NSE: COCKERILL · BSE: 500147
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel plant equipment and project execution, Value services, Technology / JVD and Volteron. Cyclical, project-driven capital goods supplier to the steel industry
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | — |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | — |
| ROE % · ROCE % | — · — |
| Debt / equity (x) | — |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 345 |
| Profit before tax | 6 |
| Net profit | 7 |
| EPS (₹) | 14.91 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 460.9 | 26.5 | 127 of 130 | 2% |
| EBITDA margin | 4.8 | 12.4 | 91 of 110 | 17% |
| Market cap | 3393 | 279 | 20 of 141 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine RTA certificate on dematerialisation requests for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · John Cockerill India to meet analysts and investors on Oct 13 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Notice of share transfer to IEPF for unpaid dividends | compliance | minimal | — | — |
| 17 Sept 2026 · Reminder to shareholders on IEPF transfer for unclaimed dividends | compliance | minimal | — | — |
| 10 Sept 2026 · Non-Executive Director Vivek Bhide resigns from John Cockerill India board | management changes | high | — | — |
| 28 Aug 2026 · John Cockerill India bags about INR 200 Cr order from Tanzania | business updates | high | — | — |
| 20 Aug 2026 · Q2 CY26 earnings call transcript: INR4,500 cr order book, INR8,000 cr CY30 target | investor communications | medium | — | — |
| 20 Aug 2026 · Earnings call: John Cockerill Q2 CY26, order book at INR4,500 crores | investor communications | medium | — | — |
| 13 Aug 2026 · Pursuant to Regulation 30 of SEBI LODR Regs, 2015, please find attached intimation with respect to change in management of the Company. | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.