Please find attached herewith the updated Ratings of the Company. Kindly take the same on your record.
COCKERILL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings has placed its ratings on John Cockerill India's bank facilities (₹347.50 crore) under 'Rating Watch with Developing Implications', with current ratings at CARE BBB (long-term) and CARE A3+ (short-term). The watch follows shareholder approval for the company to acquire 100% of John Cockerill Metals International SA from its Belgian parent, John Cockerill SA, for up to EUR 50 million (~₹500 crore), partly funded by an interest-free promoter loan convertible to equity. The deal is expected to close by February 2026. Rating history shows a prior downgrade in April 2025 from CARE BBB+/A2 to the current BBB/A3+, reflecting weaker financials including a 42% revenue fall in CY24 to ₹389 crore and a cash loss, though 9M CY25 shows recovery with a 5% PBILDT margin. The order book stands at over ₹1,100 crore from reputed clients, and liquidity remains adequate with ₹140+ crore in cash and investments.
The rating watch with 'developing' implications means the rating could move up or down once more details emerge on the acquisition's funding and risk profile, creating uncertainty for investors. The prior downgrade signals ongoing financial stress, though the large acquisition could significantly expand scale and geographic reach if executed well.