✅ At a Glance
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from Ops | ₹2,137 Cr | ₹3,602 Cr | 🔼 +68.5% |
| Net Profit | ₹108.3 Cr | ₹183.1 Cr | 🔼 +69% |
| EPS (Standalone) | ₹3.07 | ₹5.21 | 🔼 +69.7% |
| CMP (19 May 2025) | ₹215.50 | ||
| TTM P/E | ~41.3x |
Revenue? Flying. Profit? Soaring. Valuation? Hmm… already at the platform waiting for the next rerating train.
🚉 About the Company
Jupiter Wagons Ltd is India’s rising railway rockstar — manufacturing wagons, brake systems, containers, and now diversifying into electric mobility and defence.
They’re playing the “Make-in-India + Infra + Railways + Defence” megatrend like it’s Antakshari finals.
👥 Key Managerial Personnel
| Name | Role |
|---|---|
| Vivek Lohia | Managing Director |
| Abhishek Dalmia | Independent Director |
| Vikas Jain | CFO |
| Arijit Banerjee | CEO (Railway Division) |
👨👦 Family-run + institutional polish = controlled chaos or capital compounding? Jury’s out.
💸 FY25 Financials Breakdown (Standalone)
| Item | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue from Ops | ₹2,137 Cr | ₹3,602 Cr | 🔼 +68.5% |
| Other Income | ₹15.6 Cr | ₹10.2 Cr | 🔽 -34.6% |
| Total Income | ₹2,153 Cr | ₹3,612 Cr | 🔼 |
| EBITDA (Est.) | ₹260 Cr | ₹428 Cr | 🔼 +64.6% |
| Net Profit | ₹108.3 Cr | ₹183.1 Cr | 🔼 +69% |
| EPS | ₹3.07 | ₹5.21 | 🔼 +70% |
Margins holding firm at ~11.8% — rare for a heavy engineering firm in this capex phase.
🧮 Fair Value Estimation (FV)
- TTM EPS = ₹5.21
- Sector P/E (Infra/Rail/Auto blend) = 35x (conservative)
👉 FV = ₹5.21 × 35 = ₹182.35
CMP = ₹215.50
➡️ Overvalued by ~18%
Valuation is running ahead of earnings. Unless Q1FY26 surprises hard, this engine might cool for a bit.
🏗️ Segment Growth
Company doesn’t split revenue by segment (shady 🕵️), but public hints suggest:
- 🚃 Freight Wagons = 70%+
- 🛻 Brake Systems = Fast-growing
- 🔋 Electric Mobility = Buzzword, not yet ₹
- 🛡️ Defence = Future potential (2026–27?)
CAPEX is being deployed toward e-buses, special wagons, and integration with CEBBCO assets.
🧾 Balance Sheet Snapshot (FY25)
| Item | Value (₹ Cr) |
|---|---|
| Equity Capital | ₹351 Cr |
| Reserves | ₹1,191 Cr |
| Total Borrowings | ₹733 Cr |
| Cash Equivalents | ₹23.5 Cr |
| Inventories | ₹483 Cr |
| Receivables | ₹1,255 Cr |
| Total Assets | ₹3,201 Cr |
| D/E Ratio | 0.61x |
High receivables + moderate debt = watch for working capital stress in a slowdown.
💥 Related Party Fireworks
- Sales to group entities = ₹118 Cr
- Director Remuneration = ₹15.2 Cr
- Loans given = ₹14 Cr
- Guarantees to subsidiaries = ₹235 Cr
👀 Promoter activity = legal, but active AF. You’re not just buying rail stocks — you’re buying the Lohia family’s vision of India 2030.
🔧 Cash Flow Analysis
| Flow | ₹ Cr |
|---|---|
| Cash from Ops | ₹165 Cr |
| Capex | -₹308 Cr |
| Financing | ₹147 Cr |
| Net Cash Change | ₹+4 Cr (barely hanging in) |
Free cash flow = negative. Why? Aggressive capex on e-buses + rail infra.
But if this bet pays off? 🚀
🧠 EduInvesting Take
“Jupiter Wagons has left the station, but the fare just went up.”
- Revenue & profit: 🔥
- Capex & expansion: 🛠️
- Valuation: 🧯
This ain’t cheap anymore. If you missed the train at ₹100–120, wait at the next signal (₹180 levels?) unless Q1FY26 is again a rocket.
⚠️ Risks
- Order lumpiness — if Railways delays contracts, topline tanks
- Capex-heavy model = ROCE dilution in short term
- High receivables = working capital trap
- Valuation stretched for current earnings
🏁 Final Verdict
✅ A well-managed infra play in a booming sector
❌ But CMP is pricing in perfect execution
“Not a multibagger from here — unless Modi 3.0 gifts a ₹10,000 Cr wagon order.”
Tags: Jupiter Wagons FY25, JWL share price, Railway stocks India, Electric bus stocks, FY25 results, Infra sector, Railway capex, EPS 5.21, P/E 41x, EduInvesting railway coverage
