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 ₹78,584.55 lakhs (INR 786 crores), up 71% quarter-on-quarter, and EBITDA at ₹104 crores, up 73% sequentially; PAT reached ₹45 crores with a margin of 5.8%.

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

• 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, reviewed on 11 November 2025.

• Financial statements prepared in compliance with Ind AS 34 and SEBI Listing Regulations.

Financial highlights

• Q2 FY26 consolidated revenue from operations: ₹78,584.55 lakhs (INR 786 crores), up 71% sequentially; EBITDA: ₹104 crores, up 73% sequentially; EBITDA margin: 13.2%; PAT: ₹45 crores; PAT margin: 5.8%.

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

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

• Standalone Q2 FY26 revenue was ₹70,724.82 lakhs, up from ₹41,085.10 lakhs in the previous quarter; standalone PAT stood at ₹5,270.29 lakhs.

• Q2 FY26 included a ₹10.4 crore exceptional item; consolidated net profit for Q2 FY26 was ₹4,532.82 lakhs.

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 crores 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.

• New manufacturing capacity in Odisha to produce 100,000 wheelsets annually by 2027.

• The company continues to focus on its core business of metal fabrication for commercial vehicles and rail freight wagons.