John Cockerill India Ltd (500147)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, John Cockerill's revenue was ₹299 Cr (+18.0% year on year, -13.3% on the previous quarter), and net profit ₹-31.4 Cr (a bigger loss than a year earlier); the operating margin was -9.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹299 | +18.0% | -13.3% |
| Operating profit | ₹-27.2 | loss widened | to loss |
| Net profit | ₹-31.4 | loss widened | to loss |
| EPS (₹) | -63.52 | loss widened | to loss |
| Operating margin | -9.1% | — | — |
📢 Recent Corporate Announcements
John Cockerill India Limited has secured an international order valued at approximately ₹200 Crores from A1 Iron & Steel Tanzania Limited. The project scope entails design, manufacturing, critical supply, and supervisory services for four key lines (PPPL, CRM, CGL, and ARP) at Dodoma City, Tanzania. The contract has a short execution window of within 10 months from August 2026. The contract value represents ~18.3% of the company's TTM revenue of ₹1,092 Cr, providing solid revenue visibility for FY27.
- Order size valued at approximately INR 200 Crores from A1 Iron & Steel Tanzania Limited.
- Execution timeline is within 10 months from August 2026.
- Scope includes 1 Push Pull Pickling Line, 1 Cold Rolling Mill, 1 Continuous Galvanizing Line, and 1 Acid Regeneration Plant.
- Order value equals ~18.3% of FY26 TTM revenue of ₹1,092 Cr.
John Cockerill India Limited shared details from its Q2 CY26 earnings call following the consolidation of Chinese, German, and Belgian entities under the Indian listed entity. Standalone revenue grew 82% YoY to approximately ₹149 crore for the quarter. Profitability was impacted by consolidation-related transaction, legal, and compliance costs across multiple jurisdictions, though management indicated recurring cash impacts will moderate in H2 due to a share-based deal structure. Contract execution cycles are currently estimated at 2 to 3 years across their global metals and equipment pipeline.
- Standalone revenue increased by 82% YoY to approximately ₹149 crore in Q2 CY26
- Consolidated overseas entities across China, Germany, and Belgium under John Cockerill India Limited
- Parent company agreed to share-based payment terms, expected to reduce transaction cost overhang in H2 CY26
- Project execution timelines currently tracking around a 2 to 3-year delivery assumption
John Cockerill India released its Q2 CY26 earnings call transcript following the consolidation of its Belgian, German, and Chinese group entities under the Indian listed entity. Standalone revenue grew 82% YoY to approximately ₹149 crore, while consolidated profitability faced pressure from transaction-related one-offs, forex, notional interest, and multi-jurisdiction compliance costs. Management noted that moving to a share-based consideration will eliminate certain financing/interest costs from H2 CY26. Average order execution cycle is currently estimated at around 3 years, with healthy order pipelines across India, the US, Asia, and Europe.
- Standalone revenue increased by 82% YoY to approximately ₹149 crore in Q2 CY26
- Consolidated Chinese, German, and Belgian entities under John Cockerill India Limited to form a global operating hub
- Transition to share-based consideration from parent will stop certain transaction costs and notional interest from H2 CY26
- Project execution assumptions revised to ~3 years per contract compared to ~2 years previously
John Cockerill India has released the audio recording of its earnings conference call held on August 13, 2026, covering the quarter and half-year ended June 30, 2026. This follows a period of significant stock price appreciation (119.8% over 12 months) and a high valuation of 264.5 P/E. Investors should focus on management's commentary regarding the execution of the Rs 1,100 Cr order backlog and the integration of the EUR 50 Mn global metals business acquisition. The company is positioning itself as a global hub for hydrogen-based steel processing technologies.
- Earnings conference call held on August 13, 2026, at 06:00 PM IST
- Covers un-audited financial results for the quarter and half-year ended June 30, 2026
- Company is managing a significant order backlog of Rs 1,100 Cr as of previous disclosures
- Market capitalization stands at Rs 4,780 Cr against TTM revenue of Rs 481 Cr
- Acquisition of John Cockerill Metals International for EUR 50 Mn was a key strategic milestone
John Cockerill India has appointed Mr. Deepak Chindarkar, former CFO of Grindwell Norton, as its new Chief Financial Officer effective August 24, 2026. This high-profile hire coincides with the company's Q2 2026 results, which showed a standalone revenue of ₹149.18 Cr, an 81.6% increase YoY but a 25.4% decline sequentially. The company reported a net loss of ₹4.58 Cr for the quarter, swinging from a profit of ₹7.01 Cr in the previous quarter. The management change is strategic as the company prepares for a ₹500 Cr global acquisition and positions India as its global metals hub.
