Thank you, Farah, and good evening everyone. Thanks for joining us today for Q4 and FY26 earnings call of Jupiter Wagons Limited.

On behalf of Systematix, I would like to thank the management for giving us the opportunity to host this call. Today we have with us Mr.

Vivek Lohia, Managing Director, and Mr. Vinod Kumar Agarwal, CFO, and Mr.

Punit Sahab, Vice President. Now I'll hand over the call to the management for their opening remarks, followed by the Q&A session.

Thank you and over to you, Vivek sir.

Thank you, Sudeep. Good evening everyone and welcome to Jupiter Wagons' earning call for the fourth quarter and full year ended 31st March, 2026.

We hope you've had the opportunity to review our financial results and investor presentation shared earlier. FY26 was a year that tested the resilience of the entire rail and mobility ecosystem.

The industry faced significant challenges, beginning with a prolonged shortage of wheelsets that constrained wagon production across the sector during the first half of the year. As the supply constraints gradually eased, fresh challenges emerged in the fourth quarter through global supply chain pressures, especially LPG availability disruptions arising from geopolitical developments.

Despite these headwinds, Jupiter Wagon demonstrated resilience, agility, and disciplined execution. While our financial performance was impacted by external factors, the year was marked by several strategic milestones that strengthened our long-term growth platform and positioned us to capitalize on opportunities across rail, mobility, logistics, and clean energy.

For FY26, we reported a consolidated total income of ₹2,961 crore and a profit after tax of ₹166 crore. EBITDA stood at 360 ₹363 crore, translating into a margin of 12.4%.

During the fourth quarter, total income was ₹790 crore, EBITDA was ₹83 crore, and PAT stood at ₹27 crore. While these numbers reflect the operational challenges experienced during the year, they do not fully capture the significant progress achieved in strengthening our business portfolio and future growth capabilities.

We enter FY27 with a order book of ₹4,675 crore, providing healthy revenue visibility and reaffirming customer confidence in our capabilities and execution. Our financial position remains robust, supported by the reaffirmation of our credit rating by CRISIL at AA- Stable for the long-term debt and A1+ for short-term debt.

A major highlight of FY26 was the performance of our wheelset business through Jupiter Tatravagonka Railwheel Factory. The business crossed ₹500 crore in revenue during the year while maintaining a healthy EBITDA margin of around 17%.

We secured a strong order pipeline across freight wagons, LHB coaches, metro applications, and Vande Bharat trains. Key wins included the Ministry of Railway order for 9,000 LHB axles, a letter of intent for 5,376 Vande Bharat wheelsets, and multiple wheelset machining and assembly contracts.

These achievements reinforce our growing presence in one of the most strategically important segments of the rail value chain. Moreover, we have signed a long-term supply arrangement with Tatravagonka, one of Europe's leading wagon manufacturer, under which we will supply wheelsets for their requirements from our upcoming Odisha facility.

This partnership represents a significant step in building our export business and validates our manufacturing capabilities. We are actively engaging with additional global partners to expand our international footprint and create long-term value for our shareholders.

The Odisha greenfield wheelset project continues to progress as planned. Orders have been placed for all critical equipments, deliveries have commenced, and civil construction is at an advanced stage.

Partial production is expected by end of the current financial year, with full commissioning targeted by end of FY28. The facility will significantly enhance our manufacturing scale while supporting both domestic and export demand.

Our clean energy business under Jupiter Electric Mobility also recorded meaningful progress during the year. India's energy transition is creating a substantial opportunity in battery energy storage, and we have invested strategically to build capabilities in this segment.

During FY26, we successfully developed and deployed modular battery energy storage systems in both 10-feet and 20-feet container formats for applications including renewable energy integration, diesel generator replacement, and mobile energy storage. To strengthen vertical integration and manufacturing efficiency, we commissioned a cell-to-battery manufacturing line in Indore, enhancing our ability to scale as demand grows.

We are also pleased to sign MOUs adding to 110 MW of BESS business to our FY27 order book. These partnerships validate the strength of our technology and reinforce customer confidence in our capabilities.

