Jupiter Wagons (JWL) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 saw a strong sequential recovery after supply-side disruptions in Q1, with normalized wheel set supplies driving growth; consolidated Q2 revenue reached ₹786 crore, up 71% quarter-on-quarter, with EBITDA at ₹104 crore and PAT at ₹45 crore.

• H1 FY26 consolidated revenue was ₹1,245 crore, EBITDA ₹163 crore, and PAT ₹76 crore.

• Order book stands at ₹5,538 crore as of September 30, 2025, providing strong visibility for upcoming quarters.

• Business verticals, including containers and wheel sets, showed strong volume traction and operational resilience.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, reviewed on 11 November 2025.

Financial highlights

• Q2 FY26 consolidated revenue from operations: ₹78,584.55 lakhs, up from ₹45,934.28 lakhs in Q1 FY26 and up 71% sequentially.

• Q2 FY26 consolidated EBITDA: ₹104 crore, up 73% quarter-on-quarter; EBITDA margin at 13.2%.

• Q2 FY26 consolidated PAT: ₹45 crore; PAT margin at 5.8%.

• H1 FY26 consolidated revenue: ₹1,245 crore; EBITDA: ₹163 crore; PAT: ₹76 crore.

• Q2 FY26 included a ₹10.4 crore exceptional item; basic and diluted EPS for the quarter were ₹1.24 (standalone) and ₹1.10 (consolidated).

Outlook and guidance

• Focus on regaining past performance benchmarks and building on them through growth and diversification.

• FY26 revenue guidance of ₹5,000 crore unlikely to be met due to Q1 supply disruptions, but margin guidance is expected to be maintained.

• Electric mobility and battery businesses expected to break even by end of FY26 and turn EBITDA positive in FY27.

• Margin expansion targeted through product diversification and integration, aiming for wagons to be 50% of revenue by FY28.

• New manufacturing capacity in Odisha to produce 100,000 wheelsets annually by 2027.