- Appointed Mr. Deepak Chindarkar as CFO, bringing 36 years of experience from Saint-Gobain Group and Grindwell Norton.
- Q2 2026 standalone revenue reached ₹149.18 Cr, representing approximately 31% of TTM revenue.
- Reported a standalone net loss of ₹4.58 Cr for Q2 2026, compared to a profit of ₹1.72 Cr in the same quarter last year.
- Sequential revenue declined by 25.4% from ₹200.04 Cr in the March 2026 quarter.
- The board meeting concluded after nearly 6 hours, approving both financial results and the key management personnel change.
John Cockerill India reported a strong YoY revenue growth of 81.6% to ₹149.18 Cr for the quarter ended June 30, 2026. However, the company slipped into a net loss of ₹4.58 Cr for the quarter, compared to a profit of ₹1.72 Cr in the same period last year, primarily due to high construction material costs and other expenses. For the half-year (Jan-June 2026), revenue reached ₹349.22 Cr, which is approximately 72.6% of the TTM revenue, indicating a significant operational scale-up. Additionally, the company appointed Deepak Chindarkar, a veteran with 36 years of experience at Saint-Gobain/Grindwell Norton, as the new CFO.
- Revenue for Q2 2026 increased 81.6% YoY to ₹149.18 Cr from ₹82.12 Cr.
- Reported a net loss of ₹4.58 Cr in Q2 2026 versus a profit of ₹1.72 Cr in Q2 2025.
- H1 2026 (Jan-June) revenue stands at ₹349.22 Cr, nearly matching the total FY26 revenue of ₹358 Cr.
- Construction material costs for the quarter stood at ₹84.97 Cr, representing 57% of revenue.
- Appointment of Deepak Chindarkar as CFO effective August 24, 2026, following the resignation of Marc Dumont.
John Cockerill India (JCIL) reported a strong standalone H1 CY26 revenue growth of 120% YoY to ₹349.2 cr, although Q2 standalone PAT saw a loss of ₹4.6 cr due to project-related factors and integration costs. The consolidated order book has reached a massive ₹4,598.9 cr, which is approximately 9.5x the company's TTM revenue, providing multi-year visibility. The company has successfully consolidated its Chinese, German, and Belgian entities under JCIL as of January 2026, positioning India as the global hub for the group's metals business. While consolidated H1 CY26 remains loss-making at -₹24.0 cr, EBITDA losses have narrowed compared to the previous year.
- Consolidated order book reached ₹4,598.9 cr as of June 2026, providing high revenue visibility.
- Standalone H1 CY26 revenue grew 120% YoY to ₹349.2 cr, while consolidated revenue grew 36% to ₹643.1 cr.
- Standalone EBITDA for H1 CY26 increased over five-fold to ₹8.0 cr from ₹1.5 cr in H1 CY25.
- Consolidated H1 CY26 PAT remains at a loss of ₹24.0 cr, though improved from a loss of ₹17.9 cr in H1 CY25.
- Expansion in China confirmed with a new Shanghai office and a workshop planned for Q3 CY26.
John Cockerill India reported a standalone revenue of ₹149.18 Cr for Q1 FY27, an 81.7% increase from ₹82.12 Cr in the same quarter last year. Despite the revenue growth, the company swung to a net loss of ₹4.58 Cr from a profit of ₹1.72 Cr YoY, primarily due to a sharp rise in finance costs and construction material expenses. Sequentially, revenue declined 25% from ₹200.04 Cr in the March 2026 quarter. The board also appointed Deepak Chindarkar, former CFO of Grindwell Norton, as the new CFO effective August 24, 2026.
- Revenue from operations grew 81.7% YoY to ₹149.18 Cr, contributing ~31% of TTM revenue.
- Reported a net loss of ₹4.58 Cr for the quarter, compared to a profit of ₹1.72 Cr in Q1 FY26.
- Finance costs surged over 500% YoY to ₹4.07 Cr from ₹0.65 Cr.
- Construction material costs reached ₹84.97 Cr, accounting for 57% of total revenue.
- Deepak Chindarkar appointed as CFO, bringing 36 years of experience from the Saint-Gobain Group.
John Cockerill India Ltd has rescheduled its earnings conference call for the quarter and half-year ended June 30, 2026. The call, originally slated for 5:30 PM on August 13, 2026, will now commence at 6:00 PM IST on the same day. Management, including Chairman Mr. Francois-David Martino and MD Mr. Frederic Martin, will discuss the company's operational and financial performance. This comes as the company trades at a high P/E of 264.5, supported by a significant order backlog of Rs 1,100 Cr reported in late 2025.
