Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Jupiter Wagons wins 41 MW/102.5 MWh Uttarakhand BESS project and receives LoA for 50 MW/200 MWh Jeerat project.
Source: Bse
Jupiter Wagons Limited (JWL)
Large CapIndustrials stocks · Large cap · NSE
Jupiter Wagons Ltd. (JWL) is an Indian manufacturer of wagons, commercial vehicle bodies, and containers. It is expanding into wheelsets and clean energy solutions (BESS) through subsidiaries and JVs, aiming for backward integration and global market presence. The company focuses on mobility solutions for freight and passenger segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result14 Aug, 06:39 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -9.3% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JWLD candles · FIT view-34.6%Latest close ₹190.31 on 2026-10-21
Bar
-4.8%
RSI
24
MACD hist
-2.19
52W pos
1%
2026-10-21O ₹200.00H ₹200.00L ₹189.15C ₹190.31Vol 11.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JWLNifty India ManufacturingNifty 500
- JWL
- -24.0%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -17.5 pp
Chart stats
21 Oct 2026- From 52W high
- -46.9%
- 52W range position
- 1%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.53x
- Avg traded value
- ₹48.7 Cr
- 20D price channel
- ₹189.2 - ₹244.8
₹358.3
₹189.2 - ₹358.3
₹8.1
Latest completed session
20-session average
40.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +46.2% · PAT -16.1% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-24.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -16% YoY · margin compression · Rev +46% YoY
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹671 Cr | +46.2% | -14.0% |
| EBITDA | ₹65 Cr | +10.2% | -17.7% |
| Operating margin | 10.0% | -300 bps | +0 bps |
| PAT | ₹26 Cr | -16.1% | -3.7% |
| PAT margin | 3.9% | -288 bps | +41 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 48.50
- P/B
- 2.90
- EV/EBITDA
- 22.45
- Market Cap
- 8634.00Cr
Profitability
- ROE
- 6.37%
- ROCE
- 9.14%
- ROA
- 3.42%
- Dividend Y
- 0.50%
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
- 4.89
- Book Value
- 69.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 9.00 Cr
- EPS TTM
- 3.90
Shareholding
- Promoter Hold
- 68.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 671-14.0% vs prev
Net Profit
₹ CrLatest: 26.0-3.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 24.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.3% over last month) — short-term momentum negative.
- RSI(14) at 24 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
3
RS percentile
Stage 4 Downtrend
1M return
-16.6%
3M return
-24.0%
6M return
-33.3%
1Y return
-42.2%
RS 1D
-1
RS 20D
-3
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 26.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 59-2.37%
RS vs Nifty 50059
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth12/25
Quality0/20
Balance Sheet9/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 9/15 to the score.
- Growth contributes 12/25 to the score.
Main drags
- Fair-value margin of safety is negative at -24.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
48.5
PB
2.9
EV/EBITDA
22.4
ROE
6.4%
ROCE
9.1%
FCF Yield
—
Debt/Equity
0.3
MoS
-24.2%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-24.2%
Previous: -28.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹78.21
-143.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹153.27
-24.2% MoS
PEG
2.13
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TITAGARH
Large
TITAGARH RAIL SYSTEMS LIMITED
Railway Equipment
match 134
30
51.9
6.8%
-35%
OVERVALUED
KERNEX
Micro
Kernex Microsystems (India) Limited
Railway Equipment
match 120
69
14.6
43.5%
+61%
UNDERVALUED
TEXRAIL
Micro
Texmaco Rail & Engineering Limited
Capital Goods
match 82
51
21.9
7.3%
+48%
FAIR VALUE
TRANSRAILL
Micro
Transrail Lighting Limited
Lighting
match 81
76
15.0
20.0%
+62%
DEEP VALUE
RITES
Large
RITES Limited
Construction & Engineering
match 78
41
23.1
15.4%
-245%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T07:09:59.865Z
Management commentary snapshot
JWL reported significant Q4 FY26 and 12M FY26 consolidated financial declines. Q4 revenue was down 12% QoQ and 25% YoY, with PAT down 56% QoQ and 73% YoY. Full-year revenue fell 26% YoY, and PAT dropped 56% YoY, impacted by supply chain disruptions.
The thesis is UNDER_STRESS due to substantial declines in Q4 and full-year FY26 consolidated financials, driven by external supply chain issues and operational disruptions. However, management highlights strategic diversification, backward integration, new growth verticals, and a robust order book as mitigating factors and future growth drivers.
Growth engines
Wheelset Business Expansion
positiveSecured a long-term supply agreement with Tatravagonka for 20,000-30,000 wheelsets p.a. from the upcoming Odisha facility, aiming for substantial export presence.
Clean Energy Vertical (JEM)
positiveJupiter Electric Mobility (JEM) signed MoUs for 110 MWh of BESS deployments, targeting ₹1,000 Crore revenue from battery and BESS in 3-4 years.
