John Cockerill India (500147) Q2 25/26 earnings summary

Executive summary

• Specializes in designing, integrating, maintaining, and upgrading industrial equipment, focusing on steel, defense, energy, hydrogen, and maintenance services.

• Indian hub for cold rolling mill complexes, serving 29+ countries and employing 369 people in India.

• Global revenue reached €1.4 billion in CY24, with India revenue at Rs. 3.9 billion.

• Recognized for innovation in green hydrogen and decarbonization technologies.

• Unaudited financial results for the quarter and six months ended June 30, 2025, were reviewed and approved by the Board on July 29, 2025.

Financial highlights

• Q2CY25 revenue was ₹8,211.77 lakhs, up from ₹7,642.43 lakhs in Q1CY25 but down from ₹9,328.67 lakhs in Q2CY24.

• Net profit for Q2CY25 was ₹59.77 lakhs, compared to a net loss of ₹27.39 lakhs in Q1CY25 and a net profit of ₹32.38 lakhs in Q2CY24.

• EBITDA improved to ₹19.3 lakhs (2.4% margin), up from ₹5.8 lakhs in Q2CY24 and a loss in Q1CY25.

• Order book as of June 30, 2025, stands at ₹6,800 lakhs, providing strong visibility.

• Cash and cash equivalents rose to ₹10,008.25 lakhs at H1CY25 end, up from ₹4,651.35 lakhs at CY24 end.

Outlook and guidance

• Business environment is improving with stabilizing steel prices and increased customer enquiries.

• Expectation of material improvement in steel players’ profitability in CY25.

• Focus on expanding Spares & Services to mitigate cyclicality and build a stable portfolio.

• Results are dependent on gross margins of the product and project mix, which vary each quarter.