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 ₹4,330, in a confirmed uptrend and 36 weeks into that stage. That is −8.4% against its own 200-day average. It sits at 45% of a 52-week range of ₹2,624 to ₹6,427. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 36 of stage 2, confirmed. At ₹4,330 it trades −8.4% versus its 200-day average and sits at 45% of its 52-week range (₹2,624–₹6,427).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +933% while the NIFTY 500 moved +228% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-03-20) — 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: the P/E sits at the 78th percentile of its own range.

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 105.0× P/E, at the pricey end of its own range (78th percentile). Its long-run median P/E is 41.4×, measured across 10.0 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 105.0× is at the pricey end of its own range (78th percentile), against a long-run median of 41.4× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 10y, of the +26.3%/yr price move, ~+20.0%/yr came from earnings growth and ~+6.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full 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: No read 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 no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

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

4-Factor Sector Score

No sector-relative score — John Cockerill India Ltd is not present in the sector comparison for Capital Goods - Engineering Heavy.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

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

John Cockerill India Ltd reported ₹102 Cr of revenue in the Dec 25 quarter, +41.1% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 11.2% a year. The last full year, Dec 25, came in at ₹358 Cr. The last four reported quarters add to ₹358 Cr.

John Cockerill India Ltd reported ₹102 Cr of revenue in the Dec 25 quarter, +41.1% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 11.2% a year. The last full year, Dec 25, came in at ₹358 Cr. The last four reported quarters add to ₹358 Cr.

Dec 25 revenue came in at ₹358 Cr (−8.0% on the year), capping 8 years at 11.2% compound. The latest quarter (Dec 25) printed ₹102 Cr, +41.1% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +2.2% growth against the decade's 11.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −8.0% over the last 4 quarters against −35.5%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 9.9% this quarter (+10.6 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 9.9% in the Dec 25 quarter, +10.6 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged −13.0% to 6.0%. The current quarter is running above every full year in that window.

John Cockerill India Ltd's operating margin is 9.9% in the Dec 25 quarter, +10.6 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged −13.0% to 6.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 9.9%, +10.6 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −13.0%–6.0%, and Dec 25's 6.0% is the top of that band — a record year.

Why the margin moved: operating margin went +10.6 pp year on year while gross margin went +22.9 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ 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 ₹0.4 Cr of net profit in the Dec 25 quarter. Full-year Dec 25 profit was ₹10.0 Cr. The 8-year compound rate is 6.6%. That is 0.4% of the quarter's revenue. The same quarter a year earlier lost ₹1.5 Cr. 4 of the last 12 reported quarters were loss-making.

John Cockerill India Ltd earned ₹0.4 Cr of net profit in the Dec 25 quarter. Full-year Dec 25 profit was ₹10.0 Cr. The 8-year compound rate is 6.6%. That is 0.4% of the quarter's revenue. The same quarter a year earlier lost ₹1.5 Cr. 4 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹0.4 Cr, null year on year. On the full year, Dec 25 printed ₹10.0 Cr (null), and the 8-year compound rate is 6.6%.

→ Profit rose — but did the cash follow? Next: 549% 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 549% 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 ₹10.0 Cr of profit. After ₹2.0 Cr of capital spending, ₹157 Cr was left as free cash.

Dec 25: operating cash of ₹159 Cr against reported profit of ₹10.0 Cr, leaving free cash of ₹157 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 549% 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 549%: 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 ₹21.0 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 ₹21.0 Cr over the last 3 years. At Dec 25 sales of ₹358 Cr each day of that cycle holds about ₹1.0 Cr, so roughly ₹−65.0 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 ₹358 Cr, each day of the cycle holds about ₹1.0 Cr — so the −66-day loop keeps roughly ₹−65.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹21.0 Cr over the last 3 fiscal years against ₹17.0 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%.

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. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 2.8% net margin on 0.52× 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): 2.8% net margin × 0.52× asset turns × 3.26× balance-sheet leverage ≈ 4.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ 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; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

John Cockerill India Ltd carries ₹5.0 Cr of borrowings against ₹210 Cr of equity in Dec 25, a debt-to-equity of 0.02. Operating profit covers the interest bill 8×. Over 4 years borrowings went from ₹0.0 Cr to ₹5.0 Cr. Capital spending ran ₹21.0 Cr across the last 3 of those years.

Dec 25: borrowings of ₹5.0 Cr against equity of ₹210 Cr — a debt-to-equity of 0.02. Operating profit covers the interest bill 8×. Over 4 years borrowings went from ₹0.0 Cr to ₹5.0 Cr while capital spending ran ₹21.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ 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 +0.0 points over the same window, to 0.0%. 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: +0.0 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

🚨 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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