Jupiter Wagons Limited (JWL) AI Stock Analysis

• Market Cap: ₹110.03B
• Dividend Yield: 0.68%
• Average Volume (3M): 56.94K
• Price to Earnings (P/E): 44.6
• Beta (1Y): 1.64
• Revenue Growth: -14.89%
• EPS Growth: -26.18%
• Country: IN
• Employees: 877
• Sector: Services
• Sector Strength: N/A
• Industry: Railroads
• EPS (TTM): 1.50
• Shares Outstanding: 427,370,400
• 10 Day Avg. Volume: 63,585
• 30 Day Avg. Volume: 56,940
• PEG Ratio: 3.16
• Price to Book (P/B): 5.68
• Price to Sales (P/S): 3.95
• P/FCF Ratio: -38.73
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 7.6
• Revenue Forecast (FY): ₹37.22B

• Rating: 71 Outperform
• Price Target: ₹284.00 ▼(-11.76% Downside)
• Action: Upgraded Date: 01/15/26
• Date: Action: Upgraded 01/15/26

The score is primarily supported by strong financial performance (growth and margin expansion) and generally positive technical signals (price above key short-term averages with a positive MACD). The biggest offset is valuation risk, driven by a high P/E and low dividend yield, along with weaker free cash flow performance.

Positive Factors

Income statement strength

The firm reported a notable revenue jump and expanding gross and net margins, indicating sustained operational improvements. Better EBIT/EBITDA margins support durable profitability, enabling reinvestment in capacity and cushioning margin pressure from cyclical demand swings over the next 2–6 months.

Healthy leverage and improving ROE

A conservative debt-to-equity profile alongside rising ROE signals measured use of leverage and improving capital efficiency. This balance enhances financial flexibility for funding wagon production or capex without overburdening cash flows, supporting stability across industry cycles.

Improving operating cash flow

Improved operating cash flow points to stronger core cash generation from manufacturing and order execution. While free cash flow remains a concern, rising operating cash flow is a durable signal that core operations are recovering and can support working capital and gradual deleveraging.

Negative Factors

Negative free cash flow

Persistent negative free cash flow constrains the company’s ability to self-fund capex, inventory build or payouts without external financing. Over 2–6 months this raises refinancing and liquidity risk, limits strategic optionality, and can force higher-cost borrowing or equity raises.

Reliance on external financing

Signals that the company leans on external capital to fund growth and operations. Dependence on external funding increases exposure to credit market conditions and interest-rate cycles, raising refinancing risk and potential dilution if capital markets tighten in the medium term.

Recent negative top-line and EPS trends

Reported negative revenue and EPS growth metrics suggest volatility in orders, execution or pricing. Such adverse trends reduce near-term earnings visibility and may reflect cyclical demand or contract timing, challenging margin sustainability and planning over the coming months.

Jupiter Wagons Limited Business Overview & Revenue Model

Company Description

Jupiter Wagons Limited manufactures and sells mobility solutions in India, Europe, and North America. It offers open, covered, flat, hopper, container, and special purpose wagons; and wagon accessories, such as alloy steel cast bogies, high tensile center buffer couplers, and high-capacity draft gears. The company also provides passenger and metro coaches, and train sets; and passenger coach accessories, including fabricated bogies, couplers and draft gears for passenger trains, axle mounted disc brake systems, brake discs and split brake discs, and brake pads. In addition, it offers track solutions, such as CMS crossings and weldable CMS crossings on PSC slipper; and commercial vehicles. The company serves the Indian railways, private wagon owners, and industrial railways and workshops. The company was formerly known as Commercial Engineers & Body Builders Co Limited and changed its name to Jupiter Wagons Limited in May 2022. Jupiter Wagons Limited was incorporated in 1979 and is based in Kolkata, India.

How the Company Makes Money

Jupiter Wagons Limited generates revenue primarily through the sale of railway wagons and components to government and private sector clients involved in transportation and logistics. The company capitalizes on contracts awarded by Indian Railways and other rail operators, which form a significant portion of its revenue. Additionally, JWL's revenue model includes earnings from engineering consulting services and maintenance contracts related to its manufactured products. Strategic partnerships with rail transport companies and participation in government tenders enhance its market presence and contribute to steady income streams.

