Jupiter Wagons (JWL) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 total income reached INR 902.19 crore, up 19% year-over-year, with EBITDA rising 32% and PAT up 40%, despite supply chain challenges from elections and summer conditions.

• Order book as of June 30, 2024, was INR 7,283 crore, reflecting strong demand and robust pipeline.

• Achieved significant milestones in battery technology, EVs, and backward integration through Bonatrans acquisition.

• Wagon business contributed 80% of revenue, with ongoing diversification into railway components, commercial vehicles, brake systems, and containers.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2024.

Financial highlights

• Standalone revenue for Q1 FY25 was INR 894.93 crore, up 18.8% year-over-year; total income rose 19.4%.

• EBITDA for Q1 FY25 was INR 128.86 crore, up 32% year-over-year; EBITDA margin improved to 14.4%.

• PAT reached INR 89.23 crore, a 40% increase year-over-year; PAT margin at 9.9%.

• EPS for the quarter was INR 2.16 per share; consolidated EPS (diluted) was INR 2.23.

• Net debt stands at INR 300 crore, with gross debt at INR 450 crore.

Outlook and guidance

• Targeting sales of 10,000+ wagons in FY25, with strong execution post-election and robust private sector demand.

• Wheelset production capacity to reach 30,000 by year-end and 50,000 by FY26, with long-term goal of 100,000 annually by 2027.

• Commercial EV production to begin in October (Q3 FY25), aiming for 500 units in the inaugural year.

• Confident in sustaining 15%+ EBITDA margins as backward integration and new business segments scale.

• Company continues to focus on metal fabrication for commercial vehicles and rail freight wagons.