The funds raised through QIP will be used to accelerate JWL's growth and continue its journey as one of the fastest-growing companies in the mobility solution space with enhanced manufacturing capabilities. JWL aims to use the fund for the acquisition of Stone India, working capital optimization, and other corporate purposes.

Vivek Lohia, the managing director of JWL, said that the company aims to enhance the efficiency of its working capital, accelerate growth through planned acquisitions, and pursue other business objectives using the funds raised. "The company has made its mark in railways through its diverse product portfolio and our entry into the commercial electric vehicle (CEV) business has further strengthened our position as an emerging leader in mobility solutions. We see huge potential in this segment and are hopeful that this will contribute significantly to the overall growth of the group. Working in tandem with the government's agenda on infrastructure development in railways and road, we are optimistic about being the preferred partner in achieving the goal," he added.

Jupiter Wagons is a leading provider of complete mobility solutions with a diverse product portfolio. Its products include wagons, couplers, draft gears, bogies, crossings, and accessories for various types of coaches and vehicles. The company has recently entered the electric mobility market with Jupiter Electric Mobility (JEM), focusing on small and medium commercial electric vehicles. Jupiter Wagons serves clients in sectors such as railways, defense, leasing companies, construction, healthcare, energy, mining, infrastructure, logistics, and shipping.

Jupiter Wagons' consolidated net profit surged 390% to Rs 44.59 crore in Q4 2022, up from Rs 9.10 crore in the previous quarter. Net sales also soared 115.78% to Rs 644.43 crore in the same period, compared to Rs 298.65 crore in the previous quarter.