John Cockerill India (500147) Q2 26/27 earnings summary

Executive summary

• Consolidation of Chinese, German, and Belgian entities under a single platform enhanced integration, agility, and access to technology and markets, with JCIL as the central entity.

• Strong year-on-year revenue growth: standalone revenue up 82% in Q2 CY26 and 120% in H1 CY26; consolidated revenue up 18% in Q2 and 36% in H1.

• Order book/backlog reached INR 4,500 crore (₹46,000 mn) as of June 2026, providing multi-year revenue visibility.

• Profitability impacted by upfront costs for new projects, integration expenses, and one-time consolidation costs, but YTD performance improved.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 2026; new CFO appointed with 36 years of international experience.

Financial highlights

• Standalone revenue for Q2 CY26: INR 149 crore (₹1,492 mn), up 82% YoY; consolidated revenue: INR 299 crore (₹2,986 mn), up 18% YoY.

• Standalone EBITDA: -₹34 mn in Q2 CY26, ₹80 mn in H1 CY26 (+439% YoY); consolidated EBITDA: -₹272 mn in Q2 CY26, -₹188 mn in H1 CY26.

• Standalone net loss for Q2 2026: ₹457.53 lakhs; consolidated net loss: ₹3,136.69 lakhs.

• Employee costs at INR 68 crore and other expenses at INR 70 crore for the quarter; employee costs expected to rise slightly, other expenses to remain stable or marginally lower.

• Service revenue significantly lower than previous quarter, about one-third of Q1, due to project progress timing.

Outlook and guidance

• Targeting INR 8,000 crore topline through organic growth (notably JVD and Volteron technologies) and acquisitions.

• Consolidated revenue guidance for CY 2025 is close to INR 2,000 crore, with H2 expected to see significant ramp-up in execution and revenue.

• Execution timeline for current order book is up to three years; pipeline for new orders remains strong across India, Asia, Europe, and the U.S.

• Results may fluctuate quarter to quarter due to project margins, which vary by size and complexity.

• Management does not expect further significant impact from ongoing arbitration or labour code changes.