Looking ahead, we aspire to build a ₹1,000 crore revenue business in batteries and energy storage over the next 3 to 4 years, supported by a growing order pipeline and favorable industry dynamics. Our container manufacturing business delivered healthy growth during FY26.

The Government of India recently announced production linked incentive scheme for container manufacturing supported by ₹10,000 crore budgetary allocation, which provides a strong policy tailwind for the sector. Given our established capabilities and market position, we believe Jupiter is well-positioned to benefit from this opportunity.

Another important milestone was achieved through our subsidiary, Stone India Limited, which received RDSO approval for its freight brake system. Commercial production is expected to commence in July 2026.

With this achievement, Jupiter Wagon has attained full backward integration across its core railroad product portfolio. This strategic milestone strengthens our control over quality, cost, and delivery schedules, reduces dependence on external supplies, and enhances our capability to navigate supply chain disruptions while supporting long-term margin improvement.

Looking ahead, we remain optimistic about the opportunities before us. The Government of India's continuous focus on rail-led freight transportation and infrastructure expansion is expected to drive sustained demand across the rail ecosystem.

With our integrated product portfolio, manufacturing capabilities, technology partnerships, and execution track record, Jupiter Wagon is well-positioned to capitalize on these opportunities. Passenger mobility is a strategic portfolio and priority for Jupiter Wagons, and we are preparing to enter passenger mobility segment in FY27, backed by our deep manufacturing capabilities and technology partnerships, thus creating an important new avenue for growth and diversification.

Today Jupiter Wagons is evolving into a diversified mobility and infrastructure solutions company, with a growing presence across rail, mobility, logistics, and clean energy. Supported by a strong order book, expanding capabilities, and a clear growth roadmap, we enter FY27 with confidence and remain committed to creating sustainable long-term value for all our stakeholders.

Thank you for your continued trust and support, and I now request the moderator to open the floor for questions.

Good evening, sir. Thank you so much for the opportunities.

Sir, in the Odisha wheelset plant, earlier it was planned by Q2, I think so, Q2 FY27, but right now it's been extending to Q4 FY27. If that production starts by Q4, for example March 2027, what will be the ramp-up curve for wheelsets in that financial year, for example FY28?

Secondly, if you could talk about wagon tenders, I think recently we got information about 1 lakh wagons over next 3 to 4 years timeframe, which is approximately 30,000 to 40,000 wagons per annum, and when it's likely to be rolled out by Indian Railways?

Regarding the Odisha project, the final commencement of the project is as per the timelines only which we had earlier mentioned. We were always very clear that it will commence in FY28.

There was a partial commencement which we had projected it to be about two quarters earlier, but due to the global supply disruptions, there were delays in the shipments arriving, and because of that there were certain delays. Now, however, we receive most of our shipments, we do not foresee any further delays.

With regard to the wagon orders, to exactly quantify the amount of order as well as exact timelines again is very difficult, but however, we expect the orders very shortly, and within the next two quarters we expect the order books to come out. Given Jupiter's strength and market share, definitely we expect sizeable order book, and our expectation is that the orders which would come out would be at least for railways requirements for the next 3 years.

Given that, definitely we expect it to be sizeable and we expect a strong market share in that.

Yes, sir. My second questions, we are entering into passenger rolling stock in this year.

What is the specific scope in this space, whether manufacturing complete LHB or Vande Bharat coaches or only bogies or shells? If you could talk about the capex and timeline of this process, whether it will be a just separate JV or we have a strategic partnership, and how do we understand in this business over the long time?

We are in the process of entering into a strategic partnership, however at the current moment it is very difficult us for us to divulge specific details on that. It will definitely So whether it will be part of Jupiter Wagon or a separate JV, again, I could cannot spell out right now.

Our focus I can will be specifically the the metro segment, the new train orders which Indian Railway comes out with, and definitely also the export market. I think these are the specific segments which we are targeting.

However, specific details we will I'm not able to share right now.

