### **1. Company Overview** **Jupiter Wagons Ltd. (JWL)**, established in 1979 and headquartered in Kolkata, West Bengal, is a leading Indian manufacturer of **integrated mobility and infrastructure solutions**. As part of the **Jupiter Group**, the company has evolved from a freight wagon manufacturer into a **comprehensive provider** of mobility solutions across Rail, Road, and Energy sectors. It operates through two core divisions: - **Rail Mobility** - **Road & Multi-modal Mobility** Its product portfolio spans freight wagons, locomotives, passenger coaches (LHB), braking systems, metro rail components, ISO marine containers, electric commercial vehicles (e-LCVs), and **lithium-ion batteries** for railways and energy storage. The company emphasizes **Make in India**, **backward integration**, and **import substitution** as key strategic drivers. --- ### **2. Subsidiary: Jupiter Electric Mobility (JEM)** Launched in 2022 and fully operational by 2025, **Jupiter Electric Mobility (JEM)** is a wholly-owned subsidiary driving the company’s foray into **electric mobility and clean energy**. #### Key Focus Areas: - **Electric Light Commercial Vehicles (e-LCVs)** - **Battery Energy Storage Systems (BESS)** - **Railway and industrial battery solutions** - **Drone and EV ecosystem development** JEM leverages Jupiter Wagons’ strengths in mobility engineering, manufacturing scale, and client relationships to accelerate India’s transition to **eco-friendly transport and energy infrastructure**. --- ### **3. Core Business Segments & Manufacturing Capabilities** #### **A. Rail Mobility Division** JWL is one of India’s **leading private wagon manufacturers** and a **key supplier to Indian Railways**, Ministry of Defence, and global rail operators. - **Products**: - Freight wagons (BOXN, BCFC, BLSS, BOM) - Covered, open, flat, car, cement, and coil carrier wagons - Passenger coaches (components and LHB systems) - Couplers, bogies, draft gears, CMS crossings - Brake systems (axle-mounted disc brakes, draft gears) - **Manufacturing Plants**: - **Kolkata**, **Jamshedpur**, **Indore**, **Jabalpur**, **Aurangabad**, and **Bengaluru** - Total footprint: **Over 350 acres** with **13 manufacturing facilities** - Fully backward-integrated with in-house **foundry operations**, **CRF mills**, and **heavy fabrication** units - Multiple sites have **7 km of private railway sidings** for seamless logistics - **Annual Wagon Manufacturing Capacity**: - Currently ~10,000 units, ramping up to **12,000 in FY26** - Production includes wagons for DFCs, 25-tonne axle load, and defence applications --- ### **4. Backward Integration & Strategic Acquisitions (Make in India Focus)** JWL is aggressively investing in **self-reliance** to reduce import dependency and strengthen component security. #### **Key Initiatives**: - **Acquisition of Bonatrans India Pvt. Ltd. (2024)** - Rebranded as **Jupiter Tatravagonka Railwheel Factory (JTRF)**, Aurangabad - Gave JWL **India’s first private captive wheelset manufacturing** facility - Annual capacity: 20,000 wheels + 10,000 axles - Secured **₹255 crore order from Braithwaite & Co.** - Projected revenue from wheel business: **₹3,000+ crores by FY28** - **New Forged Wheel & Axle Plant (Odisha, Khordha)** - **Investment**: ₹2,500 crores - Partners: **Tatravagonka a.s. (Slovakia)** - **Capacity**: **100,000 forged wheelsets annually** by **2027** - **50% for export** – targeting EU and North American markets - Will make JWL India’s **largest exporter of rail wheelsets** - **Acquisition of Log9’s Battery Business (2024–2025)** - Gave JEM **indigenous LFP (Lithium Ferro Phosphate) battery technology** - Includes **production facility in Bengaluru**, engineers, and intellectual property - Enabled **complete backward integration** in EV and rail battery manufacturing - **Joint Ventures (JVs)**: - **JWL-KOVIS (India)** – Brake discs, axles, gearboxes (with Slovenia) - **JWL-DAKO-CZ** – Brake systems for LHB coaches and freight wagons (with Czech Republic) - **JWL-Talegria** – Weldable CMS crossings for metro & freight (with Spain) - **Jupiter-TSAW Onedrone** – Drone delivery solutions - **Acquisition of Stone India Ltd.