Jupiter Wagons Limited Financial Statement Overview

Summary

Strong income statement quality (revenue jump from 2024 to 2025, improving gross and net margins, robust EBIT/EBITDA margins). Balance sheet is generally sound with a healthy debt-to-equity and improving ROE, though the equity ratio implies some reliance on external financing. Cash flow is the main drag due to negative recent free cash flow despite improved operating cash flow from 2024 to 2025.

Income Statement

Jupiter Wagons Limited has shown strong revenue growth over the years, with a significant jump from 2024 to 2025. The gross profit margin and net profit margin have improved, indicating efficient cost management and strong operational performance. EBIT and EBITDA margins are robust, showcasing profitability and operational efficiency.

Balance Sheet

The company has maintained a healthy debt-to-equity ratio, reflecting a balanced approach to leveraging. Return on equity has shown improvement, indicating efficient use of shareholders' funds. However, the equity ratio suggests a potential reliance on external financing, though it remains within reasonable limits for the industry.

Cash Flow

The cash flow statement highlights challenges in free cash flow management, with negative free cash flow in recent years. Nevertheless, operating cash flow has improved from 2024 to 2025, indicating better core business performance. The company needs to focus on enhancing free cash flow to strengthen cash reserves.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	35.43B	39.63B	36.44B	20.68B	11.65B	9.89B
Gross Profit	8.23B	9.87B	8.03B	2.78B	1.13B	1.16B
EBITDA	4.91B	5.78B	5.02B	2.48B	1.12B	279.64M
Net Income	3.23B	3.82B	3.32B	1.21B	496.76M	533.96M
Balance Sheet
Total Assets	0.00	39.99B	29.40B	16.34B	10.72B	9.91B
Cash, Cash Equivalents and Short-Term Investments	7.24B	7.24B	1.76B	1.17B	406.19M	470.47M
Total Debt	0.00	5.02B	3.49B	2.88B	1.39B	1.38B
Total Liabilities	-27.68B	12.32B	13.08B	8.31B	3.90B	3.58B
Stockholders Equity	27.68B	27.54B	16.16B	8.03B	6.83B	6.33B
Cash Flow
Free Cash Flow	0.00	-4.04B	-1.44B	49.63M	228.35M	373.78M
Operating Cash Flow	0.00	1.04B	-191.02M	776.51M	595.19M	673.76M
Investing Cash Flow	0.00	-6.28B	-4.65B	-1.22B	-491.07M	-601.97M
Financing Cash Flow	0.00	8.42B	4.89B	1.21B	-167.59M	223.91M

Jupiter Wagons Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 321.85
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JWL, the sentiment is Negative. The current price of 321.85 is above the 20-day moving average (MA) of 292.50, above the 50-day MA of 307.04, and below the 200-day MA of 332.68, indicating a bearish trend. The MACD of -10.48 indicates Positive momentum. The RSI at 25.22 is Positive, neither overbought nor oversold. The STOCH value of 17.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JWL.

Jupiter Wagons Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VRLLOG	73 Outperform	₹48.10B	20.13	―	2.79%	4.74%	176.63%
JWL	71 Outperform	₹110.03B	44.59	―	0.68%	-14.89%	-26.18%
GATEWAY	66 Neutral	₹28.28B	1,436.55	―	3.13%	36.01%	71.71%
TECHNOE	66 Neutral	₹133.96B	27.12	―	0.80%	―	―
GRINFRA	60 Neutral	₹89.48B	8.13	―	1.20%	-6.01%	-3.81%
PNCINFRA	57 Neutral	₹52.04B	6.51	―	0.23%	-30.54%	-35.13%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

Jupiter Wagons Limited Corporate Events

Jupiter Wagons Board Clears Q3 FY26 Unaudited Results and Files Auditor Review

Jupiter Wagons Limited’s board has approved the company’s standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025, prepared under Ind AS and reviewed by independent auditors. The results, along with the auditor’s review report, have been filed with the stock exchanges and made available on the company’s website, underscoring ongoing regulatory compliance and providing stakeholders with updated visibility into the company’s financial performance and governance standards.

Jupiter Wagons Files Promoter Disclosure Under SEBI Insider Trading Rules

Jupiter Wagons Limited has informed the stock exchanges that it has received a disclosure from its promoter, Tatravagonka A.S., under Regulation 7(2) read with Regulation 6(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The company has submitted this promoter disclosure to BSE and NSE to be taken on record, underscoring its compliance with Indian securities laws on insider trading and maintaining transparency for market participants.