Jupiter Wagons Limited announced its financial results for Q3 FY26. Consolidated revenue from operations grew by 13% quarter-on-quarter (QoQ) to ₹890 Crore, driven by better wheelset supply. Consolidated EBITDA reached ₹116 Crore, up 12% QoQ, with a margin of 13%. Profit After Tax (PAT) stood at ₹62 Crore. The company also noted a strong Order Book of ₹5,041 Crore as of December 31, 2025.
Q3 FY26 Consolidated Performance Highlights
Jupiter Wagons Ltd delivered solid sequential performance in the quarter ending December 31, 2025. Consolidated Revenue from operations stood at ₹890 Crore, marking a 13% increase QoQ. This growth was supported by improved supply of wheelsets within the wagons business.
EBITDA for Q3 FY26 was ₹116 Crore, reflecting a 12% growth QoQ. The EBITDA Margin was 13.0%, slightly lower than the 13.2% recorded in Q2 FY26.
Profit After Tax (PAT) for the quarter was ₹62 Crore, yielding a PAT Margin of 7.0%. Earnings Per Share (EPS) for Q3 FY26 was ₹1.32 per share (face value ₹10).
9M FY26 Consolidated Performance Summary
For the nine months ending December 31, 2025, consolidated revenue reached ₹2,135 Crore. Consolidated EBITDA was reported at ₹279 Crore. The EBITDA Margin for the 9M period was 13.1%. PAT for the 9M period stood at ₹139 Crore, resulting in a PAT Margin of 6.5%. The corresponding 9M EPS was ₹3.41.
Q3 FY26 Standalone Performance
On a standalone basis, Q3 FY26 Revenue from operations was ₹776 Crore, a 9.7% QoQ increase. Standalone EBITDA was ₹94 Crore, up 6.3% QoQ, with a margin of 12.1%. Standalone PAT was ₹58 Crore, achieving a PAT Margin of 7.5%. The Standalone 9M FY26 Revenue was ₹1,894 Crore, and PAT was ₹144 Crore.
Key Operating Highlights and Order Book
Operating metrics showed varied performance across segments. For instance, in Q3 FY26, the company manufactured 1,697 Railway Wagons and processed 4,476 Wheel sets.
A significant data point is the Order Book value of ₹5,041 Crore as on December 31, 2025, signaling strong forward demand.
MD’s Commentary and Strategic Outlook
Managing Director, Mr. Vivek Lohia, noted the stable execution despite headwinds, supported by policy tailwinds such as the new freight corridor announcement and railway procurement estimates of approximately 32,000 wagons.
Key strategic initiatives include the ongoing progress of the Odisha railwheel facility, expected to commence production by year-end, which will enhance supply chain resilience for wheelsets.
The Battery Energy Storage Systems (BESS) segment saw initial deployments, complemented by the commissioning of an additional cell-to-battery manufacturing line in Indore.
Furthermore, the company is preparing to enter the passenger rolling stock segment through engagement with a leading European partner.
Operational Enhancements and Partnerships
During H1 FY26, the company appointed Mr. Mark Damian Stevenson as an Additional Director. Promoter shareholding increased slightly to 68.31% following warrant conversion.
Jupiter Electric Mobility (JEM) successfully supplied auxiliary battery systems for Vande Bharat trains and deployed modular BESS in 10 ft and 20 ft containers.
The Odisha Greenfield project (Jupiter Tatravagonka Railwheel Factory Private Limited) is proceeding on schedule, with production expected by year-end. This entity secured an order book for machining and assembly of LHB wheelsets.
Five-Year Financial Trends (Standalone)
Reviewing the five-year standalone performance, the company has shown robust growth:
- Total Revenue CAGR (FY21-FY25) stood at 40.3%.
- EBITDA CAGR (FY21-FY25) stood at 50.6%.
- PAT CAGR (FY21-FY25) stood at 62.1%.
Profitability ratios show improvement, with the PAT Margin increasing from 5.4% in FY21 to 9.6% in FY25. The Debt to Equity Ratio improved significantly to 0.13 in FY25 from 0.22 in FY21.
Source: BSE
