Key Financial Updates - Consolidated (Q4 FY26)

  • Revenue from operations: ₹780 Crore, down 12% quarter-on-quarter (QoQ)
  • EBITDA: ₹83 Crore, down 28% QoQ
  • EBITDA Margin: 11% (vs 13% in Q3 FY26)
  • PAT: ₹27 Crore with PAT Margin of 3.5%
  • EPS: ₹0.67 per share (face value ₹10 each)

Key Financial Updates - Consolidated (12M FY26)

  • Revenue from operations: ₹2,916 Crore
  • EBITDA: ₹363 Crore
  • EBITDA Margin: 12.4% (vs 14.6% in 12M FY25)
  • PAT: ₹166 Crore with PAT Margin of 5.7%
  • EPS: ₹4.02 per share (face value ₹10 each)

Consolidated Profit & Loss Statement (₹ in Crore)

Q4 FY26 vs Q3 FY26 vs Q4 FY25

| Particulars | Q4 FY26 | Q3 FY26 | % Change QoQ | Q4 FY25 | % Change YoY |

| Cost of Raw material | 572.4 | 653.9 | -12.5% | 777.1 | -26.3% |

| Employee Cost | 27.0 | 22.7 | 18.8% | 24.5 | 10.3% |

| Other Expenses | 97.5 | 97.8 | -0.3% | 90.3 | 8.0% |

| Total Operating Cost | 696.9 | 774.4 | -10.0% | 891.8 | -21.9% |

| EBITDA (Excl. Other Income) | 83.3 | 115.9 | -28.1% | 152.7 | -45.5% |

| EBITDA% | 10.7% | 13.0% | -230 bps | 14.6% | -390 bps |

| Depreciation | 17.8 | 16.6 | 7.0% | 14.9 | 19.6% |

| Finance Cost | 16.5 | 18.5 | -10.7% | 16.6 | -1.0% |

| Share in loss of Joint ventures | -4.6 | -3.2 | 41.6% | -5.7 | -20.0% |

| PBT | 53.8 | 86.8 | -38.1% | 127.5 | -57.8% |

| Exceptional items | -7.4 | - | 0.0% | - | 0.0% |

| Tax | 19.1 | 24.5 | -21.8% | 24.9 | -23.1% |

| Deferred tax | 16.9 | 18.1 | -6.3% | 32.3 | -47.6% |

| Current tax | 2.2 | 6.4 | -65.6% | -7.4 | -129.8% |

| PAT | 27.2 | 62.4 | -56.4% | 102.6 | -73.5% |

| PAT% | 3.5% | 7.0% | -350 bps | 9.8% | -630 bps |

12M FY26 vs 12M FY25

| Particulars | 12M FY26 | 12M FY25 | % Change |

| Cost of Raw material | 2,093.9 | 2,975.8 | - |

| Employee Cost | 96.8 | 76.6 | - |

| Other Expenses | 362.4 | 333.3 | - |

| Total Operating Cost | 2,553.1 | 3,385.8 | - |

| EBITDA (Excl. Other Income) | 362.6 | 577.5 | - |

| EBITDA% | 12.4% | 14.6% | - |

| Depreciation | 67.1 | 53.6 | - |

| Finance Cost | 69.5 | 60.4 | - |

| Share in loss of Joint ventures | -8.9 | -11.9 | - |

| PBT | 262.8 | 495.9 | - |

| Exceptional items | -17.8 | - | - |

| Tax | 79.0 | 115.6 | - |

| Deferred tax | 61.6 | 123.2 | - |

| Tax adjustment related to earlier years | -0.7 | - | - |

| Current tax | 18.2 | -7.6 | - |

| PAT | 166.0 | 380.3 | - |

| PAT% | 5.7% | 9.6% | -390 bps |

Consolidated Balance Sheet (₹ in Crore)

| Assets (FY26 vs FY25) | | Liabilities & Equity (FY26 vs FY25) | |

|-----------------------|--|-------------------------------------|--|

| Non-current assets | ₹2,003.4 Cr (vs ₹1,441.3 Cr) | Equity share capital | ₹427.4 Cr (vs ₹424.5 Cr) |

| Property, plant and equipment | ₹808.9 Cr (vs ₹722.8 Cr) | Other Equity | ₹2,551.1 Cr (vs ₹2,329.8 Cr) |

| Intangible Assets | ₹196.5 Cr (vs ₹209.4 Cr) | Non-controlling interests | ₹8.1 Cr (vs ₹13.3 Cr) |

| Right of use Assets | ₹109.7 Cr (vs ₹40.2 Cr) | Total Equity | ₹2,986.6 Cr (vs ₹2,767.6 Cr) |

| Capital work in progress | ₹269.6 Cr (vs ₹66.1 Cr) | Borrowings | ₹255.3 Cr (vs ₹27.1 Cr) |

| Financial Assets | ₹92.4 Cr (vs ₹54.7 Cr) | Lease Liabilities | ₹53.4 Cr (vs ₹15.4 Cr) |

| Non-current tax assets (net) | ₹2.9 Cr (vs ₹2.7 Cr) | Other financial liabilities | ₹3.0 Cr (vs -) |

| Other non-current Assets | ₹523.4 Cr (vs ₹345.4 Cr) | Provision | ₹6.5 Cr (vs ₹5.0 Cr) |

| Current Assets | ₹2,709.0 Cr (vs ₹2,557.9 Cr) | Deferred tax liabilities | ₹40.0 Cr (vs ₹23.5 Cr) |

| Investments | ₹209.1 Cr (vs ₹130.2 Cr) | Other non-current liabilities | ₹13.2 Cr (vs -) |

