Jupiter Wagons (JWL) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 saw a strong sequential recovery after supply disruptions in Q1, with consolidated revenue from operations at ₹786 crore, up 71% quarter-over-quarter, and EBITDA at ₹104 crore, up 73% sequentially.

• H1 FY26 consolidated revenue reached ₹1,245 crore, EBITDA ₹163 crore, and PAT ₹76 crore, with business verticals scaling up and an order book of ₹5,538 crore providing strong visibility.

• Standalone Q2 FY26 revenue was ₹707 crore, up 72% quarter-over-quarter, with PAT at ₹53 crore.

• Operational highlights include significant orders for wheel sets and axles, expansion in battery energy storage systems (BESS), and dealership network growth in the electric mobility segment.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, with results reviewed by the Audit Committee and Board on 11 November 2025.

Financial highlights

• Q2 FY26 consolidated revenue from operations: ₹78,584.55 lakhs, up from ₹45,934.28 lakhs in Q1 FY26; EBITDA: ₹104 crore, up 73% sequentially; EBITDA margin: 13.2%; PAT: ₹45 crore; PAT margin: 5.8%.

• H1 FY26 consolidated revenue: ₹1,245 crore; EBITDA: ₹163 crore; PAT: ₹76 crore.

• Order book stands at ₹5,538 crore, with wagon order backlog at 11,000-12,000 wagons (₹4,000 crore).

• Standalone H1 FY26 revenue was ₹1,118 crore, EBITDA ₹139 crore, PAT ₹86 crore, EPS ₹2.02.

• Year-over-year, H1 FY26 consolidated revenue declined 34%, EBITDA down 41%, PAT down 58%.

Outlook and guidance

• Focus remains on scaling responsibly, innovation, and value creation, with strong momentum and capacity optimization expected to sustain growth.

• FY26 revenue target of ₹5,000 crore is unlikely due to Q1 supply headwinds, but margin guidance is expected to be maintained.

• Electric mobility and BESS businesses are expected to break even and turn EBITDA positive in FY27.

• Management expects smoother operations ahead as wheelset deliveries normalize.