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Jupiter Wagons (JWL) investor relations material
Jupiter Wagons Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 saw a strong sequential recovery after supply-side disruptions in Q1, with wheel set availability normalizing and driving growth in the wagon division.
Consolidated revenue for Q2 FY26 was ₹786 crore, up 71% quarter-on-quarter, with EBITDA at ₹104 crore and PAT at ₹45 crore.
H1 FY26 consolidated revenue reached ₹1,245 crore, EBITDA ₹163 crore, and PAT ₹76 crore.
The order book stands at ₹5,538 crore as of September 30, 2025, providing strong visibility for future quarters.
Expansion in business verticals, including electric mobility and energy storage, is contributing to operational strength and diversification.
Financial highlights
Q2 FY26 consolidated revenue from operations: ₹786 crore, up 71% sequentially; EBITDA: ₹104 crore, up 73% quarter-on-quarter; EBITDA margin at 13.2%.
Q2 FY26 consolidated PAT: ₹45 crore; PAT margin at 5.8%; EPS ₹1.10.
H1 FY26 consolidated revenue: ₹1,245 crore; EBITDA: ₹163 crore; PAT: ₹76 crore.
Standalone Q2 FY26 revenue: ₹707 crore, up 72% quarter-on-quarter, with PAT at ₹53 crore.
Year-over-year, H1 FY26 consolidated revenue declined 34%, EBITDA down 41%, PAT down 58%.
Outlook and guidance
Expectation of improved revenues and margins in H2 FY26, with margin improvements anticipated as complex private wagon orders are executed.
FY27 expected to see significant expansion as railway order book kicks in.
Electric mobility business expected to break even by end of FY26 and turn EBITDA positive in FY27.
Margin guidance is expected to be maintained despite missing the earlier ₹5,000 crore revenue target for FY26 due to Q1 disruptions.
Management expects smoother operations ahead as wheelset deliveries normalize.
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