Jain Resource Recycling Limited has informed the Exchange about Transcript of Earnings call for quarter and year ended March 31, 2026.
JAINREC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Jain Resource Recycling delivered strong FY26 with revenue of ~INR9,543 crores (48% YoY), EBITDA of ~INR559 crores (53% growth, margin 5.9%), and PAT of ~INR347 crores (56% growth). However, Q4 saw temporary EBITDA margin compression to 3.5% due to two external factors: (1) formula-linked margin compression from 40% surge in LME copper prices during the period, and (2) geopolitical disruptions from Iran-Israel conflict impacting shipping routes and elevating logistics costs. Q4 copper EBITDA per ton dropped to INR14,000 from INR42,000 in Q3. Management guided normalized copper EBITDA at ~INR30,000-32,000 per ton going forward, noting these were transient headwinds. Key projects are progressing: copper anode production has commenced (800 MT/month), cathode commissioning expected Q2 FY27, wire rod by August 2026, and bus bar by September 2026. Ahmedabad JV and Kuwait project face temporary delays due to shipping disruptions. FY27 capex guidance is ~INR115-120 crores. Working capital cycle stood at 66 days.
The Q4 margin compression was one-time and externally driven. Management expects recovery in Q1 FY27 as shipping normalizes and formula volatility stabilizes. Value-added product ramp-up in FY27 should support margin expansion, though near-term copper EBITDA guidance of INR30,000-32,000/ton is below FY26's quarterly average.