John Cockerill India (500147) Q4 25/26 earnings summary

Executive summary

• Achieved a sharp turnaround in profitability in CY25/FY2025, with improved margins and positive net income after a challenging prior year, driven by operational improvements and strategic focus.

• Order book grew 74% year-over-year, reflecting strong market positioning and customer trust, providing high revenue visibility for 2026.

• Consolidation of the global metals business under the Indian entity positions the company as a hub for international growth.

• Board recommended a final dividend of Rs. 7 per share (70%) for FY2025, reflecting restored financial health and confidence in sustainable cash generation.

• Consistent quarter-on-quarter revenue and EBITDA growth throughout 2025, with momentum continuing into early 2026.

Financial highlights

• CY25/FY2025 revenue was INR 3,576 Mn (INR 357.59 crores), down 8% year-over-year, due to lingering project delays; Q4CY25 revenue grew 41% year-over-year to INR 1,021 Mn.

• EBITDA for CY25 reached INR 229 Mn (vs. -38 Mn in CY24), with EBITDA margin improving to 6.4% from -1.0%.

• PAT for CY25 was INR 103 Mn (vs. -54 Mn in CY24), with PAT margin at 2.9% (vs. -1.4%).

• Cash and bank balances increased to INR 2,265 Mn (INR 226.50 crores), 3.6x higher year-over-year.

• Exceptional expense in CY25/FY2025 relates to a one-time non-cash impact from a change in Labour Code, amounting to INR 11.41 crores.

Outlook and guidance

• The Revamps, Spares & Services segment (Value Services) is expected to be a key growth driver with higher margins and predictable revenue.

• Commissioning of a new Rolls Coating shed/facility at Taloja is planned for Q1CY26/2026 to enhance service offerings.

• Strong order pipeline and improved margin profile expected to drive a meaningful revenue step-up from Q2 2026 as new contracts move into execution.

• Continued focus on disciplined financial management and progressive shareholder returns.

• India remains the world's fastest-growing steel market, with strong policy support and decarbonization focus.