Container Manufacturing
positiveHealthy growth in container sales, positioned for accelerated expansion due to the recently announced PLI scheme with ₹10,000 Crore budgetary allocation.
Passenger Mobility Entry
positivePassenger mobility is a definitive strategic priority for FY27, with plans to enter this segment with full conviction and scale, backed by manufacturing capabilities.
Capacity and execution
Odisha Greenfield Wheelset Facility
positiveProject progressing as per schedule; orders placed for critical equipment, civil construction in advanced stages. Part production expected by end of current FY, full commissioning by end of FY28.
Indore Cell-to-Battery Manufacturing Line
positiveCommissioned a cell-to-battery manufacturing line in Indore, strengthening cost competitiveness and self-sufficiency for JEM Energy.
Stone India Freight Brake System Production
positiveStone India received RDSO approval for its freight brake system; production is set to commence from July 2026.
Tailwinds
PLI Scheme for Container Manufacturing
positiveGovernment of India's recently announced PLI scheme with significant budgetary allocation positions the container vertical for accelerated expansion.
Government Policy for Rail Freight
positiveGovernment's strong policy commitment to modal shift of freight from road to rail and ambitious targets for rail capacity expansion are expected to drive large tenders.
India's Energy Transition Opportunity
positiveThe scale of India's energy transition opportunity supports the aspirational target for ₹1,000 Crore revenue from the battery and BESS vertical.
Headwinds
Industry-wide Wheelset Shortage
negativeIn H1 FY26, an industry-wide shortage of wheelsets constrained wagon production across the sector, impacting execution and limiting volume growth.
LPG Availability Disruptions
negativeIn Q4 FY26, manufacturing operations faced challenges with disruptions in LPG availability due to geopolitical tensions affecting global energy supply chains.
Risk radar
Supply-Side Disruptions
neutralThe company experienced supply-side disruptions (wheelsets, LPG) in FY26, though backward integration through Stone India's RDSO approval aims to reduce future exposure.
Management accountability
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.
Analyst reading lens
Compare BOTH
Q-o-Q comparison is crucial to assess the immediate impact of Q4 operational disruptions (LPG availability) and sequential momentum. Y-o-Y (12M-vs-12M) provides insight into the full-year performance, which was affected by industry-wide wheelset shortages.
Sector KPIs management disclosed
Consolidated Revenue
negativeQ4 FY26: ₹780 Crore (-12% q-o-q, -25.3% y-o-y); 12M FY26: ₹2,916 Crore (-26.4% y-o-y)
Consolidated EBITDA
negativeQ4 FY26: ₹83 Crore (-28% q-o-q, -45.5% y-o-y); 12M FY26: ₹363 Crore (-37.2% y-o-y)
Consolidated EBITDA Margin
negativeQ4 FY26: 10.7% (-230 bps q-o-q, -390 bps y-o-y); 12M FY26: 12.4% (-220 bps y-o-y)
Consolidated PAT
negativeQ4 FY26: ₹27 Crore (-56% q-o-q, -73.5% y-o-y); 12M FY26: ₹166 Crore (-56.4% y-o-y)
Management forward view
Confidence in Company Trajectory
positiveMD expresses strong confidence in the company's trajectory, citing portfolio breadth, global partnerships, and manufacturing infrastructure investments.
Robust Wagon Demand Environment
positiveManagement sees a compelling and near-term demand environment for the wagon business, driven by government policy and rail capacity expansion targets.
Ambitious JEM Revenue Target
positiveJEM Energy has set an ambitious revenue target for FY27 and an aspirational target of ₹1,000 Crore from battery and BESS over a 3-to-4-year horizon.
Backward Integration as Competitive Advantage
positiveFull backward integration (e.g., Stone India's freight brake system) is seen as a decisive competitive advantage, improving quality, cost, and delivery timelines.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Odisha Greenfield Facility Progress | Civil construction in advanced stages, critical equipment deliveries commenced. | Commencement of part production by end of current FY and full commissioning by end of FY28. |
| JEM Energy Revenue Targets | Ambitious revenue target for FY27; aspirational target of ₹1,000 Crore in 3-4 years. | Execution against order book depth and manufacturing infrastructure to achieve stated targets. |
| Passenger Mobility Segment Entry | Definitive strategic priority for FY27. | Concrete steps, partnerships, and initial order wins in the passenger mobility segment. |
| Impact of Backward Integration | Stone India's RDSO approval for freight brake system; production from July 2026. | Visible improvements in operational performance, margins, and reduced exposure to supply-side disruptions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: results consistency is weak at 23/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
92 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Industrials: 32nd pctile, median 68 · Large: 17th pctile, median 73
Evidence depth
Financial-only
92 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
23
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 68.3%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.4%.
- ▸ROCE trend is -11.2%.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jupiter Wagons Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Intimation under Regulation 30 of the SEBI (LODR) Regulations, 2015, as amended ('SEBI Listing Regulations')
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Please find the enclosed copy of newspaper publication w.r.t. 46th AGM of the Company.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.