Jupiter Wagons Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jupiter Wagons Ltd filed with BSE on 04 Jun 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 FY26 consolidated total income of INR2,961 crore with EBITDA of INR363 crore at a 12.4% margin and PAT of INR166 crore, with management citing wheelset shortages and later LPG-related global supply chain disruptions as headwinds during the year. The company closed FY26 with an order book of INR4,675 crore and highlighted growth in its wheelset business through Jupiter Tatravagonka Railwheel Factory, which crossed INR500 crore in revenue at around 17% EBITDA margin. Management also discussed the Odisha wheelset greenfield project timeline, plans to enter the passenger mobility segment in FY27, and progress in its BESS and container manufacturing businesses.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR2,961 crore (FY26)
p. 3
“For FY26, we reported a consolidated total income of INR2,961 crore and a profit after tax of INR166 crore.”
Vivek Lohia, page 3 of the filed PDF · View the filing
EBITDA: INR363 crore (FY26)
p. 3
“EBITDA stood at INR363 crore, translating into a margin of 12.4%.”
Vivek Lohia, page 3 of the filed PDF · View the filing
Total income: INR790 crore (Q4 FY26)
p. 3
“During the fourth quarter, total income was INR790 crore, EBITDA was INR83 crore and PAT stood at INR27 crore.”
Vivek Lohia, page 3 of the filed PDF · View the filing
Order book: INR4,675 crore (FY27 start)
p. 3
“We enter FY27 with an order book of INR4,675 crore, providing healthy revenue visibility and reaffirming customer confidence in our capabilities and execution.”
Vivek Lohia, page 3 of the filed PDF · View the filing
Railwheel factory revenue: INR500 crore+ (FY26)
p. 3
“The business crossed INR500 crore in revenue during the year”
Vivek Lohia, page 3 of the filed PDF · View the filing
Railwheel factory EBITDA margin: 17% (FY26)
p. 10
“We achieved 17% EBITDA margins as compared to 12% last financial year.”
Vivek Lohia, page 10 of the filed PDF · View the filing
Railwheel factory revenue: INR343 crore to INR528 crore (FY25 vs FY26)
p. 10
“Even in terms of revenue, the revenues have substantially increased from INR343 crore to INR528 crore.”
Vivek Lohia, page 10 of the filed PDF · View the filing
Pending Indian Railways wagons: ~2,000 wagons
p. 6
“The pending number of wagon is right now around 2,000 wagons is Indian Railways and about 5,400 wagons, roughly, is the non-Indian Railway order book, which is totalling close to about INR3,100 crore.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Private wagons executed: 1,347 (Q4 FY26)
p. 7
“1,347 is the total executed in the last quarter.”
Vivek Lohia, page 7 of the filed PDF · View the filing
BESS order book addition: 110 megawatts (FY27)
p. 4
“We are also pleased to sign MoAs with Chalukya Power and Pickrenew Energy, resulting in 110 megawatts of BESS business being added to our FY27 order book.”
Vivek Lohia, page 4 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.
Odisha wheelset plant commissioning — Partial production by end of current financial year, full commissioning by end of FY28 · FY27-FY28
stated firmly by Vivek Lohia
p. 4
“Partial production is expected by end of the current financial year, with full commissioning targeted by end of FY28.”
Vivek Lohia, page 4 of the filed PDF · View the filing
Odisha wheelset interim and final commissioning — March 2027 interim, March 2028 final · FY27-FY28
stated firmly by Vivek Lohia
p. 10
“March 2027 is what we are saying for the interim and March 2028 is for the final commissioning.”
Vivek Lohia, page 10 of the filed PDF · View the filing
Stone India commercial production — July 2026 · July 2026
stated firmly by Vivek Lohia
p. 5
“Commercial production is expected to commence in July 2026.”
Vivek Lohia, page 5 of the filed PDF · View the filing
BESS revenue — INR1,000 crore · next 3 to 4 years
stated as an aspiration by Vivek Lohia
p. 4
“we aspire to build a INR1,000 crore revenue business in batteries and energy storage over the next 3 to 4 years, supported by a growing order pipeline and favourable industry dynamics”
Vivek Lohia, page 4 of the filed PDF · View the filing
Container revenue — doubling from last year · FY27
stated firmly by Vivek Lohia
p. 7
“However, the business continues to grow in FY27, our expectation is that we'll be doubling our container revenues from last year.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Wagon production execution — Q2 FY27 onwards
stated conditionally by Vivek Lohia
p. 11
“However, going forward, I think from Q2 of FY27, we expect things to turn around.”
Vivek Lohia, page 11 of the filed PDF · View the filing
Overall company revenue — INR10,000 crore with at least minimum 15% EBITDA margins · by 2030
stated as an aspiration by Vivek Lohia
p. 12
“long term, by 2030, we expect the company to be at about INR10,000 crore of revenue with at least minimum 15% EBITDA margins.”
Vivek Lohia, page 12 of the filed PDF · View the filing
Stone India profitability — turn profitable · this year
stated firmly by Vivek Lohia
p. 10
“And this year, we expect the business to turn profitable.”
