Jupiter Wagons has announced a landmark partnership with Italy's Lucchini RS Holding and SIMEST to establish India's first private integrated railwheel manufacturing platform. The collaboration combines Jupiter Wagons' manufacturing presence in India with *Lucchini RS'*s expertise in railwheel technology, engineering, and metallurgy. The partnership involves Lucchini RS Holding taking a 15% equity stake in Jupiter Tatravagonka Railwheel Factory (JTRWF), while SIMEST, a financial institution backed by the Italian government, will acquire an additional 10% stake. The total 25% investment is estimated at approximately €28 million (₹307.26 crore). The manufacturing platform will merge JTRWF's existing facility at Chhatrapati Sambhajinagar with a new manufacturing complex currently being built in Odisha. Once the Odisha plant is operational, it will allow for complete in-house production of railway wheels, axles, and wheelsets, making it India's only fully integrated private railwheel manufacturing platform.
Indian Railways loaded 141.3 million tonnes of freight in July 2026, representing a 9% increase from 129.7 million tonnes in the same period last year. According to reports from The Financial Express, freight revenue also climbed 8%, supported by higher movement of iron ore, coal, food grains and fertilisers. The growth was particularly strong in key sectors, with iron ore loading rising 22.2% while coal and food grain loading grew 11.5% each. Domestic coal movement to power plants increased 20% during the month, as reported by the Ministry of Railways.
Jupiter Wagons has transformed from a traditional wagon manufacturer into a diversified rail solutions provider. As reported by The Financial Express, the company's railwheel business crossed ₹528 crore in FY26 with EBITDA margins improving to 17% from 12% a year ago. The company has secured orders for 9,000 LHB axles and received a Letter of Intent for 5,376 Vande Bharat wheelsets. Beyond railways, Jupiter is building businesses in battery energy storage systems, containers, brake systems and electric commercial vehicles. The management expects the container business to double revenue during FY27, while the battery energy storage business has a medium-term revenue target of ₹1,000 crore over the next three to four years. The new partnership with Lucchini RS and SIMEST will enhance India's capability to manufacture critical railway components and reduce reliance on imports, while serving both domestic and international railway markets through fused European technology with Indian manufacturing.
Texmaco Rail & Engineering experienced the weakest financial performance among the three companies, with revenue falling 14.3% in FY26. According to The Financial Express, the company has strategically reduced its dependence on Indian Railways, with 79% of freight car orders coming from private customers and exports in FY26, compared to only 21% from Indian Railways a year earlier. The company is expanding into signalling, Kavach, rolling stock, defence manufacturing, rail EPC and power electronics through multiple joint ventures. Management expects exports of railway castings and components to grow more than threefold over the next two to three years.
Titagarh Rail Systems has significantly diversified its business model, with passenger rail contributing ₹539 crore during FY26, more than doubling from the previous year. As reported by The Financial Express, passenger EBIT margin also improved to 14.27%. The company expects to deliver at least 200 passenger coaches during FY27, while the first Vande Bharat train deliveries are also expected during the year. Its standalone order book stands at ₹14,240 crore, while including proportional JV share, the total rises to ₹27,540 crore. More than three-fourths of the core order book now comes from passenger rail.
All three companies are awaiting the next large railway tender after a relatively slow FY26. According to The Financial Express, management teams expect ordering activity to revive over the coming quarters, with the missing piece being fresh wagon ordering. Among the listed wagon makers, each company enters the next phase with different strengths - Titagarh has the largest order book and a rapidly growing passenger rail business, Jupiter is building diversified businesses alongside wagons, while Texmaco has increased exposure to private customers and exports. The freight numbers indicate that cargo movement remains healthy across key sectors of the economy, even as wagon manufacturers continue to wait for the next large railway procurement cycle.
