John cockerill India Limited has submitted its quarterly compliance certificate to BSE Limited, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company filed the mandatory certificate under Regulation 74(5) of SEBI regulations on April 09, 2026, through Company Secretary and Compliance Officer Nidhi Narayan Salampuria. The filing confirms proper handling of securities dematerialization processes during the fourth quarter of fiscal year 2026.

Certificate Confirmation

Bigshare Services Private Limited, serving as the company's Registrar and Share Transfer Agent, issued the compliance certificate on April 06, 2026. The certificate confirms that all securities received from depository participants for dematerialization up to March 31, 2026 were properly confirmed to the depositories.

Key confirmations in the certificate include:

• Securities received for dematerialization were accepted or rejected and confirmed to depositories
• All securities are listed on stock exchanges where previously issued securities are traded
• Security certificates received for dematerialization were properly mutilated and cancelled after verification
• Depository names were substituted in the register of members as registered owners within the required 15-day timeframe

Regulatory Framework

The filing addresses SEBI Regulation 74(5) requirements, which mandate that registrar and transfer agents provide quarterly certificates confirming proper handling of dematerialization requests. This regulation ensures transparency and proper record-keeping in securities dematerialization processes.

Corporate Information

John Cockerill India Limited operates from its registered office in Navi Mumbai, with workshops located in Taloja Industrial Area and Hedavali village in Raigad district. The company maintains its corporate identity number L99999MH1986PLC039921 and continues its compliance obligations with Indian securities regulations.

John Cockerill India Limited has informed BSE about an update in its credit rating following the completion of a significant acquisition. CARE Ratings Limited has maintained the company's credit rating on Rating Watch with Developing Implications as the industrial equipment manufacturer integrates its newly acquired global metals business operations.

Credit Rating Status and Rationale

CARE Ratings Limited has reaffirmed John Cockerill India's credit rating while continuing to maintain it on Rating Watch with Developing Implications. The rating agency had initially placed the ratings on watch in December 2025 following shareholder approval for the proposed acquisition.

The rating reflects the company's stable operating and financial performance in CY25, supported by steady revenue and profitability despite industry-wide headwinds. CARE Ratings expects sustained performance over the coming years, backed by established client relationships and revenue visibility from a healthy order book.

Acquisition Details and Strategic Impact

John Cockerill India has successfully completed the acquisition of 100% stake in John Cockerill Metals International SA (JCMI) with effect from January 01, 2026. This acquisition encompasses the group's metals businesses in China and Europe, with the US metals business transfer scheduled for a later date.

The acquisition aims to consolidate and enhance the strategic operations of the Group's metals business and could significantly improve the scale and geographical diversification of JCIL's operations. However, CARE Ratings notes that the exact details of the financial risk profile of the acquired business remain to be known.

Financial Performance and Operational Strengths

The company demonstrated improved operational performance in CY25 despite a decline in revenue scale. Total operating income decreased by 8% year-on-year to ₹358 crore in CY25, while operating profit margin improved significantly to 6.40% from -0.83% in the previous year.

The company maintains a strong order book position worth over ₹1,100 crore as of December 31, 2025, indicating an order book-to-operating income ratio of more than 3x, providing medium-term revenue visibility. The company serves reputed clients including Tata Steel Limited, JSW JFE Electrical Steel Nashik Private Limited, and Jindal Steel Works.

Key Rating Considerations

CARE Ratings highlighted several strengths supporting the rating, including the company's established track record of operations, global presence, and geographical diversification owing to strong parentage. The rating agency noted adequate capital structure with healthy net worth of ₹209 crore as of December 31, 2025.

However, rating constraints include the fixed-price nature of contracts exposing the company to input cost increases, highly working capital-intensive operations, moderate profitability due to industry competition, customer concentration risk, and correlation with the capex cycle of the steel industry. The company's operations show high working capital intensity with average gross current assets of more than 400 days.

Liquidity and Future Outlook

The company maintains adequate liquidity with free cash and liquid investments of approximately ₹206 crore as of December 31, 2025. CARE Ratings projects the company to generate gross cash accruals of ₹20-25 crore per annum over the next 1-2 years against scheduled repayments of approximately Rs. 1.6 crore per annum towards lease liabilities.

CARE Ratings will continue to closely monitor developments regarding the acquisition and will take a view once further clarity emerges on the transaction's impact on the company's financial risk profile.