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Execution risk on record order book
View Risks →John Cockerill India Ltd — Q3 FY26
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.
bullish
high
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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.
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Order Book
11.9B INR
+74% YoY
Record order book entering FY2026, providing strong revenue visibility.
Order Entries FY2025
862 Cr
+187% YoY
Sharp acceleration in H2 FY2025, driven by Indian steel majors.
Value Services Share of Revenue
30%
flat
Value services contributed 30% of metals revenue in FY2025, with ~40% margins.
Cash and Bank Balance
226 Cr
+265% YoY
Cash balance grew from 62 Cr to 226 Cr, providing financial firepower.
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Guidance and risk preview
Management expects Q1-Q2 FY2026 to be subdued, with revenue acceleration visible from Q3 as large projects move into active execution.
The record order book may take time to convert into revenue; Q1-Q2 FY2026 expected to be subdued due to project accounting.
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