Jupiter Wagons Ltd logo

Jupiter Wagons Ltd

JWL NSE

Commercial Engineers & Body Builders Company Ltd (CEBBCO) is primarily involved in the business of manufacturing metal fabrication comprising load bodies for commercial vehicles, rail freight wagons, and components. [1]

AI Verdict: HOLD Confidence: 4%

Jupiter Wagons trades at a steep PE of 72.1x while TTM sales declined 26% and profits fell 52%, signaling near-term earnings deterioration. The 5-year profit CAGR of 28% and strong long-term stock CAGR of 53% over 5 years reflect past momentum, but current fundamentals and deteriorating working capital warrant caution until a clear earnings recovery emerges.

Key Fundamentals

MicrocapRailway WagonsCapital Goods
Market Cap
₹11,317 Cr
Volatility
Moderate
P/E Ratio
65.57
EBITDA
₹336 Cr
Return on Equity
20.29%
Debt to Equity
0.19
Book Value
₹69.69
EPS
₹8.5
52W High
₹393.6
52W Low
₹235.65

Technical Indicators

Key Insights

Weaknesses

3
  • Debtor days have increased from 73.0 to 94.7 days.
  • Promoter holding has decreased over last 3 years: -6.31%
  • Working capital days have increased from 73.5 days to 114 days

Growth Rate

Revenue Growth
-27.25% ↘
Net Income Growth
-51.59% ↗
Cash Flow Change
645.50% ↗
ROE
-32.28% ↗
ROCE
-31.59% ↗
EBITDA Margin (Avg.)
-26.93% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Jupiter Wagons trades at a steep PE of 72.1x while TTM sales declined 26% and profits fell 52%, signaling near-term earnings deterioration. The 5-year profit CAGR of 28% and strong long-term stock CAGR of 53% over 5 years reflect past momentum, but current fundamentals and deteriorating working capital warrant caution until a clear earnings recovery emerges.

Bull Case 7
  • Strong 5-year compounded profit growth of 28% CAGR demonstrates long-term earnings scalability in the wagon and rail mobility space
  • 5-year stock CAGR of 53% reflects sustained investor confidence and wealth creation over a meaningful period
  • 10-year stock CAGR of 34% indicates the company has compounded shareholder value across multiple market cycles
  • 3-year compounded sales growth of 12% shows the business has scaled revenue meaningfully from a smaller base
  • Market cap of Rs 11,874 Cr positions JWL as a mid-cap with potential for re-rating if order inflows recover
  • 3-year ROE average of 14% indicates reasonable capital efficiency relative to asset-heavy industrials peers
  • Dividend yield of 0.36% while modest provides some income floor and signals management confidence in cash flows
Bear Case 8
  • TTM compounded profit decline of 52% signals severe near-term earnings compression and possible margin pressure
  • TTM sales decline of 26% indicates a sharp revenue slowdown possibly due to order execution delays or lumpy ordering patterns
  • PE ratio of 72.1x is extremely elevated for an industrial company with declining earnings, leaving no margin of safety
  • Working capital days have increased sharply from 73.5 to 114 days, tying up more capital and straining cash flows
  • Debtor days have increased from 73 to 94.7 days indicating slower collections and potential customer payment stress
  • Promoter holding has decreased by 6.31% over 3 years, raising questions about insider confidence and potential dilution
  • Last year ROE fell to just 6% from a 3-year average of 14%, confirming the sharp deterioration in return on equity
  • Analyst consensus is unfavorable with 0% buy ratings, 66.67% hold and 33.33% sell across 3 analysts covering the stock

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 6
  • Q4 profit crashes 73.5% YoY May 30

    Consolidated net profit fell to ₹27 crore from ₹103 crore YoY, with revenue down 25% to ₹790 crore and EBITDA declining 45.5% to ₹83 crore. EBITDA came in 32% below Jefferies estimates due to wagon volumes falling 43% YoY.

  • Jefferies rates Underperform, ₹210 target May 30

    Jefferies maintained Underperform rating with target of ₹210 (23% downside from ₹275.50) and cut FY27-FY28 earnings estimates by 4-9% to reflect the Q4 miss.

  • Full-year FY26 revenue down 26% May 30

    FY26 revenue from operations fell to ₹2,961 crore from ₹3,963 crore, while full-year PAT declined 56% to ₹166 crore with margins narrowing to 5.7% from 9.6%.

  • Wheelset shortage and LPG disruptions May 30

    Management cited an industry-wide wheelset shortage in H1 FY26 constraining wagon production, and LPG supply disruptions in Q4 linked to geopolitical tensions hitting manufacturing operations.

  • Odisha plant delayed to Q4 FY27 May 30

    Wheel manufacturing project in Odisha now expected to begin interim operations only in Q4 FY27 versus earlier Q2 guidance, with full commissioning pushed to end of FY28.

