Announcement of presentation for the earnings call scheduled on May 18, 2026 at 16:00 PM
JAINREC · price
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Jain Resource Recycling crossed the Rs. 9,000 crore revenue milestone for the first time in FY26, posting consolidated revenue of Rs. 9,543 crore, up 48% YoY. EBITDA grew 53% to Rs. 559 crore (margin 6.0%), and PAT rose 56% to Rs. 347 crore (margin 3.6%). However, Q4 saw margin compression: EBITDA margin fell to 3.5% from 5.3% YoY due to a temporary 1.25–1.50% decline in LME sale realisation formula and supply chain disruptions from the West Asia conflict. The company is executing a major forward integration into copper value-added products (anode, cathode, wire rod, busbar) with Phase 1 of the Copper Anode Expansion already commissioned. Revenue mix is shifting toward copper (55% of Q4 revenue vs 45% a year ago). The company also disclosed a new ~Rs. 15 crore plastic recycling facility at SIPCOT and a JV in Ahmedabad for copper scrap processing.
Strong FY26 growth masks a soft Q4 margin performance, which management attributes to one-time geopolitical and formula-related headwinds. The expansion into higher-margin copper products is progressing and should support margins going forward. Shareholders should monitor Q1 FY27 to confirm whether the Q4 compression is truly temporary as management states.