John Cockerill India Ltd

John Cockerill India Limited: Trading window closed from October 1, 2026 till 48 hours after the Board meeting for unaudited standalone and consolidated results for the quarter and nine months ending September 30, 2026

IEPF transfer reminder

• Reminder letter sent to shareholders with unclaimed dividends for seven consecutive years, highlighting potential transfer to IEPF.
• Intimation issued under Regulation 30 and Section 124 of the Companies Act, 2013.
• Deadline to claim unclaimed dividends is September 25, 2026 to avoid transfer.
• If unclaimed, shares will be transferred to IEPF Demat; RTA Bigshare to process.
• Applicants should file IEPF-5 and provide required documents; MCA IEPF-5 form referenced.
• RTA contact: Bigshare Services Private Limited for queries.

Director resignation

• Resignation of Vivek Mukund Bhide as Non-Executive Non-Independent Director, effective Sep 15, 2026.
• Reason: pre-occupation with other engagements.
• He confirms there are no other material reasons for resignation.

Order details

• Awarding entity is A1 Iron & Steel Tanzania Limited, international.
• Scope includes design, manufacturing, supply, erection supervision, commissioning, and testing of four lines.
• Lines include PPPL, CRM, CGL, ARP.
• Aggregate contract value approximately INR 200 crores.
• Execution within 10 months from August 2026.
• Site: Nala Industrial Park, Dodoma City, Tanzania.
• Promoter group interest not involved; no related-party transactions.

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.