Jupiter Wagons (JWL) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue rose 15% YoY to ₹1,029.8 crore, with EBITDA up 19.5% and PAT up 18.4%; EPS was ₹2.29 per share.

• For 9MFY25, consolidated revenue increased 15.5% YoY to ₹2,918.7 crore, with EBITDA up 24.3% and PAT up 22.7%.

• Order book stood at ₹6,320 crore as of 31 December 2024, providing strong revenue visibility.

• Strategic focus on electric mobility, with increased stake in Jupiter Electric Mobility and acquisition of Log9's battery technology.

• Board approved unaudited financial results and a capital raise of up to ₹3,000 crore via QIP or other modes, with leadership changes announced.

Financial highlights

• Q3 FY25 consolidated EBITDA margin improved to 14.4% from 13.9% YoY; PAT margin at 9.2%.

• Standalone Q3 FY25 revenue grew 11.6% YoY to ₹1,000 crore; PAT up 17.4% YoY to ₹97.9 crore.

• EPS (consolidated) for Q3 FY25 was ₹2.29; standalone EPS was ₹2.31.

• Other income and finance costs saw significant YoY growth in Q3 FY25.

• Wheel business reported over 12% EBITDA margin and is now profitable.

Outlook and guidance

• FY26 revenue targeted at ₹5,000 crore, with margin profile expected to improve over FY25.

• By FY28, revenue goal is ₹8,000–10,000 crore, with non-wagon businesses contributing significantly.

• Expansion of foundry capacity and scaling of safety systems, track components, eLCVs, and brake systems planned.

• Board approved a significant capital raise to support future growth and expansion.

• JVs expected to turn profitable next year due to localization.