John Cockerill India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

John Cockerill India Ltd trades at ₹8,972, in a confirmed uptrend and 52 weeks into that stage. That is +46.0% against its own 200-day average. It sits at 78% of a 52-week range of ₹4,248 to ₹10,295. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks.

Today the stock is in a confirmed uptrend — week 52 of stage 2, confirmed. At ₹8,972 it trades +46.0% versus its 200-day average and sits at 78% of its 52-week range (₹4,248–₹10,295).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +2,201% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 15 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

John Cockerill India Ltd trades at 56.9× P/E, against too little history to rank. Its long-run median P/E is 64.1×, measured across 0.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.9× is against too little history to rank, against a long-run median of 64.1× measured over 0.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

John Cockerill India Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −147.1% at the trough to −2.3% off a 1-quarter-old trough, ROCE lifting at 9.4%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

59.4/100 — rank 4 of 16 in Capital Goods - Engineering Heavy · 65% evidence confidence

John Cockerill India Ltd scores 59.4 out of 100 against the 16 companies it is compared with in Capital Goods - Engineering Heavy, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.9 + 9.9 + 9 + 16.6 = 59.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

John Cockerill India Ltd reported ₹345 Cr of revenue in the Mar 26 quarter, +56.0% year on year. That is the 3rd straight quarter of year-on-year growth. Over 8 years it has compounded at 25.8% a year. The last full year, Dec 25, came in at ₹962 Cr. The last four reported quarters add to ₹752 Cr.

John Cockerill India Ltd reported ₹345 Cr of revenue in the Mar 26 quarter, +56.0% year on year. That is the 3rd straight quarter of year-on-year growth. Over 8 years it has compounded at 25.8% a year. The last full year, Dec 25, came in at ₹962 Cr. The last four reported quarters add to ₹752 Cr.

Dec 25 revenue came in at ₹962 Cr (+147.3% on the year), capping 8 years at 25.8% compound. The latest quarter (Mar 26) printed ₹345 Cr, +56.0% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +71.8% growth against the decade's 25.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +62.6% over the last 4 quarters against −3.9%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 1.4% this quarter (+2.1 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

John Cockerill India Ltd's operating margin is 1.4% in the Mar 26 quarter, +2.1 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −13.0% to 6.0%. The current quarter sits inside that band.

John Cockerill India Ltd's operating margin is 1.4% in the Mar 26 quarter, +2.1 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −13.0% to 6.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 1.4%, +2.1 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −13.0%–6.0%.

Why the margin moved: operating margin went +2.1 pp year on year while gross margin went +0.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

John Cockerill India Ltd earned ₹7.4 Cr of net profit in the Mar 26 quarter. The full Dec 25 year was a loss of ₹29.0 Cr. That is 2.1% of the quarter's revenue. The same quarter a year earlier lost ₹2.9 Cr. 5 of the last 12 reported quarters were loss-making.

John Cockerill India Ltd earned ₹7.4 Cr of net profit in the Mar 26 quarter. The full Dec 25 year was a loss of ₹29.0 Cr. That is 2.1% of the quarter's revenue. The same quarter a year earlier lost ₹2.9 Cr. 5 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹7.4 Cr, null year on year. On the full year, Dec 25 printed ₹−29.0 Cr (null).

→ Profit rose — but did the cash follow? Next: 285% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 285% of John Cockerill India Ltd's reported profit arrived as operating cash — the cash follows the profit. In Dec 25 that was ₹159 Cr of operating cash against ₹−29.0 Cr of profit. After ₹7.0 Cr of capital spending, ₹152 Cr was left as free cash.

Dec 25: operating cash of ₹159 Cr against reported profit of ₹−29.0 Cr, leaving free cash of ₹152 Cr after ₹7.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 285% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 285%: the cash cycle tightened 22 days between FY21 and Dec 25 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a −66-day cycle and ₹26.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

John Cockerill India Ltd's cash conversion cycle runs −66 days in Dec 25, down from −44 days in FY21. Capital spending ran ₹26.0 Cr over the last 3 years. At Dec 25 sales of ₹962 Cr each day of that cycle holds about ₹2.6 Cr, so roughly ₹−174 Cr sits inside the business at any moment.

Dec 25: debtors at 226 days, inventory at 36 days — roughly 1.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −66 days, tighter than FY21's −44.

The full loop: cash goes out to suppliers and production on day 0; stock waits 36 days to sell; customers pay about 226 days after that; and suppliers themselves are paid at 328 days — netting out to the −66-day cycle.

In money terms: at Dec 25 sales of ₹962 Cr, each day of the cycle holds about ₹2.6 Cr — so the −66-day loop keeps roughly ₹−174 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹26.0 Cr over the last 3 fiscal years against ₹22.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (Dec 25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 12% and the ROIC − WACC spread is +9.8 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

John Cockerill India Ltd earns a ROCE of 12% in Dec 25. That is up from a trough of −15% in FY21. Return on invested capital clears the cost of that capital by +9.8 percentage points, so growth here adds value rather than only size. The wiring behind it is −3.0% net margin on 1.40× asset turns.

Dec 25 ROCE is 12%, recovered from a FY21 trough of −15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (Dec 25): −3.0% net margin × 1.40× asset turns × 3.26× balance-sheet leverage ≈ −13.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 21.8% − 12.0% = a +9.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.02.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

John Cockerill India Ltd carries total debt of ₹5.0 Cr against shareholder equity of ₹210 Cr as of Mar 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹5.0 Cr against shareholder equity of ₹210 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 4.6 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 4.6 points of John Cockerill India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 70.4% of the company. Foreign institutions moved +0.3 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −4.6 points over 8 quarters to 70.4%; Foreign institutions: +0.3 points over 8 quarters to 0.3%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−4.6 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

John Cockerill India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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