Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
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Research updated
Jupiter Wagons Ltd.
NSE: JWLIndustrialsRailroads
- Last close
- ₹181.78
- Day change
- −₹11.33 (−5.87%)vs
- Market cap
- ₹8,788 crIndian rupees
- Research updated
- 1 report
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About Jupiter Wagons
Jupiter Wagons Ltd. is a prominent company specializing in the manufacturing of railway wagons and coach components. With a primary focus on the transportation sector, Jupiter Wagons plays a crucial role in the development of rail infrastructure by providing high-quality rolling stock and parts that support the efficient movement of goods and passengers. The company's product line includes a diverse range of wagons, such as freight cars, passenger coaches, and specialized railway components, designed to meet the demands of modern rail networks. Jupiter Wagons Ltd. is pivotal in supporting industrial sectors that rely heavily on rail for logistics, including industries such as steel, cement, and automobiles. By ensuring the availability of robust and reliable rail vehicles, Jupiter Wagons aids in enhancing the overall capacity and efficiency of transportation systems. In the financial market, Jupiter Wagons Ltd. holds significance as it reflects trends in the railway and logistics industries, and is indicative of infrastructural developments. The company’s advancements contribute to the larger economic landscape, showcasing the essential role of railway systems in global trade and commerce.
- Sector
- Industrials
- Industry
- Railroads
- Listing
- NSE: JWL
- Chief executive
- Mr. Abhishek Jaiswal
- Employees
- 1,072
- Headquarters
- Kolkata, India
- ISIN
- INE209L01016
- Website
- jupiterwagons.com
Public research · Report of
Business model & financial foundation
Jupiter Wagons (NSE: JWL), Freight rolling stock and railway components: revenue of ₹2,916 crore in FY26 (-26.4% on FY25), an EBITDA margin of 12.4%, net profit of ₹171.1 crore and net debt of ₹779.7 crore.
- Revenue, FY26 (₹ crore)
- 2,916
- consolidated
- Revenue growth, FY26
- -26.4%
- on FY25
- EBITDA margin, FY26
- 12.4%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 171.1
- to owners
- Return on equity, FY26
- 6.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 779.7
- Company reported adjusted net debt
- Market capitalisation (₹ crore)
- 9,773
- at the close of 18 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Jupiter Wagons Limited (formerly Commercial Engineers & Body Builders Company Limited) |
| Exchange and ticker | NSE: JWL; BSE: 533272 |
| ISIN | INE209L01016 |
| Sector | Industrials |
| Industry | Freight rolling stock and railway components |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY21) |
| Market capitalisation | ₹9,773 crore (18 Oct 2026) |
| Shares outstanding | 42.74 crore shares (FY26) |
| Price | ₹205.6 (close, 18 Oct 2026) |
| 52-week range | ₹200.1 - ₹358.3 (to 18 Oct 2026) |
| Website | https://jupiterwagons.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jupiter Tatravagonka Railwheel Factory Private Limited | 98.06% | Forged wheelsets and axles; Odisha greenfield plant |
| Stone India Limited | 100% | Railway braking systems |
| Jupiter Electric Mobility Private Limited | 75% | Electric commercial vehicles and battery systems |
| Habitation Realestate LLP | 90% | Real estate LLP |
| JWL Kovis (India) Private Limited | 50% | Brake discs (joint venture) |
| JWL Dako-CZ (India) Private Limited | 50% | Brake systems (joint venture) |
| JWL Talegria (India) Private Limited | 50% | Railway components (joint venture) |
Holdings at 31 March 2026. Aug 2026 residual railwheel acquisition and Lucchini/SIMEST equity partnership alter subsequent ownership; completion awaits confirmation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 68.31% | 68.31% | 68.31% | 68.31% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.48% | 4.19% | 3.47% | 3.02% |
| Domestic institutions | 0.75% | 0.78% | 0.79% | 0.80% |
| of which mutual funds | 0.73% | 0.76% | 0.77% | 0.77% |
| Retail | 26.45% | 26.70% | 27.43% | 27.87% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jupiter Wagons makes freight wagons for Indian Railways and private logistics customers, and a growing set of components and adjacent products: wheelsets and axles (Jupiter Tatravagonka Railwheel Factory, 98.06%), brake systems (Stone India, 100%; JVs with Kovis and Dako-CZ), container and commercial-vehicle bodies, CMS crossings, electric LCVs and battery storage (JEM, 75%). Consolidated revenue from operations was 3,643.7cr in FY24, 3,963.3cr in FY25 and 2,915.7cr in FY26. The company controls fabrication and, increasingly, wheels and brakes; it does not control the Railway tender calendar, the supply of wheelsets from Indian Railways, or the approval of new private-wagon designs.
