Pursuant to the provisions of Regulation 30 and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of our letter dated May 14, 2025, ....
COCKERILL · price
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John Cockerill India shared the transcript of its first-ever earnings call covering Q1 CY2025. Revenue for the quarter was INR 764 million, down 48% year-on-year due to slower order inflows over recent quarters, but EBITDA turned positive at INR 9.1 million versus a loss of INR 81.2 million in Q3 2024. Cash position improved to INR 748 million from INR 465 million in Q4 2024. Order book stood at over INR 6 billion, with value services (spares, revamps, services) tripling YoY and management aiming for at least 20% share going forward. Management outlined a four-pillar strategy: capitalizing on India's 300 mmt steel capacity target by 2030, greenfield innovations like JVD (Jet Vapor Deposition, contracts expected 2025) and Volteron (commercialization expected 2026), expanding the recurring services business, and a new Rolls coating facility at Taloja with Belgium's Advanced Coating. The parent group's 'Go to India' strategy aims to consolidate more operations in India, and an MoU with SAIL was signed in November 2024.
Despite the sharp revenue decline, the return to positive EBITDA, stronger cash balance, and visible order book provide near-term comfort. Key positives for shareholders are the expected JVD contracts in 2025, Volteron commercialization in 2026, growing high-margin services business, and policy support (anti-dumping and 12% safeguard duties) that should help revive order inflows. Management avoided giving forward financial guidance and declined to share segment margins, project completion percentages, customer concentration, and royalty details, which may limit near-term visibility.