Jupiter Wagons (JWL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw a significant year-over-year decline in revenue and profit due to a shortage of wheel sets from Indian Railways, impacting production volumes and plant utilization.

• Consolidated total income for Q1 FY26 was INR 476 crore, with EBITDA at INR 60 crore and PAT at INR 31 crore.

• Jupiter Electric Mobility commenced production and sales, opening its first showroom in Bengaluru and dispatching 50 vehicles, with plans for further expansion and an MoU to deploy 300 JEM TEZ vehicles.

• Land acquisition in Odisha for a major rail wheel and axle forging plant marks a significant expansion, with phased investment planned.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2025.

Financial highlights

• Standalone revenue for Q1 FY26 was INR 425 crore, down 53% YoY, with standalone EBITDA at INR 51 crore and PAT at INR 33 crore.

• Consolidated revenue for Q1 FY26 was INR 459.3 crore, down 47.8% YoY, with EBITDA margin at 13.0% and PAT margin at 6.5%.

• Confirmed order book stood at INR 5,972 crore, providing strong revenue visibility.

• Borrowings at quarter-end were INR 496 crore, with cash of INR 426 crore.

• EPS for Q1 FY26 was INR 0.77 per share.

Outlook and guidance

• Management maintains full-year guidance of 10%-15% top-line growth and EBITDA margin of 14%-15%, expecting to recover Q1 shortfall as wheel set supply normalizes.

• Wheel business revenue is projected at INR 550 crore for FY26, rising to INR 1,000 crore next year, and potentially INR 2,000-3,000 crore by FY28 as Odisha facility comes online.

• Battery and vehicle business expected to contribute INR 500-1,000 crore by FY28.

• Brake systems business projected to generate INR 300-500 crore revenue with strong EBITDA margins from next year.