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Jupiter Wagons Ltd Earnings Update: Q3 & 9M FY26 11th February 2026
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2Jupiter Wagons Ltd Safe Harbour 2Jupiter Wagons Ltd Certain statements and opinions with respect to the anticipated future performance of Jupiter Wagons Ltd (JWL) in the presentation (“forward-looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. Such forward-looking statements involve several risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changes in economic, political, regulatory, business or other market conditions. Such forward- looking statements only speak as at the date the presentation is provided to the recipient and JWL is not under any obligation to update or revise such forward- looking statements to reflect new events or circumstances. No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient’s purposes. The delivery of this presentation does not imply that the information herein is correct as at any time after the date hereof and JWL has no obligation whatsoever to update any of the information or the conclusions contained herein or to correct any inaccuracies which may become apparent subsequent to the date hereof Safe Harbour
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3Jupiter Wagons Ltd Key Financial Updates – Q3 FY26 (Consolidated) Revenue from operations for Q3 FY26 stood at ₹ 890 Crore, up 13% qoq on the back of improved supply of wheelsets in the wagons business EBITDA for Q3 FY26 at ₹ 116 Crore, up by 12% qoq EBITDA Margin was 13% in Q3 FY26 compared to 13.2% in Q2 FY26 PAT for Q3 FY26 stood at ₹ 62 Crore, with a PAT Margin 7%. EPS for Q3 FY26 is ₹ 1.32 per share of a face value of ₹ 10 each
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4Jupiter Wagons Ltd Q3 FY26 Financial Updates – Consolidated Consolidated - Q-o-Q 1,030 786 890 Q3 FY25 Q2 FY26 Q3 FY26 Revenue (₹ In Crore) 13% q-o-q 149 104 116 Q3 FY25 Q2 FY26 Q3 FY26 EBIDTA (₹ In Crore) 12% q-o-q 96 45 62 Q3 FY25 Q2 FY26 Q3 FY26 PAT (₹ In Crore) 38% q-o-q
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5Jupiter Wagons Ltd Key Financial Updates – 9M FY26 (Consolidated) Revenue from operations for 9M FY26 stood at ₹ 2,135 Crore EBITDA for 9M FY26 at ₹ 279 Crore EBITDA Margin was 13.1% in 9M FY26 compared to 14.6% in 9M FY25. PAT for 9M FY26 stood at ₹ 139 Crore, with a PAT Margin of 6.5%. EPS for 9M FY26 is ₹ 3.41 per share of a face value of ₹ 10 each
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6Jupiter Wagons Ltd 9M FY26 Financial Updates – Consolidated Consolidated - 9M-vs-9M 2,919 2,136 9M FY25 9M FY26 Revenue (₹ In Crore) 27% q-o-q 425 279 9M FY25 9M FY26 EBIDTA (₹ In Crore) 34% q-o-q 278 139 9M FY25 9M FY26 PAT (₹ In Crore) 50% q-o-q
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7Jupiter Wagons Ltd Consolidated Profit & Loss statement (₹ in Crore) Particulars Q3 FY26 Q2 FY26 Q-o-Q (%) Q3 FY25 Y-o-Y (%) 9M FY26 9M FY25 Y-o-Y (%) Revenue 890.4 785.8 13.3% 1,029.8 -13.5% 2,135.6 2,918.7 -26.8% Other Income 9.2 10.3 -10.1% 14.8 -37.8% 36.4 32.4 12.3% Total Income 899.6 796.1 13.0% 1,044.7 -13.9% 2,171.9 2,951.1 -26.4% Cost of Raw material 653.9 569.6 14.8% 775.2 -15.6% 1,521.5 2,198.8 -30.8% Employee Cost 22.7 23.6 -3.6% 18.1 25.6% 69.8 52.2 33.9% Other Expenses 97.8 89.1 9.8% 87.9 11.3% 264.9 243.0 9.0% Total Operating Cost 774.4 682.3 13.5% 881.2 -12.1% 1,856.2 2,493.9 -25.6% EBITDA (Excl. Other Income) 115.9 103.6 11.9% 148.7 -22.0% 279.3 424.8 -34.2% EBITDA% 13.0% 13.2% -30 bps 14.4% -150 bps 13.1% 14.6% -160 bps Depreciation 16.6 16.4 1.3% 13.5 23.0% 49.3 38.8 27.2% Finance Cost 18.5 18.6 -0.9% 14.5 27.6% 53.0 43.8 21.1% Share in loss of Joint ventures -3.2 -0.5 537.0% -5.9 -45.3% -4.3 -6.2 -30.7% PBT 86.8 78.3 10.9% 129.6 -33.0% 209.1 368.4 -43.3% Exceptional items - -10.4 -100.0% - 0.0% -10.4 - 0.0% Tax 24.5 22.6 8.5% 33.2 -26.2% 59.9 90.8 -34.0% Deferred tax 18.1 17.8 1.3% 32.4 -44.2% 44.7 90.9 -50.9% Tax adjustment related to earlier years - - 0.0% - 0.0% -0.7 - 0.0% Current tax 6.4 4.7 35.5% 0.8 724.1% 16.0 -0.2 -10283.5% PAT 62.4 45.3 37.6% 96.4 -35.3% 138.8 277.7 -50.0% PAT% 7.0% 5.8% +110 bps 9.4% -250 bps 6.5% 9.5% -300 bps
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8Jupiter Wagons Ltd Key Financial Updates – Q3 FY26 (Standalone) Revenue from operations for Q3 FY26 stood at ₹ 776 Crore, up 9.7% qoq on the back of improved supply of wheelsets in the wagons business EBITDA for Q3 FY26 at ₹ 94 Crore, up by 6.3% qoq EBITDA Margin was 12.1% in Q3 FY26 compared to 12.4% in Q2 FY26 PAT for Q3 FY26 stood at ₹ 58 Crore, with a PAT Margin 7.5%. EPS for Q3 FY26 is ₹ 1.28 per share of a face value of ₹ 10 each
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9Jupiter Wagons Ltd Q3 FY26 Financial Updates – Standalone Standalone - Q-o-Q 1,000 707 776 Q3 FY25 Q2 FY26 Q3 FY26 Revenue (₹ In Crore) 10% q-o-q 141 88 94 Q3 FY25 Q2 FY26 Q3 FY26 EBIDTA (₹ In Crore) 6% q-o-q 98 53 58 Q3 FY25 Q2 FY26 Q3 FY26 PAT (₹ In Crore) 11% q-o-q
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10Jupiter Wagons Ltd Key Financial Updates – 9M FY26 (Standalone) Revenue from operations for 9M FY26 stood at ₹ 1,894 Crore EBITDA for 9M FY26 at ₹ 233 Crore EBITDA Margin was 12.3% in 9M FY26 compared to 14% in 9M FY25. PAT for 9M FY26 stood at ₹ 144 Crore, with a PAT Margin of 7.6%. EPS for 9M FY26 is ₹ 3.40 per share of a face value of ₹ 10 each
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11Jupiter Wagons Ltd 9M FY26 Financial Updates – Standalone Standalone - 9M-vs-9M 2,869 1,894 9M FY25 9M FY26 Revenue (₹ In Crore) 34% q-o-q 403 232 9M FY25 9M FY26 EBIDTA (₹ In Crore) 42% q-o-q 276 144 9M FY25 9M FY26 PAT (₹ In Crore) 48% q-o-q
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12Jupiter Wagons Ltd Standalone Profit & Loss statement (₹ in Crore) Particulars Q3 FY26 Q2 FY26 Q-o-Q (%) Q3 FY25 Y-o-Y (%) 9M FY26 9M FY25 Y-o-Y (%) Revenue 775.9 707.2 9.7% 1,000.0 -22.4% 1,894.0 2,868.6 -34.0% Other Income 8.2 7.5 9.4% 10.6 -22.8% 29.6 25.5 16.2% Total Income 784.1 714.8 9.7% 1,010.7 -22.4% 1,923.7 2,894.1 -33.5% Cost of Raw material 581.9 526.8 10.5% 766.3 -24.1% 1,384.1 2,203.3 -37.2% Employee Cost 16.3 15.1 8.1% 14.4 13.0% 46.7 42.6 9.5% Other Expenses 84.2 77.4 8.8% 78.2 7.7% 230.9 219.4 5.3% Total Operating Cost 682.3 619.2 10.2% 858.9 -20.6% 1,661.6 2,465.3 -32.6% EBITDA (Excl. Other Income) 93.6 88.0 6.3% 141.1 -33.7% 232.4 403.3 -42.4% EBITDA% 12.1% 12.4% -30 bps 14.1% -200 bps 12.3% 14.1% -180 bps Depreciation 8.9 8.7 1.8% 7.8 14.6% 26.3 22.6 16.2% Finance Cost 15.0 15.6 -3.7% 12.5 19.9% 43.9 39.3 11.7% PBT 77.9 71.2 9.4% 131.5 -40.8% 191.9 366.9 -47.7% Tax 19.5 18.5 5.8% 33.6 -41.8% 48.0 91.2 -47.4% Deferred tax 18.1 17.9 1.1% 32.4 -44.2% 44.7 90.9 -50.8% Tax adjustment related to earlier years - - 0.0% - 0.0% -0.7 - 0.0% Current tax 1.5 0.6 145.6% 1.2 22.8% 4.0 0.3 1351.2% PAT 58.3 52.7 10.7% 97.9 -40.4% 143.9 275.7 -47.8% PAT% 7.5% 7.5% 0 bps 9.8% -230 bps 7.6% 9.6% -200 bps
