Mumbai: On October 5, 2026, Jupiter Wagons Limited (JWL), through its energy business JEM Energy, announced it had won a 41 MW/102.5 MWh standalone Battery Energy Storage System (BESS) project from Uttarakhand Power Corporation Limited (UPCL).
Project Details
The Uttarakhand project was secured in partnership with Madhav Infra Projects Limited. The partnership was the L1 bidder for Cluster C of UPCL's tender, conducted under the Tariff-Based Competitive Bidding (TBCB) mechanism. The project involves the supply and commissioning of approximately ₹100 crore of BESS system.
West Bengal Award
JWL also received a formal Letter of Award (LoA) from West Bengal State Electricity Distribution Company Limited (WBSEDCL) for a 50 MW/200 MWh standalone BESS project. This project is located at the Jeerat 132 kV substation in North 24 Parganas, West Bengal, and was secured in August 2026.
Management Commentary
Vivek Lohia, Managing Director, Jupiter Wagons, said that winning the Uttarakhand project and receiving the formal award for Jeerat are important steps for JEM Energy. Lohia reiterated the company's target of building a BESS order book of approximately ₹1,000 crore by FY27.
Financial Outlook
Lohia said Jupiter Electric Mobility (JEM) expects to turn EBITDA positive in Q3 FY27. The company expects JEM to turn profitable by FY28. He added that the company will continue to bid for utility-scale and Commercial & Industrial (C&I) opportunities across India.
Strategic Importance
According to the company, the Uttarakhand win expands JEM Energy's presence into a new state. It also supports JWL's strategy of expanding into high-growth businesses beyond its traditional railway and mobility operations. These developments align with the Union Cabinet's approval of Green Energy Corridor Phase-III, which provides for 50 GWh of battery energy storage.
About Jupiter Electric Mobility
Jupiter Electric Mobility Pvt Ltd (JEM), a subsidiary of Jupiter Wagons, focuses on electric vehicle and energy storage solutions. JEM specialises in designing and manufacturing electric trucks, light commercial vehicles (eLCVs), and energy storage solutions.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