** - Strengthened **brake systems**, **pantographs**, and **lighting alternators** segment - Integration progressing well; revenue growth expected by FY26 --- ### **5. Electric Mobility & Energy Storage (Future Growth Engines)** #### **A. Jupiter Electric Mobility (JEM)** - **Flagship Product: JEM TEZ (1-ton eLCV)** - Launched commercially in **March 2025** at Indore plant - Certified range: **300+ km**, true range **190+ km** - Payload: **1.05 tons**, Peak motor: **80kW**, Gradeability: **23%** - CCS2 charging, fast charging in **20 minutes** (0–100%) - ARAI-approved, designed for **mid- and last-mile logistics** - **Target Markets**: - Urban freight, FMCG delivery, ports, railyards - **Last-mile e-mobility operators** like Pickkup (300 EVs ordered) - Fleet operators in logistics hubs: **Hyderabad, Delhi, Mumbai, Bengaluru** - **Market Expansion**: - **Showrooms launched in Bengaluru (Jun’25) and Hyderabad (Aug’25)** - Plans for nationwide rollout in **Ahmedabad, Chennai, Kolkata, Mumbai, Pune, Trivandrum** - **JEM Udaan Program** with Porter: Driver entrepreneur support, financing, business assurance - **Production Facilities**: - **Pithampur, Indore**: 2.5-acre **end-to-end EV plant**, capacity **8,000–10,000 eLCVs/year** - High localization, **integrated ecosystem** (telematics, leasing, charging, insurance) - **Upcoming Products**: - **EV Star CC (7-ton GVW in partnership with GreenPower)** - Future plans for **e-Buses, e-HCVs, e-MCVs**, and **battery-swapping models** --- #### **B. Battery & Energy Storage Solutions** JEM is emerging as a **full-stack energy solutions provider**. ##### **Battery Operations**: - **LFP battery technology** certified by **RDSO**, **BHEL**, and **Siemens** - Supplies **batteries to Indian Railways** for **Vande Bharat trains** - Also supplies **Goderj, TruckCraft, and Siemens** for forklifts and rail - **Capacity**: - Battery production facilities in **Bengaluru** and **Indore (new line by Sep’25)** - **100% MoM growth** in battery division (Aug'25) --- ##### **Battery Energy Storage Systems (BESS)**: - **Vertically integrated – in-house design from cells to container integration** - Products: **Air-cooled, modular BESS** containers (10ft and 20ft) - Capacities: **241 kWh to 3 MWh** - AC output: **200kW**, lifespan: **10 years** - Applications: - Diesel generator (DG) replacement - Solar storage (C&I) - Off-grid operations - Energy shifting and backup - **Production**: - Facilities: **Indore and Bengaluru** - Planned expansion: **1 GWh to 5 GWh annual capacity** by 2028 - **Commercial Deployment**: - First **20ft BESS unit for export to Africa (Oct 2025)** - **Direct exports to the US** - Pilots in India and Africa for **off-grid industrial use** - **BESS market in India**: Projected to reach **10 GW** (~₹8,000–10,000 cr annually) - **Partnership with Pulse Energy**: Over **1,300 fast chargers** integrated via **'JEM Saathi' app** for fleet users - **Future**: Launch of **liquid-cooled BESS** for **utility-scale** grid applications --- ### **6. Strategic Growth Initiatives** #### **A. Global & Government Partnerships** - **RITES MoU**: Joint pursuit of **export contracts** (Zimbabwe, Mozambique, Bangladesh) - Already **L1 bidder for 620 freight wagons in Zimbabwe** - **CAF (Spain)**: Manufacturing partner for **Indian metro and Metro Lite** projects - **Tatravagonka (Slovakia)**: Technology partner for **freight wagons** and **Odisha wheel plant** #### **B. Financial Strength & Market Position** - **Large Order Book (as of Aug 2024)**: **₹71,016.6 crores** (3 years of visibility) - Includes ₹600 cr from ACC for BCFCM wagons - ₹255 cr wheelset order from Braithwaite - Orders from Siemens (batteries), Indian Railways (wagons, components) - **Revenue Outlook (FY28)**: **₹8,000–10,000 crores** - **eLCV Business**: ₹300–500 crores by FY28 - **Wheel & Axle (Odisha)**: ₹2,000–3,000 crores annual revenue by FY28 - **Capital Raising**: - Raised **₹8,000 crores** via QIP and preferential allotment - Allocated to **Odisha wheel plant**, **EV ecosystem**, and **battery R&D** #### **C. Innovation & R&D** - **JEM VAAYU**: Indigenous drone battery (LFP chemistry) - Used in agricultural, surveillance, and logistics drones - Compatible with multiple UAV platforms - **Intelligent Bogies** with condition monitoring - **Auto Expo 2023–2024**: Launchpad for **JEM TEZ** and **EV Star CC**