Jupiter Wagons vs Titagarh Rail: Which Wagon Maker Delivered Higher Profit in Q4FY25?

India’s railway infrastructure continues to expand rapidly, supported by increasing public investment and growing demand for freight and urban mobility. In this dynamic environment, two key players—Jupiter Wagons Limited (JWL) and Titagarh Rail Systems (TRS)—have recently reported their Q4 and full-year financial results for FY25. In this read, we will have a closer look at their Q4FY25 performance.

Performance Snapshot: Key Metrics Compared

Jupiter Wagons Limited

Jupiter Wagons Limited delivered a mixed set of financial results for Q4FY25, with a slight dip in revenues but improved profitability. The company reported a total consolidated income of ₹1,057 crore, which marked a small decline from ₹1,127 crore in Q4FY24. EBITDA rose by 4.1% to ₹153 crore, up from ₹147 crore a year earlier, thanks to tighter cost control and higher efficiency. This resulted in a significant expansion in EBITDA margin to 14.6%, compared to 13.2% in the previous year.

Despite a slight drop in net profit—from ₹105 crore to ₹103 crore—the company’s PAT margin improved from 9.3% to 9.7%. This uptick in profitability margin signals better operational leverage and prudent financial management.

On May 26, 2025, the board approved an interim dividend of ₹1.00 per equity share for FY26, reflecting management’s confidence in its financial stability and future outlook.

Jupiter Wagons Order Book

In terms of business development, JWL had a strong fourth quarter with substantial order wins. The company secured a ₹600 crore order from Ambuja Cement and ACC Limited for the supply of BCFCM rake wagons. Additionally, it received a ₹255 crore contract from Braithwaite & Co for railway wheelsets, along with ₹150 crore worth of passenger brake system orders and ₹65 crore in brake disc supply contracts. As of March 31, 2025, JWL’s consolidated order book stood at a robust ₹6,303.6 crore, providing significant revenue visibility in the coming quarters.

Titagarh Rail Systems

Titagarh Rail Systems, on the other hand, faced a more challenging Q4FY25. The company reported a decline in both revenue and profitability during the quarter. Revenue from operations stood at ₹1,005.57 crore, down 4.45% from ₹1,052.41 crore in Q4FY24. Net profit dropped sharply by 18.6% year-on-year, falling to ₹64.45 crore from ₹78.95 crore. Despite this decline, TRS managed to cut down total expenses by 2.17%, which limited the extent of its profitability erosion.

The company also announced a dividend of ₹1 per share, signalling ongoing confidence in its financial fundamentals, despite the temporary downturn. TRS continued to focus on enhancing operational throughput and achieved a 12.41% year-over-year growth in wagon production. It also recorded its highest-ever quarterly output at 7,632 metric tonnes in Q4 and a full-year production volume of approximately 27,240 metric tonnes.

Titagarh Rail System Order Book

On a positive note, FY25 was a strong year for new order inflow. TRS secured over ₹1,200 crore in orders across business segments, including approximately ₹900 crore for freight rolling stock and ₹303 crore for propulsion systems. By the end of March 2025, the company had built up a strong order pipeline comprising around 11,500 wagons and 1,583 Metro and Vande Bharat coaches. This diverse order book reflects TRS’s strategic presence across freight, metro, and high-speed rail verticals.

Also Read: Best Railway Stocks for June 2025 Based on 5-Yr CAGR: Rail Vikas, IRCTC, Jupiter Wagons & More

Conclusion

Jupiter Wagons Limited has clearly focused on long-term capacity building, vertical integration, and large-scale order execution. Its financial discipline and margin improvement stand out, particularly given the revenue contraction. Titagarh Rail Systems, though facing short-term supply chain issues, has demonstrated agility and resilience.

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