Jupiter Wagons Ltd (NSE: JWL) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Vivek Lohia — Managing Director
Analysts:
Unidentified Participant
Prathmesh Kamath — Analyst
Balasubramanian — Analyst
Sahil Patani — Analyst
Parvez Qazi — Analyst
Rajesh Bhandari — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3 and 9 month FY26 earnings conference call of Jupiter Wagons Limited hosted by Systematics Institutional Equities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing STAR and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prathamesh Kamath of Systematics Institutional Equities. Thank you. And over to you sir.
Prathmesh Kamath — Analyst
Thank you and good evening everyone. Thanks for joining us today for Q3 and 9 months FY26 earnings call of Jupiter Wigans Ltd. On behalf of Systematics I would like to thank the management for giving us the opportunity to host this call. Today we have with us Mr. Vivek Lohia, Managing Director and Mr. Vinod Kumar Agarwal, CFO. Now I will hand over the call to the management for their opening remarks followed up with by the Q and A session. Thank you. And over to you Vivek sir.
Vivek Lohia — Managing Director
Thank you Prathamesh. Good evening everyone and thank you for taking the time to join our earnings call. It is my pleasure to walk you through Jupiter Wagon’s performance for the quarter and nine months. End date 12-31-2025. I trust you have had the opportunity to review our financial results and the investor presentation shared earlier. During the third quarter we continued with improvement in performance overcoming the severe supply side constraints faced during the start of the year and delivered a clear sequential improvement in performance. Total consolidated income for the quarter stood at rupees 900 crores reflecting a healthy 13% quarter on quarter growth.
EBITDA for the quarter was rupees 116 crores up 12% from Q2 with EBITDA margin sustained at a healthy 13% profit after tax came in at rupees 62 crores registering a strong 36% quarter on quarter growth while part margin expanded to 7%. This performance underscores the resilience of our operation, disciplined execution and the inherent strength of our diversified business model. Our order book remains robust, providing strong visibility for the quarters ahead. As of 31st December 2025 the consolidated order book stood at Rupees 5041 crores covering diversified products across wagons, wheel sets, braking systems and containers reinforcing sustained customer confidence and demand strengths across both public and private sector clients.
From an operational standpoint Wheelset supplies constraints have eased compared to the acute shortages experienced earlier in the year. However, supplies are yet to return to the optimum required levels and therefore continue to impact wagon production across the broader industry. To structurally address this challenge and secure long term supply chain resilience. Orissa Greenfield project for the fully integrated wheel sets Manufacturing is progressing as planned. Orders for all critical equipment have been placed and construction activities are advancing at full pace. The facility is expected to commence production by year end which will materially enhance wheel set availability and support higher throughput across our wagon and component businesses.
Our existing wheelset and axle business has gained further momentum supported by a healthy order book across multiple end user applications including freight wagons, LHB coaches, Metro systems and Vande Bharat trains. We have also secured orders for the machining and assembly of LHV wheelsets, strengthening our position within the railway components ecosystem and expanding our participation in higher value segments. Jupiter Electric Mobility made significant progress during the period. The successful implementation of auxiliary battery systems for Ande Bharat trains underscores our growing capability in advanced energy storage solutions for railway sector. In parallel, we secured orders from marquee customers across the material handling and specialized equipment segments validating both our product performance and market acceptance.
Our operational capabilities are further strengthened with the commissioning of a cell to battery manufacturing line in Indore, enhancing both capacity and vertical integration. Additionally, our modular battery energy storage systems developed in containerized formats are gaining traction across high value applications such as diesel generator replacement, mobile energy storage and renewable energy integration. Collectively, these developments position Jupiter strongly within the rapidly evolving energy for transition landscape. Our commercial vehicle and container business recorded healthy growth during the year supported by recent policy initiatives including production linked incentives and increased budgetary allocations. This segment is well positioned for accelerated expansion.
