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Revenue
₹228.41 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
John Cockerill India reported a strong turnaround in FY2025, with revenue of 357 crores and PAT of 10 crores, recovering from a loss of 5 crores in FY2024. The order book surged to a record 11.9 billion rupees, up 74% YoY, driven by major wins from Tata Steel, JSW, and AMNS. The company highlighted five growth engines: India's steel boom, record order book, value services (30% of revenue, 40% margins), global consolidation including the proposed US acquisition by Dec 2026, and green technologies like JBD and Voltern. Management expects Q1-Q2 FY2026 to be subdued due to project accounting, with revenue inflection from Q3. A dividend has been reinstated. Key risk: execution delays in converting the record order book into recognized revenue.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q1-Q2 FY2026 to be subdued, with revenue acceleration visible from Q3 as large projects move into active execution.
- The proposed acquisition of the US space group entity is targeted for completion by December 31, 2026, adding North American capabilities.
- Management aims for double-digit operating margins over five years for the consolidated entity.
- Value services, with ~40% margins, are expected to contribute half of the group's profitability in FY2026.
Risks flagged
- The record order book may take time to convert into revenue; Q1-Q2 FY2026 expected to be subdued due to project accounting.
- An arbitration notice received in February 2026 is under legal review; outcome could impact financials.
- A non-cash charge of 11 Cr from revised labor code regulations impacted FY2025; though non-recurring, it highlights regulatory risk.
- Management declined to disclose the bidding pipeline, citing confidentiality, which limits visibility on near-term order inflow.
Key quotes
- GCL is not a turnaround story anymore. It is a growth story. The turnaround was 2025. The growth is 2026 and beyond.
- The restructuring has created something that did not exist before: a single coherent metals business with India as its center, European technology at the core and global reach.
- We expect Q1 and Q2 of 2026 to represent a subdued start. Not because demand is weaker but because the backlog we build takes time to convert into recognized revenue.
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