Jupiter Wagons share jumps 10% as arm secures 110 MWh BESS orders

Jupiter Wagons shares jumped 9.7 per cent on BSE, logging an intra-day high at ₹303.9 per share. However, at 12:48 PM, Jupiter Wagons’ share price pared some gains, but was still up 7.49 per cent at ₹297.75 per share. In comparison, the BSE Sensex was up 1.07 per cent at 76,223.71. 

The buying on the counter came after Jupiter Electric Mobility Private Limited (JEM Energy), a subsidiary of Jupiter Wagons, signed a memoranda of understanding (MoUs) with Chalukya Power and Pickrenew Energy — two renewable energy developers — adding 110 MWh of battery energy storage system (BESS) business to its orderbook for FY27. The agreements comprise a mix of utility-scale and commercial and industrial (C&I) deployments. 

 

With these additions, JEM Energy's current BESS orderbook stands at over ₹150 crore, inclusive of engagements with private renewable energy developers and select public sector undertaking (PSU) clients including Power Grid. The company is targeting a combined orderbook of ₹200 crore in the battery and BESS segment within FY27.  READ | Motilal Oswal's top picks: Apollo Hospitals, Lenskart, GNG Elec & others 

The MoUs represent a significant step in JEM Energy's strategy to establish itself as a leading indigenous BESS solutions provider in India. The agreements span utility-scale projects supporting grid stability and renewable energy integration, as well as C&I deployments serving industrial consumers seeking reliable, cost-efficient energy management. 

"The MoUs signed with Chalukya Power and Pickrenew Energy are a strong endorsement of JEM Energy's growing stature in India's energy storage sector. An orderbook of ₹150 crore-plus and a target of ₹200 crore for this financial year reflects the pace at which we are building this business. More importantly, it reflects the trust that India's leading developers are placing in an indigenous partner," said Vivek Lohia, Managing Director, Jupiter Wagons Limited. 

Looking ahead to FY28, JEM Energy is targeting over ₹500 crore in revenue from the battery and BESS vertical. The company is confident of turning Ebita positive by FY28, underpinned by a growing orderbook, expanding client relationships, and continued advancement in battery and integration capabilities.  READ | Angel One, Groww, 360 One report up to 250% surge in Q4 net; time to buy? 

Over a three-year horizon, JEM Energy has set an aspirational target of ₹1,000 crore in battery and BESS revenue by FY30 — anchored in India's rapidly expanding BESS opportunity. Key policy tailwinds include the Government of India's mandate for four-hour storage with all new renewable energy projects, the Viability Gap Funding (VGF) scheme for standalone BESS projects totalling 4,000 MWh, and India's broader national target of 500 GW of non-fossil fuel capacity by 2030. 

Jupiter Electric Mobility Private Limited is a subsidiary of Jupiter Wagons Limited, focused on electric vehicle and energy storage solutions across commercial and industrial segments. The company specialises in electric trucks, light commercial vehicles, and energy storage solutions — including for railways — backed by Jupiter Wagons' legacy in railways and mobility infrastructure.