Jupiter Wagons: Well-Run, Owner-Operated Rail Freight Car Leader

Rahul Saraogi of Atyant Capital Advisors presented his investment thesis on Jupiter Wagons Limited (India: JWL) at Asian Investing Summit 2025.

Thesis summary:

Jupiter Wagons is India’s largest rail freight car manufacturer, operating in an oligopolistic market with significant barriers to entry due to RDSO certification requirements. The company is a key beneficiary of India’s accelerating shift from road to rail freight, supported by long-term policy tailwinds and electrification advantages. Beyond railcars, JWL has expanded into brakes, truck bodies, containers, EVs, and is now rapidly growing its railway wheels business. This diversification, paired with strong execution and robust demand, positions the company for sustained multi-decade growth.

The case for JWL is framed around both business quality and macroeconomic relevance. With road freight still accounting for 70% of India’s cargo transport and relying heavily on imported oil, rail offers a more sustainable, cost-efficient, and domestically powered alternative. Freight growth is closely tied to GDP, and JWL stands to gain as the broader economy expands and global supply chains continue to realign toward India. Despite being in a sector often overlooked by global investors, Jupiter Wagons enjoys pricing power, strong demand visibility, and the opportunity to consolidate market leadership in a highly regulated industry.

JWL is led by Vivek and Vikash Lohia, second-generation entrepreneurs with Western educations and a focus on governance and capital stewardship. The business is low in working capital intensity, generates ample free cash flow, and maintains low leverage. Capital allocation has been consistently prudent, driving both margin expansion and high returns on capital. The company reported a 28% RoE, $63 million in net profit on $640 million in revenue, and recently traded at 29x earnings — valuation levels that are justified given its dominant positioning and long growth runway.

While the broader Indian market has experienced volatility since mid-2024, Rahul sees this as an opportune moment to initiate or add to positions in structurally advantaged businesses like Jupiter Wagons. The secular growth thesis remains intact, and the current pullback offers an attractive entry point into a capital-efficient industry leader with years of expansion ahead. As rail continues to gain modal share and JWL leverages its scale and execution, the company is likely to command a premium multiple over time.

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About the instructor:

Rahul Saraogi is the founder and managing director of Atyant Capital Advisors, advisor to the Atyant Capital family of funds. In the last two decades he has focused on the Indian markets. His mission is to consistently identify the best 10-15 investment ideas from among the thousands of publicly- traded Indian corporations. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind. Rahul is the author of “”Investing in India: A Value Investor’s Guide to the Biggest Untapped Opportunity in the World””, a definitive guide on navigating the Indian markets published by John Wiley & Sons.

Rahul graduated from the Wharton School of the University of Pennsylvania with a degree in Economics. Outside of Atyant, he practices Vipassana, a 2,500 year-old meditation technique that helps people see things as they really are. Rahul splits time between Chennai and New York.

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