Rail engineering firm Jupiter Wagons Ltd is preparing a major global expansion through exports of battery energy storage systems (BESS), wheelsets and freight wagons, while also entering passenger coach and metro train manufacturing through a partnership with a global rail company.
The company expects exports and new mobility businesses to become key growth drivers over the next three years as it diversifies beyond its core wagon manufacturing operations, looking to double its revenues by 2028-29.
“Exports could contribute 20-25% of revenue over the next few years as we scale up our battery systems, wheelsets and wagon businesses internationally,” managing director Vivek Lohia told Mint in an interview, adding that the company’s proposed entry into rail coach manufacturing later in 2026 would also provide opportunities for tapping the market for exports.
The company’s current exports contribute less than 5% of its annual revenue.
Jupiter Wagons, which accounts for over 40% of India’s wagon manufacturing capacity, is already exporting BESS to the US and African markets and plans to scale overseas shipments significantly after securing international certifications later this fiscal year.
“We are pursuing international certifications for to comply with stringent US and EU standards that will help scale exports of this product,” Lohia said.
The company’s containerized BESS based on lithium-iron-phosphate technology are being deployed for renewable energy storage, industrial backup, EV charging and data centre applications.
“We are seeing strong demand not only from engineering, procurement, and construction applications but also from commercial and industrial users,” Lohia said.
The company expects revenue from its BESS and container business to double in 2026-27 to around ₹200 crore from nearly ₹100 crore in 2035. Jupiter is targeting orders of 200-500 megawatts (MW) of battery storage projects in 2026 and plans to execute about 200MW during the current fiscal.
“In the next five years, the container and BESS business together can become a ₹1,000 crore business for us,” he said.
Wheelset manufacturing
Jupiter is also betting heavily on its ₹2,700 crore wheelset manufacturing project in Odisha, which will produce railway axles and wheels for domestic and export markets.
The facility, with a rated annual capacity of 100,000 wheelsets, is expected to begin commercial production in 2027. In the first phase, it plans to produce 40,000-50,000 wheelsets annually.
“More than 50% of the wheelset capacity will be exported. Europe will be a very significant market for us because we already have strong relationships there,” Lohia said.
Apart from Europe, the company is targeting Southeast Asia and Africa for equipment exports.
Jupiter is also preparing to export freight wagons for the first time after focusing largely on domestic demand in recent years.
“We are participating in global tenders for about 3,000-4,000 wagons put together. Even if one tender materializes, exports of 400-500 wagons can happen initially,” he said.
Lohia also said that the wagon business itself would scale up in 2026, as Indian Railways is expected to soon issue a mega tender to source 30,000-40,000 wagons this year.
Passenger mobility
Alongside exports, the company is preparing to enter the passenger mobility segment through a partnership with a global rolling stock manufacturer.
Jupiter is in advanced discussions with a European company to manufacture passenger coaches, metro coaches and suburban rail systems in India. The partnership is expected to be announced later this year. The plan is to set up a coach manufacturing facility with an initial investment of ₹1,000 crore.
“We have plans to enter the entire passenger business also. Over the next two to three years, India will require at least 10,000-12,000 coaches across suburban rail, metro and rapid transit systems,” Lohia said.
The company said the partnership is not linked to a specific railway tender and is intended as a long-term manufacturing and technology arrangement catering to both Indian and overseas markets.
“This is not a tender-specific partnership. It is a long-term arrangement, and they are also looking to source globally from India,” he added.
The passenger coach push is expected to strengthen Jupiter’s ambition to become a complete mobility and railway manufacturing company with a presence across freight, passenger rail systems, battery storage, and rail .
“The idea is to be present across the entire mobility landscape,” Lohia said.
The company expects the passenger coach business to start generating revenue from 2027-28. Combined with growth in wagons, exports and energy storage, Jupiter expects revenue to nearly double over the next three years.
“If you look at a three-year horizon, we are looking at revenues of around ₹7,000-8,000 crore,” Lohia said, compared with revenue of about ₹4,000 crore in 2025-26.