  • Stock down 30% over past year May 30

    Shares fell 5.25% to ₹275.50 post results, trading at PE of 71 and down 30% over the past year and 18% YTD, significantly underperforming Nifty 500.

Positives 6
  • 10-year Tatravagonka export deal signed May 27

    Subsidiary JTRWF signed a 10-year supply agreement with Slovakia-based Tatravagonka a.s. for 20,000-30,000 wheelsets annually, with commercial supplies commencing by end of CY2027. Shares surged 6.47% to ₹308.50 on the news.

  • ₹1,000-1,500 crore export revenue target May 27

    MD Vivek Lohia expects exports of ~50,000 wheelsets annually to add ₹1,000-1,500 crore in revenue, positioning JTRWF as India's first rail wheel manufacturer exporting wheelsets globally.

  • Odisha plant: 1 lakh wheelset capacity May 27

    Greenfield Odisha facility with ₹3,000 crore investment planned at 100,000 wheelsets annual capacity, with 40-50% of output directed to export markets over the long term.

  • Wheelset subsidiary crosses ₹500 crore May 30

    Jupiter Tatravagonka Railwheel Factory crossed ₹500 crore in revenue at 16% EBITDA margin, demonstrating the components vertical is scaling meaningfully.

  • Order book at ₹4,675 crore May 30

    Order book stood at ₹4,675 crore as of March 31, 2026 with orders for ~7,400 wagons providing earnings visibility for FY27.

  • 110 MWh BESS MoUs signed May 27

    Jupiter Electric Mobility signed MoUs with Chalukya Power and Pickrenew Energy for 110 MWh of Battery Energy Storage System deployments, targeting ₹1,000 crore battery segment revenue over 3-4 years.

Neutral 2
  • Board met May 30 for results May 26

    Jupiter Wagons board meeting held on May 30, 2026 to consider audited financial results for Q4 and FY26, with trading window closed until 48 hours post declaration.

  • Stone India freight brake approved May 30

    Subsidiary Stone India received RDSO approval for its freight brake system, with production scheduled to begin in July 2026.

TL;DR: Jupiter Wagons faces severe near-term earnings pressure with Q4 FY26 profit crashing 73% on supply chain disruptions and weak wagon volumes, leading to a full-year 56% PAT decline. The strategic pivot to wheelset exports via the 10-year Tatravagonka deal and ₹3,000 crore Odisha plant offers a credible long-term growth path targeting ₹1,000-1,500 crore in export revenue. However, the Odisha plant is delayed to Q4 FY27 for interim operations, component JVs are nascent, and Jefferies sees 23% further downside. The trend is deteriorating operationally in the short term, with the stock's re-rating hinging on Odisha commissioning and wagon order execution in FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
712
753
879
896
1,115
880
1,009
1,030
1,045
459
786
890
780
Expenses
620
657
759
773
970
743
870
887
898
400
683
778
701
Operating Profit
91
97
121
123
146
137
139
143
147
59
103
113
79
OPM %
13%
13%
14%
14%
13%
16%
14%
14%
14%
13%
13%
13%
10%
Other Income
1
2
6
5
12
8
10
15
12
17
0
9
2
Interest
9
8
10
11
11
13
17
14
17
16
19
18
16
Depreciation
6
7
7
7
8
12
13
14
15
16
16
17
18
PBT
78
84
110
110
139
120
119
130
127
44
68
87
46
Tax %
49%
25%
25%
26%
25%
23%
25%
26%
20%
29%
33%
28%
41%
Net Profit
39
63
82
81
105
92
89
96
103
31
45
62
27
EPS in Rs
1.01
1.57
2.05
1.98
2.55
2.23
2.11
2.29
2.43
0.77
1.1
1.47
0.67
Figures in ₹ Crores

Profit & Loss

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
996
1,178
2,068
3,644
3,963
2,916
Expenses
889
1,065
1,819
3,157
3,398
2,562
Operating Profit
106
114
249
487
566
354
OPM %
11%
10%
12%
13%
14%
12%
Other Income
2
3
5
25
44
28
Interest
21
18
29
41
60
70
Depreciation
21
23
25
28
54
67
PBT
66
76
200
442
496
245
Tax %
19%
34%
40%
25%
23%
32%
Net Profit
53
50
121
331
380
166
EPS in Rs
5.97
5.55
3.12
8.04
9
4
Div. Payout %
0%
0%
16%
7%
14%
25%
Figures in ₹ Crores

Balance Sheet

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
387
387
387
412
424
427
Reserves
246
295
416
1,204
2,330
2,551
Borrowings
138
139
288
349
502
996
Other Liabilities
220
250
543
975
743
738
Total Liabilities
991
1,072
1,634
2,940
3,999
4,712
Fixed Assets
418
428
464
831
972
1,119
CWIP
21
22
27
54
66
266
Investments
2
8
11
93
164
236
Other Assets
550
615
1,131
1,962
2,797
3,092
Total Assets
991
1,072
1,634
2,940
3,999
4,712
Figures in ₹ Crores

