Rail wagon maker Jupiter bets big on electric trucks

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Editor's note: Within six months of listing, railway parts manufacturer Jupiter Wagons has seen its stock jump over 65% to hit a 52-week high last week. Even though it’s fairly new at the bourses, the Kolkata-headquartered company, which counts the Indian Railways among its top clients, has been in the wagon-making business for the past 16 years. Armed with an A+ rating from ratings agency ICRA, the company boasts robust financials.  Jupiter Wagons’s turnover crossed Rs 1,000 crore last fiscal year. For the quarter ended 30 September 2022, its operating profit margins rose to 12.22% from 9.97% in the same period last fiscal. It claims to have a full order book for its wagons until 2024. And an upbeat rail freight market comes as a boost. “The company’s wagon and commercial [vehicle] body-building business has been a beneficiary of the current upcycle in the market. Its peers in the space, like Titagarh Wagons, have also been doing well,” says Abhishek Basumallick, founder of equity research service firm Intelsense.  But Jupiter Wagons is not done yet. The company plans to unveil two commercial …