Stats of annual passengers earning year 2016-17 shows Gwalior's daily avg no. of ticket booked were 23,825 and Jhansi's were 24, 969 (1000+ more than gwl). Now as per the annual pax earning goes Gwl = 183.04cr and Jhs = 172.08cr. this proves your statement of Volvo vs Parivan buses absolutely correct. Gwl is infact a Volvo with less no. of pax with whopping 11cr more revenue and Jhansi is overcrowded 3rd class bus. At that time Jhansi had 120+ more trains than Gwl. only 3 vip trains had stoppage at gwl which includes chennai Raj, Garib Rath and Bhopal Shatabdi. Gwl people have every reason to travel to Jhansi whereas Jhansi had none. Now as per latest info Gwl's daily footfall being 4500 more than Jhs's and with more vip trains getting halt including Gatimaan, B'lore Raj, Chennai Duronto and many more. Also Gwl-ahmedabad exp originating from gwl. (Which gives...
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jhs people atlast a reason to board a train from gwl). The annual passengers earning no. would easily be more than 25-30cr in favour of Gwl. In terms of passengers facilities gwl still proves to be better than jhs. There is a huge Mall just outside the gwl rly stn. where as Jhansi has none. And the reason for jhansi being overcrowded and "Producing hardly any difference in no. of passengers" is because of people coming from the Mau, Mahoba, Orai to catch delhi bound trains and people from gwl, dabra, datia and morena boarding mumbai/south bound trains from jhs. If gwl etawah kanpur route gets 20% of the no. of trains that jhs kanpur route has and if all skipping trains gets a halt at gwl than the difference in no. will be even more.

It is quite obvious when the no. Of stops of trains are more in Jhansi almost 120 as u said hence no. Of passengers must be more.
But having a difference of 10crores in revenue is a big no. Gwalior is generating more than Jhansi. Hence for all d trains stop should also be provided in gwalior and for some trains it should be skipped at jhansi.
Earlier when there was no direct flight from Gwalior to Hyderabad one of my friend travel in train from Gwalior to Jhansi to board Secumderabad Rajdhani...
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as it is not having halt in Gwalior.
Also if Kanpur Etawah Bhind line is not giving importance due to politics of Jhansi. Though goods trains are running thru this route. The earnings of Gwalior will be more and will become much more then jhansi.
Also for narrowguage route as per news avg 6000 passengers travels daily if this route was converted to broad guage though not done just because of politics of Jhansi. Earnings would have been more.
Thus Jhansi is responsible for putting railway in debt.