Vivek Lohia, page 10 of the filed PDF · View the filing
Wagon tender release — this year
stated as an aspiration by Vivek Lohia
p. 8
“No. So we are confident that the tender should come out anytime this year.”
Vivek Lohia, page 8 of the filed PDF · View the filing
2-ton truck launch — 1 or 2 variants · this year
stated firmly by Vivek Lohia
p. 13
“So we expect to launch 1 or 2 variants this year.”
Vivek Lohia, page 13 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 said the delay was due to global supply disruptions affecting equipment shipments, timelines otherwise unchanged, and expects wagon orders within the next 2 quarters.
Answered by Vivek Lohia
Asked by Balasubramanian A.: What is the ramp-up curve for the Odisha wheelset plant given delays, and when will wagon tenders for 1 lakh wagons be rolled out?
p. 5
“But due to the global supply disruptions, there were delays in the shipments arriving.”
Vivek Lohia, page 5 of the filed PDF · View the filing
Management said they are finalizing a strategic partnership but could not disclose specifics on structure or scope yet.
Answered by Vivek Lohia
Asked by Balasubramanian A.: What is the scope of the passenger rolling stock entry and will it be a JV?
p. 6
“So we are in the process of entering into a strategic partnership.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Management attributed the rise to production timeline mismatches from supply disruptions and expects stabilization from Q2 FY27.
Answered by Vivek Lohia
Asked by Balasubramanian A.: Why did inventories rise 40% and when will they normalize?
p. 6
“I think in FY27 from second quarter onwards, you will find much more stability.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Management gave the pending wagon numbers and quarterly execution figures.
Answered by Vivek Lohia
Asked by Sandeep Mukherjee: What is the pending wagon order book and private wagons executed in the quarter/year?
p. 6
“The pending number of wagon is right now around 2,000 wagons is Indian Railways and about 5,400 wagons, roughly, is the non-Indian Railway order book, which is totalling close to about INR3,100 crore.”
Vivek Lohia, page 6 of the filed PDF · View the filing
Management said specifics have not been announced but they believe the subsidy could be in the 8-10% range.
Answered by Vivek Lohia
Asked by Vikram Suryavanshi: What percentage subsidy will container manufacturing get under the PLI scheme?
p. 7
“But what we can understand that it's quite substantial, and it could be in the range of 8% to 10% is what we are believe to understand.”
Vivek Lohia, page 7 of the filed PDF · View the filing
Management said they lack prior experience and are finalizing a tie-up with a global rolling stock manufacturer to qualify.
Answered by Vivek Lohia
Asked by Koundinya Nimmagadda: How does Jupiter intend to qualify for metro/passenger projects given stringent technical criteria?
p. 9
“And that is the precise reason where we are finalizing a strategic tie-up with the global rolling stock manufacturer who has the necessary experience.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Management said raw material and consumables availability issues, not wheelsets, caused the drop, and expects turnaround from Q2 FY27.
Answered by Vivek Lohia
Asked by Amit Kumar: Why is wagon manufacturing volume down year-on-year even on the non-Railway side?
p. 11
“The last quarter, it wasn't on account of wheelsets so much, but on account of availability of other raw materials, mainly consumables, which caused the disruption.”
Vivek Lohia, page 11 of the filed PDF · View the filing
Management said they expect this year's numbers to be much better than last year, driven mainly by non-wagon businesses.
Answered by Vivek Lohia
Asked by Mohit Yadav: What is the revenue outlook for this year compared to prior years?
p. 11
“So definitely, we are expecting the numbers to be much better than the previous financial year.”
Vivek Lohia, page 11 of the filed PDF · View the filing
Risks flagged
Prolonged shortage of wheelsets constrained wagon production in the first half of the year
p. 3
“The industry faced significant challenges, beginning with a prolonged shortage of wheelsets that constrained wagon production across the sector during the first half of the year.”
Vivek Lohia, page 3 of the filed PDF · View the filing
Global supply chain pressures and LPG availability disruptions from geopolitical developments in Q4
p. 3
“As these supply constraints gradually eased, fresh challenges emerged in the fourth quarter through global supply chain pressures, especially the LPG availability disruptions arising from geopolitical developments.”
Vivek Lohia, page 3 of the filed PDF · View the filing
Delays in equipment shipments for the Odisha wheelset plant due to geopolitical disruption
p. 9
“However, because of the geopolitical disruption, there were certain delays in the shipping of the equipment.”
Vivek Lohia, page 9 of the filed PDF · View the filing
Raw material and consumables availability disruptions affecting wagon production
p. 11
“The last quarter, it wasn't on account of wheelsets so much, but on account of availability of other raw materials, mainly consumables, which caused the disruption.”
Vivek Lohia, page 11 of the filed PDF · View the filing
Pricing of Corten steel in India is not sustainable to match international prices
p. 8
“The challenge is in respect to the pricing compared to China, pricing in India is not sustainable for large-scale production to match the international prices.”
Vivek Lohia, page 8 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.