As one of India’s leading container manufacturers, Jupiter Wagon stands to benefit meaningfully from these structural growth drivers. The broader policy and industry environment remains supportive. The announcement of a new freight corridor further expands the addressable opportunity size in the domestic market. In addition, the Railway Ministry has maintained procurement estimates at approximately 32,000 wagons, reinforcing long term demand visibility for rolling stock and associated components. Beyond freight wagon, we continue to see steady growth across products such as brake discs, CMS crossings, braking systems and other engineered solutions. At the same time, we are actively pursuing opportunities to enhance our participation in the passenger rolling stock segment and are currently at an advanced stage of engagement with a leading European partner.
This strategic initiative aligns with our long term vision of becoming a comprehensive mobility and railway engineering solution provider and we will share further details at appropriate time. In addition to the exciting opportunities in the domestic market, recent positive developments towards strengthening trade agreements with the EU and the US are expected to open up soon sizable export opportunities for Indian railway engineering products. This is particularly relevant for high value components such as wheel sets, brake discs and allied systems where we are well positioned to access European and other international markets through our joint ventures, subsidiaries and global partnerships.
Turning to a couple of corporate developments during the quarter, we continue to strengthen our leadership and governance framework with the appointment of Mr. Mark Damian Stevenson as Additional Director. Mr. Stevenson brings over three decades of international rail industry experience spanning freight, rail, car leasing, financial stewardship and large scale operational transformation. His global perspective and industry expertise will further enhance Jupiter’s strategic capabilities as we expand across domestic and international markets. Additionally, on December 19, 2025, Jupiter Wagons Limited allotted 2872,340 Equity Shares pursuant to the conversion of warrants by Tetrawagonica upon receipt of the balance subscription amount of rupees 101.25 crore.
This resulted in an increase in promoter shareholding from 68.09 to 68.31% reflecting continued promoter confidence and long term commitment to companies growth strategy. Despite near term challenges arising from supply chain constraints, our fundamentals remain strong. A robust order book, diversified portfolio, supportive policy environment and ongoing strategic capacity expansions provide confidence in our sustained long term growth trajectory. We remain committed to operational excellence, innovation and delivering sustainable value for all our stakeholders. Thank you for your continued trust and support. I now request the moderator to open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and then one on their Touchstone phone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen we will wait for a moment while the question queue assembles again. To register for a question please press Star and then one. Our first question comes from the line of Bala Subrahmanian from Arihant Capital. Please go ahead.
Balasubramanian
Good evening sir. Thank you so much for the opportunity. Sir my first question on the vset side industry is facing nearly 30 to 35% kind of shortage and by next year Data Tucker and RK4 Jinx or JB also coming up for wheel sets and we also coming out with Odisha project especially for wheelfence. So I’m trying to understand by next financial year how the wheel set supplies will improve and like whether we have to take any special Approval to supply to Indian Railways. Like if we are making wheel sets we can directly supply to Indian Railways or we can directly use in.
And if you could mention we also targeting some exports order export side. So which are the geographies? Like the demand is there and so I’m trying to understand whether if your wheel sets prices are anywhere 2.5 to 3 lakh or that range is it really viable on the exports wheel sets.
Vivek Lohia
Thank you for your questions. First on the wheelset as you rightly said capacities are coming online by end of this year or by next year. So I think once this private capacities come online, I don’t think I mentioned should be any challenges on the availability of wheel sets as you already mentioned. And we have also given notifications from time to time that we already supplying to Indian Railways for LHB and other applications. So in terms of approvals from Indian Railways we don’t see any challenge. So the facility has been designed with the approval standards of Indian Railways in mind.
So we don’t perceive any kind of challenges with regard to getting the approvals. And definitely once the facility is approved the wheel sets because they are completely fall under make in India policy we can use those wheel sets for our own production. So we don’t see a challenge in that regard. Also with regard to the export market, as you are aware that Tatra Vagonka is very active participants participant in this project and they themselves have a sizable demand for wheel sets. They buy close to about 50,000 wheel sets annually. So for us they would form our biggest buyer category.
