Jupiter Wagons Ltd is transforming its commercial vehicle segment by leveraging synergies across rail, battery, and EV businesses, launching electric LCVs, and establishing in-house manufacturing.
03 Mar 2025 | 13889 Views | By Shahkar Abidi
For years, Jupiter Wagons Ltd., a publicly traded company on the Bombay Stock Exchange, carved a niche within the Indian Railways supply chain, specializing in high-tech components—wheels, axles, rolling stock, and braking systems—tailored for the country’s gradual transition toward high-speed rail infrastructure. But while its railway division thrived, another part ...
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For years, Jupiter Wagons Ltd., a publicly traded company on the Bombay Stock Exchange, carved a niche within the Indian Railways supply chain, specializing in high-tech components—wheels, axles, rolling stock, and braking systems—tailored for the country’s gradual transition toward high-speed rail infrastructure. But while its railway division thrived, another part of the business—the commercial vehicle segment, supplying 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 revolutionize 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 on Monday.
The answer, it turns out, lay in a convergence of its railways, commercial vehicles, load body, and electric mobility businesses—an intersection where Jupiter saw an opportunity not just to expand, but to lead.
Jupiter Wagons' expansion into the automotive sector has been deliberate with presence since the past several years. The company has positioned itself as 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 2021, 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 Limited, a wholly-owned subsidiary of GreenPower Motor Company Inc., aiming to leverage technology synergies in the commercial EV segment. The idea was to introduce American electric trucks to India, but almost negligible demand at that period of 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 costs for EVs in this segment stand at approximately Rs 6 per kilometer for a 1-tonne vehicle and Rs 3-4 per kilometer for a 2-tonne vehicle, significantly lower than their diesel counterparts. With last-mile logistics experiencing exponential growth, the demand for cost-effective, sustainable transport solutions was rising.
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. Recognizing this, the company acquired Log9’s technology and business assets for railway and truck battery divisions.
Bangalore-based Log9 had been developing advanced, high-performance battery solutions for electric mobility, logistics, and industrial applications. With this acquisition, Jupiter gained access to cutting-edge battery technology and Log9’s state-of-the-art manufacturing facility in Devanahalli, Bangalore. The move marked a significant step toward vertical integration, allowing Jupiter to control a critical aspect of EV production while reducing dependency on third-party suppliers.
One of its first major deployments of this battery technology was in Vande Bharat trains, where battery-based 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. That next step was integrating battery technology into Jupiter’s electric LCVs, forming the backbone of its commercial EV strategy.
Further into their EV journey, Jupiter Electric Mobility on Monday also inaugurated a state-of-the-art 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.
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, prioritizing product reliability, dealer network expansion, and after-sales service. From there, Jupiter projects a sustainable year-on-year growth rate of at least 2x. “Our approach is asset-light, leveraging shared resources while ensuring we bring a reliable product to market,” Lohia emphasized.
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, Battwheel, and Tapfin—to create an end-to-end 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 prioritizing credibility, reliability, and ecosystem integration. The company’s focus remains on battery technology, strategic partnerships, and measured expansion.
Whether it can emerge as a dominant player remains to be seen, but one thing is clear—Jupiter is in it for the long haul.