Earnings Call Transcript for the quarter and year ended March 31, 2026

Jain Resource Recycling delivered its highest ever annual performance in FY '26 with revenue of INR9,543 crores (up 48% YoY), EBITDA of INR559 crores (up 53%), and PAT of INR347 crores (up 56%). EBITDA margin improved to 5.9% and PAT margin to 3.6%. However, Q4 FY '26 EBITDA margin compressed to 3.5% due to two temporary headwinds: sales formula compression (INR18,000-18,500/ton impact) from a 40% surge in LME copper prices, and geopolitical-driven shipping disruptions (INR6,000/ton impact). Management clarified these were one-time factors and expects Q1 FY '27 to show recovery as shipping normalizes and formulas recalibrate. The company is executing on its copper forward integration roadmap with anode production already commenced, while cathode, wire rod, and bus bar projects are progressing toward commissioning. Normalized copper EBITDA guidance is INR30,000-32,000/ton excluding value-added products. FY '27 capex is estimated at INR115-120 crores covering multiple projects including antimony extraction and plastic recycling unit.