Wins 41 MW/102.5 MWh BESS project in Uttarakhand; receives Letter of Award for 50 MW/200 MWh Jeerat project in West Bengal

Jupiter Wagons' JEM Energy won a 41 MW/102.5 MWh BESS project in Uttarakhand as L1 bidder for Cluster C of UPCL's tender with Madhav Infra Projects Ltd. It also received a Letter of Award for a 50 MW/200 MWh BESS project in West Bengal.

Mon 5 Oct 2026

Uttarakhand BESS Project

41 MW/102.5 MWh BESS project in Uttarakhand as L1 bidder for Cluster C of UPCL's tender

West Bengal BESS LoA

Letter of Award for a 50 MW/200 MWh BESS project in West Bengal

BESS Scope Value

BESS scope ~INR 100 crore

BESS Order Book Target

BESS order book target of approximately ₹1,000 crore by FY27

JEM Profitability Timeline

JEM is expected to turn EBITDA positive in Q3 FY27 and to turn profitable by FY28

Two wins in battery storage

Jupiter Wagons Limited (JWL), through its energy business JEM Energy, has won a 41 MW/102.5 MWh standalone Battery Energy Storage System (BESS) project from Uttarakhand Power Corporation Limited (UPCL). The company bid in partnership with Madhav Infra Projects Limited and emerged the L1 bidder for Cluster C of UPCL's tender, conducted under the Tariff-Based Competitive Bidding (TBCB) mechanism. The projects envisage supply and commissioning of approximately INR 100 crore of BESS system.

Separately, JWL received the formal Letter of Award (LoA) from West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the 50 MW/200 MWh standalone BESS project at the Jeerat 132 kV substation in North 24 Parganas, West Bengal. The project was secured in August 2026.

What the company said

• Managing Director Vivek Lohia said winning the Uttarakhand project and receiving the formal award for Jeerat are important steps in building JEM Energy into a scalable energy storage business.
• The company reiterates its target of building a BESS order book of approximately ₹1,000 crore by FY27.
• JEM is expected to turn EBITDA positive in Q3 FY27 and to turn profitable by FY28.
• The company said it will continue to bid with discipline for utility-scale and Commercial & Industrial (C&I) opportunities across India.

Policy backdrop

The release refers to the Union Cabinet's approval of Green Energy Corridor Phase-III, which provides for 50 GWh of battery energy storage alongside stronger intra-state transmission networks. Substation-level storage of the kind being deployed in Uttarakhand and West Bengal is described as central to this framework, and JEM Energy is building its utility-scale portfolio in line with it.

How to read it

• The Uttarakhand win takes JEM Energy's presence into a new state.
• Both are standalone BESS projects, part of JWL's stated effort to expand beyond its traditional railway and mobility operations.
• The Jeerat development is a formal Letter of Award for a project secured in August 2026.
• The Uttarakhand development is at the L1 bidder stage for Cluster C of UPCL's tender, in partnership with Madhav Infra Projects Limited.

Points to keep in mind

• The order book target, the EBITDA-positive timeline and the profitability timeline are the company's own expectations; the release carries a safe harbour note that such forward-looking statements are subject to risks and uncertainties.
• Project pipelines and business mix can change as execution progresses.

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