| Inventories | ₹1,078.6 Cr (vs ₹769.4 Cr) | Total non-current liabilities | ₹371.3 Cr (vs ₹71.0 Cr) |

| Trade receivables | ₹756.7 Cr (vs ₹814.9 Cr) | Current liabilities | ₹1,354.6 Cr (vs ₹1,160.6 Cr) |

| Cash and Cash Equivalents | ₹442.1 Cr (vs ₹593.6 Cr) | Borrowings | ₹682.4 Cr (vs ₹457.1 Cr) |

| Other financial assets | ₹26.4 Cr (vs ₹36.6 Cr) | Lease Liabilities | ₹4.5 Cr (vs ₹2.1 Cr) |

| Current Tax assets (net) | ₹1.2 Cr (vs ₹0.3 Cr) | Trade payables | ₹397.5 Cr (vs ₹407.8 Cr) |

| Other current assets | ₹194.9 Cr (vs ₹212.9 Cr) | Other financial | ₹56.1 Cr (vs ₹21.2 Cr) |

| Total Assets | ₹4,712.5 Cr (vs ₹3,999.2 Cr) | Other current liabilities | ₹208.4 Cr (vs ₹238.9 Cr) |

| | | Provision | ₹4.4 Cr (vs ₹3.7 Cr) |

| | | Current tax liabilities | ₹0.4 Cr (vs ₹29.8 Cr) |

| | | Total Liabilities and Equity | ₹4,712.5 Cr (vs ₹3,999.2 Cr) |

Standalone Financial Performance

Q4 FY26 Standalone

  • Revenue from operations: ₹645 Crore, down 17% QoQ
  • EBITDA: ₹67 Crore, down 28% QoQ
  • EBITDA Margin: 10.4% (vs 12.1% in Q3 FY26)
  • PAT: ₹39 Crore with PAT Margin 6%
  • EPS: ₹0.90 per share (face value ₹10 each)

12M FY26 Standalone

  • Revenue from operations: ₹2,539 Crore
  • EBITDA: ₹300 Crore
  • EBITDA Margin: 12% (vs 14% in 12M FY25)
  • PAT: ₹183 Crore with PAT Margin of 7.2%
  • EPS: ₹4.3 per share (face value ₹10 each)

Operating Highlights FY26

| Product | Q4 FY26 | Q3 FY26 | Q4 FY25 | 12M FY26 |

| Railway Wagons | 1,347 | 1,697 | 2,375 | 5,498 |

| CMS Crossings | 386 | 462 | 131 | 1,321 |

| Commercial Vehicle Bodies & Components | 3,343 | 3,378 | 2,442 | 10,909 |

| Containers | 279 | 342 | 338 | 1,460 |

| Wheels Axles | 198,720 | 1,272,995 | 168,24 | 2,239,3,798 |

| Wheel sets | 5,290 | 4,476 | 4,453 | 19,939 |

| Brake Disc | 6,356 | 7,529 | 3,264 | 26,267 |

  • Order Book: ₹4,675 Crore as on March 31, 2026

Management Commentary

Mr. Vivek Lohia, Managing Director, commented on FY26 challenges including industry-wide wheelset shortages and Q4 LPG availability disruptions due to geopolitical tensions affecting global energy supply chains.

Strategic Initiatives:

1. Wheelset Business: Outstanding performance with significant revenue milestone. Secured long-term supply agreement with Tatravagonka a.s. for their entire wheelset requirement (20,000-30,000 wheelsets p.a. from upcoming Odisha facility). Advanced discussions with other global players for strategic tie-ups.

2. Jupiter Electric Mobility (JEM): Strong growth trajectory. Signed MoUs with Chalukya Power and Pickrenew Energy for combined 110 MWh of BESS deployments. Commissioned cell-to-battery manufacturing line in Indore. Target of ₹1,000 Crore revenue from battery and BESS vertical over 3-4 years.

3. Container Business: Healthy growth with benefit from Government PLI scheme with ₹10,000 Crore budgetary allocation.

4. Passenger Mobility: Strategic priority for FY27 entry with full conviction and scale.

5. Backward Integration: Stone India subsidiary received RDSO approval for freight brake system, making Jupiter Wagons fully backward integrated across core product portfolio.

Key Corporate Highlights FY26

  • Credit ratings reaffirmed by CRISIL: CRISIL AA(-)/Stable for long-term debt, CRISIL A1(+) for short-term debt
  • Equity shares allotted pursuant to conversion of warrants by promoter entity TATRAVAGONKA A.S., increasing promoter shareholding to 68.31%
  • Jupiter Tatravagonka Railwheel Factory achieved over ₹500 Crore revenue with 16% EBITDA margin
  • Secured orders including ₹113 Cr Ministry of Railways order for 9,000 LHB axles, ₹215 Cr LoI for 5,376 Vande Bharat wheelsets
  • Odisha Greenfield project progressing with part production expected by end of FY27, full commissioning by end of FY28
  • Stone India production of Freight Brake System to commence from July 2026

Technology Alliances

| Partner | Structure | Products |

| Tatravagonka Poprad | Strategic Investor | NA |

| KOVIS D.O.O. | JWL-KOVIS India Pvt. Ltd. (50:50) | Brake discs, Axles and Gear boxes |

| DAKO-CZ | JWL DAKO-CZ India Ltd. (50:50) | Brake systems for various rolling stock |

| Talleres Alegra | JWL Talegria Pvt. Ltd (50:50) | Weldable Cast Manganese Steel Crossings |