Fine, sir. Sir, on the bookkeeping side, I think inventory is increased ₹769 crore to ₹1,079 crore, it's almost 40% jump.

What was the reason and when we can expect a normalized inventory days?

There will be a rationalization in the inventory days. It was a short-term challenge, as I have told you, because of certain disruptions which we did not anticipate.

The production timelines did not follow, there was a mismatch in inventory. I think the first quarter there will be some disruptions, but now things have stabilized.

I think in FY27, from second quarter onwards you will find much more stability.

Got it, sir. Thank you.

Sir, thanks for the opportunity. Sir, what is the pending number of wagons and what is the number of private wagons executed for the quarter and FY26?

The pending number of wagon is right now around 2,000 wagons with Indian Railways and about 5,400 wagons roughly is the non-Indian Railway order book, which is totaling close to about ₹3,100 crores. What is the execution?

Private wagon executed for the quarter, sir?

For the last quarter? 1,347 is the total executed in the last quarter.

Sir, okay. Thank you, sir.

Good afternoon, sir. You talked about the container manufacturing subsidy from the government of that ₹10,000 crore.

Can you share what is the percentage of subsidy we get? Is it like a value of the container or some scope of this subsidy?

What is our annual capacity in container manufacturing, or any plans to increase further?

Okay. The government has announced the policy, but they have not come out with the specifics.

Unless the specific comes out, it is very difficult to say exactly how the subsidies are going to be in what nature. What we can understand that it's quite substantial, and it could be in the range of 8% to 10% is what we are believed to understand.

However, unless specifics come out, it is very difficult for us to mention. Yes, and definitely, as and when the PLI policy comes out, we will be expanding our capacities because as of now we are only focusing on specialized containers, and which will definitely be expanded to marine containers also, because that will bridge the gap between Indian and Chinese container prices.

I think because the PLI will help us bridging the gap. Definitely and we are already in talks with certain shipping lines.

As and when the policy comes out, and if it is as per the industry demands and the benchmarking which we have, definitely we are looking at a major expansion in the business.

You said that focus is on specialized one, and once the clarity on policy come, we can scale up the capacity. That I right understood?

Yes, we are already expanding our capacity, but we have already planned for a major scale-up. Obviously that is subject to the policy being in line as per our expectations.

As I've already mentioned that we are already in talks with a few shipping lines, and these are advanced talks. As and when the policy comes out and it is in line with our expectations, definitely it is something which we are looking forward to.

However, the business continues to grow in FY27. Our expectation is that we'll be doubling our container revenues from last year.

Okay. Just to clarify, when you say is aligned with our expectation, around 10 to 8% to 10% is something difference between China and India in terms of cost, and which should be able to compensate with 8% to 10% range?

Yes, definitely. If it's around in that ballpark, definitely it is something which will go a long way in compensating the gap.

Got it. I guess even CONCOR is also planning to buy from domestic players for couple of years, and they are highlighting that there is a shortage of capacity.

Are we also open to bid for CONCOR's orders, or is there any concern in that?

No, no, there is no concern. If CONCOR comes out with substantial tenders, definitely we are going to bid for that.

Definitely there is no concerns on that, and we do participate as and when. Right now our capacities are quite full, it is not that we are struggling in terms of, because we are doubling our businesses.

We are very, very bullish on the sector, and we have a very, very long-term view on the sector.

Got it. Last, just clarification.

You talked about marine container, I think I guess we require Corten steel. How is the availability of that particular steel grade in India?

If you can comment on... Corten steel is definitely not a challenge.

There are now enough steel producers producing Corten steel. The challenge is in respect to the pricing.

Compared to China's, pricing in India is not sustainable for large-scale production to match the international prices. Definitely that is where we are looking at the PLI scheme to bridge the gap.

Understood. Thank you very much, sir.

Hello sir, thank you. Thank you for the opportunity.

My question, sir, is regarding this delay in the wagon tender. I think most of the major manufacturers now have less than 1 year of order left, in one less than 1 year of for example supply left to supply to Indian Railway, and even now we don't see fast movement on the tender.

