John Cockerill India Ltd(COCKERILL)

NSE: COCKERILLBSE: 500147

₹ 6,710-0.60%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,313 crWebsite: www.cmifpe.comUpdated: 24 Oct 2026

About

John Cockerill India Ltd (JCIL) is the Indian arm of the John Cockerill Group, designing and supplying steel processing lines and equipment - including galvanizing, cold rolling, pickling, and electrical steel lines - primarily to integrated steel producers in India, Europe, and China. As of Q2 CY26, consolidated revenue stood at approximately INR 299 crores (+18% YoY) with a consolidated order book of approximately INR 4,500 crores. Following its acquisition of John Cockerill Metals International SA (Belgium) effective January 2026, JCIL now serves as the global metals platform hub for the John Cockerill Group, consolidating operations across India, Belgium, Germany, and China.^[1][2][3][4]

Order book and inflows

Consolidated order book reached approximately INR 4,500 crores as of June 2026, with standalone at approximately INR 2,200 crores, after securing approximately INR 1,200 crores in new orders during Q2 CY26.^[1]
Consolidated order book was approximately INR 33,000 Mn as of March 2026, up from INR 11,869 Mn (standalone) at December 2025 (+74% YoY), before JCMI was consolidated.^[2][3]
CY25 full-year order inflows exceeded INR 8,600 Mn, versus INR 3,000 Mn in CY24; trailing-twelve-month inflows to March 2026 exceeded INR 20 billion.^[3][2]
Management flagged an execution timeline of up to three years on the Q2 CY26 backlog.^[1]

Revenue by geography and consolidation scope

Standalone revenue reached approximately INR 149 crores in Q2 CY26 (+82% YoY); consolidated revenue was approximately INR 299 crores (+18% YoY), with both lower sequentially due to new orders being in early execution stage.^[1]
Consolidated revenue in Q1 CY26 was INR 3,445 Mn (+56% YoY), the first quarter to include China, Belgium, and Germany operations from January 2026 onwards.^[2]
On a pro-forma basis including JCMI, CY25 consolidated revenue would have been approximately INR 2,000 crores versus the standalone INR 358 crores.^[3]

Products and technology portfolio

Core products are steel processing lines: continuous galvanizing lines (CGL), cold-rolling mills (CRM), pickling lines, tinplate continuous annealing lines (CAL), and six-high rolling mills for flat steel producers.^[2][3]
JCIL won an order for JSW JFE Electrical Steel's tunnel furnaces at Nashik in Q3 CY25 (~INR 2,700 Mn), marking its entry into CRGO silicon steel for transformers - a segment previously import-dominated.^[5][3]
JVD (Jet Vapor Deposition) technology is industrially proven with 1.1 million tons produced at ArcelorMittal Belgium; JCIL is in advanced discussions to close its first commercial JVD contract in Asia in CY2026, sized at EUR 50 - 100 million.^[1][5]
Volteron green steel technology strategy is being completely reshaped; JCIL's contribution and benefit model under strategic evaluation with parent group (IP owner); no revenue timeline provided.^[2]

Value services (aftermarket)

Value services (revamps, spares, after-sales services) reached approximately 30% of total metals revenue in CY25, described as a record; their share of the order book was 20 - 25% in 9M CY25.^[3][5]
Value services revenue in Q2 CY26 fell to approximately one-third of the Q1 CY26 level due to slower project progress, not lack of orders; the value services order backlog was described as strong.^[1]
Value services are targeted to grow to 30 - 35% of group revenue over the next three to five years.^[2]

Operations and manufacturing

The rolls coating facility at Taloja using HP-HVAF technology - developed in collaboration with Advanced Coating SA (Belgium) and the first of its kind in India - was commissioned and put into operation in June 2026; trial orders are underway.^[1][3]
The Taloja rolls coating facility has a targeted capacity of 300 rolls per year and is expected to generate at least EUR 3 million per year in recurring revenue.^[5]
A new Shanghai office was opened in Q2 CY26; a China workshop for assembly of special machines is planned to open in Q3 CY26.^[1][2]
India is designated as the execution and manufacturing hub for John Cockerill Group's entire global metals platform following consolidation of Belgium, Germany, and China entities under JCIL.^[2]

Customers and concentration

Top five customers account for approximately 80% of consolidated revenue as of Q2 CY26; on a standalone basis, the top contributors are Tata Steel and JSW; on a consolidated basis, ArcelorMittal is also a top contributor.^[1]
Recent major standalone order wins include a JSW Steel CGL project worth approximately INR 4.4 - 4.7 billion (Q1 CY26), JSW JFE Electrical Steel tunnel furnaces at Nashik (~INR 2,700 Mn, Q3 CY25), and orders from Tata Steel, Godawari, and AM/NS.^[2][5][3]
India demand is driven by customer investments in electrical steel, advanced galvanizing, cold rolling, downstream quality enhancement, and modernisation initiatives.^[2]

Corporate structure and acquisitions

JCIL acquired 100% of John Cockerill Metals International SA (Belgium), effective 1 January 2026, for consideration not exceeding EUR 50 million with deferred payment over five years and no interest obligation, consolidating operations in Belgium, Germany, and China.^[3][5]
Consolidation of Chinese, German, and Belgian entities under JCIL was completed in Q1 CY26; transaction, legal, audit, and notional interest costs from this integration burdened Q2 CY26 P&L and are described as largely transitional.^[1]
Preferential convertible shares are planned to be issued to parent John Cockerill SA, restoring promoter holding to 72%+ from approximately 70.4%.^[1]
US entity (JC Industry NA) consolidation is targeted by end of CY2026, with possible slight delay due to technical incorporation issues.^[2][3]
Several external acquisitions are being actively investigated as the second revenue stream toward the INR 8,000 crores revenue target by CY30.^[1]

Growth targets and expansion plans

Management reaffirmed an INR 8,000 crores revenue target by CY30 via organic growth (JVD, Volteron) and inorganic acquisitions.^[1][5]
Consolidated EBITDA margin is targeted at greater than 10% over the next three years, with mid-path progress expected at the beginning of CY27; cost structure is gradually shifting from Europe to India and China.^[2]
Significant revenue improvement is expected in H2 CY26 as new large projects ramp up engineering, procurement, and billing; additional orders expected across India, Asia, Europe, and the USA before end of CY2026.^[1]
European market is expected to see significant capex recovery from CY2027 as new EU import quotas protect domestic steel mills, driving equipment investment demand.^[2]

Market Cap

₹3,313 Cr

High / Low

₹10,846 / 4,041

Stock P/E

284.9

Price / Book

16.0

Book Value

₹426

EPS

₹20.9

No. of Shares

0.49 Cr

ROCE

12.3%

ROE

5.0%

OPM

7.0%

Debt / Equity

0.00

Sales

₹358 Cr

Net Profit

₹10 Cr

Promoter holding

70.4%

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