Project Wins and Contract Details
Jupiter Wagons Limited, through its energy business JEM Energy, has secured two significant Battery Energy Storage System (BESS) projects:
Uttarakhand Project:
- Won a 41 MW/102.5 MWh standalone BESS project from Uttarakhand Power Corporation Limited (UPCL)
- Project secured in partnership with Madhav Infra Projects Limited
- Partnership emerged as the L1 bidder for Cluster C of UPCL's tender
- Tender conducted under the Tariff-Based Competitive Bidding (TBCB) mechanism
- Project value: Approximately ₹100 crore for supply and commissioning of BESS system
West Bengal Project:
- Received formal Letter of Award from West Bengal State Electricity Distribution Company Limited (WBSEDCL)
- Project: 50 MW/200 MWh standalone BESS project
- Location: Jeerat 132 kV substation in North 24 Parganas, West Bengal
- Project secured in August 2026
Strategic Context and Market Background
The projects follow the Union Cabinet's approval of Green Energy Corridor Phase-III, which provides for 50 GWh of battery energy storage alongside stronger intra-state transmission networks. Substation-level storage of the kind being deployed in Uttarakhand and West Bengal is central to this framework.
Management Commentary and Financial Targets
Mr. Vivek Lohia, Managing Director of Jupiter Wagons Limited, stated:
- The Uttarakhand win and Jeerat award are important steps in building JEM Energy into a scalable energy storage business
- Battery storage is now firmly part of how India will plan and strengthen its grid
- The company reiterates its target of building a BESS order book of approximately ₹1,000 crore by FY27
- Jupiter Electric Mobility (JEM) is expected to turn EBITDA positive in Q3 FY27
- JEM is expected to turn profitable by FY28
- The company will continue to bid with discipline for utility-scale and Commercial & Industrial (C&I) opportunities across India
Strategic Implications
The Uttarakhand win takes JEM Energy's presence into a new state and strengthens JWL's position in the energy transition ecosystem. This expansion aligns with the Company's strategy of expanding into high-growth businesses beyond its traditional railway and mobility operations.
Business Overview
Jupiter Wagons Limited is a provider of comprehensive mobility solutions with diverse offerings across Freight Wagons, Locomotives, Commercial Vehicles, ISO Marine Containers, and various railway components. The company has manufacturing facilities located in Kolkata, Jamshedpur, Indore, Jabalpur, Bangalore and Aurangabad with full backward integration to its foundry operations.
Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited, focuses on advancing electric vehicle and energy storage solutions across commercial and industrial segments in India, specializing in designing and manufacturing electric trucks, light commercial vehicles (eLCVs), and energy storage solutions.