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13Jupiter Wagons Ltd Q3 & 9M FY26: Operating Highlights Order Book of ₹ 5,041 Crore as on December 31, 2025 (In Nos.) Q3 Q2 Q3 9M 9M Year ended FY 26 FY 26 FY 25 FY 26 FY 25 FY 25 Railway Wagons 1,697 1,628 2,259 4,151 6,343 8,718 CMS Crossing 462 211 297 935 802 933 Commercial Vehicle Bodies & Components 3,378 2,006 2,391 7,566 6,110 8,548 Containers 342 500 258 1,181 674 1,012 Wheels 1,272 561 48 2,041 243 411 Axles 995 1,339 1,498 3,078 5,480 5,504 Wheel sets 4,476 5,362 2,288 14,649 7,540 11,993 Brake Disc 7,529 7,183 4,237 19,911 13,026 16,290 Axle Mounted Disc Brake System 40 4 158 53 230 230 Particulars
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14Jupiter Wagons Ltd MD’s Message Mr. Vivek Lohia Managing Director Commenting on the results, Mr. Vivek Lohia, Managing Director of Jupiter Wagons Ltd., said, During Q3 FY26, the Company witnessed further improvement in performance with consolidated revenues of ₹890 crore, representing a sequential growth of 13% quarter-on-quarter compared to Q2 and Consolidated EBITDA increasing by 11% QoQ to ₹116 crore, reflecting stable execution and operational resilience despite ongoing industry headwinds. For the nine months ending December 2025, consolidated revenues were ₹2,136 crore, with EBITDA of ₹279 crore and Profit After Tax of ₹139 crore. On the supply side, while wheelset supply has improved from its peak shortage in first few months of the year, Industry continues to face constraints in wheelsets supply chain affecting wagon production and dispatch cycles which is expected to continue for next few quarters till the time our integrated wheelsets plant commences operation, which is expected by end of year, thereby helping in securing steady supply and production levels. Despite these near-term challenges, Jupiter continues to maintain healthy order books, especially from private customers, underlining strong customer confidence. The policy environment remains supportive. The announcement of a new freight corridor in the Union Budget and railway ministry maintaining its procurement estimates at approx. 32,000 wagons reinforces the long-term demand for freight rolling stock and associated components. Within the railways segment, in addition to freight wagons, we continue to witness steady growth in our products like Wheelsets, Brake Discs, CMS Crossing etc, and are actively pursuing opportunities to enhance our share in the Passenger Segment In addition, recent positive developments towards strengthening trade agreements with the EU and the US are expected to open up sizeable export opportunities for Indian railway engineering products—particularly in high-value components such as wheelsets, brake discs, and allied systems—where we are well positioned to target European and other international market through our JVs, subsidiaries and global partnerships. Our commercial vehicle and container sales recorded healthy growth during the year and following the recent PLI announcement and Rs.10,000 Crore budgetary allocation, segment is well positioned for accelerated growth over the coming years. Jupiter, being one of the leading manufacturers for containers, is well positioned to benefit from these initiatives.
