Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited (JWL), today announced the signing of formal MoUs with Chalukya Power and Pickrenew Energy, two of India’s marquee renewable energy developers. The agreements add 110 MWh of Battery Energy Storage System (BESS) business, comprising a mix of Utility-scale and Commercial and Industrial (C&I) deployments, to JEM Energy’s orderbook for FY 2026-27.
With these additions, JEM Energy’s current BESS orderbook stands at INR 150+ Crore, inclusive of engagements with private renewable energy developers and select Public Sector Undertaking (PSU) clients, like Power Grid. The company is targeting INR 200 Crore in the combined orderbook in the Battery and BESS segment within FY 2026-27, reflecting strong and accelerating commercial momentum across both private and institutional segments.
The MoUs with Chalukya Power and Pickrenew Energy represent a significant step in JEM Energy’s strategy to establish itself as a leading indigenous BESS solutions provider in India. The agreements span Utility-scale projects supporting grid stability and renewable energy integration, as well as C&I deployments serving industrial consumers seeking reliable, cost-efficient energy management. Together, they reflect the growing confidence of India’s leading developers in JEM Energy’s technical capabilities, project execution track record, and ability to deliver integrated energy storage solutions at scale.
Looking ahead to FY 2027-28, JEM Energy is targeting INR 500+ Crore revenue in the battery and BESS vertical. As the business scales and operating leverage builds, the company is confident of EBITA being positive by FY 2027-28, underpinned by a growing orderbook, expanding client relationships, and continued advancement in its battery and integration capabilities.
Over a three-year horizon, JEM Energy has set an aspirational target of INR 1,000 Crore revenue in the battery and BESS vertical by FY 2029-30. This ambition is anchored in India’s rapidly expanding BESS opportunity, driven by the Government of India’s landmark policy push to mandate 4-hour storage with all new renewable energy projects, the Viability Gap Funding (VGF) scheme for standalone BESS projects totalling 4,000 MWh, and the broader national target of 500 GW of non-fossil fuel capacity by 2030. As grid-scale intermittency challenges intensify and India’s renewable energy capacity additions accelerate, demand for reliable, domestically manufactured BESS solutions is expected to
grow substantially. JEM Energy is strategically positioned to capture a meaningful share of this structural opportunity through its integrated approach spanning battery technology, system integration, project development, and after-sales support, all within the broader energy storage portfolio of JEM.
Speaking on the announcement, Mr Vivek Lohia, Managing Director, Jupiter Wagons Limited, said, “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. More importantly, it reflects the trust that India’s leading developers are placing in an indigenous partner. At Jupiter Wagons, we have always believed that deep technology capability, combined with reliable execution, is the foundation for sustainable business leadership. 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.”
Mr Kartik Hajela, CEO, JEM Energy, added, “Signing MoUs with Chalukya Power and Pickrenew Energy is a milestone we are genuinely proud of. These are not transactional agreements. They represent the beginning of long-term partnerships with developers who have evaluated our capabilities rigorously and chosen JEM Energy as their BESS partner. Our current orderbook of INR 150+ Crore, with a clear path to INR 200 Crore this year, gives us strong revenue visibility and operational momentum. As we scale towards INR 500+ Crore in FY 2027-28, our focus will remain on delivering every project with the quality and reliability that our clients expect. 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.”
