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 31 December 2025, showing a decline in both revenue and profitability compared to the corresponding periods in the previous year. The Board of Directors approved these results at their meeting held on 11 February 2026.

Standalone Financial Performance

The company's standalone operations reflected challenging market conditions during the quarter. Key financial metrics demonstrated a significant year-over-year decline across major parameters.

The nine-month performance also showed a declining trend, with revenue from operations falling to ₹1,89,403.01 lakhs from ₹2,86,858.75 lakhs in the previous year, representing a substantial decrease.

Consolidated Results

On a consolidated basis, the company's performance mirrored the standalone trends with revenue pressures across the group.

The consolidated results included contributions from subsidiaries and reflected the impact of joint venture losses of ₹321.77 lakhs during the quarter.

Corporate Actions and Developments

During the quarter ended 31 December 2025, Jupiter Wagons completed a significant equity conversion transaction. The company allotted 28,72,340 equity shares to promoter Tatravagonka A.S. pursuant to the conversion of convertible warrants at an issue price of ₹470 per warrant. The convertible warrants were originally issued on 29 June 2024, and the conversion was completed on 19 December 2025 after receiving the balance 75% of the issue price amounting to ₹10,125 lakhs.

Operational Highlights

The company's cost structure showed some positive developments during the quarter:

• Cost of materials consumed decreased to ₹60,007.28 lakhs from ₹78,356.82 lakhs in Q3FY25
• Change in inventories showed a favorable impact of ₹1,819.31 lakhs
• Employee benefits expense increased to ₹1,628.43 lakhs from ₹1,441.72 lakhs
• Finance costs rose to ₹1,503.61 lakhs from ₹1,253.80 lakhs

The company operates primarily in metal fabrication, comprising load bodies for commercial vehicles and rail freight wagons in India, which constitutes a single reportable segment under accounting standards.

Regulatory and Compliance Updates

Jupiter Wagons has evaluated the impact of India's new consolidated labour codes that became effective on 21 November 2025. The company has recognized additional gratuity liability based on actuarial valuation while continuing to monitor the finalization of central and state rules under these codes. The financial results were reviewed by the Audit Committee and approved by the Board of Directors, with auditor review reports provided by Walker Chandiok & Co LLP.