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

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

National, May 25, 2026: Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited (JWL), has announced the signing of formal Memorandums of Understanding (MoUs) with Chalukya Power and Pickrenew Energy. These agreements add 110 MWh of Battery Energy Storage System (BESS) business, spanning both Utility-scale and Commercial and Industrial (C&I) deployments, to JEM Energy’s orderbook for the financial year 2026-27.

With these additions, JEM Energy’s current BESS orderbook is positioned at over INR 150 Crore. The company is targeting a combined orderbook of INR 200 Crore in the Battery and BESS segment within FY 2026-27, driven by engagements with private renewable energy developers and select Public Sector Undertaking (PSU) clients, including Power Grid.

The MoUs with Chalukya Power and Pickrenew Energy strengthen JEM Energy's goal of becoming a leading indigenous BESS solutions provider. The projects encompass utility-scale deployments for grid stability and renewable energy integration, alongside C&I setups designed for reliable, cost-efficient energy management for industrial consumers.

Growth Trajectory and Revenue Targets​

JEM Energy has set ambitious long-term revenue goals for its battery and BESS vertical, anticipating strong growth fueled by India's increasing need for energy storage.

The projected revenue targets are as follows:


These goals are aligned with India's expanding BESS opportunity, supported by national policies mandating 4-hour storage for new renewable energy projects and the broader national target of 500 GW of non-fossil fuel capacity by 2030.

Leadership Commentary​

Mr. Vivek Lohia, Managing Director of Jupiter Wagons Limited, commented on the achievement, stating, "The MoUs signed with Chalukya Power and Pickrenew Energy are a strong endorsement of JEM Energy's growing stature in India's energy storage sector. An orderbook of INR 150+ Crore and a target of INR 200 Crore for this financial year reflects the pace at which we are building this business. It reflects the trust that India's leading developers are placing in an indigenous partner. JEM Energy is well on its way to demonstrating exactly that in the BESS segment, and we are fully committed to supporting its growth towards the INR 1,000 Crore vision by FY 2029-30."

Adding to this, Mr. Kartik Hajela, CEO of JEM Energy, highlighted the strategic nature of the partnerships. "Signing MoUs with Chalukya Power and Pickrenew Energy is a milestone we are genuinely proud of. These are not transactional agreements. Our current orderbook of INR 150+ Crore, with a clear path to INR 200 Crore this year, gives us strong revenue visibility. The INR 1,000 Crore BESS vertical target by FY 2029-30 is ambitious, but it is grounded in a large and growing pipeline, a strong policy environment, and the depth of capability we are building within JEM Energy's broader energy storage portfolio."

Corporate Overview​

Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited (JWL), focuses on electric vehicle and energy storage solutions for commercial and industrial sectors in India. JEM designs and manufactures electric trucks, light commercial vehicles (eLCVs), and energy storage solutions. Backed by Jupiter Wagons’ deep legacy in railways and mobility infrastructure, JEM is positioned to drive progress in India's electric mobility and energy storage sectors.

Jupiter Wagons Limited (JWL) provides comprehensive mobility solutions, offering products across Freight Wagons, Locomotives, Commercial Vehicles, and various components. The Company operates manufacturing facilities across multiple locations and boasts partnerships with leading global companies. It serves a diverse client base spanning Railways, Automobile, Transportation, Logistics, Construction Equipment, and Energy.

JWL Stock Price Movement​

Shares of Jupiter Wagons Limited are surging in live trading, rallying 5.49% to hit ₹292.15 as of 12:18 PM today. The stock is attracting significant investor interest, trading robustly on a volume of 2.69 million shares.