Jupiter Wagons Limited announces demise of Independent Director Mr. Santanu Ray

Jupiter Wagons Limited has informed the stock exchanges about the sad demise of Mr. Santanu Ray, Independent Director of the Company, on April 18, 2026. The company filed the regulatory intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Leadership Loss

Mr. Ray was described as an esteemed member of the Board who contributed immensely to the Company through his experience, guidance, and leadership. The company characterized his sudden demise as an irreparable loss to the organization. Jupiter Wagons has conveyed its deep sympathy and condolences to his family members during this difficult time.

Regulatory Compliance Details

The company submitted the required details pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The formal intimation was signed by Company Secretary Ritesh Kumar Singh and filed with both BSE Limited and National Stock Exchange of India Limited.

Particulars:	Details
Director Name:	Mr. Santanu Ray
Position:	Independent Director
DIN:	00642736
Reason for Change:	Death
Date of Cessation:	April 18, 2026

Corporate Communication

The company requested the stock exchanges to take the information on record and disseminate it for the information of stakeholders. The regulatory filing ensures transparency and compliance with listing obligations regarding changes in board composition due to the unfortunate circumstances.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.81%	+7.38%	+7.09%	-12.72%	-27.76%	+1,583.89%

Global brokerage firm Jefferies has initiated coverage on Jupiter Wagons , assigning an Underperform rating to the railway wagon manufacturer. The investment firm has set a target price of ₹200 for the stock, signaling a cautious stance on the company's near-term prospects.

Brokerage Rating Details

Parameter:	Details
Brokerage Firm:	Jefferies
Rating:	Underperform
Target Price:	₹200
Coverage Status:	Initiated

Understanding the Rating

An Underperform rating typically indicates that the brokerage expects the stock to deliver below-average returns compared to the broader market or sector peers over the investment horizon. This rating suggests that Jefferies may have identified certain challenges or headwinds that could impact Jupiter Wagons' performance in the coming period.

About Jupiter Wagons

Jupiter Wagons operates in the railway wagon manufacturing sector, which is closely tied to India's infrastructure development and freight transportation needs. The company's performance is generally influenced by government policy on railways, industrial demand for freight services, and overall economic activity levels.