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Research updated
Jain Resource Recycling Limited
NSE: JAINRECBasic MaterialsOther Industrial Metals & Mining
- Last close
- ₹270.00
- Day change
- −₹4.60 (−1.68%)vs
- Market cap
- ₹10,001 crIndian rupees
- Research updated
- 1 report
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About Jain Resource Recycling
Jain Resource Recycling Limited is an Indian manufacturer and exporter specializing in the recycling and production of non-ferrous metal products. The company processes non-ferrous metal scrap to produce lead and lead alloy ingots, copper and copper ingots, and aluminum and aluminum alloys. Additionally, Jain Resource Recycling trades in specialty metals including nickel cathode, silicon metal, tin ingots, and zinc ingots. The company serves diverse industries such as lead-acid batteries, electrical and electronics, pigments, automotive, and manufacturing sectors. Operating from its headquarters in Chennai, India, the company maintains manufacturing facilities and distribution networks that support both domestic and international markets. Jain Resource Recycling plays a significant role in the circular economy by converting scrap materials into refined metal products, serving as a critical supplier to downstream industrial applications requiring high-quality non-ferrous metals and alloys.
- Sector
- Basic Materials
- Industry
- Other Industrial Metals & Mining
- Listing
- NSE: JAINREC
- Next results
- Employees
- 1,793
- Headquarters
- Chennai, India
- ISIN
- INE0YD401026
- Website
- jainmetalgroup.com
Public research · Report of
Business model & financial foundation
Jain Resource Recycling (NSE: JAINREC), Non-ferrous metal recycling and secondary metal manufacturing: revenue of ₹9,543 crore in FY26 (+48.4% on FY25), an EBITDA margin of 5.9%, net profit of ₹348.8 crore and net debt of ₹911.5 crore.
- Revenue, FY26 (₹ crore)
- 9,543
- consolidated
- Revenue growth, FY26
- +48.4%
- on FY25
- EBITDA margin, FY26
- 5.9%
- EBITDA excluding other income and associates / revenue
- Net profit, FY26 (₹ crore)
- 348.8
- to owners
- Return on equity, FY26
- 30.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 911.5
- Net debt: borrowings and leases less cash, bank balances and liquid investments
- Market capitalisation (₹ crore)
- 9,483
- at the close of 18 Oct 2026
Company profile
Manufactures recycled lead and lead alloys, copper and copper products, aluminium and related products from scrap at Gummidipoondi, Tamil Nadu. Scrap sourcing and metal sales are globally linked, with working-capital funding and commodity/foreign-exchange hedges central to economics. Forward integration into copper anodes, cathodes, wire rods and busbars increases value addition. UAE precious-metal operations were discontinued in April2025.
| Item | Value |
|---|---|
| Legal name | Jain Resource Recycling Limited (formerly Jain Resource Recycling Private Limited, Jain Metal Rolling Mills) |
| Exchange and ticker | NSE: JAINREC; BSE: 544537 |
| ISIN | INE0YD401026 |
| CIN | L27320TN2022PLC150206 |
| Sector | Materials |
| Industry | Non-ferrous metal recycling and secondary metal manufacturing |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M S K C & Associates LLP (since 2024-09-09) |
| Market capitalisation | ₹9,483 crore (18 Oct 2026) |
| Shares outstanding | 34.51 crore shares (FY26) |
| Price | ₹289.8 (close, 18 Oct 2026) |
| 52-week range | ₹271.0 - ₹594.0 (to 18 Oct 2026) |
| Website | https://www.jainmetalgroup.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jain Green Technologies Private Limited | 99.99% | Aluminium scrap recycling and value-added copper project; described as wholly owned in Board report but statutory ownership99.99%. |
| Jain Ikon Global Ventures FZC | 70% | UAE precious-metal refining; discontinued April2025 and held for sale at31March2026. |
Equity-method associate Sun Minerals Mannar Private Limited (Sri Lanka)28.88%; JV Jain CY Circular Solutions Private Limited52%, copper scrap processing. Board report labels Ikon JV but consolidated note45 identifies subsidiary. Approved25% Kuwait stake not confirmed completed.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 73.59% | 73.59% | 73.59% | 73.59% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.42% | 3.70% | 3.02% | 1.23% |
