Pursuant to the provisions of Regulations 30 and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation to our letter dated November ....
COCKERILL · price
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John Cockerill India reported a strong recovery quarter with order intake of ~INR 586 crore (nearly 10x Q1) and order backlog almost doubling to ~INR 1,100 crore. Recent wins include orders from GSW-GFE (INR 270 crore), JSW Steel (INR 175 crore), Tata Steel (INR 80 crore), Godawari Power (INR 50 crore) and Jindal India (INR 40 crore). Revenue growth accelerated to over 18% (from 7.5% in Q2), EBITDA rose ~13% sequentially to ~INR 12 crore, and cash position more than doubled to INR 147 crore. Management announced a 100% acquisition of John Cockerill Metals International Belgium at ~EUR 50 million (DCF-based valuation), expected to add ~EUR 100 million revenue, to be paid interest-free over 5 years. Management guided to an aspirational revenue target of INR 8,000 crore by 2030, with new technologies JVD (commercialization in Q1 next year) and Volteron (12-24 months) as key growth drivers.
The sharp jump in order intake, near-doubling of backlog and accelerating revenue growth signal a clear turnaround. The Belgian acquisition will significantly expand scale and global footprint, while new disruptive technologies (JVD, Volteron) could structurally lift margins. Near-term positive for the stock given visible order book and improved cash flows.