1. At a Glance
Once a struggling body-builder (literally), now a ₹15,666 Cr railway juggernaut, Jupiter Wagons has reinvented itself with rail wagons, EVs, and defence components. 3-year PAT CAGR? 96%. FY25 revenue? ₹4,008 Cr. Market watching, meme stock chasers circling.
2. Introduction with Hook
Imagine if a company went from “making truck bodies” to possibly building India’s next-gen freight mobility backbone. Now add a side hustle in electric vehicles, a ₹600 Cr order from Ambuja, and a ₹2,500 Cr capex plan for rail wheels. What do you get?
A previously debt-laden, loss-making has-been that’s now moonwalking its way into institutional portfolios. Jupiter Wagons has had:
- Sales jump from ₹1,178 Cr (FY22) to ₹3,871 Cr (FY25)
- PAT rocketing from ₹50 Cr (FY22) to ₹373 Cr (FY25)
- Shareholders from 18,000 to 3.8 lakh+ in 2 years
Welcome to the “Revenge of the Rolling Stock”.
3. Business Model (WTF Do They Even Do?)
Core Verticals:
- Rail Freight Wagons: BCFCM, BOXNHL, BRN-LW, and custom-designed rolling stock
- Railway Components & Castings: Couplers, bogies, wheel sets
- Electric Commercial Vehicles (via JEM): eLCVs, batteries (acquired Log9 battery division)
- Defense Mobility & Steel Fabrication
- Export Orders: USA, Bangladesh, and Africa
Basically, they build the bones of logistics in India — then electrify the rest. Every Make-in-India slogan dreams of this portfolio.
4. Financials Overview
| Year | Revenue (Cr) | EBITDA (Cr) | PAT (Cr) | OPM % | EPS (₹) |
|---|---|---|---|---|---|
| FY22 | 1,178 | 114 | 50 | 10% | 5.59 |
| FY23 | 2,068 | 254 | 125 | 12% | 3.24 |
| FY24 | 3,641 | 491 | 333 | 13% | 8.07 |
| FY25 | 3,871 | 548 | 373 | 14% | 8.79 |
TLDR:
Margins expanding. Profits compounding. EV biz is still capex-heavy but riding shotgun to core rail revenues.
5. Valuation
- Current Price: ₹369
- EPS (FY25): ₹8.79
- PE (TTM): ~42x
- Book Value: ₹64.8 → P/B = 5.69
- Sector Median PE: 22–30x
Fair Value Range: ₹280 – ₹390
If earnings continue growing 20–25% CAGR, rerating might sustain. But at 42x PE, Jupiter’s priced like it’s already on the bullet train.
6. What’s Cooking – News, Triggers, Drama
- ₹600 Cr Order from Ambuja Cements — cementing credibility
- ₹2,500 Cr Rail Wheel Plant – part of import substitution drive
- EV Subsidiary JEM expanding with new factory, app, and 300-vehicle MOU with Pickkup
- Defense & Metro Foray incoming
- Institutional buying rising — FIIs up from 0% to 3.86% in 2 years
Oh, and yes — there was an insider trading violation in 2024. But hey, who’s counting drama?
7. Balance Sheet
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Equity Capital | 387 | 387 | 412 | 424 |
| Reserves | 296 | 421 | 1,210 | 2,327 |
| Borrowings | 139 | 288 | 338 | 394 |
| Other Liabilities | 250 | 542 | 836 | 725 |
| Fixed Assets | 426 | 463 | 518 | 582 |
| Investments | 10 | 16 | 452 | 1,093 |
| Other Assets | 615 | 1,133 | 1,796 | 2,151 |
| Total Assets | 1,073 | 1,639 | 2,796 | 3,871 |
Key points:
- Equity base strong
- Heavy investment in EV, infra and wheel plant
- Borrowing up but leverage under control
8. Cash Flow – Sab Number Game Hai
| Type | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating Cash Flow | ₹73 Cr | ₹-6 Cr | ₹200 Cr |
| Investing Cash Flow | ₹-119 Cr | ₹-487 Cr | ₹-803 Cr |
| Financing Cash Flow | ₹121 Cr | ₹489 Cr | ₹762 Cr |
| Net Cash Flow | ₹75 Cr | ₹-4 Cr | ₹159 Cr |
Reading the tea leaves:
They’re raising funds and burning cash in assets — classic expansion mode. Cash flow from ops improved sharply in FY25.
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE % | 24% | 32% | 22% |
| ROE % | 17% | — | 17% |
| Debtor Days | 38 | 47 | 76 |
| Inventory Days | 114 | 117 | 86 |
| CCC (Days) | 106 | 107 | 109 |
Takeaway: Working capital cycle slightly bloated. But returns remain attractive — not a red flag yet.
10. P&L Breakdown – Show Me the Money
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Sales (Cr) | 1,178 | 2,068 | 3,641 | 3,871 |
| Operating Profit | 114 | 254 | 491 | 548 |
| Net Profit | 50 | 125 | 333 | 373 |
| EPS (₹) | 5.59 | 3.24 | 8.07 | 8.79 |
EPS in FY23 dipped due to equity expansion. But since then, growth has marched on.
11. Peer Comparison
| Company | P/E | ROCE % | Revenue (Cr) | PAT (Cr) | M.Cap (Cr) |
|---|---|---|---|---|---|
| Jupiter Wagons | 42.0 | 21.6 | 3,871 | 373 | ₹15,666 |
| Titagarh Rail | 46.0 | 16.6 | 3,867 | 275 | ₹12,659 |
Jupiter vs Titagarh:
- Similar revenue base
- Higher ROCE
- Better PAT
- Slightly cheaper on P/E
Battle of equals — but Jupiter’s EV & defence play could be the differentiator.
12. Miscellaneous – Shareholding, Promoters
| Quarter | Promoter % | FII % | DII % | Public % | Shareholders |
|---|---|---|---|---|---|
| Jun ’22 | 74.62% | 0.00% | 18.45% | 6.93% | 18,229 |
| Mar ’25 | 68.11% | 3.86% | 1.71% | 26.32% | 3,83,418 |
Promoters diluted 6.5% in 3 years — but FIIs went from 0 to nearly 4%. Retailer crowd growing like it’s Holi sale on Dmart.
13. EduInvesting Verdict™
Jupiter Wagons isn’t just building trains — it’s building an empire.
From body-builder bankruptcy to a ₹15,000 Cr industrial beast, it’s become the poster child of India’s logistics renaissance. But with a PE of 42 and chunky capex, the growth has to keep choo-chooing. EVs and rail-wheel bets are exciting, but margins must hold.
Watch the debt. Watch working capital. But if you believe India’s infra boom is just leaving the station… this one’s already on board.
Metadata
– Written by EduInvesting Research | July 15, 2025
– Tags: Jupiter Wagons, Rail Stocks, EV Logistics, Infra Multibagger, Railway Capex, Defence Manufacturing, Rolling Stock India