| Domestic institutions | 6.43% | 8.72% | 10.11% | 9.73% |
| of which mutual funds | 2.99% | 4.19% | 6.13% | 6.57% |
| Retail | 9.78% | 10.20% | 9.64% | 11.88% |
| Other | 3.78% | 3.79% | 3.64% | 3.57% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | ebitda mgmt, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Copper & Copper Ingots | 5,262 | 55.1% | 193.7 | 34.6% | 195.2 | 34.7% |
| Lead & Lead Alloy Ingots | 3,818 | 40.0% | 340.5 | 60.8% | 341.5 | 60.7% |
| Aluminium & Aluminium Alloys | 371.0 | 3.9% | 26.3 | 4.7% | 26.3 | 4.7% |
| Others (traded goods, job work, export incentives, tin/plastic by-products) | 92.3 | 1.0% | -0.28 | -0.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Gravita India (GRAVITA) | Closest diversified lead, aluminium and plastics recycler; analyst-selected comparator. |
| Pondy Oxides and Chemicals (POCL) | Lead alloys and copper recycling comparator; NSE POCL/BSE532626 primary presentation26May2026(S44). Vendor resolves stale BSE PONDYOXIDE; current ratios unavailable. |
| Nile | Lead/lead-alloy recycler; BSE NILE verified S40; official business S43 corrects erroneous vendor retail profile. No NSE listing verified. |
| Baheti Recycling Industries (BAHETI) | Aluminium alloys/deox; NSE Emerge symbol BAHETI verified FY25 report S42; provider symbol BAHETI.SM. Product-specific rather than lead/copper comparator. |
| Nupur Recyclers (NRL) | Nupur Recyclers Limited verified FY26 cover/AGM notice03Sep2026(S53), NSE NRL(S40). Scrap processing/trading comparator. Recicla rename/effective exchange date not found. |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 3,060 | 4,428 | 6,429 | 9,543 |
| Cost of revenue (vendor classification) * | 2,801 | 4,025 | 5,859 | 8,739 |
| Other operating costs (vendor classification) * | 74.0 | 93.4 | 227.2 | 130.8 |
| EBITDA (vendor classification) * | 167.1 | 270.9 | 402.3 | 583.6 |
| EBIT * | 154.0 | 268.0 | 386.6 | 571.8 |
| Finance costs | 30.4 | 53.3 | 83.5 | 95.7 |
| PBT after associates, continuing | 123.6 | 214.6 | 303.1 | 476.1 |
| Tax expense, positive charge | 31.8 | 50.8 | 81.3 | 123.9 |
| Total PAT including discontinued and NCI | 91.8 | 163.8 | 223.3 | 347.4 |
| Reported diluted EPS, total operations (₹) | 4.70 | 7.16 | 10.39 | |
| Materials, traded purchases and inventory movement | 4,009 | 5,844 | 8,724 | |
| Employee benefits | 32.4 | 28.0 | 42.6 | |
| Other expenses | 159.3 | 192.0 | 217.4 | |
| EBITDA excluding other income and associates | 227.2 | 365.0 | 558.9 | |
| Other income | 56.4 | 36.1 | 28.4 | |
| Depreciation and amortisation | 15.7 | 14.2 | 14.5 | |
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | |
| Total PAT to parent owners | 224.3 | 348.8 | ||
| PAT to NCI | -1.05 | -1.45 | ||
| Associate and JV profit or loss | 0.00 | -0.24 | -0.95 | |
| Continuing PAT | 163.8 | 221.8 | 352.2 | |
| Discontinued PAT | 0.00 | 1.49 | -4.82 | |
| Discontinued PAT to owners | 2.54 | -3.37 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity including NCI | 201.3 | 369.2 | 724.7 | 1,558 |
| Borrowings excluding leases | 738.6 | 909.4 | 919.9 | 1,271 |
| Cash and cash equivalents | 5.52 | 81.4 | 23.6 | 69.7 |
| Net trade receivables | 254.1 | 183.3 | 129.5 | 476.0 |
| Inventory including hedging adjustments | 341.7 | 550.4 | 675.2 | 1,477 |
| Trade payables including acceptances | 33.3 | 27.0 | 103.5 | 339.8 |
| Net property plant and equipment | 4.70 | 64.7 | 71.6 | 92.6 |
| Capital work in progress | 5.94 | 0.00 | 3.25 | 45.0 |
| Total assets | 1,116 | 1,529 | 1,836 | 3,382 |
| Equity attributable to parent owners | 369.2 | 726.1 | 1,561 | |
| Current and non-current leases | 4.98 | 8.39 | 4.40 | |
| Other bank balances; lien-marked collateral | 218.8 | 224.7 | 169.6 | |
| Liquid funds and commercial paper | 14.3 | 6.84 | 125.1 | |
| Net debt: borrowings and leases less cash, bank balances and liquid investments | 599.8 | 673.2 | 911.5 | |
| Net debt without lien-marked deposit offset | 818.6 | 897.9 | 1,081 | |
