John Cockerill India Ltd

Financial Performance

• Standalone revenue INR 149 cr in Q2 CY26; up 82% YoY.
• Consolidated revenue INR 299 cr in Q2 CY26; up 18% YoY.
• Sequential revenue decline due to project cycle and early-stage costs.
• Upfront costs and one-time consolidation costs weighed on profitability.
• Order book at INR 4,500 cr; quarterly wins around INR 1,200 cr.
• Profitability expected to improve as projects progress and organizational changes take effect.

Operational Update

• Consolidated order book INR 4,500 cr; standalone INR 2,200 cr.
• Top contributors: standalone Tata Steel & JSW; consolidated ArcelorMittal.
• Taloja Advanced Coating facility inaugurated; supports advanced coatings.
• Shanghai office opened; China workshop planned in Q3.
• Two revenue streams to INR 8,000 cr: organic growth (JVD/Volteron).
• JVD commercializable; potential Asia project this year; Volteron in development; IP owned by John Cockerill SA.
• Hydrogen business not consolidated; ramp-up planned in H2; engineering in progress.
• Execution cycles typically two to three years; current guidance implies three years for contracts.

Guidance and Outlook

• Top-line target of INR 8,000 cr by CY30; described as north star.
• CY25 revenue guideline near INR 2,000 cr; US contribution not large but incremental.
• US contribution may help; most revenue tied to project progression.
• H2 ramp-up expected; progress driven by development, engineering, procurement actions.
• Continued investment in technology and local capabilities; China and India expansions.

Q&A Highlights

• Q: INR 8,000 cr target; management calls it a north star for the organization.
• Q: Who is likely Indian competitor? Management cites Tier-1 OEMs like SMS & Danieli.
• Q: Standalone vs consolidated order book: INR 2,200 cr standalone; INR 4,500 cr consolidated.
• Q: Service revenue this quarter; significantly lower than Q1; project progress slower.
• Q: Top customer contributions: standalone Tata Steel/JSW; consolidated ArcelorMittal; top 5 ~80%.
• Q: Hydrogen ramp-up not consolidated; ramp planned in H2; engineering progress underway.
• Q: Taloja coating facility first revenue; operation started in June; testing and trial orders ongoing.

Financial Performance

• Standalone revenue up 82% YoY to INR149 crores in Q2 CY26.
• Consolidated revenue: INR299 crores, up 18% YoY.
• Q2 revenue lower sequentially due to project timing and recognition.
• Q1 benefited from savings on older projects; Q2 has upfront costs on new orders.
• Profitability hit from upfront project costs and consolidation one-time costs; expected to improve with execution.
• Order book June 2026: ~INR4,500 crores; new orders ~INR1,200 crores in the quarter.
• Profitability to improve as projects progress; organizational changes aimed at stronger execution.
• Taloja Advanced Coating facility inaugurated; now operational.
• Shanghai office opened; China workshop planned in Q3 for assembly.
• JVD commercializable; Volteron under integration; IP owned by John Cockerill SA.
• Group restructuring: JC India consolidates China/Germany/Belgium entities; stronger platform.

Operating Update

• Demand for advanced processing, energy efficiency and plant modernization remains healthy.
• Order book growth remains strong; pipeline robust.
• Q2 orders ~INR1,200 crores; consolidated order book ~INR4,500 crores; standalone ~INR2,200 crores.
• Customers investing in JVD, Volteron, and downstream coating for productivity and sustainability.
• Hydrogen projects not consolidated in India; ramp-up planned in H2; engineering in progress.
• China expansion: Shanghai office; planned workshop in China in Q3 for assembly.

Balance Sheet & Cash Flow

• No debt numbers disclosed in this chunk.
• One-time consolidation costs incurred; share-based payment chosen; some costs expected to stop in H2.
• Current cash-flow specifics not provided in this chunk.

Projects and Capex

• Taloja Advanced Coating facility inaugurated; now operational; testing underway; trial orders.
• China expansion: Shanghai office; planned workshop in Q3 for assembly.
• JVD: commercializable; Asia project expected this year.
• Volteron: IP owned by John Cockerill SA; integration discussions with HQ; not yet commercial.
• Execution horizon for projects ~two to three years; ramp-up dependent on engineering and procurement.

Outlook and Guidance

• Top-line target of INR8,000 crores by CY30; guidance is the north star for the group.
• Growth to be driven by technology, productivity, energy efficiency; not just capacity.
• Profitability expected to improve in the medium term due to execution gains.
• Opportunities across India, China, US; pipeline remains robust.

