Synopsis: Shares rose 10% after its subsidiary JEM Energy signed MoUs with Chalukya Power and Pickrenew Energy, adding 110 MWh BESS projects. The company targets Rs. 200 crore orders and Rs. 1,000 crore revenue by 2030.
The shares of this company engaged in the business of metal fabrication, comprising load bodies for commercial vehicles, rail freight wagons, and components, are in the spotlight after it rose by 10 per cent in today’s session following its subsidiary’s signing of strategic MoUs with Chalukya Power and Pickrenew Energy.
With a market capitalisation of Rs. 12,607 cr, the shares of Jupiter Wagons Ltd were trading at Rs. 295 per share, jumping 10% in today’s trading session, making a high of Rs. 303.90, up from its previous close of Rs. 277 per share.
What’s the News
Jupiter Electric Mobility (JEM), a subsidiary of Jupiter Wagons Ltd, has announced that it has signed strategic Memorandums of Understanding (MoUs) with Chalukya Power and Pickrenew Energy. These agreements together add around 110 MWh of Battery Energy Storage System (BESS) projects to JEM Energy’s orderbook for FY 2026–27.
With these additions, JEM Energy’s BESS orderbook has grown to over Rs. 150 crore, including engagements with private renewable developers as well as select public sector clients such as Power Grid Corporation of India. The company has set a target of reaching Rs. 200 crore in combined orders in its battery and BESS segment during FY 2026–27, indicating strong momentum in securing projects across both institutional and private customer segments.
Looking further ahead, JEM Energy is aiming for a significant scale-up in its energy storage business. It has projected revenue of over Rs. 500 crore in its battery and BESS vertical by FY 2027–28 and expects to achieve EBITA positivity in the same period as operations scale and efficiencies improve. Over a longer horizon, the company has set an ambitious target of Rs. 1,000 crore revenue by FY 2029–30 in this segment.
This growth outlook is supported by strong structural demand in India’s energy storage market. Key drivers include government policies mandating 4-hour storage for new renewable projects, Viability Gap Funding (VGF) schemes for standalone BESS capacity, and India’s broader goal of reaching 500 GW of non-fossil fuel energy capacity by 2030.
JEM Energy is positioning itself as an integrated domestic BESS solutions provider, spanning battery systems, integration, project execution, and after-sales support to capture opportunities in this expanding market.
Jupiter Wagons Ltd (JWL) is a provider of comprehensive mobility solutions, with diverse offerings across Freight Wagons, Locomotives, Commercial Vehicles, ISO Marine Containers, and products such as Couplers, Draft Gears, Bogies, CMS Crossings, Brake Disc, Brake System, Wheels, Axles and Wheel sets.
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