| Issuer reported net debt (capital management note) | 609.2 | 680.0 | 1,037 | |
| Supplier finance within trade payables | 27.6 | 292.6 | ||
| Inventory fair-value hedge gain within inventory | 20.9 | 174.4 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net operating cash flow including discontinued | 45.6 | 33.4 | 3.82 | -590.7 |
| Free cash flow (vendor definition) * | -11.2 | 4.22 | -35.2 | -693.6 |
| Cash capex; positive outflow | -22.0 | 29.1 | 39.0 | 102.9 |
| Cash dividends | 0.00 | 0.00 | 0.00 | |
| CFO continuing operations | 3.82 | -601.9 | ||
| CFO discontinued operations | 0.00 | 11.2 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Year-end shares, INR2 face value | 20.51 | 32.35 | 34.51 | |
| Diluted weighted average shares | 34.30 | 31.19 | 33.43 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,392 | 1,781 | 1,760 | 1,549 | 2,114 | 2,775 | 3,105 | 2,724 |
| Cost of revenue (vendor classification) * | 1,637 | 1,610 | 1,396 | 1,883 | 2,497 | 2,963 | 2,559 | |
| Other operating costs (vendor classification) * | 50.1 | 52.6 | 57.5 | 65.3 | 70.7 | 23.9 | 49.6 | |
| EBITDA (vendor classification) * | 91.0 | 99.3 | 94.0 | 162.6 | 200.2 | 115.0 | 113.0 | |
| EBIT * | 91.0 | 99.3 | 94.0 | 162.6 | 200.2 | 115.0 | 113.0 | |
| Finance costs | 19.3 | 20.5 | 22.8 | 16.2 | 27.5 | 25.8 | 26.2 | 18.9 |
| PBT from continuing operations | 75.3 | 70.4 | 76.5 | 77.8 | 135.1 | 174.4 | 88.7 | 94.1 |
| Tax expense, continuing | 19.4 | 18.7 | 22.3 | 20.3 | 35.9 | 44.9 | 22.7 | 24.5 |
| PAT incl. discontinued (before NCI) | 52.6 | 58.6 | 52.5 | 56.5 | 98.6 | 126.3 | 66.0 | 69.4 |
| Diluted EPS, continuing and discontinued (₹) | 1.69 | 1.64 | 1.74 | 1.77 | 3.06 | 3.66 | 1.91 | 2.02 |
| Materials + stock-in-trade purchases + inventory change | 1,255 | 1,633 | 1,606 | 1,393 | 1,879 | 2,493 | 2,959 | 2,555 |
| Employee benefits expense | 5.80 | 8.30 | 7.67 | 8.53 | 9.11 | 12.6 | 12.4 | 10.6 |
| Other expenses | 43.0 | 50.1 | 52.6 | 57.5 | 65.3 | 70.7 | 23.9 | 49.6 |
| EBITDA excluding other income (computed) | 87.8 | 89.4 | 93.4 | 90.1 | 160.0 | 198.9 | 110.0 | 109.5 |
| Other income | 9.86 | 5.73 | 9.87 | 7.18 | 6.09 | 5.42 | 9.68 | 9.13 |
| Depreciation and amortisation | 3.03 | 4.04 | 3.89 | 3.04 | 3.28 | 3.81 | 4.42 | 4.38 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associate and JV (signed) | -0.01 | -0.13 | -0.10 | -0.19 | -0.20 | -0.30 | -0.25 | -1.26 |
| PAT from continuing operations | 55.8 | 51.7 | 54.2 | 57.5 | 99.2 | 129.5 | 66.0 | 69.6 |
| Discontinued operation profit/(loss), after tax | -3.26 | 6.87 | -1.70 | -0.98 | -0.62 | -3.21 | -0.01 | -0.19 |
| Non-controlling interest share (signed) | -1.66 | 3.04 | -1.94 | -0.78 | -0.66 | -1.36 | 1.36 | -0.06 |
| PAT attributable to owners | 54.2 | 55.6 | 54.5 | 57.3 | 99.3 | 127.6 | 64.7 | 69.5 |
| Diluted weighted average shares | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 44.7% | 45.2% | 48.4% | |
| EBITDA margin | 5.1% | 5.7% | 5.9% | |
| Net margin | 3.5% | 3.7% | ||
| Return on equity | 41.0% | 30.6% | ||
| Return on capital employed | 16.4% | 24.2% | 26.5% | 25.6% |
| Return on assets | 13.3% | 13.4% | ||
| Net debt (₹ crore) | 599.8 | 673.2 | 911.5 | |
| Net debt / EBITDA | 2.64x | 1.84x | 1.63x | |
| Interest cover | 5.07x | 5.02x | 4.63x | 5.97x |
| Asset turnover | 2.74x | 3.35x | 3.82x | 3.66x |
| Receivable days | 30 | 15 | 7 | 18 |
| Inventory days (on revenue) | 41 | 45 | 38 | 56 |
| Payable days (on revenue) | 4 | 2 | 6 | 13 |
| Cash conversion | 0.02x | -1.69x | ||
| Capex intensity | 0.7% | 0.7% | 0.6% | 1.1% |
| Free cash flow (₹ crore) | 23.6 | 4.23 | -35.1 | -693.6 |
| Dividend payout | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 4.70 | 7.16 | 10.39 | |
| Book value per share (₹) | 18.00 | 22.40 | 45.15 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and associates / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: borrowings and leases less cash, bank balances and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and associates.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS, total operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
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