Pursuant to the provisions of Regulation 30 read with Schedule III Part A Para A (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that ....
COCKERILL · price
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Awaiting price reaction for this filing.
CARE Ratings has downgraded John Cockerill India's long-term bank facility rating from CARE BBB+ to CARE BBB with a Stable outlook, and short-term rating from CARE A2 to CARE A3+. The downgrade is driven by a sharp fall in revenue to Rs. 389.19 crore in CY24 from Rs. 666.25 crore in 9M FY23, reflecting slow order execution due to a slowdown in the steel industry. CARE cited muted demand from steel companies, declining realisations amid oversupply, and cheap imports forcing customers to defer capex, which hurt PBILDT margins. The group also saw rising costs for new product development amid weak global steel demand in CY2023. Strengths noted include the company's global parentage, established track record, and strong order book providing medium-term revenue visibility.
Negative for shareholders — the downgrade signals operational and financial stress and may raise the company's future borrowing costs, though the Stable outlook and retained investment-grade BBB rating limit immediate concern. Stock sentiment could weaken in the short term given the sharp revenue decline and industry headwinds.