Key Quantitative Figures

  • JEM Energy signed MoUs for 110 MWh of Battery Energy Storage System (BESS) business
  • Current BESS orderbook: INR 150+ Crore (includes private renewable energy developers and PSU clients like Power Grid)
  • FY 2026-27 target: INR 200 Crore in combined battery and BESS segment orderbook
  • FY 2027-28 revenue target: INR 500+ Crore in battery and BESS vertical
  • FY 2029-30 aspirational revenue target: INR 1,000 Crore in battery and BESS vertical

Parties Involved

  • Jupiter Wagons Limited (BSE: 533272; NSE: JWL) - Parent company
  • Jupiter Electric Mobility Pvt. Ltd. (JEM) - Subsidiary
  • Chalukya Power - Renewable energy developer (counterparty)
  • Pickrenew Energy - Renewable energy developer (counterparty)
  • Power Grid - PSU client mentioned in existing orderbook

Project Details

The MoUs comprise a mix of Utility-scale and Commercial and Industrial (C&I) deployments:

  • Utility-scale projects supporting grid stability and renewable energy integration
  • C&I deployments serving industrial consumers seeking reliable, cost-efficient energy management

Strategic Rationale

JEM Energy's strategy is to establish itself as a leading indigenous BESS solutions provider in India. The agreements reflect growing confidence of India's leading developers in JEM Energy's technical capabilities, project execution track record, and ability to deliver integrated energy storage solutions at scale.

Financial Outlook

  • Company confident of achieving EBITA positive status by FY 2027-28
  • Growth underpinned by growing orderbook, expanding client relationships, and advancement in battery and integration capabilities
  • Operating leverage expected to build as business scales

Market Context

The ambition is anchored in India's rapidly expanding BESS opportunity driven by:

  • Government of India's policy push to mandate 4-hour storage with all new renewable energy projects
  • Viability Gap Funding (VGF) scheme for standalone BESS projects totaling 4,000 MWh
  • Broader national target of 500 GW of non-fossil fuel capacity by 2030

Management Commentary

Mr. Vivek Lohia, Managing Director, Jupiter Wagons Limited: "The MoUs signed with Chalukya Power and Pickrenew Energy are a strong endorsement of JEM Energy's growing stature in India's energy storage sector. An orderbook of INR 150+ Crore and a target of INR 200 Crore for this financial year reflects the pace at which we are building this business."

Mr. Kartik Hajela, CEO, JEM Energy: "Signing MoUs with Chalukya Power and Pickrenew Energy is a milestone we are genuinely proud of. These are not transactional agreements. They represent the beginning of long-term partnerships with developers who have evaluated our capabilities rigorously."

Company Background

Jupiter Electric Mobility Pvt. Ltd. (JEM) specializes in designing and manufacturing electric trucks, light commercial vehicles (e-LCVs), and energy storage solutions for various applications including Railways. Backed by Jupiter Wagons' extensive legacy in railways and mobility infrastructure.