Is there some other discussion or policy discussion or some other thinking going on which is delaying this tender, or this is still you feel is just business as usual?

No. We are confident that the tender should come out anytime this year.

Railway is, as a sector, the Government of India as well as Indian Railway is very, very bullish. You have seen regularly Railway making sizeable announcements in terms of capacity expansions, especially when it comes to the track infrastructure and infrastructure related to freight movement.

There is a clear policy guideline from the government where they want to shift the freight transport from road to rail, and I think especially with line of the current geopolitical crisis, it is also become paramount for national interest that rail plays a much important role in the freight movement. In terms of the long-term demand or long-term visibility, there is no challenge.

I think it is just a small-term hiccup which is there, but again, I think we expect the course correction to happen this year.

Okay. Just a follow-up, sir.

Recently, this, I don't know, wagon leasing policy document I think was updated maybe a year ago. One of your competitor I think has gotten a leasing license.

Is that just an experiment at Indian Railways level, or is there something more we should read into it?

See, this is something you need to ask our competitor. We have a very strong long-term partnership with GATX, and so for us, as Jupiter directly getting into leasing is not something which we are considering.

We don't see in the near future, or in the next 5 years at least, that Indian Railway would procure wagons through the leasing route. Leasing will be, I think, more on the private side of wagon procurement where we already have a strong partnership.

GATX is the leading leasing company not only in India, but globally. They have very strong legacy as well as experience.

Where we already have a strong partnership, we don't want to bring that leasing part on our balance sheet because for us to replicate that kind of business legacy again and the knowledge would take time, and it would not make any sense. I think our aim is to focus on our core competence, which is wagon manufacturing, and the leasing part, for the time being, it should be taken care by the experts.

Okay. That's that's very helpful, sir.

The final question is any any pre-discussion whether whether it will be, one-time big tender, or it will be split into several smaller tenders? Any any idea around that, if you can give?

Honestly, no. This is something you should take it up with Indian Railways, because as a participant in the tendering, we are not privy to that.

Okay. Thank you.

Thanks for answering my questions, sir.

Hi sir. Thanks for the opportunity.

Couple of questions from my end. First one on the passenger side of things.

You did speak about entering into metro, etc. Can you help us understand how do you intend to qualify for these projects?

Because what we understand is the technical criteria here are stringent. What about the propulsion technology, etc., because how do you intend to qualify on those parameters?

That's the first question.

As you rightly said, you need prior experience in supplying passenger rolling stock to qualify, and though we are very strong on infrastructure, we don't have that prior experience. That is the precise reason where we are finalizing a strategic tie-up with a global rolling stock manufacturer who has the necessary experience.

As I mentioned that, we are going to be forming up the tie-up very shortly, and our intent is that in this financial year to enter that segment.

Understood, sir. We'll enter via partnership.

Got that. Sir, my second question, sorry I missed it if you'd already spelled it in opening remarks, is there a delay in commissioning of interim operations at the wheel manufacturing plant?

As I have reiterated, we had expected the interim operations to start about two quarters earlier. However, because of the geopolitical disruption, there were certain delays in the shipping of the equipments.

Because of the shipping disruptions, the project got slightly delayed. Now, however, most of the equipments have reached and the other equipments are in transit.

As of now, we don't see any kind of further delays. The final commissioning timelines, there is no delay.

It is still on schedule. Only interim because the project we started earlier than our projected timeline, we expected it to commence about two quarters earlier, but unfortunately it could not happen.

Sir, what are the timelines? December '28 for final commissioning and June '28 for interim?

Is it the way it works or can it be little earlier?

No, I think December

March '27

is what we are saying for the interim, and March '28 is for the final commissioning.

Understood, sir. Sir, if I may ask one bookkeeping question.

It appears that the subsidiary-level EBITDA margins are lower in this quarter. Even the gross margins have come off on a quarter-to-quarter basis.

Is it that the wheel manufacturing margins have come off?

