Jupiter Wagons' margin recovers sequentially but trails last year's Q2
Revenue grew faster than expenses sequentially, but higher interest costs and lower sales year on year limited the profit improvement.
Filed 13 Nov 2026, 20:09 IST · after market close · Jupiter Wagons Ltd (JWL)
Key takeaways
- Consolidated operating margin recovered 2.53 percentage points sequentially to 12.21% as revenue grew 15.13%, faster than expenses at 11.91%.
- Year on year, revenue fell 1.74% and operating margin narrowed 0.97 percentage points, while a 4.13 percentage-point tax-rate reduction helped net profit rise 1.81%.
- Other income contributed 16.67% of pre-tax profit, making reported earnings partly dependent on non-operating income.
Price around the results
Sequential revenue recovery lifts operating profit
Jupiter Wagons reported consolidated revenue of Rs 772.2 cr in Q2FY27, up 15.13% sequentially, while operating profit grew 45.19%. The operating margin recovery to 12.21% came from expenses growing 11.91%, slower than revenue. This still left operating profit 9.00% below Q2FY26 because revenue was down 1.74% year on year.
Interest and other income shaped reported profit
Interest expense rose 21.96% sequentially and 14.55% year on year, absorbing part of the operating improvement. Other income contributed 16.67% of pre-tax profit, so net profit was not entirely driven by operations. The year-on-year tax-rate decline of 4.13 percentage points helped net profit rise 1.81% despite lower operating profit and higher interest.
Margin rebound remains below the FY26 Q2 level
Operating margin improved from 9.68% in Q1FY27 to 12.21%, reversing the decline from 13.18% in Q2FY26 through 9.68% in Q1FY27. It remains 0.97 percentage points below the year-ago quarter. The margin was 0.70 percentage points above the 11.51% median for 256 Industrials peers that had reported the same quarter.
Orders and energy storage expand the stated pipeline
Management said an upcoming 5,800 BOBRN wagon tender should add to order momentum, following a Rs 1,140 cr Ministry of Railways order for 2,583 wagons and orders worth over Rs 450 cr for ACT2 and BFNS wagons. The company said it is deploying a 100 MW / 400 MWh BESS under a WBSEDCL order and has won a 41 MW / 102.5 MWh Uttarakhand project worth approximately Rs 100 cr. Management also said it is targeting Rs 1,000 crore in energy storage by FY27 and plans to expand manufacturing and component capabilities.
No immediate market reaction after the late filing
The results were filed after market close on 13 November 2026. The stock fell after each of its last eight result announcements, with a median absolute move of 3.94%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹772 cr | ₹671 cr | +15.13% | -1.74% |
| Other income | ₹11 cr | ₹10 cr | +9.49% | — |
| Expenses | ₹678 cr | ₹606 cr | +11.91% | -0.63% |
| Operating profit | ₹94 cr | ₹65 cr | +45.19% | -9.00% |
| Operating margin (%) | 12.21% | 9.68% | — | — |
| Interest | ₹21 cr | ₹17 cr | +21.96% | +14.55% |
| Depreciation | ₹19 cr | ₹19 cr | +0.00% | +13.70% |
| Profit before tax | ₹65 cr | ₹39 cr | +68.30% | -4.11% |
| Tax | ₹19 cr | ₹12 cr | +51.72% | -16.00% |
| Net profit | ₹46 cr | ₹26 cr | +76.28% | +1.81% |
| EPS (₹) | ₹1.12 | ₹0.66 | +69.70% | +1.82% |
Operating margin of 12.21% compares with a Industrials sector median of 11.51% across 256 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The upcoming 5,800 BOBRN wagon tender is expected to further increase order momentum.
- The company is targeting ₹1,000 crore in its energy storage business by FY27.
- The company plans to convert its opportunity pipeline into orders, expand manufacturing and component capabilities, and scale passenger mobility.
Expansion
- The company is deploying a 100 MW / 400 MWh BESS under an order from WBSEDCL.
- The company won a 41 MW / 102.5 MWh project in Uttarakhand worth approximately ₹100 crore.
New orders
- Jupiter secured a ₹1,140 crore Ministry of Railways order for 2,583 BOXNHL and BOXNS wagons.
- Jupiter secured orders worth over ₹450 crore for ACT2 automobile carrier and BFNS 22.9T wagons.
New initiatives
- Jupiter incorporated Jupiter Green Power Solutions as a new subsidiary in the energy and power sector.
What to watch
- Whether operating margin holds above 12.21% after the sequential recovery.
- Whether interest-cost growth moderates from 21.96% sequentially.
- Progress on the 5,800 BOBRN tender and the stated Rs 1,000 crore FY27 energy-storage target.