Jupiter Wagons Targets Rs 8,000 Crore Revenue By FY28, Says MD Vivek Lohia

Jupiter Wagons Ltd expects to achieve consolidated revenues of up to Rs 8,000 crore by FY28, supported by a strong order book pipeline, new manufacturing initiatives, and diversification in the wheelset and wagon segments. Managing Director Vivek Lohia said the company remains focused on margin improvement and operational efficiency, forecasting consolidated EBITDA margins of around 15% by the end of FY28.

Speaking to NDTV Profit, Lohia said the company anticipates revenue potential of Rs 2,000–3,000 crore from its wheelset division alone once the business becomes fully operational. “For FY28, we anticipate overall revenues to be around Rs 7,000–8,000 crore with EBITDA margins close to 14–15%,” he stated. He admitted that the current fiscal will likely remain softer due to earlier disruptions in global supply chains, particularly the shortage of wheelsets in the first half of FY26. However, he noted that the issue has now largely been resolved, paving the way for stronger performance in the coming quarters.

“In the next two quarters, EBITDA numbers will definitely improve. Although revenue growth will remain modest this year, the next financial year should show a much stronger topline expansion,” Lohia added. The company’s integrated plant in Odisha, a key part of its expansion strategy, is reportedly progressing well and expected to significantly enhance capacity once fully operational. According to Lohia, the wheelset division has registered over 100% year-on-year growth, reflecting steady recovery and robust demand.

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The company’s order book remains healthy, sustained by robust private-sector demand and expectations of fresh wagon tenders from Indian Railways. “Indian Railways alone will require 50,000–60,000 wagons to meet its freight targets, which presents a very strong industry outlook for all wagon manufacturers,” Lohia noted, adding that Jupiter Wagons is well-positioned to benefit from the upcoming procurement cycle.

For the second quarter of FY26, Jupiter Wagons reported consolidated revenue of Rs 786 crore, down 22% from Rs 1,009 crore in the corresponding quarter last year. EBITDA fell 25% year-on-year to Rs 104 crore, while profit after tax dropped 43% to Rs 45 crore, compared to Rs 89 crore a year ago. EBITDA margin for the quarter stood at 13.2%. Despite near-term softness, the management expects stronger financial performance in FY27 and FY28. On Wednesday, shares of Jupiter Wagons closed slightly lower at Rs 310.2 on the NSE, even as the Nifty50 index rose 0.7% to close at 25,875.8.

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