Q&A

• INR8,000 crores target is the internal north star for the organization.
• Two streams: organic growth via JVD/Volteron and external acquisitions.
• JVD is commercializable; Asia project expected this year; Volteron integration with HQ ongoing.
• CY25 revenue guidance gap explained; US contribution not large; H2 expected to improve.
• JC SA reduced holding from 75% to 70.4% in Q4 CY25; reasons: priorities; further reductions possible.
• Taloja facility: first revenue expected in June; currently operational; testing underway.
• Execution ramp: H2 ramp-up; three-year project durations; margins largely steady or improving.

Risks & Watchpoints

• Execution risk and project mix; volatility due to macro factors.
• Hydrogen projects not consolidated in India; regulatory/commercial dependencies.
• Geopolitical dynamics affecting energy, logistics, and capital availability.

Meeting Details

• Date: August 13, 2026
• Time: 06:00 PM IST
• Type/Mode: Earnings conference call (audio recording)

Participants

• Key company participants not disclosed in filing

Purpose

• Recording of earnings call for qtr and H1 ended June 30, 2026

Availability

• Audio recording available on company website

Business overview

• JCIL provides integrated steelmaking solutions; Metals business consolidated into JCIL in 2026.
• Strategic focus includes India steel market growth and decarbonization initiatives.

Operational highlights

• Consolidation of China, Germany, Belgium entities under JCIL from Jan 1, 2026.
• Backlog at ₹45,989 mn, indicating revenue visibility.
• Q2 CY26 standalone revenue grew 82%; consolidated revenue grew 18% YoY.
• New Shanghai office inaugurated; Q3 2026 workshop planned in China.
• Advanced thermal spray coating facility inaugurated at Taloja.

Financial performance

• Standalone revenue Q2 CY26 ₹1,491.8 mn; H1 ₹3,492.2 mn.
• Standalone EBITDA Q2 CY26: ₹-33.9 mn; H1 CY26: ₹80.1 mn; margin 2.3%.
• Standalone PAT Q2 CY26: ₹-45.8 mn; H1 CY26: ₹24.3 mn.
• Consolidated revenue Q2 CY26 ₹2,985.6 mn; H1 ₹6,430.8 mn.
• Consolidated EBITDA Q2 CY26 ₹-272.0 mn; H1 ₹-188.4 mn.
• Consolidated PAT Q2 CY26 ₹-313.7 mn; H1 ₹-240.1 mn.

Capital structure & liquidity

• Standalone cash ₹640.3 mn; Consolidated cash ₹3,826.9 mn as of Jun-26.
• Total assets consolidated ₹14,902.4 mn; standalone ₹10,251.1 mn.
• Consolidated shareholders' funds negative at ₹-958.4 mn.

Strategic priorities & outlook

• Execute new orders to lift revenue and margins as projects advance.
• Strengthen China footprint via Shanghai office and local workshop.
• Focus on green steel, decarbonization, and partnerships in upstream processes.

Governance & leadership

• Board chaired by Francois-David Martino; includes independent directors.
• JCIL leadership includes India and global teams; governance realignment post-merger.

Financial results approved

• Approved unaudited standalone and consolidated results for quarter and half-year ended June 30, 2026.
• Limited Review Reports approved for the standalone and consolidated results.

Executive appointment

• Appointed Deepak Prabhakar Chindarkar as CFO and KMP, effective 24 August 2026.
• Resignation of prior CFO Mr. Marc Dumont noted.

Capital actions

• Board approved issuance of Compulsorily Convertible Preference Shares to JCSA to settle balance consideration.

Regulatory / legal updates

• Arbitration notice from a customer; management to defend position; no material impact anticipated.

Meeting Details

• Date/time: Aug 13, 2026, 5:00 PM IST.
• Type and mode: group earnings conference call; virtual.
• Event/organiser: Q2 CY26 earnings call by John Cockerill India Limited.
• Key participants: Chairman; Managing Director.
• Purpose: discuss Q2 CY26 operational and financial performance.

CFO resignation details

• Name: Mr. Marc Dumont.
• Last working day: July 31, 2026.
• Reason: Appointment as CFO of another John Cockerill Group company, effective August 1, 2026.
• Succession to be considered by the Board; disclosure upon appointment.

Dematerialisation status

• Securities received for dematerialisation were confirmed (accepted/rejected) to the depositories.
• Securities dematerialised have been listed on the stock exchange where existing securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository's name substituted as registered owner in records within 15 days of receipt.
• A revised Regulation 74(5) certificate was issued to correct earlier Nil demat entry caused by a data-mapping error.

Reason for delay

• Delay due to first-time consolidation of overseas entities effective Jan 1, 2026.
• Consolidation required alignment of policies, data validation from foreign subsidiaries, and limited review completion.
• Unaudited standalone and consolidated results submitted on 18 May 2026.
• Intimated delay to BSE on 27 April 2026; disclosure aligns with SEBI circular.