Cash Flow

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
67
60
78
-19
104
9
Investing
-60
-49
-122
-464
-628
-688
Financing
22
-17
121
489
842
454
Net Cash Flow
30
-6
76
5
318
-224
Free Cash Flow
37
23
9
-143
-403
-524
CFO/OP
67
54
35
18
39
28
Figures in ₹ Crores

Ratios

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
26
22
38
49
75
95
Inventory Days
120
130
114
127
94
188
Days Payable
70
58
46
71
50
69
Cash Conversion Cycle
77
94
106
105
119
213
Working Capital Days
34
44
25
44
62
114
ROCE %
—
12%
24%
31%
21%
9%

Shareholding Pattern

As of Mar 2026
Promoters 68.31%
Public 15.14%
Others 11.58%
FIIs 4.19%
DIIs 0.78%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022May 2022Jun 2022Sep 2022Dec 2022Mar 2023May 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Jul 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Jan 2026Mar 2026
Promoters
60.65%
60.65%
60.65%
60.65%
60.65%
74.62%
74.62%
74.62%
74.62%
74.62%
72.36%
72.37%
72.37%
70.12%
70.12%
70.12%
68.11%
68.11%
68.11%
68.11%
68.11%
68.09%
68.31%
68.31%
68.31%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.28%
4.14%
5.34%
3.45%
3.45%
3.86%
4.45%
4.42%
4.49%
4.49%
4.19%
DIIs
9.33%
9.33%
9.33%
9.33%
9.33%
2.15%
2.15%
2.15%
2.15%
1.49%
1.63%
1.17%
0.78%
1.90%
1.92%
0.92%
2.31%
1.99%
1.74%
1.71%
1.39%
1.03%
0.75%
0.75%
0.78%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
20.34%
20.40%
22.71%
23.56%
24.85%
5.76%
5.81%
5.34%
5.34%
5.98%
6.35%
7.28%
8.31%
9.84%
10.30%
10.81%
10.48%
12.50%
12.77%
14.61%
14.47%
14.95%
14.93%
14.93%
15.14%
Others
9.69%
9.62%
7.31%
6.46%
5.18%
17.47%
17.42%
17.89%
17.89%
17.91%
19.66%
19.18%
18.54%
18.13%
15.38%
14.00%
13.76%
13.95%
13.94%
11.71%
11.60%
11.51%
11.52%
11.52%
11.58%
No. of Shareholders
0
10,740
12,691
13,668
14,538
16,222
17,374
18,229
24,348
29,778
32,731
46,791
96,707
1,06,761
1,75,669
2,27,473
2,30,983
2,93,306
3,09,767
3,83,418
3,81,237
3,87,636
3,77,295
3,88,294
3,86,428

Documents

Frequently Asked Questions about Jupiter Wagons Ltd

What does Jupiter Wagons Ltd do?
Commercial Engineers & Body Builders Company Ltd (CEBBCO) is primarily involved in the business of manufacturing metal fabrication comprising load bodies for commercial vehicles, rail freight wagons, and components. [1]
Where is Jupiter Wagons Ltd (JWL) listed?
Jupiter Wagons Ltd is listed on the Indian stock exchanges. It is listed on NSE: JWL and BSE: 533272. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Jupiter Wagons Ltd belong to?
Jupiter Wagons Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Jupiter Wagons Ltd?
Jupiter Wagons Ltd has a market capitalisation of approximately ₹11316.77 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Jupiter Wagons Ltd?
The Price-to-Earnings (PE) ratio of Jupiter Wagons Ltd is 65.57. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Jupiter Wagons Ltd?
Over the past 52 weeks, Jupiter Wagons Ltd has traded between a low of ₹235.65 and a high of ₹393.6. This range helps investors understand the stock's price volatility and recent trading levels.
Does Jupiter Wagons Ltd pay dividends?
Yes, Jupiter Wagons Ltd has a dividend yield of 0.37%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Jupiter Wagons Ltd?
Jupiter Wagons Ltd has a Return on Equity (ROE) of 20.29%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Jupiter Wagons Ltd on Tapetide?
On Tapetide, you can view Jupiter Wagons Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Commercial Engineers & Body Builders Company Ltd (CEBBCO) is primarily involved in the business of manufacturing metal fabrication comprising load bodies for commercial vehicles, rail freight wagons, and components. [1]

Website jupiterwagons.com
CEO Mr. Abhishek Jaiswal
Employees 1,016
Listed 2010-10-18
Face Value ₹ 10
Issued Size 42,44,98,049

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