No, see our major subsidiary today is the rail wheel factory. There, as we have reported, we have achieved a significant higher EBITDA margins.

We achieved 17% EBITDA margins as compared to 12% last financial year. Even in terms of revenue, the revenues have substantially increased from ₹343 crores to ₹528 crores.

I think where you see a slight thing is because of one is in Stone India, where we have just completed our licensing certifications and we are going to commence operations in this financial year. Last year it was more on account of capex and there was a exceptional expense which was incurred because the land in which the facility is located, it belongs to port trust.

Since it was a older land license which was there with port trust, we had to renew the license and that required to us to pay additional fee. That was a one-time expense which we had to incur.

Mainly account of that, and also in case of Jupiter Electric Mobility, again since we are expanding the business substantially, last year there were certain additional expenses which was there. This year, I think both Jupiter Electric Mobility and Stone India will show much better, stronger results, and as well as the rail wheel factory we expect further improvements in both EBITDA numbers as well as revenue numbers.

Got it, sir. Thank you and all the best.

Thank you so much for the follow-up, sir. Sir, Stone India received RDSO approval for freight brake systems.

Earlier it was mentioned the production will start from July 2026. Are we on track?

Whether we are also capable to supply for passenger OEMs, especially for brake systems? Whether we have to get a separate approval for that?

If you could share some light on that.

On Stone India, we are on track to start commercial operations from July, and this year we expect the business to turn profitable. We are quite confident that the business will turn profitable this year.

Stone India currently, the license which we have got is basically for the freight brake systems, which itself is a very, very substantial market. On the passenger side of the brake system, we already have a JV with DAKO through which we are supplying to Indian Railways for the passenger brakes.

We don't want cannibalization and a conflict. Stone India will be focusing on the freight side of the brake market, and the JV with DAKO will be focusing on the passenger side.

Got it, sir. Thank you.

Hi. Thank you so much for the opportunity, sir.

I hope you can hear me. I'm just sort of circling back to the, core wagon manufacturing business.

If I heard it right, I think you mentioned that, order book is more sort of skewed towards the, non-railway, business. I think on the railway side there is there's been some challenge, in terms of, wheelsets and supply chain.

Are you sort of facing similar challenges on the, non-railway business side as well? The wagon manufacturing on a quarter, I mean on a year-on-year basis is down almost by about a 1,000, number basically.

Could you sort of clarify, which are the parts in which you're sort of facing these kind of, supply chain, challenges on a fairly consistent basis?

I think the main challenges was on the account of the Indian Railway supplies, more than the non-Indian Railway supplies. That was our main challenge, and the drop in the numbers are one of the reasons.

As I mentioned, the last quarter it wasn't on account of wheelset so much, but on account of availability of other raw materials, mainly consumables, which caused the disruption. However, going forward, I think from Q2 of FY27 we expect things to turn around, and we expect the company to be back on the production targets, as well as as and when the new order book comes, you'll see a substantial jump in the wagon execution.

We have had to keep the wagon execution also moderated to the current levels, because till such time as we get the new order books, we don't want to expand the production capacities further and then going forward have a shortage in terms of order execution.

It's not an issue of production capacity any which way, right? Because I get the point on the Indian Railway side, but if I look at the non-railway side of the business also, you have a fairly strong, I think 5,000 plus wagon, 5,300, 400 something, I heard that.

As I mentioned that, now going forward, you will see a strong execution on that side of the order book and the bigger numbers coming out of that. We expected the numbers to jump up in this quarter itself, but because of certain disruptions, it was beyond our control.

However, as I mentioned, you will see a good turnaround. Here also you have to understand that the customers have certain delivery timelines, we cannot jump the timelines and start delivering.

We have to maintain the timelines which have been given by our customers.

All right, understood. Appreciate this, thank you.

Hi, sir. I just wanted to understand what is your outlook for this year?

I know we did close to ₹3,000 crores this financial year, and before that we were close to ₹4,000 crores. I'm not expecting a number, but are we expecting a number close to the previous financial year this time

around? Definitely we are expecting the numbers to be much better than the previous financial year, and especially the non-wagon businesses are showing significant growth rates, and that we expect the momentum to continue.

