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Persistent Wheel Set Supply Disruption
View Risks →Jupiter Wagons Ltd — Q3 FY26
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.
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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.
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Order Book
₹5,041 crore
N/A
Consolidated order book as of Dec 31, 2025, covering wagons, wheel sets, braking systems, and containers.
Private Wagon Order Book Share
70%
N/A
Private sector orders dominate the wagon order book, reflecting robust demand from steel, cement, and auto segments.
Pending Wagon Orders
8,000 wagons
N/A
Pending wagon orders as of Q3 FY26, with 70% from private sector.
EV Mobility Monthly Revenue Run-Rate Target
₹20 crore/month
N/A
Target monthly revenue run-rate for EV mobility business by April-May 2026, driven by battery storage growth.
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Guidance and risk preview
Management targets doubling revenue by FY28, driven by wheel set capacity, battery storage, container PLI, and passenger rolling stock.
Supply constraints continue to impact production; management expects muted FY27 as disruption may not fully resolve until new capacity comes online.
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