Jupiter Wagons Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Jupiter Wagons Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jupiter Wagons reported Q1 FY27 consolidated revenue of INR671 crore, up 46% year-on-year, with EBITDA of INR65 crore and PAT of INR26 crore. Management described new order wins from JSW Rail Logistics, Central Warehousing Corporation, JSW Port Logistics and Orissa Alloy Steel, along with progress on the railwheel platform including a partnership with Lucchini RS and SIMEST. Management also discussed BESS order book growth for Jupiter Electric Mobility and RDSO approval for Stone India's freight brake systems.
Numbers mentioned
Consolidated revenue from operations: INR671 crore (Q1 FY27)
p. 3
“consolidated revenue from operations increased 46% year-on-year to INR671 crore”
Vivek Lohia, page 3 of the filed PDF · View the filing
EBITDA: INR65 crore (Q1 FY27)
p. 3
“EBITDA grew 9% to INR65 crore, translating into an EBITDA margin of roughly 10%”
Vivek Lohia, page 3 of the filed PDF · View the filing
Profit after tax: INR26 crore (Q1 FY27)
p. 3
“Profit after tax stood at INR26 crore with PAT margin at 4%”
Vivek Lohia, page 3 of the filed PDF · View the filing
Fresh orders from JSW Rail Logistics and Central Warehousing Corporation: INR264 crore
p. 3
“We have secured fresh orders worth INR264 crore from JSW Rail Logistics and the Central Warehousing Corporation, reflecting continued customer confidence”
Vivek Lohia, page 3 of the filed PDF · View the filing
Additional orders from JSW Port Logistics and Orissa Alloy Steel: INR211 crore
p. 3
“we have also secured additional orders worth INR211 crore from JSW Port Logistics and Orissa Alloy Steel Private Limited”
Vivek Lohia, page 3 of the filed PDF · View the filing
Lucchini RS and SIMEST investment in JTRWF: approximately INR290 crore
p. 4
“Lucchini RS and SIMEST, an Italian government financial institute, shall acquire a combined 25% stake in JTRWF with an investment of approximately INR290 crore”
Vivek Lohia, page 4 of the filed PDF · View the filing
BESS orders secured for FY27: 110 megawatt (FY27)
p. 4
“we have secured 110 megawatt of BESS orders for FY27 through strategic MoUs with Chalukya Power and Pickrenew across utility scale and commercial and industrial applications”
Vivek Lohia, page 4 of the filed PDF · View the filing
JEM Energy BESS order book: approximately 500 megawatts, valued at over INR500 crore
p. 4
“With these wins, JEM Energy's BESS order book now increased to approximately 500 megawatts, valued at over INR500 crore”
Vivek Lohia, page 4 of the filed PDF · View the filing
Railway wagon order book: approximately INR3,000 crore
p. 5
“our railway wagon order book, which includes both railway as well as private order book stands at approximately INR3,000 crore”
Vivek Lohia, page 5 of the filed PDF · View the filing
Wheelset business order book: close to INR700-odd crore
p. 5
“the wheelset business, the order book is about close to INR700-odd crore”
Vivek Lohia, page 5 of the filed PDF · View the filing
Commercial vehicle segment order book: about INR500 crore
p. 5
“the commercial vehicle segment, it's about INR500 crore”
Vivek Lohia, page 5 of the filed PDF · View the filing
Wagon realization: INR41,50,000 (current quarter)
p. 6
“If you look at the same quarter last year, I think it was about average INR38,00,000, and right now, we are at INR41,50,000”
Vivek Lohia, page 6 of the filed PDF · View the filing
Wheelset facility project capex: INR2,600 crore
p. 7
“The project capex remains at INR2,600 crore”
Vivek Lohia, page 7 of the filed PDF · View the filing
Jupiter's revised equity infusion in wheelset project: INR600 crore
p. 7
“So now Jupiter's infusion now goes down to INR600 crore”
Vivek Lohia, page 7 of the filed PDF · View the filing
Pending wagons: about close to 7,000-odd wagons (Q1 FY27)
p. 10
“It is about close to 7,000-odd wagons”
Vivek Lohia, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order book execution — 60%-70% of order book executed in FY27 · FY27
stated firmly by Vivek Lohia
p. 5
“We are looking at about 60%-70% of the order book being executed in the current financial year.”
Vivek Lohia, page 5 of the filed PDF · View the filing
BESS order book — approximately INR1,000 crore · FY27
stated as an aspiration by Vivek Lohia
p. 4
“We are targeting a BESS order book of approximately INR1,000 crore by FY27, reflecting our confidence in the structural opportunity presented by India's rapidly expanding energy storage platform.”
Vivek Lohia, page 4 of the filed PDF · View the filing
Wheelset facility revenue target — INR2,500 crore to INR3,000 crore · once both lines commissioned
stated conditionally by Vivek Lohia
p. 6
“Once both lines are commissioned, we are looking at revenue of anything between INR2,500 crore to INR3,000 crore, is our revenue target.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Wheelset facility EBITDA margin — at least 15%
stated as an aspiration by Vivek Lohia
p. 6
“And definitely, we are targeting an EBITDA of at least 15-odd percent in this business, if not higher.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Axle line commissioning — FY27
stated firmly by Vivek Lohia
p. 6
“So in FY27, we expect the axle line to get commissioned.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Wheel line commissioning — FY28
stated firmly by Vivek Lohia
p. 6
“And FY28 is when we have targeted for the wheel line to get commissioned.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Stone India profitability — turn profitable · Q3 FY27
stated firmly by Vivek Lohia
p. 7
“I think from third quarter onwards, Stone India will become profitable, maybe in the second quarter, you may see a slight borderline negative numbers.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Jupiter Electric Mobility EBITDA — turn EBITDA positive · FY28
stated firmly by Vivek Lohia
p. 7
“from FY28 onwards the business is going to turn EBITDA positive for us because as FY27 for us is building on our core technology and building on order books.”
