JOHN COCKERILL INDIA LTD.

Designs, engineers, supplies and commissions metallurgical equipment and production lines for the steel sector — Continuous Galvanizing Lines (CGL), Annealing & Coating Lines (ACL), Annealing & Pickling Lines (APL) and Tunnel Furnace Packages — and sells them primarily to Indian steelmakers. The standalone order book stood at ~₹13bn at end of Q1 FY26 (up 101% YoY) and the consolidated order book at ~₹33bn, executable over roughly three years; standalone Q1 FY26 revenue was ₹200 crore (+162% YoY) while consolidated revenue was ₹3.4 bn (+56% YoY). Recent marquee wins include a JSW Steel CGL order of ~₹4.4-4.7bn, a JSW Vijayanagar Metallics CRNO consortium order with an aggregate value of ~₹1,250-1,300 crore (JCIL's direct share ~₹550 crore) over 36 months, and a JSW JFE Electrical Steel Nashik tunnel furnace order of ~₹85-90 crore over 15 months from June 2026. Alongside project execution, the company runs a value services line of recurring services on installed lines (guided to 30-35% of revenue over 3-5 years) and is investing in JVD (Jet Vapor Deposition for electrical steel) and Volteron (green steel) technologies, with the Taloja rolls coating facility set to commission shortly. Customers disclosed include JSW Steel, Tata Steel, Jindal, JSW JFE Electrical Steel and Godawari Power; cost pressure currently comes from integration of overseas subsidiaries, upfront hiring and R&D spend, pushing consolidated EBITDA margin to 1.4%. Following the acquisition of John Cockerill Metals International SA (Belgium) effective 1 January 2026, the company functions as the global metals manufacturing hub of parent John Cockerill Group.