Order Book
₹5,041 crore
N/A
Consolidated order book as of Dec 31, 2025, covering wagons, wheel sets, braking systems, and containers.
JUPITERWAGONS
Other
10 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY28 Revenue Target of ₹8,000-10,000 crore
Management targets doubling revenue by FY28, driven by wheel set capacity, battery storage, container PLI, and passenger rolling stock.
Management guidance revenueWheel Set Plant Commissioning by End of CY2026
The greenfield wheel set manufacturing facility is expected to commence production by year-end, with annual revenue potential of ₹2,000-2,500 crore.
Management guidance expansionEV Mobility Revenue Target of ₹200 crore by FY27
Jupiter Electric Mobility targets ₹200 crore revenue by FY27, with current month-on-month growth of 20-30% and battery storage growing ~100% MoM.
Management guidance revenueStone India JV Operationalization by Q3 FY27
The joint venture with Stone India is expected to become operational in the coming quarter, expanding passenger rolling stock component capabilities.
Management guidance expansionKey Risks
Persistent Wheel Set Supply Disruption
Supply constraints continue to impact production; management expects muted FY27 as disruption may not fully resolve until new capacity comes online.
high · management_commentaryDependence on Indian Railway Tender Timing
Analyst raised concern about timing of new wagon tenders from Indian Railways; management could not provide specific timeline, creating uncertainty.
medium · analyst_questionExport Market Regulatory and Certification Hurdles
Entering EU and US markets requires compliance with carbon policies and certifications; management acknowledged CWAM as a challenge but did not detail mitigation.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Jupiter Wagons's revenue in Q3 FY26?
Jupiter Wagons reported revenue of ₹890 Cr in Q3 FY26, representing a — change compared to the same quarter last year.
What guidance did Jupiter Wagons management give for FY27?
FY28 Revenue Target of ₹8,000-10,000 crore: Management targets doubling revenue by FY28, driven by wheel set capacity, battery storage, container PLI, and passenger rolling stock. Wheel Set Plant Commissioning by End of CY2026: The greenfield wheel set manufacturing facility is expected to commence production by year-end, with annual revenue potential of ₹2,000-2,500 crore. EV Mobility Revenue Target of ₹200 crore by FY27: Jupiter Electric Mobility targets ₹200 crore revenue by FY27, with current month-on-month growth of 20-30% and battery storage growing ~100% MoM. Stone India JV Operationalization by Q3 FY27: The joint venture with Stone India is expected to become operational in the coming quarter, expanding passenger rolling stock component capabilities.
What are the key risks for Jupiter Wagons in FY27?
Key risks include Persistent Wheel Set Supply Disruption — Supply constraints continue to impact production; management expects muted FY27 as disruption may not fully resolve until new capacity comes online.; Dependence on Indian Railway Tender Timing — Analyst raised concern about timing of new wagon tenders from Indian Railways; management could not provide specific timeline, creating uncertainty.; Export Market Regulatory and Certification Hurdles — Entering EU and US markets requires compliance with carbon policies and certifications; management acknowledged CWAM as a challenge but did not detail mitigation..
Did Jupiter Wagons meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Jupiter Wagons Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.