| Peer | Why the dossier compares them |
|---|---|
| Titagarh Rail Systems (TITAGARH) | Direct freight-wagon competitor, with passenger rail diversification |
| Texmaco Rail & Engineering (TEXRAIL) | Direct freight-wagon competitor; execution and cost benchmark |
| BEML (BEML) | Adjacent rail rolling-stock supplier; diversified defence and mining exposure limits comparability |
| Ramkrishna Forgings (RKFORGE) | Forging and wheel-manufacturing competitor; adjacent capex risk benchmark |
| Oriental Rail Infrastructure | Smaller listed rolling-stock and railway-components supplier; less comparable scale |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,165 | 2,051 | 3,644 | 3,963 | 2,916 |
| Cost of revenue (vendor classification) * | 1,052 | 1,770 | 3,091 | 3,106 | 2,491 |
| Other operating costs (vendor classification) * | 32.4 | 68.9 | 87.9 | 114.9 | 119.0 |
| EBITDA (vendor classification) * | 111.8 | 248.0 | 499.0 | 610.0 | 380.6 |
| EBIT | 88.5 | 223.4 | 461.1 | 523.9 | 295.5 |
| Finance costs | 12.9 | 22.9 | 41.0 | 60.4 | 69.5 |
| Profit before tax after exceptional items | 75.6 | 200.5 | 441.9 | 495.9 | 245.0 |
| Total tax expense | 26.0 | 79.8 | 110.9 | 115.6 | 79.0 |
| Profit for the year | 49.7 | 120.7 | 331.0 | 380.3 | 166.0 |
| Diluted EPS (₹) | 1.28 | 3.12 | 8.24 | 9.08 | 4.02 |
| Other income | 24.5 | 44.4 | 45.7 | ||
| Materials, traded goods and inventory change | 2,829 | 2,976 | 2,094 | ||
| Employee benefits expense | 51.4 | 76.6 | 96.8 | ||
| Other operating expenses | 274.1 | 333.3 | 362.4 | ||
| EBITDA excluding other income | 489.2 | 577.5 | 362.6 | ||
| Depreciation and amortisation | 28.2 | 53.6 | 67.1 | ||
| Exceptional gain/(loss), signed | 0.00 | 0.00 | -17.8 | ||
| Share of profit/(loss) of associates and JVs | -2.73 | -11.9 | -8.86 | ||
| Profit attributable to non-controlling interests | -0.54 | -1.99 | -5.12 | ||
| Profit attributable to owners | 331.6 | 382.3 | 171.1 | ||
| EPS as disclosed (basic/diluted unspecified) (₹) | 4.02 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 682.9 | 803.5 | 1,616 | 2,754 | 2,979 |
| Current and non-current borrowings excluding leases | 139.3 | 288.1 | 337.7 | 484.2 | 937.6 |
| Cash equivalents and other bank balances | 40.6 | 117.1 | 213.0 | 593.6 | 442.1 |
| Trade receivables | 71.0 | 213.3 | 490.8 | 814.9 | 756.7 |
| Inventories | 319.4 | 491.2 | 983.5 | 769.4 | 1,079 |
| Trade payables | 143.7 | 198.1 | 553.0 | 407.8 | 397.5 |
| Net property, plant and equipment | 2.51 | 2.70 | 4.02 | 722.8 | 808.9 |
| Capital work in progress | 26.7 | 34.5 | 76.5 | 66.1 | 266.1 |
| Total assets * | 1,072 | 1,634 | 2,940 | 3,999 | 4,712 |
| Current investments | 53.3 | 130.2 | 209.1 | ||
| Company reported adjusted net debt | n.r. | 60.9 | 779.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 35.4 | 6.30 | -19.1 | 104.2 | 9.45 |
| Free cash flow (vendor definition) * | 22.8 | 4.96 | -143.9 | -404.0 | -525.1 |
| Dividends paid (the provider's sign: an outflow is negative) * | -32.3 | -55.1 | -42.4 | ||
| Purchases of PPE and intangible assets (cash outflow) | -36.4 | -68.5 | -124.8 | -508.1 | -534.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Paid-up shares outstanding (crore) | 38.74 | 38.74 | 41.23 | 42.45 | 42.74 |
