Pursuant to the provision of Regulation 30 read with Schedule III Part A PARA (3) of SEBI (LODR) Regulation 2015, Please be informed that CARE Rating Limited has updated the ratings of the company.
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 reaffirmed John Cockerill India Limited's ratings at CARE BBB (long-term) and CARE A3+ (short-term) while keeping them on 'Rating Watch with Developing Implications'. The rating was previously BBB+ with a Stable outlook, so this constitutes a downgrade to BBB. The watch was placed in December 2025 following the company's proposed acquisition of the global metals business (John Cockerill Metals International SA). The acquisition was completed on January 1, 2026, covering the China and Europe metals businesses for a consideration of EUR 29.6 million (~Rs. 320 crore), with Rs. 55 crore payable in cash by June 30, 2026, and the balance as an interest-free deferred loan over five years from the promoter. CARE notes the financial risk profile of the acquired business remains to be fully assessed.
The downgrade to BBB and continued rating watch reflect uncertainty from the acquisition. While the company has an order book of over Rs. 1,100 crore and adequate liquidity, shareholders should monitor the integration of the metals business given the unproven financial profile of the acquired entity.