John Cockerill India Limited

Industrials — Metal Fabrication · NSE

₹7,275.50−₹94.50 (−1.28%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of John Cockerill India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

John Cockerill India Limited engages in design, engineering, manufacturing, and installation of components of cold rolling mill complexes, processing lines, and chemical and thermal treatment in India, the United States, Bangladesh, Mexico, Belgium, Spain, and internationally.

IndustryMetal Fabrication

SectorIndustrials

Employees378

Annual revenue₹355 Cr

How does it make money?

Turns over ₹355 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 378 employees supports ₹94.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹94.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, HINDALCO INDUSTRIES LTD, VEDANTA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE18.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -5% while net margin moved +133% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-5%

Margin effect+133%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

45/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

19/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

125.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 3.7% to 7.8% over 3 years.
Cash generation is improving
Free cash flow is up 530% over 3 years.
Return on capital is rising
ROCE has improved from 2.4% to 5.2%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 4 high

🔴Debt has risen sharplyFinancial
Total debt is up 22824% over 3 years, from ₹0 Cr to ₹5 Cr.
🔴High leverageFinancial
Debt/Equity of 2.53x — earnings must service borrowings before shareholders see anything.
🔴Receivables growing faster than salesFinancial
Receivables up 84% against revenue up -5% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 65% against revenue up -5% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 3.7% to 7.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.53x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 84% against revenue up -5%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 7.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹153 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 5.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹3,593 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-29.7

Loss-making

Negative earnings per share — the business is losing money

ROE

8.0%

Weak

Weak capital efficiency

ROCE

5.2%

Weak

Low return on total capital employed

Debt/Equity

2.53x

High

High leverage

Revenue Growth (YoY)

263.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

291.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.10%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹348 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

1.6%

Weak

Assets generate little profit

Operating Margin

-10.3%

Weak

Thin margins leave little room for error

Net Margin

0.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.01

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.88

Market-like

Moves roughly in line with the market

52W Range Position

39%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

7856.1 / 8202.8

Bearish alignment (short < long)

RSI (14)

26.3

Oversold zone

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹373 Cr	₹480 Cr	₹384 Cr	₹355 Cr	-1.6%
EBITDA	₹14 Cr	₹21 Cr	-₹0 Cr	₹28 Cr	+26.9%
EBITDA Margin	3.7%	4.5%	-0.0%	7.8%	—
PAT (Net Profit)	₹5 Cr	₹13 Cr	-₹5 Cr	₹10 Cr	+30.5%
EPS	₹9.4	₹26.1	₹-10.9	₹20.89	+30.5%
ROE	2.6%	6.7%	-2.7%	4.9%	—
ROCE	2.4%	7.8%	-2.7%	5.2%	—
Total Debt	₹0 Cr	₹0 Cr	₹5 Cr	₹5 Cr	+512.0%
Free Cash Flow	₹24 Cr	₹66 Cr	-₹77 Cr	₹153 Cr	+84.7%

🟡 Revenue has been broadly flat over 3 years (-1.6% a year).

🟢 EBITDA has grown at 26.9% a year over 3 years.

🟢 EBITDA Margin has risen from 3.7% to 7.8% over 3 years (+4.2 pts).

🟢 PAT (Net Profit) has grown at 30.5% a year over 3 years.

🟢 EPS has grown at 30.5% a year over 3 years.

🟢 ROE has risen from 2.6% to 4.9% over 3 years (+2.3 pts).

🟢 ROCE has risen from 2.4% to 5.2% over 3 years (+2.8 pts).

🔴 Total Debt has grown at 512.0% a year over 3 years.

🟢 Free Cash Flow has grown at 84.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹685 Cr

Total Liabilities

₹475 Cr

Cash & Equivalents

₹122 Cr

Operating Cash Flow

₹159 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.8%

Corporate Actions

Dividend Rate

₹7

Ex-Dividend Date

06 Mar 2026

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%

Recent News

1 positive1 mixed4 general

John Cockerill India reports standalone net loss of Rs 4.58 crore in the June 2026 quarter

Business Standard, 14 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

John Cockerill India Ltd Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 27 Aug

John Cockerill India (COCKERILL.NS) Edges Up 1.45% to ₹8,125 as Buyers Hold the Uptrend - Gap and Reverse

https://www.siam.in/, 14 Sept

John Cockerill India to host investor meetings in Mumbai on October 13

scanx.trade, 05 Oct

COCKERILL Stock Price and Chart — NSE:COCKERILL

TradingView, 20 Apr

Earnings call transcript: John Cockerill India Q2 2026 revenue jumps, stock rises 4.7%

Investing.com, 13 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 4 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