Financial Performance Highlights

Standalone Results - Q2 CY26:

  • Revenue from Operations: ₹1,491.8 million, up 81.7% YoY from ₹821.2 million in Q2 CY25
  • Material Margin: 43.1% (643.5 million), decreased 490 bps from 48.0% in Q2 CY25
  • EBITDA: -₹33.9 million, negative compared to positive ₹19.3 million in Q2 CY25
  • EBITDA Margin: -2.3% compared to 2.4% in Q2 CY25
  • Profit After Tax: -₹45.8 million compared to ₹17.2 million in Q2 CY25

Standalone Results - H1 CY26:

  • Revenue from Operations: ₹3,492.2 million, up 120.3% YoY from ₹1,585.4 million in H1 CY25
  • Material Margin: 44.6% (₹1,558.1 million), decreased 400 bps from 48.6% in H1 CY25
  • EBITDA: ₹80.1 million, up 437.5% YoY from ₹14.9 million in H1 CY25
  • EBITDA Margin: 2.3%, improved 140 bps from 0.9% in H1 CY25
  • Profit After Tax: ₹24.3 million, up 150.4% YoY from ₹9.7 million in H1 CY25
  • Exceptional Income of ₹23.9 million in H1 CY26 due to one-time impact of change in Labour Code

Consolidated Results (including Chinese, German and Belgian entities merged under JCIL effective January 1, 2026):

  • Q2 CY26 Revenue: ₹2,985.6 million, up 17.9% YoY
  • H1 CY26 Revenue: ₹6,430.8 million, up 35.6% YoY
  • Q2 CY26 Material Margin: 36.8%, improved 260 bps YoY
  • H1 CY26 Material Margin: 46.7%, improved 290 bps YoY
  • Q2 CY26 EBITDA: -₹272.0 million
  • H1 CY26 EBITDA: -₹188.4 million (improved from -₹272.0 million in H1 CY25)
  • Q2 CY26 PAT: -₹313.7 million
  • H1 CY26 PAT: -₹240.1 million (improved from -₹179.4 million in H1 CY25)

Order Backlog and Business Visibility

  • Standalone Order Book as of June 30, 2026: ₹22,620 million
  • Consolidated Order Book as of June 30, 2026: ₹45,989 million
  • The order backlog provides strong revenue visibility and reinforces confidence in growth trajectory

Operational and Strategic Updates

Global Consolidation:

  • Chinese, German, and Belgian entities consolidated under JCIL effective January 1, 2026
  • Creates more integrated, agile, and cohesive organization

China Expansion:

  • New Shanghai office inaugurated to strengthen presence in China
  • Enhanced regional business development and customer engagement
  • New workshop planned for Q3 CY26 dedicated to assembly of special machines and equipment
  • Local assembly capability for special machines and equipment to improve responsiveness

India Operations:

  • Advanced thermal spray rolls coating facility inaugurated at Taloja
  • Enhances capabilities in advanced thermal spray coating of rolls
  • Supports roll refurbishment, performance enhancement and life extension
  • Expands portfolio of value services for steel producers

Business Segments and Technology

Metals Business - Three Pillars:

1. Processing & Rolling: Pickling lines, acid regeneration plants, cold rolling mills, continuous annealing lines, galvanizing lines, colour coating lines, JVD (Jet Vapor Deposition)

2. Iron & Steel Making Technology: Volteron CO₂-free steelmaking, electric arc furnaces, hydrogen in steelmaking, pelletizing units, DRI solutions

3. Services & Energy Efficiency: Plant upgrading, decarbonization, process consultancy, spares & services, mathematical models, automation

Jet Vapor Deposition (JVD) Technology:

  • Breakthrough zinc coating technology developed with ArcelorMittal
  • 1 million tons of JVD coated steel already produced and sold from ArcelorMittal Kessales
  • 2x faster than existing HDG and EG galvanization processes
  • Lower CO₂ emissions with low energy consumption
  • 99.5% yield with high-speed production and minimal waste

Market Outlook and Growth Drivers

India Steel Market Opportunity:

  • World's 2nd largest crude steel producer with ~152 MT capacity and ~9% global share
  • Steel capacity target: 300 MTPA by 2030-31 with ~USD 156 billion investment planned
  • Carbon emission reduction targets: 20% by 2030
  • Green hydrogen-based steelmaking as focus area
  • 100% FDI allowed in the sector

Growth Drivers for JCIL:

  • Innovation & Technology: JVD, Volteron, hydrogen steelmaking
  • Steel Decarbonization: Green steel manufacturing and plant revamping
  • India Market Growth: World's fastest growing market with increasing demand for high-end products
  • Policy Support: Government push for self-reliance in steel with supportive industrial policies

Business Strategy

  • Establish market-relevant portfolio in green steel and high-strength steel technologies
  • Foster global partnerships focusing on decarbonization through strategic alliances
  • Implement advanced digital tools to enhance productivity with adjacencies in servicing
  • Improve operational efficiencies through localization and better margins
  • Explore JV/inorganic opportunities

Leadership Team

Board of Directors: Francois-David Martino (Chairman), Frederic Martin (Managing Director), Vivek Bhide, Frederic Lemaitre, Nandkumar Dhekne, Dr. Anupama Vaidya, Anjali Gupte, Anand Sen

India Leadership Team: Frederic Martin (MD), Ujwal Kawale (COO), Deepak Chindarkar (CFO), Shishir Naik, Mithaleshwar Yadav, Neha Mistry, Nidhi Salampuria (Company Secretary)

Global Leadership Team: Frederic Martin (CEO Global), Gregory Tournay, Emanuele Brusini, Pierre Mertens, Agnieszka Borysowicz, Isabelle Widmer, Xuedong Fan, Pierre Dosogne

Historical Financial Context

  • Company changed financial reporting to calendar year effective CY23
  • CY25 Standalone Revenue: ₹3,575.9 million
  • CY25 Standalone EBITDA: ₹229.1 million (6.4% margin)
  • CY25 Standalone PAT: ₹103.1 million (2.9% margin)
  • Strong cash flow from operations in CY25: ₹1,585.4 million