Jupiter Wagons (JWL) Q2 24/25 earnings summary

Executive summary

• Achieved consolidated Q2 FY25 revenue of ₹1,00,904 lakh (INR 1,904 crore), up 14.8% year-over-year, and H1 FY25 revenue of ₹1,88,890 lakh (INR 1,889 crore), up 15.7% year-over-year.

• Q2 FY25 EBITDA rose 15.5% year-over-year to ₹13,945 lakh (INR 139.45 crore); H1 FY25 EBITDA up 27% to ₹27,613 lakh (INR 276.13 crore), with margin improvement.

• Q2 FY25 PAT increased 8.9% year-over-year to ₹8,936 lakh (INR 89.36 crore); H1 FY25 PAT up 25% to ₹18,125 lakh (INR 181.25 crore), with PAT margin at 9.5%.

• Order book as of September 30, 2024, stands at ₹6,64,366 lakh (INR 6,643 crore), providing 18 months of execution visibility.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY25, with auditor review confirming compliance.

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; Q2 FY25 margin at 13.8%.

• Standalone revenue for Q2 FY25 was ₹97,363 lakh, up 10.7% year-over-year; H1 FY25 at ₹1,86,855 lakh, up 14.5%.

• Wheel business contributed INR 160 crore in H1 FY25; expected to reach INR 300–400 crore for FY25 and INR 700 crore in FY26.

• Standalone PAT for Q2 FY25 was ₹8,862 lakh, up 8.6% year-over-year; H1 FY25 at ₹17,785 lakh, up 22.5%.

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 expanding non-wagon businesses, including safety systems, track components, eLCVs, and high-speed brake systems.