- Earnings call rescheduled from 5:30 PM to 6:00 PM IST on August 13, 2026
- Discussion covers unaudited financial results for the quarter and half-year ended June 30, 2026
- Management participation includes the Chairman and Managing Director
- Company context includes a TTM revenue of Rs 481 Cr and a high P/B ratio of 22.8
John Cockerill India has announced a minor rescheduling of its earnings conference call for the quarter and half-year ended June 30, 2026. Originally scheduled for 5:00 PM on August 13, 2026, the call will now commence at 5:30 PM on the same day. The call will feature the Chairman and Managing Director discussing the company's operational and financial performance. This follows a period where the company has seen a significant order backlog of Rs 1,100 Cr (as of Sept 2025) and is trading at a high P/E of 264.5.
- Earnings call rescheduled from 5:00 PM to 5:30 PM IST on August 13, 2026
- Call covers unaudited financial results for the quarter and half-year ended June 30, 2026
- Key participants include Chairman Mr. Francois-David Martino and MD Mr. Frederic Martin
- Order backlog was reported at Rs 1,100 Cr in September 2025, providing visibility for FY2026
John Cockerill India has scheduled its earnings conference call for August 13, 2026, at 5:00 PM IST to discuss financial results for the quarter and half-year ended June 30, 2026. The company currently operates with a TTM revenue of Rs 481 Cr and a high P/E ratio of 263.5, reflecting significant growth expectations. Investors will be looking for updates on the Rs 500 Cr acquisition of the global metals business and the execution of the Rs 1,100 Cr order backlog reported in late 2025. The call will feature top management, including the Chairman and Managing Director.
- Earnings conference call scheduled for August 13, 2026, at 5:00 PM IST
- Discussion to cover unaudited financial results for the quarter and half-year ended June 30, 2026
- Management participation includes Chairman Francois-David Martino and MD Frederic Martin
- Company reported a TTM revenue of Rs 481 Cr with an operating profit margin of 7.2%
- Order backlog was last reported at Rs 1,100 Cr in September 2025, representing ~2.3x TTM revenue
John Cockerill India has scheduled a board meeting for August 13, 2026, to approve un-audited financial results for the quarter and half-year ended June 30, 2026. The company is coming off a strong March 2026 quarter where it reported revenue of ₹200.04 cr and a net profit of ₹7.01 cr. Investors will be monitoring the execution of the ₹1,100 cr order backlog (as of Sept 2025) and the progress of the ₹500 cr global metals business acquisition. Given the high P/E ratio of 245.4, the market is pricing in significant growth from its new hydrogen-based steel technologies.
- Board meeting scheduled for August 13, 2026, to review standalone and consolidated results.
- Financials cover the quarter and half-year period ended June 30, 2026.
- Company reported a TTM revenue of ₹481 cr and TTM PAT of ₹18 cr.
- Order backlog of ₹1,100 cr provides revenue visibility for the upcoming quarters.
- Acquisition of John Cockerill Metals International SA for ~₹500 cr was expected to conclude by February 2026.
John Cockerill India Ltd has announced that its Chief Financial Officer, Mr. Marc Dumont, will step down effective July 31, 2026. This is an internal transition, as Mr. Dumont is moving to another group company within the John Cockerill Group starting August 1, 2026. The company has not yet named a successor, stating that the Board will consider an appointment based on the Nomination and Remuneration Committee's recommendation. This change comes at a time when the company is managing a significant order backlog of ₹1,100 Cr and a high P/E valuation of 232.5.
- CFO Marc Dumont resigned effective from the close of working hours on July 31, 2026.
- The resignation is due to his appointment as CFO of another group company within the John Cockerill Group starting August 1, 2026.
- The company is currently managing an order backlog of ₹1,100 Cr (as of Sept 2025), which is ~2.3x its TTM revenue of ₹481 Cr.
- A successor for the CFO position has not yet been appointed by the Board of Directors.
John Cockerill India Ltd disclosed a 4-day delay in submitting its un-audited financial results for the quarter ended March 31, 2026. The results, originally due by May 14, 2026, were submitted on May 18, 2026. The delay was attributed to the complexity of first-time consolidation of overseas entities acquired effective January 01, 2026. The company had proactively notified the exchange of this potential delay on April 27, 2026.
- Submission of Q4 FY26 results occurred on May 18, 2026, vs the May 14, 2026 deadline
- Delay caused by first-time consolidation of overseas entities acquired on January 01, 2026
- Company proactively alerted the exchange regarding the delay on April 27, 2026
- Process involved aligning accounting policies and validating data from foreign subsidiaries
Financial Performance
Revenue Growth by Segment
Revenue from operations for 9M CY25 was INR 255.53 Cr, a 19.2% decrease from INR 316.39 Cr in 9M CY24. However, Q3 CY25 revenue grew 27.5% YoY to INR 96.98 Cr, indicating a sharp recovery in execution.
