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 July 30, ....
COCKERILL · price
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John Cockerill India reported Q2 CY2025 revenue of INR 821 million, down 12% year-on-year but up 7.4% sequentially. The company swung to a net profit of INR 17 million in Q2, with EBITDA at INR 39 million — roughly double the year-ago quarter. Gross margin and EBITDA margin both improved year-on-year, supported by cost rationalisation and a higher mix of revamps, spares and services revenue. As of June 30, 2025, the order book stood at approximately INR 6.4 billion, with management describing a much larger sales pipeline of 'north of INR 40,000 crores' across major Indian steelmakers. The company is setting up a new rolls coating facility at Taloja in partnership with Belgium's Advanced Coating, expected to begin operations by end-December 2025. It also has an MOU with SAIL for decarbonisation of steel plants. Managing Director Michael Kotas retires effective July 31, 2025, and will be succeeded by Frederic Martin.
The return to profitability and improving margins suggest the cyclical downturn is easing, though revenue is still down year-on-year and the order book is heavily dependent on pending investment decisions by customers. The large pipeline and partnership announcements are positive for medium-term growth visibility, but the MD transition at a critical recovery stage introduces execution risk for shareholders to watch.