Jupiter Wagons (JWL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw a significant decline in financial performance due to a shortage of wheel sets from Indian Railways, impacting output and revenue, though wheel set supply has since normalized and management expects to recover lost production in subsequent quarters.

• Jupiter Electric Mobility commenced production and sales, opening its first showroom in Bengaluru and dispatching 50 vehicles, with plans for further expansion and an MoU to deploy 300 JEM TEZ vehicles by year-end.

• The company maintained a robust order book of INR 5,972 crore as of June 30, 2025, including a recent INR 242 crore order.

• Land acquisition in Odisha for a private rail wheel and axle forging plant marks a major expansion, with 40-50% output targeted for export.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2025.

Financial highlights

• Standalone Q1 FY26 total income: INR 425 crore (down 53% YoY); EBITDA: INR 51 crore; PAT: INR 33 crore.

• Consolidated Q1 FY26 total income: INR 476 crore; EBITDA: INR 60 crore; PAT: INR 31 crore; EPS for Q1 FY26 was ₹0.77 per share.

• Margin contraction attributed to lower revenue, but margin per wagon improved due to higher private sector sales.

• Standalone and consolidated net profit and revenue increased YoY in Q1 FY26 according to statutory filings.

• Confirmed order book at INR 5,972 crore, including recent INR 242 crore order.

Outlook and guidance

• Management maintains guidance of 10%-15% top-line growth and 14%-15% EBITDA margin for FY 2026, expecting to make up for Q1 shortfall in the remaining quarters.

• Targeting production of 10,000 wagons by year-end, with capacity in place to achieve this as wheel set supply normalizes.

• Wheel business revenue expected to reach INR 550 crore in FY 2026 and INR 1,000 crore in FY 2027; Odisha facility to add INR 2,000-3,000 crore annually post-commissioning.

• Battery and vehicle business projected to contribute INR 500-1,000 crore by FY 2028.

• Brake systems business expected to generate INR 300-500 crore revenue with strong EBITDA margins from next year.