John Cockerill India Ltd

- No immediate or short-term fundraising is planned for current acquisitions or operations. - Fundraising is being considered for the future, particularly when new acquisitions are identified and proposed. - The promoter has provided comfortable payment terms for acquisitions, spreading payment over five years without interest. - The promoter's strategy shows a strong commitment to support the company's growth without immediate external financing. - No specific capex plans or guarantees involving subsidiaries outside India are planned currently. - Fundraising may be aimed at supporting new technologies, building capacities, or future acquisitions but not for existing acquisitions at this stage.

- JCIL has ongoing and planned capex for a roll-coating facility at Taloja, inaugurated early next year, with a production capacity of 300 rolls per year and expected revenue of at least INR 3 million annually. The investment is around INR 2 million. - No specific capex plans outside India; the biggest capex will be within India. - Fundraising plans are being considered for future acquisitions and commercialization of new technologies but are not immediately needed for current acquisitions. - New technologies JVD and Volteron are approaching commercialization, with JVD expected to be commercialized by Q1 next year; Volteron may take 12-24 months for commercial contracts. - The acquisition of John Cockerill Metals International aims to consolidate global metals business under JCIL, enabling strategic investments and growth. - No guarantees or additional capex are planned in acquired subsidiaries at this time.

- Strong order pipeline with market potential of INR 40,000 crores and refurbishment projects of INR 9,000-10,000 crores indicating sustained demand. - Revenue expected to increase through conversion of large project pipeline into contracts, supported by a high conversion rate superior to competitors. - Ambitious growth target of INR 8,000 crores revenue by 2030 through new technologies and external acquisitions. - New technologies (JVD and Volteron) expected to contribute significant revenues and margins; JVD commercialization anticipated by Q1 2026, Volteron within 12-24 months. - Expansion in high-margin service, revamp, and spares segments expected to boost overall growth. - India positioning as global operational and strategic hub, leveraging government initiatives and strong industrial momentum to drive growth. - Order backlog nearly doubled to over INR 11,000 million in Q3 2025, supporting positive revenue outlook for fiscal 2026.

- JCIL has shown a steady recovery with improved order intake and backlog, indicating positive earnings growth. - Q3 2025 EBITDA margin improved to around 12-13%, up from historical 6-7%. - Management is confident about maintaining or improving this margin level over the medium term. - New technologies (JVD and Volteron) are expected to drive future profitability with better margins due to limited competition and advanced features. - Commercialization of JVD expected by Q1 next year; Volteron commercial contracts anticipated in 12-24 months. - Higher-margin service, spare parts, and revamping businesses are being expanded, supporting margin growth. - The acquisition and consolidation strategy aims to enhance operational scale and profitability. - Cash flow and working capital are expected to normalize and remain healthy, supporting sustainable earnings growth. - Management refrains from giving specific EPS guidance but expresses optimistic, cautious outlook toward continued profit growth.

- Current order backlog has nearly doubled to over INR 11,000 million as of Q3 2025. - Third quarter order intake reached about INR 5.86 billion, nearly 10 times the intake in Q1 2025. - Significant recent orders include: - GSW-GFE: INR 2,700 million - Tata Steel: INR 800 million - Godawari Power & Ispat: INR 500 million - Jindal India: INR 400 million - JSW Steel: INR 1,750 million - The order pipeline for the next 2-3 years stands at approximately INR 40,000 crores. - Spares and revamping projects pipeline is around INR 9,000-10,000 crores. - The company maintains a high conversion rate of pipeline projects into confirmed contracts, higher than competitors.