Indian Railways supplier Jupiter Wagons has plans for the country’s fast-growing EV market.
19 Mar 2025 | 2301 Views | By Shahkar Abidi
Over the years, Jupiter Wagons Ltd, a publicly traded company on the Bombay Stock Exchange, carved out a niche within the Indian Railways supply chain, specialising in high-tech components—wheels, axles, rolling stock and braking systems—tailored to the country’s gradual transition towards high-speed rail. But while its railway division thrived, its ...
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Over the years, Jupiter Wagons Ltd, a publicly traded company on the Bombay Stock Exchange, carved out a niche within the Indian Railways supply chain, specialising in high-tech components—wheels, axles, rolling stock and braking systems—tailored to the country’s gradual transition towards high-speed rail. But while its railway division thrived, its commercial vehicle segment that supplies load bodies and chassis to OEMs like Tata Motors—remained a steady but relatively much smaller contributor to revenue.
“The question was, how do we revolutionise that part of the business,” said Vivek Lohia, Managing Director of Jupiter Wagons Ltd., at the launch of the company’s flagship electric light commercial vehicle, the JEM TEZ, in Indore, Madhya Pradesh in February. The answer, it turns out, lay in a convergence of railways, -commercial vehicles, load body, and electric mobility—an intersection where Jupiter saw an opportunity not just to expand, but to lead.
A Strategic Shift
Jupiter Wagons' expansion into the automotive sector has been deliberate, spread over several years. The company is a key supplier of load bodies and chassis, delivering 600-700 trucks per month to industry giants like Tata Motors, Ashok Leyland, and Eicher. Around the same time, Jupiter made an even bolder move—entering the electric mobility market through its subsidiary, Jupiter Electric Mobility (JEM).
The company formed a joint venture with EA GreenPower Private Ltd, a wholly-owned subsidiary of GreenPower Motor Company Inc., to leverage technology synergies in the commercial EV segment. The idea was to introduce American electric trucks to India, but the almost negligible demand at the time, combined with the high import costs, made it unviable.
As India’s EV market matured, Jupiter identified a clear opportunity: electric light commercial vehicles (e-LCVs), essential for last-mile delivery and e-commerce logistics. The economic argument was compelling—operating cost/tonne for EVs in this segment stand at approximately Rs 6 per kilometer for a 1-tonne vehicle, and Rs 3-4 per kilometre for a 2-tonne vehicle, significantly lower than those of their diesel counterparts. Moreover, with last-mile logistics experiencing exponential growth, the demand for cost-effective, sustainable transport solutions was rising.
Battery Tech
At the heart of Jupiter's foray into electric mobility is battery technology—the single most expensive and strategically vital component of an electric vehicle. Recognising this, the company acquired technology and business assets from the railway and truck battery divisions of Bengaluru-based Log9 Materials, which had been working on high-performance battery solutions for electric mobility, logistics, and industrial applications.
With this acquisition, Jupiter gained access to cuttingedge battery technology and Log9’s state-of-the-art manufacturing facility in Devanahalli, Bengaluru. The move marked a significant step towards vertical integration, allowing Jupiter to control a critical aspect of EV production while reducing dependency on third-party suppliers.
One of the first major deployments of this battery technology was in the Vande Bharat trains, where batterybased power systems replaced traditional generators. Jupiter also expanded into battery storage solutions for railway coaches, signaling systems, and solar energy projects. Today, the company is among India's largest producers of battery storage containers for data centers, supplying major industry players such as GE, Schneider, and Delta. “So, once you get all the synergies in place, the question is: How do you take the next step?” Lohia reflected.
Expansion
Jupiter Electric Mobility recently inaugurated a state-of-theart manufacturing plant in Pithampur, Madhya Pradesh— one of India’s key automotive hubs. The 2.5-acre facility, built with an investment of Rs 150 crore, has an annual production capacity of 8,000–10,000 e-LCVs, with room for phased expansion. Unlike many EV startups that rely on outsourced assembly, Jupiter has committed to in-house manufacturing, leveraging its existing infrastructure.
“The advantage is that this business is complementary to our existing capabilities,” Lohia noted, adding that synergies with the company’s other facilities will streamline production and supply chain efficiencies. For now, the facility’s initial capacity is expected to meet demand for the next two to three years. Beyond that, market traction will dictate expansion. “Once we reach a production level of 400-500 vehicles per month, we anticipate that investment will naturally follow,” Lohia explained.
While the company is not actively seeking external funding, it remains open to partnerships if the terms align with its strategic vision.
A Measured Approach
Unlike many EV companies chasing hypergrowth at the cost of financial sustainability, Jupiter is taking a disciplined approach. "Our first-year goal is not to chase volume but to establish our brand and build trust," Lohia said. Rather than aggressively scaling, the company aims for Rs 100 crore in revenue with fewer than 1,000 vehicles – prioritising product reliability, dealer network expansion, and after-sales service in the first year of operation.
From there, Jupiter projects a sustainable year-on-year growth rate of at least 2x every year. “Our approach is asset-light, leveraging shared resources while ensuring we bring a reliable product to market,” Lohia emphasised. The company is rolling out a state-wise expansion strategy, targeting high-adoption markets such as Bengaluru, Delhi, Hyderabad, Ahmedabad, Mumbai, Kolkata, and Chennai.
It is also forging strategic alliances with logistics firms and charging infrastructure providers—including Porter, Pulse Energy, Battwheelz, and TapFin—to create an end-toend EV ecosystem. Over the next five to six years, Lohia envisions Jupiter Electric Mobility as a major force in India's commercial EV sector. But he remains pragmatic. “I can’t predict exact numbers—whether it will be 50,000 vehicles or 100,000— but our goal is to be acknowledged as a serious contender in the industry,” he said.
Rather than fixating on production volume, Jupiter is prioritising credibility, reliability, and ecosystem integration. The company’s focus remains on battery technology, strategic partnerships, and a measured approach to expansion. Whether it can emerge as a dominant player remains to be seen, but one thing is apparent—Jupiter is in it for the long haul.