Jupiter Wagons Limited (JWL) AI Stock Analysis

• Market Cap: ₹107.89B
• Dividend Yield: 0.68%
• Average Volume (3M): 56.94K
• Price to Earnings (P/E): 63.9
• Beta (1Y): 1.53
• 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: 62 Neutral
• Price Target: ₹279.00 ▼(-13.31% Downside)
• Action: Downgraded Date: 03/07/26
• Date: Action: Downgraded 03/07/26

The score is supported primarily by strong financial performance (notably revenue growth and margin expansion) but is held back by weak intermediate-term technical momentum and an expensive valuation (high P/E with only a modest dividend yield).

Positive Factors

Improving margins & profitability

Margin expansion and robust EBIT/EBITDA indicate durable operational strength. Higher gross and net margins suggest pricing power and better cost control in manufacturing, which supports sustainable earnings generation over multiple quarters if order execution and factory efficiencies continue.

Healthy leverage and rising ROE

A balanced debt-to-equity and improving return on equity show the company is deploying capital more efficiently and maintaining manageable leverage. This financial posture supports medium-term investment in capacity and protects against cyclical shocks while preserving strategic flexibility.

Structural exposure to rail freight infrastructure

Core business serving rail freight and mobility infrastructure benefits from long procurement cycles, infrastructure spending and essential logistics demand. Manufacturing expertise and product specialization create barriers to entry and provide a steady structural market for orders and aftermarket services.

Negative Factors

Negative recent free cash flow

Persistent negative free cash flow constrains the firm's ability to self-fund capex, working capital and growth initiatives. Over the medium term this raises the need for external financing or equity issuance, which can limit strategic optionality and increase financing costs in tighter markets.

Weak recent top-line and EPS trends

Material declines in reported revenue and EPS indicate volatility or lumpy order flows that undermine predictability of earnings. Such negative growth trends make sustaining margin gains harder and complicate capital allocation, forecasting and confidence in multi-quarter performance.

Reliance on external financing risk

A noted reliance on external financing, coupled with negative free cash flow, increases refinancing and dilution risk. If capital markets tighten or customer payments slow, the company could face higher costs of capital or constrained investment, pressuring long-term growth plans.

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

JWL primarily makes money by manufacturing and selling railway freight wagons and other rolling-stock products to customers such as freight operators and entities within the rail ecosystem. Revenue is recognized through contracts/orders where JWL supplies newly built wagons (and, where applicable, related components/solutions) at agreed pricing, with earnings driven by order volumes, product mix, and execution/delivery of manufactured units. Other potential contributors such as after-sales services, spares, leasing, or non-rail businesses: null. Significant partnerships or customer concentration details: null.

Jupiter Wagons Limited Financial Statement Overview

Summary

Strong income statement performance with sharp revenue growth and improving margins (high profitability/efficiency). Balance sheet is generally healthy with reasonable leverage and improving ROE, but cash flow is a constraint due to negative recent free cash flow despite better operating cash flow.

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	33.20B	39.63B	36.44B	20.68B	11.65B	9.89B
Gross Profit	7.88B	9.87B	8.03B	2.78B	1.13B	1.16B
EBITDA	4.42B	5.78B	5.02B	2.48B	1.12B	279.64M
Net Income	2.80B	3.82B	3.32B	1.21B	496.76M	533.96M
Balance Sheet
Total Assets	41.37B	39.99B	29.40B	16.34B	10.72B	9.91B
Cash, Cash Equivalents and Short-Term Investments	7.22B	7.24B	1.76B	1.17B	406.19M	470.47M
Total Debt	7.49B	5.02B	3.49B	2.88B	1.39B	1.38B
Total Liabilities	13.36B	12.32B	13.08B	8.31B	3.90B	3.58B
Stockholders Equity	27.91B	27.54B	16.16B	8.03B	6.83B	6.33B
Cash Flow
Free Cash Flow	-2.17B	-4.04B	-1.44B	49.63M	228.35M	373.78M
Operating Cash Flow	-1.21B	1.04B	-191.02M	776.51M	595.19M	673.76M
Investing Cash Flow	-1.20B	-6.28B	-4.65B	-1.22B	-491.07M	-601.97M
Financing Cash Flow	1.65B	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: Neutral
• 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 270.88, above the 50-day MA of 292.12, and below the 200-day MA of 323.50, indicating a bearish trend. The MACD of -8.96 indicates Positive momentum. The RSI at 37.13 is Neutral, neither overbought nor oversold. The STOCH value of 12.35 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	₹41.91B	18.11	―	2.79%	4.74%	176.63%
GATEWAY	66 Neutral	₹24.18B	10.98	―	3.13%	36.01%	71.71%
TECHNOE	66 Neutral	₹118.47B	26.39	―	0.80%	―	―
JWL	62 Neutral	₹107.89B	63.86	―	0.68%	-14.89%	-26.18%
GRINFRA	60 Neutral	₹81.62B	9.32	―	1.20%	-6.01%	-3.81%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
PNCINFRA	53 Neutral	₹44.45B	21.04	―	0.23%	-30.54%	-35.13%

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.