Key Financial Updates – Consolidated (Q2 FY27)

Revenue from operations for Q2 FY27 stood at ₹772.2 Crore, up 15.1% quarter-on-quarter (QoQ) from ₹670.7 Cr in Q1 FY27, but down 1.7% year-on-year (YoY) from ₹785.8 Cr in Q2 FY26.

EBITDA for Q2 FY27 was ₹94.3 Crore, a significant increase of 45.2% QoQ from ₹64.9 Cr.

EBITDA Margin expanded to 12.2% in Q2 FY27, compared to 9.7% in Q1 FY27 (a 250 basis points improvement) but was down 100 bps from 13.2% in Q2 FY26.

Profit After Tax (PAT) for Q2 FY27 stood at ₹46.2 Crore, a sharp increase of 76.3% QoQ from ₹26.2 Cr and up 1.8% YoY from ₹45.3 Cr.

PAT Margin was 6.0% in Q2 FY27, compared to 3.9% in Q1 FY27 and 5.8% in Q2 FY26.

Earnings Per Share (EPS) for Q2 FY27 is ₹1.12 per share of a face value of ₹10 each.

Finance Cost increased to ₹21.3 Cr in Q2 FY27, up 22.0% QoQ and 14.5% YoY.

Key Financial Updates – Consolidated (H1 FY27)

Revenue from operations for H1 FY27 (6 months) stood at ₹1,442.9 Crore, up 15.9% YoY from ₹1,245.2 Cr in H1 FY26.

EBITDA for H1 FY27 was ₹159.2 Crore, down 2.6% YoY from ₹163.4 Cr.

EBITDA Margin was 11.0% in H1 FY27, compared to 13.1% in H1 FY26 (a 210 basis points contraction).

PAT for H1 FY27 stood at ₹72.3 Crore, down 5.3% YoY from ₹76.4 Cr.

PAT Margin was 5.0% in H1 FY27, compared to 6.1% in H1 FY26.

EPS for H1 FY27 is ₹1.78 per share.

Consolidated Balance Sheet (as of Sep'26 vs FY26)

Total Assets increased to ₹5,901.4 Cr from ₹4,712.5 Cr as of March 31, 2026 (FY26).

A significant increase is noted in Capital Work in Progress, which rose to ₹1,385.7 Cr from ₹269.6 Cr, indicating major ongoing expansion projects.

Cash and Cash Equivalents stood higher at ₹652.0 Cr compared to ₹442.1 Cr.

Total Equity increased to ₹3,334.2 Cr from ₹2,986.6 Cr.

Total Borrowings (non-current + current) increased substantially to ₹1,571.7 Cr (₹881.2 Cr + ₹690.5 Cr) from ₹937.7 Cr (₹255.3 Cr + ₹682.4 Cr).

Key Financial Updates – Standalone (Q2 FY27)

Standalone Revenue from operations for Q2 FY27 stood at ₹672.9 Crore, up 8.8% QoQ.

Standalone EBITDA for Q2 FY27 was ₹88.1 Crore, up 34.0% QoQ.

Standalone EBITDA Margin was 13.1% in Q2 FY27, compared to 10.6% in Q1 FY27.

Standalone PAT for Q2 FY27 stood at ₹53.5 Crore, up 40.7% QoQ.

Standalone PAT Margin was 8.0%.

Standalone EPS for Q2 FY27 is ₹1.25 per share.

Key Financial Updates – Standalone (H1 FY27)

Standalone Revenue from operations for H1 FY27 stood at ₹1,291.6 Crore, up 15.5% YoY.

Standalone EBITDA for H1 FY27 was ₹153.9 Crore, up 10.9% YoY.

Standalone PAT for H1 FY27 stood at ₹91.5 Crore, up 7.0% YoY.

Standalone EPS for H1 FY27 is ₹2.14 per share.