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15Jupiter Wagons Ltd MD’s Message Mr. Vivek Lohia Managing Director Our wheelsets business is witnessing steady growth and has healthy orderbook for wheelsets and Axle supply across different applications - Freight wagons, LHB coaches, Metro applications, Vande Baharat train, etc. The Odisha railwheel facility—a key structural initiative aimed at addressing this constraint—is progressing as planned and is expected to commence production by year-end. This will materially enhance supply chain resilience and support higher throughput across both wagon and component manufacturing. Our Battery business, especially the Battery Energy Storage Systems (BESS) segment gained further traction, reflected in initial deployments and incremental additions to the order book. We have commissioned an additional cell-to-battery manufacturing line in Indore, thereby increasing our capacity to meet the growing demand opportunities. Looking ahead, Company is also preparing for an entry into the passenger rolling stock segment and is in advance stage of engagement with a leading European partner, further details of which shall be shared at an appropriate time. While near-term challenges persist due to supply chain constraints, our fundamentals remain strong. With healthy order book, policy tailwinds, diversified business and strategic capacity expansion underway we remain confident about the Company’s long term growth trajectory and are well placed to leverage opportunities across both domestic and global markets to scale our business and drive sustained, long-term value creation.”
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16Jupiter Wagons Ltd Key Highlights- H1 FY26 Company has appointed Mr. Mark Damian Stevenson as an Additional Director in the category of Non-Executive Non- Independent Director of the Company with effect from December 15, 2025. Mr. Mark Damian Stevenson is a seasoned senior rail industry executive with more than three decades of leadership experience across European freight railcar leasing, financial stewardship, and large-scale operational transformation. Jupiter Wagons Limited allotted equity shares on December 19, 2025 pursuant to conversion of warrants by promoter entity TATRAVAGONKA A.S. upon receipt of the balance subscription amount of Rs.101.25 Crore, resulting in an increase in promoter shareholding from 68.09% to 68.31%, with allotment of 28,72,340 equity shares. Jupiter Electric Mobility • The company has successfully implemented supply of auxiliary battery systems for Vande Bharat trains and has secured marquee customers across material handling and specialised equipment segments, reflecting strong market validation and rapid execution. • Operational capabilities have been significantly strengthened with the commissioning of a cell-to-battery manufacturing line in Indore. Additionally, JEM has developed and deployed modular Battery Energy Storage Systems (BESS) in 10 ft and 20 ft containers, addressing high-value use cases such as diesel generator replacement, mobile energy storage, and solar integration—positioning the company for scalable growth across multiple energy transition applications. Jupiter Tatravagonka Railwheel Factory Private Limited • Odisha Greenfield project is progressing as per planned schedule with order placed for all critical equipment and deliveries expected to commence soon. Construction work is ongoing at full pace, with project expected to commence production by end of Year. • Company has secured healthy orderbook for wheelsets and Axle supply across different applications - Freight wagons, LHB coaches, Metro applications, Vande Baharat train, etc and has obtained order for machining and assembly of LHB wheelsets.