Vivek Lohia, page 7 of the filed PDF · View the filing
JV EBITDA — all JVs report positive EBITDA · before end of third quarter
stated firmly by Vivek Lohia
p. 7
“I think before the end of the third quarter, all the JVs will start reporting positive EBITDAs as per our estimations.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Stone India EBITDA margin — close to 15-odd percent · FY28 onwards
stated as an aspiration by Vivek Lohia
p. 7
“Again, from FY28 onwards, definitely, the EBITDA will be 15% plus on the business.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Stone India requirement fulfillment — 100% of requirements met by Stone India · before end of this calendar year
stated firmly by Vivek Lohia
p. 8
“Again, as I've told you, before end of this calendar year, 100% of our requirements will be met by Stone India.”
Vivek Lohia, page 8 of the filed PDF · View the filing
Odisha plant capex completion — majority of capex done · Q1 of next year
stated conditionally by Vivek Lohia
p. 9
“But I think majority of the capex will be done by Q1 of next year is when we expect majority of the capex to done.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Lucchini RS/Italian government equity infusion — before middle of next month
stated firmly by Vivek Lohia
p. 9
“We expect their equity infusion to happen very shortly. I think before middle of next month.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Passenger systems partnership announcement — announce a partnership · before end of the year
stated firmly by Vivek Lohia
p. 9
“We are at a very advanced stage. And I think before the end of the year, we will be announcing a partnership.”
Vivek Lohia, page 9 of the filed PDF · View the filing
BESS project IRR — 15% plus
stated firmly by Vivek Lohia
p. 9
“The project IRR is quite strong for us. It is 15% plus would be our project IRR.”
Vivek Lohia, page 9 of the filed PDF · View the filing
C&I BESS order books — about INR1,000-odd crore this year; at least INR5,000-odd crore over next 3 years · this year and next 3 years
stated as an aspiration by Vivek Lohia
p. 9
“This year, we expect complete order books to be about INR1,000-odd crore. And next 3 years, we are looking at, at least INR5,000-odd crore of order books in this business.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave segment-wise order book figures and said most of the order book would be executed in FY27.
Answered by Vivek Lohia
Asked by Rehan Saiyyed: Breakdown of order book by segment and expected execution profile for FY27/FY28.
p. 5
“So our railway wagon order book, which includes both railway as well as private order book stands at approximately INR3,000 crore.”
Vivek Lohia, page 5 of the filed PDF · View the filing
Management attributed the dip to a transition period involving new wagon designs requiring prototype approvals.
Answered by Vivek Lohia
Asked by Rehan Saiyyed: Why did wagon production decline sequentially in Q1 FY27?
p. 5
“This was mainly because currently our focus is mainly on a lot of private sector order book execution.”
Vivek Lohia, page 5 of the filed PDF · View the filing
Management explained Stone India and JEM are still ramping up and expected to turn EBITDA positive in coming quarters.
Answered by Vivek Lohia
Asked by Koundinya Nimmagadda: Why did subsidiaries report an EBITDA loss this quarter?
p. 7
“I think from third quarter onwards, Stone India will become profitable, maybe in the second quarter, you may see a slight borderline negative numbers.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Management said demand remains strong and they are waiting for railways to finalize requirements.
Answered by Vivek Lohia
Asked by Koundinya Nimmagadda: What is the status of the 1 lakh wagon tender from Indian Railways?
p. 7
“We are just waiting for railways to firm up their requirements.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Management attributed it to a transition to new private wagon designs rather than seasonality.
Answered by Vivek Lohia
Asked by Daksh Prashar: Was the sequential revenue decline due to seasonality or execution constraints?
p. 8
“There is a marginal decline in revenues and that too, I had mentioned because we were transitioning to new designs of wagon”
Vivek Lohia, page 8 of the filed PDF · View the filing
Management said Indian Railways has not reduced targets and existing order books remain unchanged.
Answered by Vivek Lohia
Asked by Balasubramanian A.: Has Indian Railways reduced its wagon production target?
p. 8
“Indian Railways has not reduced their wagon targets, whatever the order books which we have from Indian Railways, there is no reduction in terms of the requirements”
Vivek Lohia, page 8 of the filed PDF · View the filing
Management described the domestic and export wheelset opportunity in detail, citing import substitution and offtake agreements.
Answered by Vivek Lohia
Asked by Navin Sahadeo: When will commercial production of forged wheelsets begin and what is the market opportunity?
p. 10
“Today, India does not produce any wheelset.”
Vivek Lohia, page 10 of the filed PDF · View the filing
Management said Indian Railways currently uses a mix of both and expects gradual transition toward forged wheels as speeds increase.
Answered by Vivek Lohia
Asked by Navin Sahadeo: Will Indian Railways shift from cast wheels to forged wheels?
p. 11
“Indian Railway will continue to use a mix of both cast as well as forged wheel.”
Vivek Lohia, page 11 of the filed PDF · View the filing
Risks flagged
Transition to new wagon designs caused a temporary production and revenue dip due to prototype approval timelines.
p. 5
“When you're producing a new design of wagon, there is a prototype approval and that has its own timeframe attached to it, so that is the reason you see a dip.”
Vivek Lohia, page 5 of the filed PDF · View the filing
Uncertainty over timing of new wagon order books from Indian Railways.
p. 9
“But if you want us to give any exact timelines, again, very difficult for us to project any kind of timelines for this.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Financing method for the BESS build-own-operate project has not yet been determined.
p. 9
“We have not firmed up in terms of whether it will be through internal accruals or we will use debt to finance the project.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.