Jupiter wagons Limited has submitted its quarterly compliance report detailing the utilization of funds raised through multiple preferential issues for the quarter ended December 31, 2025. The filing, made pursuant to Regulation 32 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015, covers three distinct fundraising initiatives undertaken by the company.

Fund Raising Activities Overview

The company reported on three separate fundraising exercises, each monitored by Care Ratings Limited. The comprehensive statement covers fund utilization across different time periods and purposes.

December 2023 QIP Utilization

The first QIP raised Rs. 403.41 crores with net proceeds of Rs. 394.18 crores. The company reported no utilization during the quarter ended December 31, 2025. The funds were originally allocated for three purposes:

• Foundry Unit Development: Rs. 50.00 crores originally allocated for setting up a new captive alloy steel foundry unit at Jabalpur, Madhya Pradesh. Following shareholder approval on April 18, 2025, this was modified to capacity expansion of existing alloy steel foundry at Bandel. Total utilization to date stands at Rs. 6.36 crores.
• Working Capital: Rs. 215.00 crores fully utilized for funding working capital requirements
• Inorganic Growth and Corporate Purposes: Rs. 129.18 crores fully utilized

Convertible Warrants Funding

The convertible warrants issue raised Rs. 135.00 crores in two tranches - Rs. 33.75 crores on June 28, 2024, and Rs. 101.25 crores on December 15, 2025. The entire amount was designated for investment in subsidiary Jupiter Tatravagonka Railwheel Factory Private Limited for working capital requirements. The company has utilized Rs. 33.75 crores to date with no utilization during the reported quarter.

July 2024 QIP Performance

The largest fundraising initiative raised Rs. 800.00 crores with net proceeds of Rs. 783.24 crores. The fund allocation and utilization status shows:

The subsidiary investment of Rs. 425.00 crores was made into Jupiter Tatravagonka Railwheel Factory Private Limited for capital expenditure towards railway wheel and axle plant machinery. The subsidiary utilized Rs. 342.03 crores up to Q2FY26, with the remaining Rs. 82.97 crores utilized in Q3FY26 for project expenses related to the railway wheel and axle plant construction.

Compliance and Monitoring

The company reported no deviations or variations in fund utilization during the quarter across all three fundraising initiatives. Care Ratings Limited continues to serve as the monitoring agency for all fundraising activities. The audit committee and auditors provided no additional comments on the fund utilization patterns.

The statement was signed by Ritesh Kumar Singh, Company Secretary and Compliance Officer, and filed with both BSE Limited and National Stock Exchange of India Limited on February 13, 2026.

Jupiter Wagons Limited has announced its unaudited financial results for the quarter and nine-month period ended December 31, 2025, followed by a comprehensive earnings call on February 13, 2026. The company reported declining revenue and profitability compared to the previous year, while management outlined strategic initiatives to address supply chain challenges and capitalize on emerging opportunities.

Financial Performance Overview

The company's standalone operations reflected challenging market conditions during the quarter, with significant year-over-year declines across major financial metrics.

On a consolidated basis, total income for the quarter stood at ₹890 crore, reflecting a healthy 13% quarter-on-quarter growth. EBITDA came in at ₹116 crore, up 12% from Q2, with margins sustained at 13%. Profit after tax registered a strong 38% quarter-on-quarter growth at ₹62 crore, with PAT margin expanding to 7%.

Strategic Capacity Expansion and Supply Chain Solutions

During the earnings call, Managing Director Vivek Lohia addressed the industry's wheelset supply constraints, which have significantly impacted wagon production. The company's Odisha greenfield project for fully integrated wheelset manufacturing is progressing as planned, with orders for all critical equipment placed and construction activities advancing at full pace. The facility is expected to commence production by year-end, with revenue potential of approximately ₹2,000-2,500 crore annually at full production.

Business Diversification and New Ventures

The company is actively expanding beyond traditional freight wagons into higher-value segments. Jupiter Electric Mobility made significant progress with successful implementation of auxiliary battery systems for Vande Bharat trains and secured orders from marquee customers across material handling and specialized equipment segments. The business is targeting ₹200 crore revenue by FY27, with month-on-month growth of 20-30%.

Management announced plans to enter the passenger rolling stock business in 2026, with partnerships expected to be revealed in the coming months. The company is also developing advanced components including couplers for LHB passenger coaches and buffer systems for Vande Bharat trains.

Export Opportunities and Trade Agreements

Recent positive developments in trade agreements with the EU and US are expected to open substantial export opportunities for Indian railway engineering products. The company is particularly well-positioned for high-value components such as wheelsets, brake discs, and allied systems. Management highlighted preparations for CBAM (Carbon Border Adjustment Mechanism) compliance to access European markets effectively.

Corporate Developments and Future Outlook

During the quarter, Jupiter Wagons completed a significant equity conversion transaction, allotting 28,72,340 equity shares to promoter Tatravagonka A.S. pursuant to warrant conversion at ₹470 per warrant, raising ₹10,125 lakhs. The company also appointed Mark Damian Stevenson as Additional Director, bringing over three decades of international rail industry experience.

Management expects FY27 to remain muted due to ongoing wheelset supply constraints, but anticipates FY28 and beyond to be very strong years once new capacities become operational and additional orders from Indian Railways materialize. The company maintains its long-term revenue guidance of ₹8,000-10,000 crore by FY28, supported by diversified business portfolio and strategic capacity expansions.