JWL
Large CapJupiter Wagons Limited
Industrials
Jupiter Wagons Limited (JWL) manufactures railway wagons, commercial vehicle bodies, containers, and has diversified into wheelsets and clean energy solutions (Battery Energy Storage Systems, e-LCVs). The company focuses on end-to-end mobility solutions with strategic technology alliances.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -25% YoY · PAT -74% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹780 Cr | -25.4% | -12.4% |
| EBITDA | ₹79 Cr | -46.3% | -30.1% |
| Operating margin | 10.0% | -400 bps | -300 bps |
| PAT | ₹27 Cr | -73.8% | -56.5% |
| PAT margin | 3.5% | -640 bps | -351 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 sees sharp QoQ and YoY declines in revenue and profitability due to supply disruptions; 12M FY26 also significantly lower YoY. Order book remains healthy at ₹4,675 Cr.
JWL's Q4 and full-year FY26 financial performance was significantly impacted by supply chain challenges, leading to substantial revenue and margin contraction. While the order book provides future visibility, execution risks persist. Strategic diversification into wheelsets, BESS, and passenger mobility, alongside backward integration, are positive but need to translate into improved financial results.
Wheelset Business Expansion
Delivered outstanding performance, secured long-term supply agreement with Tatravagonka, and in discussions with other global players for strategic tie-ups and export opportunities.
Clean Energy Vertical (JEM)
Continued strong growth trajectory, signed MoUs for 110 MWh BESS deployments, and set an aspirational target of INR 1,000 Crore revenue from battery and BESS over 3-4 years.
Container Manufacturing
Registered healthy growth in FY26, positioned for accelerated expansion due to the recently announced PLI scheme with a significant budgetary allocation.
Entry into Passenger Mobility
Passenger mobility is a definitive strategic priority for FY27, with plans to enter this segment with full conviction and scale, backed by manufacturing capabilities and technology partnerships.
Odisha Greenfield Wheelset Facility
Progressing as per schedule; critical equipment deliveries commenced, civil construction in advanced stages. Expected part production by end of current financial year and full commissioning by end of FY2028.
Indore Cell-to-Battery Manufacturing Line
Commissioned, strengthening cost competitiveness and self-sufficiency for Jupiter Electric Mobility.
Stone India Freight Brake System Production
RDSO approval obtained for freight brake system; production to commence from July 2026.
PLI Scheme for Container Manufacturing
Government of India's PLI scheme with ₹10,000 Crore budgetary allocation over five years positions the container vertical for accelerated expansion.
Government Policy for Rail Freight
Strong policy commitment to modal shift of freight from road to rail and ambitious targets for rail capacity expansion are expected to translate into a robust pipeline of large tenders.
Backward Integration
Stone India's RDSO approval for freight brake system provides direct control over quality, cost, and delivery timelines, reducing exposure to external supply-side disruptions.
Industry-wide Wheelset Shortage
In H1 FY26, an industry-wide shortage of wheelsets constrained wagon production across the sector, impacting execution and limiting volume growth.
LPG Availability Disruptions
In Q4 FY26, manufacturing operations faced challenges with disruptions in LPG availability arising from geopolitical tensions affecting global energy supply chains.
Supply Chain Vulnerability
Past disruptions from wheelset shortages and LPG availability highlight ongoing vulnerability to external supply chain issues.
Execution Risk for New Ventures
Successful ramp-up and profitability of the Odisha wheelset facility, JEM's BESS projects, and the new passenger mobility segment are critical for future growth.
Working Capital Management
Significant increase in inventories and current borrowings in FY26 indicates potential pressure on working capital efficiency.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess the immediate impact of Q4 disruptions (LPG availability) and sequential operational momentum. YoY comparison for 12M FY26 provides a broader view of annual performance against the previous year, essential for a business with project cycles and longer-term trends.
Order Book
Order Book stood at ₹4,675 Crore as on March 31, 2026, providing healthy revenue visibility.
Revenue from Operations (Consolidated)
UNDER_STRESSQ4 FY26 revenue was ₹780 Crore, down 12% QoQ and 25.3% YoY. 12M FY26 revenue was ₹2,916 Crore, down 26.4% YoY.
EBITDA Margin (Consolidated)
UNDER_STRESSQ4 FY26 EBITDA Margin was 10.7%, down 230 bps QoQ and 390 bps YoY. 12M FY26 EBITDA Margin was 12.4%, down 220 bps YoY.
PAT (Consolidated)
UNDER_STRESSQ4 FY26 PAT was ₹27 Crore, down 56.4% QoQ and 73.5% YoY. 12M FY26 PAT was ₹166 Crore, down 56.4% YoY.
Wheelset Business as Value Driver
Management is confident the wheelset business will be a significant value driver, aiming to establish a substantial export presence in the global market.
Ambitious JEM Energy Targets
JEM Energy has set an ambitious revenue target for FY27 and an aspirational target of INR 1,000 Crore in revenue from the battery and BESS vertical over a 3-to-4-year horizon.
Strong Wagon Demand Ahead
Management sees a compelling and near-term demand environment for the wagon business, expecting a robust pipeline of large tenders.
FY27 Strategic Intent
The company enters FY27 with clear strategic intent, growing momentum across every vertical, and conviction that the best of Jupiter Wagons is ahead.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Odisha Greenfield Project Commissioning | Part production by end of current FY, full commissioning by end of FY2028. | Timely commissioning, successful ramp-up of production, and contribution to wheelset revenue and margins. |
| JEM Energy Revenue Growth | Ambitious FY27 revenue target and aspirational INR 1,000 Cr target over 3-4 years. | Conversion of BESS MoUs into firm orders, execution of projects, and progress towards stated revenue targets. |
| Stone India Freight Brake System Production | Production to commence from July 2026. | Successful commencement of production and its impact on backward integration benefits and overall margins. |
| Order Book Conversion and Execution | Order Book of ₹4,675 Crore as of March 31, 2026. | Improved execution efficiency, conversion of the healthy order book into revenue, and sustained margin recovery in subsequent quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -3.2% / mo
Technical chart
JWLdaily · 1Y-10.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 48.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Fair-value margin of safety is negative at -54.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 30th percentile of the scored universe and 27th percentile within Industrials. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter holding is 68.3%. Key concern: 4 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 27th pctile, median 68 · Large: 17th pctile, median 74
93 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.3%.
- ▸Promoter pledge is zero.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.4%.
- ▸ROCE trend is -11.2%.
- ▸0/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 64.30
- P/B
- 3.96
- EV/EBITDA
- 30.35
- Market Cap
- 11780.00Cr
Profitability
- ROE
- 6.39%
- ROCE
- 9.16%
- ROA
- 3.52%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.33
- Interest Coverage
- 5.06×
- Altman Z
- 5.93
- Book Value
- 69.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 9.00 Cr
- EPS TTM
- 4.00
Shareholding
- Promoter Hold
- 68.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.