Definitely on the wagon side, the execution will be better than last financial year. Substantial jump on the wagon side will happen as and when the railway order book is released to us.

Beyond that, you will not see a substantial jump in wagon order book executions. However, the non-wagon business is going to continue to grow significantly, and as I mentioned, by 2030 we expect the company to be at about ₹10,000 crores of revenue, with at least minimum 15% EBITDA margins.

I'm again very bullish on the same, given how our wheel business is shaping up, and all the other businesses are shaping up. On the wagon business itself also, I'm very, very bullish.

As I've mentioned that this is a small blip which is there. However, the long-term projections is both from Indian Railways as well as in general the policy of the Government of India is very much focused on Indian Railways and shifting of freight from road to rail.

That is a long-term policy and there is a very strong visibility on that.

Got it, sir. My second question is that I know you've been very bullish on BESS segment, and with the recent war and oil being so pressures, and you've been bullish on renewables, have you seen your customers changing inquiries regarding your products?

The second part is you launched GEM TEJ last year, has there been any follow-ups regarding launching different products after that?

I got your first part of your question. The second part was not very clear.

Could you repeat?

I think you'd launched GEM TEJ in March of last year. There was talk of you might be sort of launching the passenger variant of GEM TEJ and probably a 2-ton and a 3-ton truck in the near future.

Just wanted to understand how that is moving.

Understood. First on the BESS, I think we are again very, very bullish, and we are seeing a huge I think changeover, and as the customers are getting more educated and they are seeing the real-time benefit, we are seeing also in the industrial and the consumer segment also there's a huge switch from traditional gensets to lithium-ion battery systems, and that change is going to continue to compound going forward, both because it makes very strong economical sense as well as because of the environmental policies.

On the EPC side, definitely there is a huge push from the Government of India with regard to solar-cum-BESS policy where we are again going to see a huge push. Then again on account of data centers itself, that will happen.

Definitely the long-term view is very, very positive and very, very bullish on the segment. Today I think in terms of the demand which is needed and the capacities, capacities are smaller, much smaller than the demand, and there's still a lot of imports which are happening, especially from China.

I think going forward, as you saw in the solar, the cell segment, where the government policies basically ensured that people switch to local production rather than imports. Similarly you will find shifts here also happening in future.

Beyond that also, cell prices are coming down considerably and the move is happening from LFP to sodium, which will make it much more stable also cells as a commodity. You will see a lot of investment happening in the cell line in future.

We are also contemplating the same going forward. Definitely this is one segment which I expect the growth to be very, very strong.

It's not only the BESS, the other products which we are doing in with regard to batteries. Those segments, railway being one, those segments also seeing a lot of growth there.

Definitely this is a segment to look forward to. On the truck side, we never had any intentions of entering the passenger segment.

What we had mentioned that we will enter the 2-ton truck. We are already in the process of right now vehicle is under design, and it'll go for certification also shortly.

We expect to launch one or two variants this year.

Got it, sir. Last thing is, sir, can I ask what is the run-rate of TEJ right now?

How many units are you selling per month?

Honestly, I don't have the exact numbers with me, but I will share it with you. What we are seeing is that month-on-month we are seeing the numbers improving, but I will share the numbers.

I don't have it offhand with me.

Okay. Thank you, sir.

Thank you for answering my questions.

Thank you. As we move forward, we remain encouraged by the strong momentum across our businesses and the continued strength of our execution.

With wheelset supplies stabilizing and government continued focus on the sector's development, freight wagon business would sooner regain operational momentum, while the excellent visibility across our other business lines positions us well for sustained and profitable growth. We are excited by the abundant opportunity set across both domestic and export markets.

Our focus remains firmly on execution excellence, disciplined capital deployment, and the continued strengthening of our manufacturing and integration capabilities as we work towards developing long-term sustainable value for all our stakeholders. Thank you for your continued trust and support.

We look forward to updating you on our progress in the next quarter.