And since it’s captive so we don’t see that to be a challenge in terms of pricing. We have already reviewed the pricing and we are very confident that we will be able to meet the pricing targets which Tatra has given us. Thank you.
Balasubramanian
Yes. So my second question on that private vegan side like if you could quantify what is that market size of private vegans market and where we are getting repetitive orders from same players. Or we could mention some of the industries where we are getting regular orders for private weekends and which are the which type of WECONs we are getting inquiries or order book.
Vivek Lohia
See the demand in the private segment continues to be very robust. It is across all segments. I think steel and your container and the auto segment. I think these four segments form the bulk of the demand. We continue to our customer, the major customers I think continue to remain the same and we and they are the biggest buyers and we keep on getting repetitive orders from them. I cannot disclose very specifics of the order books right now. But we do get this year most of our orders have been from my existing customers only and they have been repeat orders.
So again we are continuously in the process of developing new cars. We have recently developed the double deck autocar which will be rolling out the first rake. Our first rake is completely ready and it will be rolled out anytime. We are very confident on that segment and we expect a lot of traction in that segment. In calendar year 26 and 27 both years we expect very strong traction. We have a very strong order book on the cement wagons. We have got new inquiries on those wagons where we continue to pursue the lead. On the container wagons itself I think the demand is very strong and now with the trade agreement which has been signed I think the demand is going to become more robust.
Indian Railways also working on a very again reviewing the container policy. They are making it much more user friendly. There’s a lot of infrastructure work which is happening. We believe that the GNPT connection will happen sometime very soon. I think once that happens it will be a huge fill up to the segment. So yes, so and steel also. Now we are seeing new demand coming in and we expect that demand to whatever understanding which we have had and discussion which you had with the cement industry, sorry with the steel industry we expect this year the demand to be quite proper because there’s been a lot of expansion in capacity which has happened.
So yes, so I think the private sector we expect the demand momentum to continue.
Balasubramanian
If I’ll just follow up on that. Is that a right way to understand 8020 mix on the railway and private vehicles or is there any changes?
Vivek Lohia
Can you please repeat your question? I could not answer it.
Balasubramanian
No sense that vegan industry, railway and private wagon. What is the current mix earlier used to be 80, 80 20.
Vivek Lohia
It never used to be 80 20. It used to be 60, 40 or 5050 and the mix used to remain the same. Our private order books continues to be very very robust. So the mix is right now I think our private order book is about 70% and the balance is the IR order book.
Balasubramanian
Okay sir, so my next question. We are supplying high value components for Vande, Bharat and Metros. So what are the new product lines and strategies to moving up the value chain especially in the passenger coaching side.
Vivek Lohia
As we have this year itself in. In 26 itself we will be entering the passenger rolling stock business and you will get to in the next few months you will get to hear announcements coming on that our partnerships. So one is that we are entering that segment as an oem. On the component side, you know we have very strong joint ventures with Cobis Taco in Stone India. We are expecting our licenses in this coming quarter. So Stone India I think by the third quarter will become operationalized. So across I think we are in the final stages of developing a coupler for the.
We have the coupler for the LHB passenger coaches. We are in the final stages of developing the same for the Vande Bharat. We are developing. We have got orders from railways to develop the buffers for Vande Bharat and high speed trains and we are in the process of doing the trials for the same. So there are a lot of components which we are working on. And as you have seen that you know our non wagon business continues to grow. So over the next two, three years you will see a definite increase in the non wagon business and addition of more portfolios in that segment.
Balasubramanian
Okay, my last question. On the EV side, we are targeting 200 crore revenue by FY27 and what is the current month on month value growth rate, mobility site sir, month on.
