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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -16% YoY · margin compression · Rev +46% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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)
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.
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.
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -2.3% / mo · MACD − · near 52W low
Technical chart
JWLdaily · 1Y · AUTO-4.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 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.
Relative Strength & Trend Stage
- Price is 9.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.0%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -57.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 68.3%. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 32nd pctile, median 68 · Large: 18th pctile, median 73
81 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 58.40
- P/B
- 3.49
- EV/EBITDA
- 26.55
- Market Cap
- 10395.00Cr
Profitability
- ROE
- 6.39%
- ROCE
- 9.16%
- ROA
- 3.42%
- Dividend Y
- 0.41%
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
- 5.50
- 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
- 6%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable names in Industrials, ranked by similarity
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.