John Cockerill India Limited — Financial Results Filing Summary
Date of Filing: November 4, 2025
Period Covered: Quarter and Nine Months ended September 30, 2025
Reporting Currency: ₹ Lakhs

1. Auditor’s Note

• Type: Limited Review Report by SR BC&CO LLP (Chartered Accountants)
• Conclusion:
  • No qualifications, concerns, or issues reported.
  • The auditor states that nothing has come to their attention indicating material misstatements or non-compliance with applicable accounting standards and SEBI Listing Regulations.
• Opinion: Standard unqualified review report.

2. Financial Performance

Margins and Observations:

• Q2 FY26 revenue increased by 27.5% YoY (₹9,698.35 lakhs vs ₹7,603.68 lakhs).
• Net profit turned positive in Q2 FY26 and 9M FY26 compared to losses in corresponding periods last year.
• Significant improvement in profitability driven by better project margins and cost control.
• 9M FY26 revenue declined vs 9M FY25 (₹25,552.55 lakhs vs ₹31,638.73 lakhs), indicating possible project timing or scale differences.
• EPS positive in current periods after losses in previous year.

3. Detailed Notes / Management Commentary

• Business Segment: The company operates in a single segment: Original Equipment Manufacture and Project Management.
• Quarterly Fluctuations: Results may fluctuate quarter to quarter due to project size and complexity affecting margins.
• Acquisition: Board approved acquisition of 100% stake in John Cockerill Metals International SA, Belgium, from parent company John Cockerill SA. This entity is newly incorporated (Sep 30, 2025) with no turnover yet.
• Fund Raising: Board is deliberating multiple fund-raising options; no final decision yet.
• Postal Ballot: Approved for shareholder approval on investment limits, related party transaction for acquisition, borrowing limits, and creation of mortgage/charge on assets.
• Accounting Policies: No changes or material adjustments mentioned.
• Taxation: Current and deferred tax expenses reflect improved profitability; deferred tax asset recognition impacts tax expense.
• Other Comprehensive Income: Includes remeasurement of defined benefit plans and cash flow hedge adjustments.

4. Segment Information

• Business Segment: Only one segment - Original Equipment Manufacture and Project Management.
• No geographical or product-wise segment break-up provided.

5. Capex, Projects, and Corporate Activity

• Acquisition:
  • Acquisition of 100% equity stake in John Cockerill Metals International SA, Belgium (newly incorporated entity).
  • Consideration: Up to approx. €50 million (subject to adjustments).
  • Payment: Upfront cash advance (subject to cash position) and deferred payments by cash or other methods.
  • Acquisition to be completed in two parts:
    • Part I: Transfer of metal business and shares in German and Chinese subsidiaries to John Cockerill Metals International SA within ~90 days from Nov 4, 2025.
    • Part II: Transfer of US affiliate shares by Dec 31, 2026.
  • Post-acquisition, John Cockerill Metals International SA becomes wholly owned subsidiary.
  • Parent company remains majority shareholder in John Cockerill India Limited.
• Fund Raising: Under evaluation; no specifics disclosed.
• No mention of capital expenditure, write-downs, impairments, restructuring, or cost-cutting measures in this filing.

6. Standalone vs Consolidated

• The results provided are Standalone financial results only.
• No consolidated financials provided in this filing.

Summary for Investment Analysis Team

Actionable Points:

• Monitor progress and impact of acquisition of John Cockerill Metals International SA on consolidated financials and global operations.
• Track fund-raising decisions and their impact on capital structure.
• Watch for quarterly margin trends given project complexity impact.
• Await consolidated results for full group performance post-acquisition.

End of Analysis