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The picture can't be displayed. 17 Annexure
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18Jupiter Wagons Ltd FY25 Financial Highlights – Standalone 998 1,182 2,073 3,662 3,905 FY21 FY22 FY23 FY24 FY25 Total Revenue (₹ In Crore) 4Y CAGR 40.3% 106 114 254 491 546 FY21 FY22 FY23 FY24 FY25 EBITDA (₹ In Crore) 54 50 125 333 373 FY21 FY22 FY23 FY24 FY25 PAT (₹ In Crore) 4Y CAGR 50.6% 4Y CAGR 62.1%
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19Jupiter Wagons Ltd Financial Highlights – 5 year trend Particulars FY21 FY22 FY23 FY24 FY25 Profitability Ratio EBITDA Margin % 10.7% 9.9% 12.5% 13.5% 14.1% PAT Margin % 5.4% 4.2% 6.0% 9.1% 9.6% Efficiency Ratio Inventory Turnover 3.4 3.1 3.8 4.1 3.7 Debtors Turnover 18.1 16.4 14.6 10.7 6.1 Creditors Turnover 6.2 6.8 10.2 10.1 6.3 Return Ratio ROCE 11.5% 11.7% 21.7% 24.9% 17.6% ROE 8.6% 7.5% 17.2% 27.8% 17.2% Liquidity Ratio Current Ratio 1.5 1.6 1.4 1.6 2.1 Debt to Equity Ratio 0.22 0.21 0.25 0.17 0.13
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20Jupiter Wagons Ltd Robust Manufacturing Capabilities No of Facilities Products Unit 1 Load bodies for Commercial Vehicle The picture can't be displayed. Jamshedpur The picture can't be displayed. Kolkata No of Facilities Products Unit 1 Wagons, couplers, draft gears, CMS crossing, Bogies, CRF section Unit 2 Brake System for high-speed passenger train (JV with Dako) Unit 3 CMS Crossings (JV with Talleres Alegria) Unit 4 Stone India – Brake system for Freight wagons, Pantograph, DV etc. The picture can't be displayed. Unit of Stone India The picture can't be displayed. Jabalpur No of Facilities Products Unit 1 & 2 Load bodies for Commercial Vehicle Unit 3 Wagons, CRF section Unit 4 Brake disc for high-speed passenger coach, Hubs etc. (JV with Kovis) The picture can't be displayed. Indore No of Facilities Products Unit 1 Load bodies for Commercial Vehicle & Containers, Manufacturing unit of E-LCV Pune Development centre of E-LCV The picture can't be displayed. Baddi The picture can't be displayed. No of Facilities Products Unit 1 Wheels, Axles, Wheel sets Aurangabad The picture can't be displayed. Odisha No of Facilities Products Unit 1 Forged Wheel sets
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21Jupiter Wagons Ltd Technology Alliance With Best-In-Class Global Players Key Players Status / Structure Products JV will manufacture Tatravagonka, one of the dominant wagon manufacturer in Europe Tatravagonka Poprad Strategic Investor NA Kovis D.O.O. is a leading manufacturer of Brake discs for railway vehicles and bearing housings KOVIS JV incorporated as: JWL-KOVIS India Pvt. Ltd. (50:50) Brake discs, Axles and Gear boxes DAKO-CZ, a leading manufacturer of Pneumatic, Electromechanical and Hydraulic brake systems for rolling stock DAKO-CZ JV incorporated as: JWL DAKO-CZ India Ltd. (50:50) Brake system for High-speed passenger train, Metro-coach & Freight Car Axle mounted disc brake, Bogie mounted brake and Wheel slide protection Talleres Alegra specializes in railway track material and equipment production, with 108 years of experience Talleres Alegra JV incorporated as: JWL Talegria Pvt. Ltd (50:50) Weldable Cast Manganese Steel (WCMS) Crossings for both BG (Broad Gauge) and Metro
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Thank You Mayank Vaswani / Jenny Kunnappally CDR India Tel: +91 98209 40953 / +91 86899 72124 Email: mayank@cdr-india.com / jenny@cdr-india.com