Jupiter Wagons (JWL) Q2 24/25 earnings summary

Executive summary

• Achieved consolidated Q2 FY25 revenue of ₹1,00,904 lakh, up 14.8% year-over-year, and H1 FY25 revenue of ₹1,88,890 lakh, up 15.7% year-over-year.

• Q2 FY25 EBITDA rose 15.5% year-over-year to ₹13,945 lakh, with a margin of 13.8%; H1 FY25 EBITDA up 27% to ₹27,613 lakh, margin improved to 14.8%.

• Q2 FY25 PAT increased 8.9% year-over-year to ₹8,936 lakh; H1 FY25 PAT up 25% to ₹18,125 lakh, with PAT margin at 9.5%.

• Order book as of September 30, 2024, stands at ₹6,64,366 lakh, providing 18 months of execution visibility.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY25, with auditor review confirming compliance and no material misstatements.

Financial highlights

• H1 FY25 revenue growth of 15.7% year-over-year, EBITDA up 27%, and PAT up 25%.

• EBITDA margin improved to 14.8% in H1 FY25 from 13.3% in H1 FY24.

• Standalone H1 FY25 revenue reached ₹1,86,855 lakh, up from ₹1,63,248 lakh YoY.

• Standalone H1 FY25 PAT was ₹17,785 lakh, up from ₹14,518 lakh YoY.

• Wheel business contributed ₹16,000 lakh in H1 FY25; expected to reach ₹30,000–40,000 lakh for FY25 and ₹70,000 lakh in FY26.

Outlook and guidance

• Confident of achieving annual target of 10,000 wagons in FY25, up from 8,000 last year; aiming for 12,000 wagons in FY26.

• H2 FY25 expected to be significantly stronger than H1 due to seasonality and improved market conditions.

• Non-wagon revenue projected to contribute 50% of total revenue by FY27.

• Commercial EV launch on track for Q3 FY25 end, with sales target of 1,000 vehicles in the calendar year.

• Strategic focus on electric truck and railway battery sectors through acquisition of Log9's battery assets.