Jupiter Wagons Limited has scheduled its 46th Annual General Meeting for Tuesday, September 29, 2026, at 1:00 pm. The meeting will be conducted through video conferencing or other audio-visual means in compliance with SEBI and Ministry of Corporate Affairs regulations.

The notice pertains to the financial year 2025-26. Shareholders holding shares as on the cut-off date of September 22, 2026, are eligible to vote. The company published the public notice in Financial Express and Raj Express on August 26, 2026.

E-Voting Schedule

Remote e-voting will commence on September 26, 2026, at 9:00 am and conclude on September 28, 2026, at 5:00 pm. Members can cast their votes electronically via the KFin Technologies portal, NSDL, or CDSL platforms.

Document Access

The notice of the AGM and the annual report for FY25-26 will be sent electronically to members with registered email addresses. Physical copies are available upon request. Documents are also accessible on the company website and stock exchange portals.

Members who have not registered their email addresses will receive a letter with web-links to access the annual report. Those facing technical issues with login can contact the helpdesks of NSDL or CDSL for assistance.

Jupiter Wagons Limited reported a robust start to FY27, with consolidated revenue from operations rising 46% year-on-year to ₹671 crore for the quarter ended June 30, 2026. While top-line growth was strong, EBITDA expanded by only 9% to ₹65 crore, resulting in a margin of roughly 10%. Profit after tax stood at ₹26 crore with a PAT margin of 4%. Management attributed the divergence between revenue and profitability growth to operating leverage that is expected to improve in subsequent quarters as volumes increase.

Financial Performance

The company’s financial results highlight a period of transition, particularly in the railway wagon segment. Standalone wagon production declined sequentially from 1,347 units in the previous quarter to 1,141 units in Q1FY27. Managing Director Vivek Lohia explained this dip was due to the execution of new private sector wagon designs, which required prototype approvals. Despite the volume dip, average wagon realization improved from approximately ₹38 lakh in Q1FY26 to ₹41.5 lakh in the current quarter.

Order Inflow and Execution

Order inflow remained a key driver during the quarter. Jupiter Wagons secured fresh orders worth ₹264 crore from JSW Rail Logistics and the Central Warehousing Corporation. Additionally, it won contracts worth ₹211 crore from JSW Port Logistics and Orissa Alloy Steel Private Limited. The total order book stands at approximately ₹4,530 crore, comprising:

• Railway wagons: ~₹3,000 crore
• Wheelset components: ~₹700 crore
• Commercial vehicle bodies: ~₹500 crore
• BESS (Battery Energy Storage Systems): ~₹500 crore

Management indicated that 60%-70% of the current order book is expected to be executed in FY27. Approximately 80% of the wagon order book now consists of private wagons, reflecting a shift away from reliance solely on Indian Railways.

Strategic Expansions

A significant strategic milestone was the completion of the acquisition of the remaining 1.94% stake in Jupiter Tatravagonka Railwheel Factory (JTRWF), bringing ownership to 100%. Concurrently, the company entered a partnership with Lucchini RS of Italy and SIMEST, an Italian government financial institute. These partners will acquire a combined 25% stake in JTRWF with an investment of approximately ₹290 crore. This infusion reduces Jupiter’s required capital contribution for the Odisha greenfield facility from ₹900 crore to ₹600 crore, while bringing world-class railwheel technology and global market access.

In the energy storage segment, Jupiter Electric Mobility (JEM) secured 110 MW of BESS orders through MoUs with Chalukya Power and Pickrenew. Post-quarter, JEM emerged as a successful bidder for two standalone BESS projects in West Bengal (Jeerat and Kharagpur) with a combined capacity of 500 MW (100 MW + 400 MW). These projects, valued at approximately ₹400 crore, will operate under a 15-year build-own-operate model. This brings JEM’s total BESS order book to approximately 500 MW, valued at over ₹500 crore, with a target of reaching ₹1,000 crore by FY27.

What the Numbers Show

While consolidated revenue grew significantly, subsidiaries reported an EBITDA loss in Q1FY27, causing consolidated EBITDA to lag behind standalone figures. Stone India, which received RDSO approval for freight brake systems, is expected to turn profitable by Q3FY27 once production ramps up. Similarly, JEM is projected to become EBITDA positive only from FY28 onwards, as FY27 focuses on technology building and order book accumulation. This indicates that current profitability is driven primarily by the core wagon business, with new growth engines still in their investment phase.

Outlook

Management reaffirmed confidence in the structural opportunities within India’s railway infrastructure and private rolling stock sectors. The Odisha greenfield facility, with a rated capacity of 100,000 wheelsets, aims for partial production by end-FY27 and full commissioning by end-FY28. The company targets an EBITDA margin of at least 15% for the wheelset business once fully operational. With Indian Railways maintaining its loading target of 3.5 billion tonnes, demand remains strong, though new order timelines remain uncertain.