Questions across 3 calls

Balasubramanian A.

Arihant Capital

Jupiter Wagons Limited

Jupiter Wagons Limited CC-Jun26.pdf · 2026-06-01

Sir, in the Odisha wheelset plant earlier, it was planned by Q2, I think Q2 FY27. But right now, it's been extend ed to Q4 FY27. So, if that production starts by Q4, for example, March 2027, what would be the ramp-up curve for wheelsets in that financial year, for example, FY28? And secondly, if you could talk about wagon tenders, I think recently, we got information about 1 lakh wagons over the next 3 to 4 years' time frame, which is approximately 30,000 to 40,000 wagons per annum. And when it's likely to be rolled out by the Indian Railway?

My second question is , we are entering into passenger rolling stock in this year. What is the specific scope in this space, whether manufacturing complete LHB or Vande Bharat coaches or only Bogies or shells. If you could talk about the capex and timeline of this process, whether it will be a separate JV or we have a strategic partnership? And how do we understand in this business over the long time?

Jupiter Wagons Limited CC-Feb26.pdf · 2026-02-13

My first question is regarding wheelsets. The industry is currently facing a shortage of nearly 32% to 35%. By next year, the Titagarh and RK Forgings JV is expected to commence wheelset production, and we are also progressing with the Odisha project, particularly for wheelsets. I am trying to understand how wheelset supplies are likely to improve by the next financial year. Additionally, will we need any special approvals to supply wheelsets to Indian Railways? For example, if we manufacture wheelsets, can we directly supply them to Indian Railways, or can they be used more broadly? Further, since we are also targeting export orders, could you please indicate which geographies currently have strong demand? Lastly, I would like to understand whether wheelset pricing in the range of INR 2.5 lakh to INR 3 lakh is viable for exports.?

My second question, is on that private wagon side, if you could quantify the market size of the private wagons segment, that would be helpful. Additionally, are we receiving repeat orders from the same customers, or could you highlight some of the industries from which we are consistently getting orders for private wagons? Further, could you also elaborate on the types of wagons for which we are currently receiving inquiries or that form part of our order book?

Jupiter Wagons Limited CC-Nov25.pdf · 2025-11-12

Sir, my first question regarding the tender, I think earlier it was mentioned that it is expected in Q3 or Q4. Could you please quantify the tender size and specify the wagon types and what kind of opportunities we have and why the tender has been delayed for a long time?

Sir, on the BESS side, beyond in-house assembly, what is the strategy for localizing the supply of key components like battery management systems and power conversion systems to reduce reliance on Chinese imports and create a durable cost advantage?