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Revenue
₹890 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹116 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jupiter Wagons reported Q3 FY26 consolidated revenue of ₹900 crore, up 13% QoQ, with EBITDA of ₹116 crore (13% margin) and PAT of ₹62 crore, up 36% QoQ. The sequential improvement reflects easing supply constraints, though wheel set shortages persist. The order book stands at ₹5,041 crore, with 70% from private sector. Management guided for muted FY27 due to continued supply disruptions, but expects a strong FY28 with potential revenue doubling to ₹8,000-10,000 crore, driven by wheel set capacity (2,000-2,500 crore annual revenue potential), battery storage, container PLI, and passenger rolling stock entry. Key risk: supply chain normalization may take longer than expected, delaying growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets doubling revenue by FY28, driven by wheel set capacity, battery storage, container PLI, and passenger rolling stock.
- The greenfield wheel set manufacturing facility is expected to commence production by year-end, with annual revenue potential of ₹2,000-2,500 crore.
- Jupiter Electric Mobility targets ₹200 crore revenue by FY27, with current month-on-month growth of 20-30% and battery storage growing ~100% MoM.
- The joint venture with Stone India is expected to become operational in the coming quarter, expanding passenger rolling stock component capabilities.
Risks flagged
- Supply constraints continue to impact production; management expects muted FY27 as disruption may not fully resolve until new capacity comes online.
- Analyst raised concern about timing of new wagon tenders from Indian Railways; management could not provide specific timeline, creating uncertainty.
- Entering EU and US markets requires compliance with carbon policies and certifications; management acknowledged CWAM as a challenge but did not detail mitigation.
Key quotes
- We expect FY27 to remain muted because this disruption is not going to get resolved.
- We expect FY28 to be a very very strong year because our base has been prepared very nicely.
- We are very confident that we will be able to meet the pricing targets which Tatra has given us.
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