Jupiter Wagons shares in green as arm wins BESS project in Uttarakhand; reiterates ₹1,000 crore order book target by FY27

In a regulatory filing, the company said its energy business, JEM Energy, has won a 41 MW/102.5 MWh standalone Battery Energy Storage System (BESS) project from Uttarakhand Power Corporation Limited (UPCL), in partnership with Madhav Infra Projects Limited.

The partnership emerged as the L1 bidder for Cluster C of UPCL’s tender, which was conducted under the Tariff-Based Competitive Bidding (TBCB) mechanism.

Jupiter Wagons also received the formal Letter of Award (LoA) from West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the 50 MW/200 MWh standalone BESS project at the Jeerat 132 kV substation in North 24 Parganas, West Bengal. The project was secured in August 2026.

“Winning the Uttarakhand project and receiving the formal award for Jeerat are important steps in building JEM Energy into a scalable energy storage business. With the approval of Green Energy Corridor Phase-III, battery storage is now firmly part of how India will plan and strengthen its grid, and substation-level projects such as these are where that work begins,” said Vivek Lohia, Managing Director, Jupiter Wagons.

The Uttarakhand win takes JEM Energy’s presence into a new state. It also strengthens JWL’s position in the energy transition ecosystem, in line with the company’s strategy of expanding into high-growth businesses beyond its traditional railway and mobility operations.

Lohia said the company reiterated its target of building a BESS order book of approximately ₹1,000 crore by FY27. He added that Jupiter Electric Mobility (JEM) is expected to turn EBITDA positive in Q3 FY27 and become profitable by FY28.

The company will continue to bid for utility-scale and commercial & industrial (C&I) opportunities across India, he further added.

These developments follow the Union Cabinet’s approval of Green Energy Corridor Phase III. The scheme provides for 50 GWh of battery energy storage alongside stronger intra-state transmission networks. “Substation-level storage of the kind being deployed in Uttarakhand and West Bengal is central to this framework, and JEM Energy is building its utility-scale portfolio in line with it,” the company said in a statement.

Jupiter Wagons share price trends

At 2:45 PM, Jupiter Wagons shares were trading at ₹224.58 apiece on the National Stock Exchange, gaining 0.29%. The stock touched an intraday high and low of ₹226.99 and ₹218.61 per share, respectively.

From the beginning of the year, Jupiter Wagons shares have declined 33%. Over a month’s time, the stock has fallen 8%, while for a six-month period, it has slipped 13%.

Shares of the firm had hit a 52-week high of ₹358.25 on December 23, 2025, and a 52-week low of ₹218.45 on September 29, 2026.

According to NSE data, as of October 5, 2026, Jupiter Wagons has a total market capitalisation of ₹9,631.65 crore.