John Cockerill

John Cockerill India reported Q2 CY25 revenue of ₹82.1 crores, marking a 12% year-on-year decline but a 7.4% sequential growth, indicating a recovery trend. The company achieved a Q2 profit of ₹1.7 crores, contributing to a H1 net profit of ₹0.59 crores. EBITDA for the quarter stood at ₹3.9 crores, doubling compared to the same period last year, driven by operational efficiencies, disciplined execution, and increased contribution from the revamps and services business. The company also noted improvements in gross margin and cash flows, with a healthier cash position.

Management expressed cautious optimism about the market, noting a steady improvement in customer sentiment and inquiry levels over recent months. The company's order book as of June 30, 2025, is approximately ₹640 crores, providing considerable revenue visibility for the upcoming quarters. Furthermore, the pipeline for the remaining year is strong at ₹4,600 crores, with the overall pipeline exceeding ₹40,000 crores. Management anticipates a healthy pickup in order inflows, reinforcing confidence in capturing future growth.

JCIL's long-term strategy is anchored on four pillars: capitalizing on India's growth story, driving innovation in green steel solutions, expanding the revamps, spares, and services business, and establishing a new Rolls Coating facility. The company is introducing Jet Vapor Deposition (JVD) technology for advanced metallic coatings and Volteron, a breakthrough zero-emission iron electrolysis process. These innovations align with global decarbonization trends and India's goal of 300 million metric tons of steel production by 2030.

The company sees significant opportunity in expanding its revamps, spares, and services offering across India and internationally, leveraging a growing installed base and rising demand for maintenance and upgrades. This segment is considered a recurring business that deepens customer engagement and offers attractive returns. Value services currently account for 20-25% of the order book, with a target to potentially grow this to 30-35%.

John Cockerill India is establishing a state-of-the-art rolls coating facility at its Taloja plant in collaboration with Advanced Coating, a Belgian leader in thermal spray coating. This partnership aims to fill a critical market gap in India, enhance JCIL's after-sales value proposition, and is expected to be operational by the end of December 2025 or early January 2026. The company is also in deep discussions with customers for JVD orders and expects the first pre-industrialized Volteron plant to be sold by 2026.