John Cockerill Q1 FY27 Results (NSE: COCKERILL)
Signal: Slipped to loss
The read
The revenue ramp is not yet converting into earnings: standalone revenue reached 14,917.82 lakh, +81.8% YoY, but EBITDA margin contracted 638bps YoY to -0.90% and PAT fell to a 457.53 lakh loss; this reverses the Q4FY26 standalone improvement and leaves project execution margin and subsidiary losses as the key inflection risks.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹149.18 Cr | +81.8% | -25.4% |
| EBIT | ₹-3.02 Cr | -201.7% | |
| Net profit | ₹-4.58 Cr | -2652.2% | |
| EPS | ₹-9.27 | -366.4% | |
| EBIT margin | -0.90% |
P&L walk
The consolidated financial-results table is included in the filing, but its numerical columns are not present in the supplied text; the auditor separately reports subsidiary revenue of 14,118.84 lakh and subsidiary net loss of 1,992.39 lakh for Q1FY27.
Segments
The company reports a single business segment, Original Equipment Manufacture and Project Management; consolidated earnings appear materially dragged by subsidiaries, including subsidiary revenue of 14,118.84 lakh and subsidiary net loss of 1,992.39 lakh in Q1FY27.
Key positives
- Revenue from operations rose 81.8% YoY to ₹14,917.82 lakh, indicating a substantially larger execution base despite a 25.4% QoQ decline.
- PPE plus CWIP increased 7.3% to ₹5,549.96 lakh by June 30, 2026 while depreciation rose 9.7% YoY to ₹168.18 lakh, a clean capex-to-depreciation progression.
- A ₹85-90 crore JSW JFE Electrical Steel Nashik contract was disclosed in the prior company context, supporting future order visibility, although conversion into margins remains unproven.
Key concerns
- EBITDA turned to a ₹133.60 lakh loss from ₹450.12 lakh profit a year ago, with EBITDA margin down 638bps YoY to -0.90%.
- Finance costs rose 525.5% YoY to ₹406.94 lakh, intensifying the operating loss and reducing earnings quality.
- Operating cash flow was negative ₹9,225.57 lakh in H1FY27 versus a positive ₹5,353.50 lakh in H1FY26, indicating a sharp working-capital and cash-conversion deterioration.
- The consolidated auditor reported subsidiary net loss of ₹1,992.39 lakh in Q1FY27, suggesting group earnings may be materially weaker than the standalone result.
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