project. Meanwhile, we are progressing rapidly with our state-of-the-art forged axle and wheel facility in Odisha with proposed ₹2,500 crore investment. Once operational, it will produce 100,000 wheelsets annually by 2027, a major step toward self-reliance and advancing the ‘Make in India’ vision.
As we look ahead, our focus remains clear — disciplined growth, continued innovation and emphasis on execution. With a robust order book, expanding manufacturing capabilities, and a future-ready team, Jupiter Wagons is building not just strong businesses, but a stronger, more sustainable future.”
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