Vivek Lohia
Month I think we are, we are growing at close to about 20 to 30% in that segment and we expect to by May or by April or May we expect to hit our run rate of about close to 20 odd crores of revenue per month. And so and that is where we are very bullish on the target which is revenue targets of 200 crores which we have set. And that will be mainly led by the battery storage business which is growing around close to 100% month on month. We are expanding our capabilities and capacities there.
Plus you know, on the industry side also the battery system which we supply, that business is also continuing to show a lot of momentum on the truck segment. We are launching another truck variant in the next quarter that will also give a lot of momentum in the market. We have recently invested in a new battery line in Indore which will enhance our battery capacities and capabilities. Indian Railways in the final stages of finalization of their their policy for buying lithium ion batteries. I think once that policy guidelines are finalized, it will give a very, very strong momentum and push in terms of adoption of these batteries in Indian Railways.
I think that itself will give a huge boost to this segment.
Balasubramanian
Thank you so much for detailed explanation sir. All the best.
Vivek Lohia
Thank you.
operator
Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question, please press star and then one. Our next question comes from the line of Sahil Patani from Strokes Capital. Please Go ahead.
Sahil Patani
Hi. Thanks for the opportunity. So a couple of questions. Vivek wanted to understand now as a part of the US trade deal as well as the European trade deal, what kind of opportunities are you seeing? And obviously this is more long term but what kind of products as well as what would be the product mix as well going forward when we open these export markets.
Vivek Lohia
In both markets, I think there is a big opportunity in the European market. Definitely our major focus is on our wheel sets. I think once a plant is operational we expect a sizable business to come from the European and the global market. And besides Tatra also we are in discussions and with other customers. But however at this stage we cannot reveal our discussions. But during in the next one or two quarters we will be revealing on the other potential opportunities in that segment. We have already started working on CWAN because it we are very serious on the export side.
I think in Europe the biggest challenge Indian industry is going to face is on the cwam which I think unless people are already preparing themselves and gearing themselves up, Europe is going to be a major challenge on the US market. Again we do export crossings and that supply had got little disrupted because of the tariffs. But after this those supplies and both crossing as well as containers we were supplying, I think that business is going to pick up. We are in very strong discussions with American supplier to supply complete integrated battery storage solutions to the American market.
I think that is a huge opportunity for us especially given the fact that China has a much higher tariff than India. So the price differential, one is that the customers want alternative supply chain and secondly because of the of the tariff the price differential is now working in our favor.
Sahil Patani
Understood. Okay, thanks for that Vivek. And my second question is I think last year we gave like a very conservative revenue guidance of 10 to 15%. Right. But obviously it looks seems like we’ll be closing below that now given the trends and you know the disruption in wheel sets from Indian Railways, how do you kind of foresee FYI 27 to pan out?
Vivek Lohia
I think FY27 is going to remain muted because I think this disruption is going though it’s improved significantly. But we don’t foresee that the disruption is going to get dissolved. So it, and you know whatever our wheel capacities we had in Ahmedabad, they already fully utilized for us the order book we have from Indian Railways and for our demand on the private side. So though we have expanded capacities there but still, you know, with the expanded capacities also we are, we are working, I think that facility is working close to 100% of its capacity. So this year definitely on the freight car side we expect our numbers to be muted.
Also I think we expecting tenders from Indian Railways also in the. In either in the next quarter or the quarter after that. I think that will also give us give a huge fill up to order book. But then you know, with the new tendering from Indian Railways and the momentum we are seeing in the private sector side and with our wagon capacities, sorry wheel said capacities coming online, we expect 2728 to be a very, very strong year because I think we are completely. The base has now been prepared very nicely and we are completely prepped I think for 2728.
Sahil Patani
Got it. Okay, thanks Vivek. I think those are the two questions. So yeah, good luck for the last quarter and the possible future.
Vivek Lohia
Thank you.
operator
Thank you. The next question comes from the line of Sandeep Mukherjee from SKP Securities Ltd. Please go ahead.
Unidentified Participant
Thanks for taking my question. So my only question is like what are, what is, what is the pending number of wagons in Q3 FY26?
