Jupiter Wagons secures 41 MW battery storage order; targets ₹1,000 Cr storage order book
India has been adding solar and wind at a fast pace, but the sun doesn't shine at night and the wind doesn't blow on demand. That mismatch is what battery storage is meant to fix, by holding power when there is plenty and releasing it when the grid needs it. It is becoming one of the most closely watched parts of the power sector.
Shares of Jupiter Wagons Ltd. were closed at Rs. 223.44, down 0.22 percent from previous close of Rs. 223.93. The stock opened at Rs. 224.20, reaching an intraday high of Rs. 226.99 and low of Rs. 218.61. The company currently has a market capitalization of Rs. 9,533 crores.
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What's the news?
According to a press release dated October 5, 2026, Jupiter Wagons, through its energy business JEM Energy, has won a 41 MW/102.5 MWh standalone battery energy storage project from Uttarakhand Power Corporation Limited. It bid in partnership with Madhav Infra Projects Limited and emerged as the lowest bidder for Cluster C of the tender, run under the tariff-based competitive bidding route. The projects cover supply and commissioning of about Rs. 100 crore of battery storage systems.
The company has also received the formal Letter of Award from West Bengal State Electricity Distribution Company Limited for a 50 MW/200 MWh standalone project at the Jeerat 132 kV substation in North 24 Parganas. This project was secured in August 2026. Managing Director Vivek Lohia reiterated the target of a Rs. 1,000 crore storage order book by FY27, and said the electric mobility arm expects to turn EBITDA positive in Q3 FY27 and profitable by FY28.
Financial & Business Analysis
Looking at the quarterly results of Jupiter Wagons Ltd., the company’s consolidated revenue increased by 42.77 percent YoY, from Rs. 476.22 crore in Q1 FY26 to Rs. 679.88 crore in Q1 FY27, and decreased by 13.88 percent QoQ from Rs. 789.45 crore in Q4 FY26.
In Q1 FY27 Jupiter Wagons Ltd.’s consolidated net profit decreased by 15.74 percent YoY, reaching Rs. 26.18 crore compared to Rs. 31.07 crore during the same period last year. As compared to Q4 FY26, the net profit has decreased by 3.75 percent, from Rs. 27.20 crore. The basic earnings per share stood at Rs. 0,66 as against Rs. 0.77 recorded in the same quarter in the previous year, FY2026.
Jupiter Wagons still earns most of its living from railway wagons and related rail products. Its wagon order book is about Rs. 3,000 crore, and around 80% of the wagon orders come from private customers rather than Indian Railways. Total orders stood at about Rs. 4,550 crore at the end of June, with a railwheel order book of about Rs. 700 crore. Battery storage is the newest and smallest piece of that mix, but it is the one the company is pushing hardest.
This is where the new wins help. The storage order book was already around 500 MW, valued at over Rs. 500 crore, before these two projects, so the Uttarakhand and Jeerat wins move it closer to the Rs. 1,000 crore goal. They also take JEM Energy into a new state and give it more utility-scale projects, which are the harder ones to win. Over time, a larger storage book would reduce the company's dependence on wagon cycles and railway ordering patterns, and give the electric mobility arm the scale it needs to reach profitability.
Industry Context
The policy push is strong. The Union Cabinet has approved Green Energy Corridor Phase-III to help move up to 135 GW of renewable power and to deploy 50 GWh of battery storage. The scheme has a total outlay of Rs. 1,86,405 crore, of which Rs. 50,000 crore is for storage, and it is targeted for FY 2032-33. That is a clear signal that storage is now part of how India plans its grid.
The demand backdrop is just as solid. Renewables made up more than half of India's installed electricity capacity in 2025, five years ahead of schedule. The government wants 900 GW of non-fossil capacity by 2035. As more variable power comes onto the grid, substation-level batteries like the ones in Uttarakhand and West Bengal become necessary to handle congestion and peak hours. Supply will have to keep pace, and that is the space Jupiter is going after.
Company Overview
Jupiter Wagons is a Kolkata-headquartered mobility solutions company with a legacy of over four decades. It makes freight wagons, locomotives, commercial vehicles, ISO marine containers and components such as couplers, bogies, wheels and axles, with plants in Kolkata, Jamshedpur, Indore, Jabalpur, Bangalore and Aurangabad. Its subsidiary Jupiter Electric Mobility works on electric trucks, light commercial vehicles and energy storage solutions. Customers include Indian Railways, the Ministry of Defence, Tata Motors, Alstom and Volvo Eicher.