Synopsis: Jupiter Wagons and Titagarh Rail Systems showcase robust growth, with order books of Rs 5,041 crore and Rs 14,455 crore, Q3 revenues of Rs 890 crore and Rs 823 crore, and the PRS segment surging 237 percent YoY for TRSL.
This article outlines a comparative analysis of Jupiter Wagons Limited and Titagarh Rail Systems Ltd, examining their operational performance, order books, financial metrics, and strategic initiatives. It highlights how both companies are positioned in India’s railway and industrial manufacturing sectors, reflecting growth trajectories, market presence, and future opportunities.
Jupiter Wagons Limited (JWL), established in 1979 and headquartered in Kolkata, is a leading Indian manufacturer of railway freight wagons, components, and passenger coach items for Indian Railways and private, international clients. It has diversified into manufacturing commercial vehicle load bodies, marine containers, and electric light commercial vehicles
With a market capitalization of Rs 11,425 per share, the shares of the company closed at Rs 267.35 per share, down 3.80 percent from its previous day’s close. The company’s share trades at a P/E of 47.3x, with ROCE of 21.5 percent and ROE of 17 percent, with a 1-year stock negative return of 10 percent and since listing it has given a return of 403 percent.
Titagarh Rail Systems Ltd (Formerly Titagarh Wagons Limited), incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc. The company caters to both domestic and export markets.
With a market capitalization of Rs 9,433 per share, the shares of the company closed at Rs 700.50 per share, down 1.71 percent from its previous day’s close. The company’s share trades at a P/E of 51.6x, with ROCE of 16.6 percent and ROE of 11.8 percent, with a 1-year stock negative return of5.48 percent and since listing it has given a return of 49 percent.
Order book comparison
Jupiter Wagons’ order book stands at Rs 5,041 crore, reflecting strong demand across its industrial and railway segments. In Q3 FY26, the company produced Rs 7,529 brake discs, Rs 4,476 wheel sets, Rs 3,378 commercial vehicle components, Rs 1,697 railway wagons, Rs 1,272 wheels, Rs 995 axles, Rs 462 CMS crossings, Rs 342 containers, and Rs 40 axle-mounted disc brake systems.
Titagarh Rail Systems maintains a robust order book totalling approximately Rs 14,455 crore, highlighting its strong market presence. The core business units contribute significantly, with Freight Rail Systems at Rs 3,126 crore, Passenger Rail Systems at Rs 10,791 crore, and Defence & Bridges at Rs 38 crore. Additionally, Shipbuilding and Maritime Systems, via its subsidiary, adds Rs 500 crore.
Q3 performance
Jupiter wagons: During Q3 FY26, the company demonstrated strong operational resilience, overcoming early-year supply constraints and achieving sequential performance improvement. Consolidated income reached Rs 890 crore, marking a 13 percent quarter-on-quarter growth. EBITDA rose to Rs 116 crore, up 12 percent from Q2, maintaining healthy margins of 13 percent. Profit after tax stood at Rs 62 crore, reflecting a robust 38 percent quarterly growth, with PAT margins expanding to 7 percent, highlighting disciplined execution and the strength of a diversified business model.
Titagarh Rail Systems : For Q3 FY26, the company reported revenue from operations of Rs 822.72 crore, reflecting a 4.36 percent quarter-on-quarter increase. EBITDA rose 11.62 percent to Rs 99.02 crore, with margins improving to 12.04 percent from 11.25 percent in Q2. Profit after tax reached Rs 55.72 crore, up 17.83 percent Q-o-Q. Notably, PRS revenue surged approximately 237 percent year-on-year and 36 percent sequentially, highlighting strong business momentum.
Key highlights
Jupiter wagon: In H1 FY26, Jupiter Wagons strengthened its leadership with the appointment of Mr Mark Damian Stevenson as a Non-Executive Non-Independent Director, bringing over three decades of European rail industry experience. Promoter shareholding increased to 68.31 percent following the conversion of 28,72,340 warrants by TATRAVAGONKA A.S., reflecting continued promoter confidence.
Jupiter Electric Mobility advanced its capabilities with auxiliary battery systems for Vande Bharat trains and modular Battery Energy Storage Systems in containerised formats. The Odisha Greenfield Railwheel project is on schedule, with critical equipment ordered and construction ongoing, while the company secured a healthy wheelset and axle order book across freight wagons, LHB coaches, metro systems, and Vande Bharat trains.
Titagarh Rail Systems completed a strategic transfer of its Shipbuilding & Maritime Systems business to Titagarh Naval Systems Limited for Rs 114.88 crore, effective January 1, 2026, allowing the company to focus on core operations. Additionally, TRSL received approval as a Wagon Leasing Company, enabling ownership and leasing of railway wagons across Indian Railways.
The Passenger Rail Systems (PRS) segment, contributing ~77 percent to the order book, continues to drive growth, reflecting a strategic shift toward passenger rolling stock. Supported by modernisation initiatives like Vande Bharat trains and station redevelopment, PRS recorded record quarterly revenue growth of ~237 percent and segment profit growth of ~364 percent year-on-year.
In conclusion, both Jupiter Wagons and Titagarh Rail Systems have demonstrated strong operational resilience and strategic growth. Jupiter Wagons’ diversified portfolio across freight wagons, components, commercial vehicles, and energy storage, supported by a Rs 5,041 crore order book, underscores its steady execution and capacity expansions.
Meanwhile, TRSL’s focus on passenger rail systems, with a dominant PRS order book of Rs 10,791 crore and a total of Rs 14,455 crore, positions it as a key player in India’s railway modernization. Both companies are leveraging policy support, infrastructure developments, and technological advancements to strengthen market share and drive sustainable long-term growth.
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