India’s railway sector is undergoing rapid modernisation, and at the forefront of this transformation are two key players: Titagarh Rail Systems Limited and Jupiter Wagons Limited. Both companies are central to the production of rolling stock and infrastructure essential for freight and passenger mobility. While they operate in the same ecosystem, their strategies, capabilities, and market positions offer distinct strengths. Here’s a comparative analysis of these two companies.
Here’s a comparison between the railway stocks of Titagarh Rail Systems Limited and Jupiter Wagons Limited to provide a clear overview of both companies:
Price Movement
Shares of Titagarh Rail Systems Limited, with a market cap of Rs. 12,681 crores, reached an intraday high at Rs. 950 levels on BSE, up by around 2 percent on Friday. The stock has delivered negative returns of nearly 19 percent over a one-year period, but has gained around 34 percent in one month.
Shares of Jupiter Wagons Limited, with a market cap of Rs. 17,022.4 crores, closed in the red at Rs. 400 levels on BSE, down by around 2 percent. The stock has delivered negative returns of nearly 31 percent over a one-year period, but has gained over 17 percent in one month.
Business Overview
Formerly known as Titagarh Wagons, the company manufactures and sells passenger coaches, metro trains, freight wagons, train electricals, steel castings, specialized equipment & bridges, ships, etc. With a footprint in both India and Europe, especially after acquiring Italy-based Firema, Titagarh has positioned itself as a global player in the railway and metro segment. It is a market leader with ~25 percent share in freight wagons and is the largest wagon manufacturer in India.
Jupiter Wagons, previously known as Commercial Engineers & Body Builders Company Limited, focuses primarily on manufacturing railway wagons, wagon components, castings, and metal fabrication, comprising load bodies for commercial vehicles, rail freight wagons, and components.
Order Book
As of 31st March 2025, Titagarh’s order book stood at Rs. 24,526 crores, including the share from the joint venture (JV). The order book consists of orders for ~11,500 wagons and 1,583 Metro and Vande Bharat coaches. It received more than Rs. 1,200 crores worth of orders in FY25 across business segments.
In contrast, Jupiter Wagons reported an order book of Rs. 6,303.6 crore as of 31st March 2025, with the majority of orders concentrated in segments such as wheel sets, brake discs, commercial vehicle bodies & components, and railway wagons.
Financial Performance
Titagarh reported a decline in revenue from operations by nearly 4 percent to Rs. 1,006 crores in Q4 FY25, while its net profit decreased around 19 percent YoY to Rs. 64 crores. Additionally, the revenue of Titagarh increased by a CAGR of over 38 percent to Rs. 3,868 crores in FY25, as against Rs. 1,468 crores in FY22.
Jupiter Wagons reported a decline in revenue from operations by nearly 6 percent to Rs. 1,045 crores in Q4 FY25, while its net profit decreased around 2 percent YoY to Rs. 103 crores.
Further, the revenue of Jupiter Wagons increased by a CAGR of nearly 50 percent to Rs. 3,963 crores in FY25, as against Rs. 1,178 crores in FY22, while the net profit grew by a CAGR of 97 percent, from Rs. 50 crores to Rs. 380 crores, over the same period.
Written by Shivani Singh
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