Geographic Revenue Split
India and Southeast Asia are identified as the primary growth regions. The company is expanding its geographic footprint by acquiring entities in China (JC Beijing, JC Langfang), Germany (JC UVK), and the USA (JC Industry North America) to diversify from its current concentration.
Profitability Margins
Gross Margin improved significantly to 52.2% in Q3 CY25 from 34.6% in Q3 CY24 (up 1760 bps). 9M CY25 Gross Margin stood at 49.9% compared to 35.5% in the previous year, driven by better project mix and operational discipline.
EBITDA Margin
EBITDA margin for 9M CY25 turned positive at 5.0% (INR 12.81 Cr) compared to -1.0% (INR -3.31 Cr) in 9M CY24. Q3 CY25 EBITDA margin reached 11.7%, reflecting a sharp turnaround from a -11.4% margin in Q3 CY24.
Capital Expenditure
The company has approved a major strategic acquisition of John Cockerill Metals International SA for up to EUR 50 Mn (~INR 500 Cr). This includes an upfront cash payment and a deferred interest-free loan from the promoter over five years.
Credit Rating & Borrowing
CARE Ratings downgraded the company to CARE BBB; Stable / CARE A3+ in April 2025 from CARE BBB+; Stable / CARE A2. In December 2025, the ratings were placed on 'Rating Watch with Developing Implications' due to the proposed global metals business acquisition.
Operational Drivers
Raw Materials
Engineering components and steel-related inputs. Raw material costs accounted for 50.1% of total revenue in 9M CY25 (INR 127.93 Cr).
Capacity Expansion
While specific MTPA capacity is not disclosed for this engineering firm, the order backlog reached INR 1,100 Cr in September 2025, nearly doubling from previous levels and providing strong visibility for FY2026.
Raw Material Costs
Raw material costs were INR 127.93 Cr in 9M CY25, representing 50.1% of revenue. The company is exposed to input cost volatility due to the fixed-price nature of its long-term engineering contracts.
Strategic Growth
Expected Growth Rate
28%
Growth Strategy
Growth will be achieved through the acquisition of the global metals business of the John Cockerill Group, consolidating operations in India as a global hub. The company is also focusing on new technologies like Hydrogen-based steel processing, expected to hit the market commercially in 18-24 months.
Products & Services
Cold Rolling Mills, Galvanizing Lines, Color Coating Lines, Pickling Lines, Acid Regeneration Plants, and Chemical Equipment for the steel industry.
Brand Portfolio
John Cockerill.
New Products/Services
Hydrogen-based industrial solutions and sustainability-driven steel equipment are expected to contribute significantly to future margins due to lower competition.
Market Expansion
Targeting global expansion through the acquisition of subsidiaries in the USA, China, and Germany, positioning India as the operational and strategic center for the Group's metals business.
Strategic Alliances
Wholly owned subsidiary of John Cockerill SA (Belgium), which provides directional guidance and technical expertise.
External Factors
Industry Trends
The industry is shifting toward 'Green Steel' and energy transition investments. While Europe faces energy pressure and China remains subdued, India and SE Asia are growing at a sustained momentum.
Competitive Landscape
Intense competition and pricing pressure from cheap steel imports, particularly from China, affect the capex decisions of the company's primary clients.
Competitive Moat
Durable advantages include a 200-year engineering legacy (since 1817), proprietary technology in steel processing, and the global network of the John Cockerill Group.
Macro Economic Sensitivity
Highly sensitive to the capital expenditure cycles of the global and domestic integrated steel industry, which are influenced by steel prices and GDP growth.
Consumer Behavior
Industrial customers are increasingly shifting demand toward sustainable, energy-efficient, and carbon-neutral manufacturing equipment.
Geopolitical Risks
Geopolitical tensions have previously led to a cash loss in CY24 by delaying project finalizations in export-driven markets.
Regulatory & Governance
Industry Regulations
Operations are affected by pollution norms and import/export restrictions on steel, which dictate the timing and scale of client capex projects.
Environmental Compliance
The company is aligning its product portfolio with global ESG standards, focusing on sustainability-driven solutions to help clients meet tightening pollution norms.
Risk Analysis
Key Uncertainties
The cyclicality of the steel industry and the fixed-price nature of contracts are the primary risks, with potential margin impact of 2-5% if raw material prices spike.
Geographic Concentration Risk
Currently concentrated in India, but the pending acquisition will provide 100% ownership of entities in China, Germany, and the USA.
Technology Obsolescence Risk
Risk of lagging in the transition to carbon-neutral steel technologies, which the company is mitigating through R&D in Hydrogen solutions.