Vivek Lohia
It’s close to about 8,000 wagons which we have pending right now.
Unidentified Participant
Okay. Out of this 70% will be private, sir.
Vivek Lohia
Yes. Yes.
Unidentified Participant
Okay. Okay sir. Okay. Thank you. Thank you very much.
operator
Thank you. Our next question comes from the line of Parve Skazi from Nuama Group. Please go ahead.
Parvez Qazi
Hi, good evening. Thanks for taking my question. I’m sorry if you’ve answered this question earlier but just wanted to get your views on any potential wagon tender from the Indian Railways. What could be timing of such a tender if any?
Vivek Lohia
You know, honestly very difficult to predict timing. If you look at the Indian Railways the budget which in that they mentioned about 32,000 wagons. So. But we expect it to happen. It is anytime this year. We expect it to happen.
Parvez Qazi
Sure. Thanks. And all the best.
operator
Thank you. A reminder to all the participants, if you wish to register for a question, please press star and then one. Our next question comes from the line of Rajesh Pandari from Nakoda Engineers. Please go ahead.
Rajesh Bhandari
Good evening sir. Hello, can you hear me?
Vivek Lohia
Yes, yes, good evening sir.
Rajesh Bhandari
There are many people now into leasing wagon leasing.
Vivek Lohia
Definitely business. Because Hamari already Gatx strong partnership segment or. Value add de Pingay. Jupiter already qualified. Maintenance ABHI Sari Maintenance Indian Railway So policy guidelines change. Indian Railways maintenance privatized. So we are more interested in that. I think that is going to be more critical than the leasing. Leasing is not going to be a challenge at all.
Rajesh Bhandari
Yeah, yeah. That maintenance probably will be more paying also.
Vivek Lohia
Yes. Admin. That is what is our code. And we have we can give better value to our customers. So I think maintenance is something which we are very focused on.
Rajesh Bhandari
Most of most of which is from private or government.
Vivek Lohia
Capacity or your performance order quantities dependent. Because performance criteria.
Rajesh Bhandari
Capacity get the answer. Turnover ultimate pat.
Vivek Lohia
Performance. Last nine months. Last year wheel supplies were not a challenge or anticipation disruption improve kafi kiya. But disruption or capacities this year and beginning of next year capacities incremental I think then and by the time I think order books. So we expect that the next 27 and 28 to be very very strong years.
Rajesh Bhandari
FY 2627.
Vivek Lohia
Yes, yes, definitely.
Rajesh Bhandari
Because. Level of profit. Profit it is 100 crores. 120 crores. 150 crore like that.
Vivek Lohia
If you compare to industry peers strong. Last year I think. We are maintaining close to about 13% given the disruption which we have faced. So EBITDA market will improve or other businesses especially wheel commercial vehicle business or your container business. Those businesses doing very well or numbers they can compare to last year those numbers have improved significantly and we expect this momentum to become stronger and stronger.
Rajesh Bhandari
So overall turnover or profitability that will be better than patchy service?
Vivek Lohia
No, definitely not. Because next definitely we anticipation. I think that will be one of the best years for Jupiter.
Rajesh Bhandari
Fy 2627 and fy27 28.
Vivek Lohia
Fy27 28. Currently we are in. So the next Doya team quarter. We expect that the disruption will continue. But post that we are very very confident that we will have a very strong growth momentum. Not only wagon businesses. Growth and that growth is going to increase. Plus some passenger business maybe. We are now foraying into so coffee opportunities.
Rajesh Bhandari
But government approval passenger coach and metro and.
Vivek Lohia
Government approval you need. We are global players already. Sari certifications available, Qualifications available. So that’s why we also focus. We are very strong in that segment. So uk trade agreement I think uk. Basically. Mechanism European Union. You need to be compliant for that already because trade barrier.
Rajesh Bhandari
I didn’t get it.
Vivek Lohia
So european union. Carbon content.
Rajesh Bhandari
Carbon policy.