| Loans less cash, banks and mutual funds | 71.4 | -239.6 | 286.4 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,009 | 1,030 | 1,045 | 459.3 | 785.8 | 890.4 | 780.2 | 670.7 |
| Cost of revenue (vendor classification) * | 798.4 | 806.8 | 816.4 | 337.8 | 609.6 | 693.3 | 617.2 | 538.2 |
| Other operating costs (vendor classification) * | 83.9 | 87.9 | 90.3 | 78.0 | 89.1 | 97.8 | 97.5 | 86.2 |
| EBITDA (vendor classification) * | 135.9 | 144.1 | 144.1 | 59.9 | 96.9 | 105.3 | 70.2 | 56.2 |
| EBIT | 135.9 | 144.1 | 137.8 | 43.6 | 87.2 | 99.3 | 65.5 | 46.2 |
| Finance costs | 16.7 | 14.5 | 16.6 | 15.9 | 18.6 | 18.5 | 16.5 | 17.5 |
| Profit before tax after exceptional items | 119.2 | 129.6 | 127.5 | 44.0 | 67.9 | 86.8 | 46.3 | 38.7 |
| Total tax expense | 29.8 | 33.2 | 24.9 | 12.9 | 22.6 | 24.5 | 19.1 | 12.5 |
| Profit for the period | 89.4 | 96.4 | 102.6 | 31.1 | 45.3 | 62.4 | 27.2 | 26.2 |
| Diluted EPS (₹) | 2.12 | 2.29 | 2.44 | 0.77 | 1.10 | 1.33 | 0.67 | 0.66 |
| Other income | 9.71 | 14.8 | 12.0 | 16.9 | 10.3 | 9.22 | 9.30 | 9.15 |
| Materials, traded goods and inventory change | 768.7 | 775.2 | 777.1 | 298.0 | 569.6 | 653.9 | 572.4 | 493.5 |
| Employee benefits expense | 17.0 | 18.1 | 24.5 | 23.5 | 23.6 | 22.7 | 27.0 | 26.0 |
| Other operating expenses | 83.9 | 87.9 | 90.3 | 78.0 | 89.1 | 97.8 | 97.5 | 86.2 |
| EBITDA excluding other income | 139.5 | 148.7 | 152.7 | 59.8 | 103.6 | 115.9 | 83.3 | 64.9 |
| Depreciation and amortisation | 12.8 | 13.5 | 14.9 | 16.2 | 16.4 | 16.6 | 17.8 | 18.7 |
| Exceptional gain/(loss), signed | 0.00 | 0.00 | 0.00 | 0.00 | -10.4 | 0.00 | -7.42 | 0.00 |
| Share of profit/(loss) of associates and JVs | -0.53 | -5.90 | -5.70 | -0.58 | -0.51 | -3.22 | -4.56 | 0.77 |
| Profit attributable to non-controlling interests | n.d. | n.d. | -0.67 | -1.63 | -1.23 | -0.64 | -1.62 | -2.07 |
| Profit attributable to owners | n.d. | n.d. | 103.3 | 32.7 | 46.6 | 63.0 | 28.8 | 28.3 |
| EPS as disclosed (basic/diluted unspecified) (₹) | 2.12 | 2.29 | 2.44 | 0.77 | 1.10 | 1.33 | 0.67 | 0.66 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.8% | 76.0% | 77.7% | 8.8% | -26.4% |
| EBITDA margin | 13.4% | 14.6% | 12.4% | ||
| Net margin | 9.1% | 9.6% | 5.9% | ||
| Return on equity | 27.4% | 17.5% | 6.0% | ||
| Return on capital employed | 11.1% | 23.3% | 30.3% | 20.2% | 8.3% |
| Return on assets | 14.5% | 11.0% | 3.9% | ||
| Net debt (₹ crore) | 60.9 | 779.7 | |||
| Net debt / EBITDA | 0.11x | 2.15x | |||
| Interest cover | 6.86x | 9.76x | 11.2x | 8.67x | 4.25x |
| Asset turnover | 1.13x | 1.52x | 1.59x | 1.14x | 0.67x |
| Receivable days | 22 | 38 | 49 | 75 | 95 |
| Inventory days (on revenue) | 100 | 87 | 99 | 71 | 135 |
| Payable days (on revenue) | 45 | 35 | 55 | 38 | 50 |
| Cash conversion | -0.06x | 0.27x | 0.06x | ||
| Capex intensity | 3.1% | 3.3% | 3.4% | 12.8% | 18.3% |
| Free cash flow (₹ crore) | -0.98 | -62.2 | -143.9 | -404.0 | -525.1 |
| Dividend payout | 9.8% | 14.4% | 24.8% | ||
| EPS, diluted (₹) | 1.28 | 3.12 | 8.24 | 9.08 | 4.02 |
| Book value per share (₹) | 17.62 | 20.74 | 39.20 | 64.88 | 69.69 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported adjusted net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Jupiter Wagons includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Jupiter Wagons
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
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