JEM Energy Secures Strategic BESS Agreements, Targets INR 1,000 Crore Revenue by FY 2029-30

JEM Energy Secures Strategic BESS Agreements, Targets INR 1,000 Crore Revenue by FY 2029-30​

National, May 25, 2026: Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited (JWL), announced the signing of formal Memorandums of Understanding (MoUs) with two major Indian renewable energy developers, Chalukya Power and Pickrenew Energy. These agreements add 110 MWh of Battery Energy Storage System (BESS) business, comprising both Utility-scale and Commercial and Industrial (C&I) deployments, to JEM Energy's orderbook for the Financial Year 2026-27.

The additions bolster JEM Energy's current BESS orderbook, which already stands at INR 150+ Crore. This figure encompasses engagements with various private renewable energy developers and select Public Sector Undertaking (PSU) clients, including Power Grid. Leveraging this momentum, the company is targeting a combined orderbook of INR 200 Crore in the Battery and BESS segment for FY 2026-27.

The MoUs with Chalukya Power and Pickrenew Energy underscore JEM Energy's strategy to become a leading indigenous BESS solutions provider in India. These agreements cover both Utility-scale projects aimed at enhancing grid stability and renewable energy integration, and C&I deployments designed for industrial consumers requiring reliable, cost-efficient energy management.

Key Revenue Targets for BESS Vertical​

JEM Energy has set ambitious revenue targets for the BESS vertical over the coming years:


Looking ahead, JEM Energy is targeting INR 500+ Crore in revenue in the battery and BESS vertical by FY 2027-28. This growth is underpinned by an expanding orderbook, deepening client relationships, and continuous advancement in battery and integration capabilities. Over the three-year horizon, the company aims to achieve INR 1,000 Crore in revenue from the BESS vertical by FY 2029-30.

The strong market growth is attributed to several structural drivers, including the Government of India's policy mandate requiring all new renewable energy projects to incorporate 4-hour storage. Additional support comes from the Viability Gap Funding (VGF) scheme for standalone BESS projects totaling 4,000 MWh, and the national goal of achieving 500 GW of non-fossil fuel capacity by 2030.

Management Commentary​

Mr. Vivek Lohia, Managing Director of Jupiter Wagons Limited, noted that the partnerships signed with Chalukya Power and Pickrenew Energy are a strong endorsement of JEM Energy’s growth in India’s energy storage sector. He stated that the current orderbook of INR 150+ Crore and the target of INR 200 Crore for the financial year reflect the pace of business expansion. Mr. Lohia added that these developments demonstrate the trust placed in an indigenous partner, reaffirming the company’s commitment to supporting the growth towards the INR 1,000 Crore vision by FY 2029-30.

Mr. Kartik Hajela, CEO of JEM Energy, described the MoUs as a milestone representing the beginning of long-term partnerships. He highlighted that the current orderbook of INR 150+ Crore, with a clear path to INR 200 Crore this year, provides strong operational momentum. He reiterated that while the INR 1,000 Crore BESS vertical target by FY 2029-30 is ambitious, it is grounded in a large pipeline, a strong policy environment, and the depth of capability being built within JEM Energy's energy storage portfolio.

JWL Stock Price Movement​

Shares of Jupiter Wagons Limited are rallying to ₹287.9 as of 11:42 AM, climbing 3.95% in live trading. This momentum is supported by substantial investor interest, with the stock seeing 1.84 million shares traded in the current session.