Management Participants
- Mr. Francois David Martino – Chairman
- Mr. Fred Martin – Managing Director
- Mr. Deepak Chindarkar – Chief Financial Officer
- Ms. Nidhi Salampuria – Company Secretary
- SGA – Investor Relations Partner
Global Steel Market Overview
Europe: Challenging environment with high energy costs and weak industrial sentiment. In July 2026, EU introduced new tariff-quota regime covering 18.3 million tons across 26 steel product categories. Imports beyond quota subject to 15% duty with new melt and pour requirements. Slabs remain exempt from quota and duty.
China: World's largest steel producer moving towards "green steel pivot." Finished steel exports declined by 9.2% in April 2026 while sector value added increased by 1.8%. Shift towards higher value and specialized steel products. Significant investment in electric arc furnace and hydrogen-based metallurgy to reduce emissions.
United States: Capacity utilization reached 82% in July 2026, highest since 2018. Producers expected to invest more than USD 14 billion this year. Strong growth in localization of spare parts and maintenance services.
India: Steel production expected to reach 161.7 million tons this year with target of 300 million tons by 2030. Major infrastructure programs and production linked incentives supporting more than USD 25 billion in investment. Per capita consumption around 93 kg compared to global average of 230 kg.
Other Markets: Africa and South America showing healthy growth with steel demand expected to grow by 5.5% in 2026. Brazil and Argentina remain key markets.
Financial Performance
Q2 CY26 Standalone Revenue: ₹149 crores, representing 82% year-on-year growth
Q2 CY26 Consolidated Revenue: ₹299 crores, representing 18% year-on-year growth
Revenue lower sequentially due to project cycle and timing of revenue recognition. Q1 had older projects near completion allowing recognition of savings and efficiencies. Q2 has new orders in early stages with initial project costs incurred upfront.
Order Book Update
New Orders Secured in Q2: Approximately ₹1,200 crores
Total Order Book as of June 2026: Approximately ₹4,500 crores (Consolidated)
Standalone Order Book: Approximately ₹2,200 crores
Execution Timeline: Up to three years
Profitability Factors
Profitability affected by:
- Project mix and early stage execution of new orders
- Upfront costs for organizational capacity building
- One-time costs related to consolidation and integration following group restructuring
- These factors considered transitional with expected improvement over medium term
Strategic Developments
Global Consolidation: Chinese, German and Belgian entities consolidated under John Cockerill India Limited to create integrated platform
Technology Development:
- Jet Vapor Deposition (JVD) technology commercializable with advanced discussions for first project in Asia expected this year (€50-100 million range)
- Volteron technology under development with R&D tests ongoing
Facility Expansion:
- Advanced Coating facility at Taloja, India inaugurated and operational since June 2026
- New office opened in Shanghai, China
- Workshop in China planned for Q3 CY26 for assembly of special machines and equipment
Customer and Geographic Focus
Top Customers: Tata Steel, JSW, ArcelorMittal
Top Customer Concentration: Approximately 80% from top five customers
Service Revenue: Significantly lower in Q2 compared to Q1 due to slower project progress
Capital Structure Update
John Cockerill SA reduced holding from 75% to 70.4% in Q4 CY25 by selling approximately 2 lakh shares. Preferential shares issuance planned to increase holding back to 72%+
Cost Structure
Employee Cost: ₹68 crores in Q2, expected to increase with expansion of execution capacity
Other Expenses: ₹70 crores in Q2, expected to be marginally lower in coming quarters
Forward-looking Commentary
Revenue Target: INR 8,000 crores target by CY30 through organic growth (JVD, Volteron) and external acquisitions
H2 Outlook: Expected execution ramp-up with revenue improvement
Margin Outlook: Expected improvement as projects progress and organizational benefits materialize