Jupiter Wagons Eyes Rs 8,000 Crore Revenue By FY28: MD Vivek Lohia

Jupiter Wagons expects a strong growth trajectory in the next two years, driven by diversification opportunities and a strong order book. The freight wagons manufacturer aims to achieve consolidated revenues of around Rs 8,000 crore by FY28, with Ebitda margins of around 15%, according to Vivek Lohia, Managing Director, Jupiter Wagons.

This optimism stems from the company’s expanding wheelset and wagon businesses, coupled with diversification opportunities.

“For FY28, we have mentioned that once our wheelset business comes fully online, we expect revenues anything between Rs 2,000 to 3,000 crore. So, overall, our projections are about close to Rs 7,000-8,000 crore of revenue by FY28. And definitely in terms of Ebitda margins, we are looking at somewhere close to 14 to 15% on a consolidated basis,” Lohia said in a conversation with NDTV Profit on Wednesday.

While FY26 is expected to remain softer due to earlier supply chain disruptions, particularly the wheelset shortage that hit the first half of the fiscal, Lohia noted that the issue has now largely been resolved. Commenting on the near-term outlook, he said that the company expects healthier Ebitda in the coming quarters of FY26.

“In the next two quarters, the Ebitda numbers will definitely go up. The revenue definitely…we will not be able to assess this year, for us to match the revenues would be a challenge, but for the next financial year, we expect the revenue numbers to be much stronger,” he said, expressing optimism on the wheelset business.

“All our other businesses, especially the wheelset business, the numbers have been trending very positively compared to last year…….I think our growth in that business is more than 100%, and our margins are very healthy. Going forward, our plant, which is the integrated plant coming up in Odisha, is shaping out well,” he added.

The company’s order book remains robust, with strong private-sector demand and anticipation of fresh tenders from Indian Railways. The top executive explained that the Indian Railways is projected to require 50,000–60,000 wagons to meet its freight targets. Lohia highlighted that this will create a “very strong industry outlook” once those orders are released.

In Q2FY26, Jupiter Wagons reported a consolidated revenue of Rs 786 crore, down 22% from Rs 1,009 crore in Q2FY25. Ebitda stood at Rs 104 crore, down 25% year-on-year from nearly Rs 140 crore a year ago, while Ebitda margins stood at 13.2% in the quarter under review. Net profit declined sharply to Rs 45 crore, marking a 43% drop from Rs 89 crore in Q2FY25.

Shares of Jupiter Wagons closed at Rs 310.2, down 0.37%, on the NSE, compared to the benchmark Nifty50 settling at 25,875.8, up 0.7%.