Jupiter Wagons (JWL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated income rose 13% sequentially to INR 900 crore, with EBITDA at INR 116 crore and PAT at INR 62 crore, reflecting operational resilience amid supply chain headwinds.

• For 9M FY26, consolidated revenue reached INR 2,136 crore, EBITDA INR 279 crore, and PAT INR 139 crore, with margins impacted by higher input costs and supply constraints.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board on 11 February 2026.

• Order book as of Dec 31, 2025, stood at INR 5,041 crore, covering wagons, wheelsets, brake systems, and containers.

• Diversified business model and robust order book provide strong visibility for future quarters.

Financial highlights

• Q3 FY26 consolidated revenue was INR 900 crore, up 13% quarter-on-quarter; EBITDA INR 116 crore, up 12% sequentially; PAT INR 62 crore, up 36% quarter-on-quarter.

• Q3 FY26 consolidated EBITDA margin was 13%, with PAT margin at 7%.

• Standalone Q3 FY26 revenue was INR 776 crore, EBITDA INR 94 crore, and PAT INR 58 crore; standalone EBITDA margin 12.1%, PAT margin 7.5%.

• EPS for Q3 FY26 was INR 1.32 (consolidated) and INR 1.28 (standalone); 9M FY26 EPS was INR 3.41 (consolidated) and INR 3.40 (standalone).

• Pending wagon orders at Q3 end: ~8,000 units, with 70% from private sector.

Outlook and guidance

• FY27 expected to remain muted due to ongoing wheelset supply disruptions; strong growth anticipated in FY28 as new capacities and export opportunities materialize.

• Revenue target of INR 8,000–10,000 crore for FY28, with expectations to more than double revenue over the next two years.

• Battery storage and EV mobility businesses are growing rapidly, with BESS growing at 100% month-on-month and EV mobility targeting INR 200 crore revenue by FY27.

• Expansion into passenger rolling stock and export opportunities to EU and US are being actively pursued.

• The company continues to monitor the impact of new labour codes and will account for any changes as rules are finalized.