Mumbai: Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited, has announced the signing of formal MoUs with Chalukya Power and Pickrenew Energy for Battery Energy Storage System (BESS) projects. The agreements add 110 MWh of business across utility-scale and commercial and industrial (C&I) deployments to the company’s orderbook for FY 2026-27.
Following the development, JEM Energy’s current BESS orderbook has crossed Rupees 150 crore. The company stated that the orderbook includes engagements with private renewable energy developers as well as select Public Sector Undertaking (PSU) clients, including Power Grid. JEM Energy is now aiming to achieve a Rupees 200 crore combined battery and BESS orderbook during FY 2026-27.
Focus On Utility And Industrial Applications
According to the company, the partnerships with Chalukya Power and Pickrenew Energy are aimed at strengthening JEM Energy’s position in India’s rapidly growing energy storage market. The projects will include utility-scale systems designed to support grid stability and renewable energy integration, along with C&I deployments for industrial consumers seeking efficient and reliable energy management solutions. The company said the agreements reflect increasing confidence among renewable energy developers in JEM Energy’s technological capabilities, execution track record, and integrated energy storage solutions.
Expansion Plans And Revenue Targets
Looking ahead, JEM Energy has set an ambitious roadmap for its battery and BESS vertical. The company is targeting revenue of over Rupees 500 crore from the segment in FY 2027-28. It also expects the vertical to achieve EBITDA positivity by the same financial year as operational scale improves and the orderbook expands further. Over the next three years, JEM Energy has outlined a long-term target of generating Rupees 1,000 crore in revenue from the battery and BESS business by FY 2029-30.
The company said India’s growing focus on renewable energy and grid-scale energy storage presents a major opportunity for the sector. It highlighted government initiatives such as the mandate for four-hour storage in renewable projects, viability gap funding support for standalone BESS projects, and the national target of achieving 500 GW of non-fossil fuel energy capacity by 2030 as key growth drivers.
Management Commentary
Jupiter Wagons Limited Managing Director Vivek Lohia said the agreements mark an important milestone in JEM Energy’s growth journey and reflect the trust placed in the company by leading renewable energy developers. He added that the company remains committed to supporting JEM Energy’s growth ambitions in the BESS segment. JEM Energy CEO Kartik Hajela said the partnerships are intended to build long-term relationships with developers while strengthening the company’s revenue visibility and operational momentum.
Disclaimer: This article is based solely on information provided in the company’s press release/document. It does not constitute financial or investment advice.