Operational Highlights (Production Numbers)

The company provided production figures for various segments for Q2 FY27, Q1 FY27, Q2 FY26, H1 FY27, H1 FY26, and full year FY26:

  • Railway Wagons: 1,212 (Q2 FY27); 2,353 (H1 FY27); 5,498 (FY26)
  • CMS Crossing: 609 (Q2 FY27); 1,141 (H1 FY27); 1,321 (FY26)
  • Commercial Vehicle Bodies & Components: 2,865 (Q2 FY27); 5,462 (H1 FY27); 10,909 (FY26)
  • Containers: 653 (Q2 FY27); 964 (H1 FY27); 1,460 (FY26)
  • Wheel sets: 2,636 (Q2 FY27); 3,918 (H1 FY27); 19,939 (FY26)
  • Axles: 2,087 (Q2 FY27); 3,095 (H1 FY27); 3,798 (FY26)
  • Brake Disc: 5,032 (Q2 FY27); 10,192 (H1 FY27); 26,267 (FY26)

Order Book

The total Order Book as of the date of the presentation is reported as ₹5,841 Crore.

Strategic Updates & Key Highlights

Jupiter Wagons Limited (Parent):

  • Entry into Railway Passenger Segment: Incorporated a new subsidiary, Jupiter Rail Mobility Private Limited (JRMPL), to enter the Rail Passenger Transport and engineering industry.
  • MoU with PESA (Poland): Signed a memorandum of understanding to explore opportunities in passenger rolling stock across metro, regional, intercity, semi-high-speed, and high-speed rail segments.
  • Order Wins: Secured a ₹1,140 crore order from the Ministry of Railways for 2,583 BOXNHL and BOXNS wagons. Secured additional orders worth over ₹450 crore from GATX India, Chetak International, and Balmer Lawrie & Company Limited for ACT2 automobile carrier wagons and BFNS 22.9T wagons.
  • Energy Sector Expansion: Incorporated Jupiter Green Power Solutions Private Limited, a new subsidiary in the energy and power sector. This marks its entry into the energy segment for the deployment of a 100 MW / 400 MWh Battery Energy Storage System (BESS) under a recently won order from WBSEDCL. Also won a 41 MW/102.5 MWh project in Uttarakhand worth approximately ₹100 crore.

Subsidiaries:

  • Jupiter Tatravagonka Railwheel Factory (JTRWF): Entered a strategic partnership with Lucchini RS (Italy) to establish India's first fully integrated private-sector railwheel manufacturing platform. As part of this, Lucchini along with SIMEST (an Italian Government financial institute) infused fresh equity of approximately ₹290 crore for the acquisition of a combined 25% stake in JTRWF.
  • Jupiter Electric Mobility: Secured 110 MWh of FY27 BESS orders through MoUs with Chalukya Power and Pickrenew Energy.
  • Stone India: Received RDSO approval for its Freight Brake System. Commercial production commenced from July 2026.

Management Commentary

Mr. Vivek Lohia, Managing Director, commented on the results, highlighting a resilient performance supported by diversification initiatives and operational efficiencies improving margins. He emphasized the revival in order inflows, including the recent ₹1,140 Cr railway order and ₹450+ Cr from other customers. He mentioned the upcoming 5,800 BOBRN wagon tender as a future catalyst. He outlined the company's strategic progress in new business lines like passenger mobility (via JRMPL and the PESA MoU) and energy storage (BESS order book crossed 500 MWh, valued at over ₹500 Cr, targeting ₹1,000 Cr by FY27). The focus remains on converting opportunities, expanding capabilities, and scaling the passenger mobility business for sustainable long-term growth.

Manufacturing Capabilities & Technology Alliances

The presentation lists technology alliances with global players:

  • Tatravagonka Poprad: Strategic Investor.
  • KOVIS: 50:50 JV incorporated as JWL-KOVIS India Pvt. Ltd. to manufacture Brake discs, Axles, and Gear boxes.
  • DAKO-CZ: 50:50 JV incorporated as JWL DAKO-CZ India Ltd. to manufacture brake systems for various rolling stock.
  • Talleres Alegria: 50:50 JV incorporated as JWL Talegria Pvt. Ltd. to manufacture Weldable Cast Manganese Steel (WCMS) Crossings.