Vivek Lohia
Yes, carbon policy. Definitely. Steel is just one part of it mean more than steel also processes. Green initiatives.
Rajesh Bhandari
So that will help.
Vivek Lohia
Definitely, definitely that will be of great.
Rajesh Bhandari
Thank you sir. All the best. All the best, sir.
operator
Thank you. Your next follow up question comes from the line of Sahil Parani from Strokes Capital. Please go ahead.
Sahil Patani
Hi Vivek. So I think as you mentioned, right. I think FY28 is going to be pretty good for the company. And previously we’ve also given a guidance of about 8 to 10,000 crores in FY28. So given this financial year, which is 27 will be like more or less flat for us, are we saying that by FY28 over the next couple of years we’ll more than double our revenues?
Vivek Lohia
Definitely. And that is what we are targeting and that is how we have built our product portfolio also. So if you look at all our other segments, they are say if you look at the battery segment or the battery container storage, these are segments where India has just started localizing. So as you saw in case of solar, the initial momentum was very small. And then the government, as the industrial base was established in India, the government put a lot of tariff barriers and then you saw huge momentum in that segment. I think similarly the battery segment is now propped for that kind of growth to happen because the industrial application as well as the solar applications are very, very robust.
Besides that, government is introducing a PLI scheme on the container side. And as you are aware that we are one of the biggest producers of containers in the country and that plis will go a long way in India being competitive in the global landscape, especially with regard to China. So as China today produces 90% of the global containers, so again there is a big opportunity in that segment itself. Wheel sets I’ve already talked about at full production that has the revenue potential is close to about anything between 2000 to 2500 crores annually in that business for us.
So that will be a huge incremental revenue for us. And even all other segments, the commercial vehicle segment, those are, are also month on month are showing good growth rates. So definitely I think we expect our expectations are very, very high going forward.
Sahil Patani
Okay, understood, got it. And when you kind of, you know, thought of that number 8 to 10,000 crores, which is last year, there were a couple of unknowns. We didn’t know if the European deal would go through. We didn’t know about the US India trade deal or you know, those things were like a bit unknown, which you have clarity on. So does that kind of give you a bit, bit of like enhanced confidence to, to do better or you know, even surpass that, that kind of a number?
Vivek Lohia
No, definitely it gives us a lot of confidence and clarity because all the ambiguity has now been removed. The in terms of the business landscape or I would say the regulatory landscape, the picture is very clear. The government is very keen to push exports out of India and we have the right partnerships to enable that. So definitely we are very, very positive. Again in terms of numbers, I would not like to comment right now. I think as and when we start delivering and that is when we talk about the numbers.
Sahil Patani
Got it. Okay. Thank you for that, Vivek. That’s all I had.
operator
Thank you. Participants, you may press STAR and then one to ask a question. Our next question comes from the line of Rajesh Pandari from Hakoda Engineers. Please go ahead.
Vivek Lohia
Substitute.
Rajesh Bhandari
Got it? Got it, sir. Thank you. Thank you, sir. Thank you.
operator
Thank you. Participants, if you wish to register for a question, please press STAR and then one. As there are no further questions, I would now like to hand the conference back to the management for closing comments.
Vivek Lohia
Thank you for the same. As we move forward, we remain encouraged by the strong momentum across our businesses and the continued strength of our execution with Veens. As said, supply is improving. Our freight wagon business has meaningfully regained operational momentum. While the excellent visibility across our other businesses other business lines positions us well for sustained and profitable growth. We are excited by the abundant opportunity set across both domestic and export markets. Our focus remains firmly on execution, excellence, disciplined capital deployment and the continued strengthening of our manufacturing and integration capabilities as we work towards delivering long term sustainable value for our stakeholders.
Thank you for your continued trust and support. We look forward to updating you on our progress in the next quarter.
operator
Thank you. On behalf of systematics institutional equities. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.
Prathmesh Kamath
Thank you.