Jupiter Wagons FY26 Results (NSE: JWL)
Signal: Revenue declined
The read
FY26 was a disastrous year for Jupiter Wagons with consolidated revenue down 26% and PAT down 55%, as orders dried up. Balance sheet stress is evident: inventory days more than doubled to 190 days, trade receivables days rose to 97 days, and net debt surged from ₹19 Cr to ₹287 Cr. Operating cash flow plunged to ₹54 Cr from ₹200 Cr. Q4 standalone continued the weak trend with revenue -36% YoY. The downtrend has persisted for four consecutive quarters.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,915.7 Cr | -26.4% | 227.5% |
| EBIT | ₹341.18 Cr | -40.0% | |
| Net profit | ₹171.08 Cr | -55.2% | |
| EPS | ₹4.02 | -55.7% | |
| EBIT margin | 14% |
P&L walk
Full-year consolidated revenue fell 26% to ₹2,915.7 Cr, PAT dropped 55% to ₹171.1 Cr with EBITDA margin of 14%.
Key concerns
- Consolidated revenue down 26% YoY to ₹2,915.7 Cr
- Consolidated PAT collapsed 55% YoY to ₹171.1 Cr
- EBITDA margin compressed to 14% from estimated ~16%
- Standalone Q4 revenue -36% YoY, PAT -60% YoY
- Inventory days ballooned to 190 days from 86 days, signalling slow offtake
- Trade receivables days increased to 97 days from 76 days
- Net debt surged 15x to ₹287 Cr from ₹19 Cr
- Operating cash flow dropped 73% to ₹54 Cr from ₹200 Cr
- Earnings quality clean but numbers reflect deep cyclical downturn
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