Jupiter Wagons LimitedQ1 FY27 Results & Financial Update
Jupiter Wagons Limited: Q1 FY27 consolidated results and company financials – revenue ₹670.74 Cr, PAT ₹26.19 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Jupiter Wagons Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended 30 June 2026, Jupiter Wagons reported consolidated revenue from operations of ₹670.74 crore, accompanied by total income of ₹679.88 crore. The investor presentation highlights a 46% year-on-year increase in revenue compared to Q1 FY26, though sequential revenue moderated from the preceding quarter.
Consolidated EBITDA (excluding other income) stood at ₹64.90 crore, representing an EBITDA margin of 9.7%. Operating performance reflected higher raw material consumption costs, which stood at ₹493.50 crore for the quarter.
Operational momentum remained healthy across major product lines, underpinned by an order book of approximately ₹4,550 crore as of 30 June 2026, providing multi-year revenue visibility across its manufacturing segments.
Strategic developments during the quarter included a landmark partnership with Italy's Lucchini RS for railwheel manufacturing, the acquisition of the remaining stake in subsidiary JTRWF, and significant order inflows from private logistics operators and public warehousing corporations.
Profit after tax was ₹26.19 Cr for the reported quarter. EPS was ₹0.66 for the reported quarter.
01 · Business model
What does Jupiter Wagons do?
Jupiter Wagons Limited is a prominent Indian manufacturer of railway freight wagons, passenger coach components, and heavy engineering equipment, serving both public and private sector railway operators and logistics providers.
The company's product portfolio spans freight rolling stock, cast manganese steel (CMS) crossings, commercial vehicle load bodies, containers, wheel sets, axles, brake discs, and specialized braking systems through various joint ventures with global leaders.
Operating through multiple manufacturing facilities located across regions such as Jabalpur, Kolkata, Jamshedpur, Indore, Baddi, Bangalore, and Aurangabad, the company maintains extensive backward integration and technical collaborations.
Through its subsidiaries and specialized divisions like Jupiter Electric Mobility (JEM) and Stone India, the company has diversified into clean energy storage solutions, battery energy storage systems (BESS), and railway safety equipment.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹670.74 Cr |
| Total income | ₹679.88 Cr |
| Profit before tax | ₹37.91 Cr |
| Profit after tax | ₹26.19 Cr |
| EPS | ₹0.66 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Railway wagon dispatches stood at 1,141 units during Q1 FY27, while commercial vehicle bodies and components accounted for 2,597 units.
During the quarter, the company manufactured 532 CMS crossings, 311 containers, 143 wheels, 1,008 axles, 1,282 wheel sets, and 5,160 brake discs.
Revenue visibility was supported by fresh order wins, including orders worth over ₹264 crore from JSW (South) Rail Logistics and Central Warehousing Corporation, alongside ₹211 crore from JSW Port Logistics and Orissa Alloy Steel.
What drove margins
Cost of raw materials consumed constituted the largest operating expense at ₹493.50 crore on a consolidated basis, reflecting a 65.6% year-on-year increase over Q1 FY26.
Total consolidated operating costs for the quarter reached ₹605.80 crore, which included employee benefit expenses of ₹26.00 crore and other expenses of ₹86.20 crore.
Consolidated EBITDA margin stood at 9.7% (down 330 basis points year-on-year from 13.0%), while PAT margin was reported at 3.9%.
04 · Demand, customers & order book
Where demand is coming from
The company's total order book stood at approximately ₹4,550 crore as of 30 June 2026.
Secured orders worth over ₹264 crore from JSW (South) Rail Logistics and Central Warehousing Corporation, and an additional ₹211 crore from JSW Port Logistics and Orissa Alloy Steel (comprising 7 BOSM rakes with 329 wagons and 150 wagons respectively).
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Production activities are distributed across specialized units in Jabalpur, Kolkata, Jamshedpur, Baddi, Indore, Bangalore, and Aurangabad, producing items ranging from commercial vehicle load bodies to heavy braking systems and BESS units.
Projects, capex and execution
Project execution is proceeding on schedule with orders placed for all critical equipment and deliveries of key machinery underway; civil construction has reached an advanced stage, with partial production expected by the end of FY27 and full commissioning targeted by the end of FY28.
06 · Strategy & new businesses
How the company is trying to change its growth mix
Entered into a partnership with Italy's Lucchini RS to establish India's first fully integrated private-sector railwheel manufacturing platform, with Lucchini and SIMEST acquiring a combined 25% stake in subsidiary JTRWF through an equity infusion of approximately ₹290 crore.
Acquired the remaining 1.94% stake in Jupiter Tatravagonka Railwheel Factory Private Limited (JTRWF), making it a wholly owned subsidiary.
Jupiter Electric Mobility secured 100 MW/400 MWh of standalone Battery Energy Storage System (BESS) projects in West Bengal under a 15-year BOO model valued at approximately ₹400 crore, taking JEM Energy's BESS order book past 500 MWh.
07 · Reported developments
What changed operationally
Stone India received RDSO approval for its Freight Brake System, with commercial production commencing from July 2026 to supply freight braking systems to the railway sector.
Appointed Ms. Ranjini Roy and Ms. Siddhi Singhania as Additional Non-Executive Independent Directors.
08 · Items worth noticing
The line items that can distort a quick read
No exceptional items were reported for Q1 FY27, compared to an exceptional outflow of ₹7.4 crore recorded in Q4 FY26.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Consolidated finance costs for Q1 FY27 were reported at ₹17.49 crore, reflecting a 6.1% sequential increase compared to Q4 FY26.
10 · Key Q&A
The quarter, answered directly
What does Jupiter Wagons do?
Jupiter Wagons Limited is a prominent Indian manufacturer of railway freight wagons, passenger coach components, and heavy engineering equipment, serving both public and private sector railway operators and logistics providers.
What is the clearest takeaway from Q1 FY27?
For the quarter ended 30 June 2026, Jupiter Wagons reported consolidated revenue from operations of ₹670.74 crore, accompanied by total income of ₹679.88 crore. The investor presentation highlights a 46% year-on-year increase in revenue compared to Q1 FY26, though sequential revenue moderated from the preceding quarter.
What drove revenue or demand?
Railway wagon dispatches stood at 1,141 units during Q1 FY27, while commercial vehicle bodies and components accounted for 2,597 units.
What mattered most for margins or profitability?
Cost of raw materials consumed constituted the largest operating expense at ₹493.50 crore on a consolidated basis, reflecting a 65.6% year-on-year increase over Q1 FY26.
What changed operationally beyond the headline numbers?
Production activities are distributed across specialized units in Jabalpur, Kolkata, Jamshedpur, Baddi, Indore, Bangalore, and Aurangabad, producing items ranging from commercial vehicle load bodies to heavy braking systems and BESS units.
What should the next disclosure help confirm?
Monitor the civil construction milestones and machinery installation for the Odisha Greenfield Railwheel Project ahead of anticipated partial production by the end of FY27.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Odisha Railwheel Progress: Monitor the civil construction milestones and machinery installation for the Odisha Greenfield Railwheel Project ahead of anticipated partial production by the end of FY27.
- 02
BESS Project Execution: Track the execution progress of the 100 MW/400 MWh BESS project in West Bengal and further commercialization of JEM Energy's clean energy portfolio.
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