Jupiter Wagons (JWL) Q4 22/23 earnings summary

Executive summary

• FY23 was a record year: revenue from operations rose 75.52% YoY to ₹206,824.74 lakh; EBITDA was ₹25,902 lakh and PAT ₹12,538 lakh on a standalone basis.

• The merger with erstwhile CEBBCO became effective in May 2022, combining wagon manufacturing with commercial vehicle load-body operations and supporting broader mobility offerings.

• The FY23-end orderbook was ₹582,000 lakh, including ~₹500,000 lakh for wagons, providing stated visibility for the next three years.

Financial highlights

• Standalone revenue from operations was ₹206,824.74 lakh vs ₹117,835.40 lakh in FY22, up 75.52% YoY; total income was ₹207,333.45 lakh vs ₹118,174.54 lakh.

• Standalone EBITDA was ₹25,902 lakh, up 120% YoY; reported operating profit was ₹25,393.41 lakh, or 12.28% of revenue vs 9.69% in FY22.

• Standalone PAT rose 151% YoY to ₹12,537.57 lakh; PBT was ₹20,519.09 lakh vs ₹7,602 lakh. Basic and diluted EPS was ₹3.24 vs ₹1.29.

• Consolidated revenue was ₹206,824.74 lakh; PAT was ₹12,067.51 lakh, including ₹279.77 lakh share of JV losses; basic and diluted EPS was ₹3.12 vs ₹1.28.

• Operating cash flow was ₹7,289.74 lakh standalone and ₹7,765.09 lakh consolidated; cash and cash equivalents ended FY23 at ₹11,581.81 lakh and ₹11,713.31 lakh, respectively.

Outlook and guidance

• Wagon capacity had increased from 6,000 to 8,000 units annually, with a further ramp toward 10,000 units planned; foundry output was also expanded.

• Brake business targets: ₹5 billion revenue by FY25 and 20% market share within 3–4 years; brake-disc plant was certified and commercial production had begun.

• Two electric LCV models were launched; commercial production was scheduled for Q4 FY24, with an Indore facility being established and initial focus on last-mile delivery markets.

• Stone India plans included operationalisation within six months, at least 30% brownfield capacity expansion at two facilities, and factory modernisation.

• FY24 railway capex was budgeted at ₹2.40 lakh crore, up 51% YoY; rolling-stock allocation more than doubled to ₹37,581 crore from ₹15,158 crore in FY23 revised estimates.