NSE: JAINREC · BSE: 544537
JAIN RESOURCE RECYCLING L
Recycles non-ferrous metals — copper, lead, and aluminium — into ingots and downstream products. Copper and copper ingots contributed 55.1% of FY26 segment revenue, lead and lead alloy ingots 40.0%, aluminium and aluminium alloys 3.9%, and others 1.0%. Operations centre on the Gummidipoondi industrial complex in Tamil Nadu, where a copper anode line of 800 MT/month reached full commercial production in July 2026, with cathode, wire rod and bus bar lines scheduled to commission through Q2-Q3 FY27. Lead is currently running at about 97% capacity utilisation while copper operates at 65%. The cost structure is dominated by raw material (scrap) inputs at 96.6% of revenue, leaving a 5.9% FY26 EBITDA margin. Exports account for 62% of FY26 sales and domestic 38%, with FY26 revenue of ₹9,543 crore and FY27 capex guided at ₹115-120 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Copper & Copper Ingots (55%), Lead & Lead Alloy Ingots (40%), Aluminium & Aluminium Alloys (4%), Others (1%). Non-ferrous metals recycling with a raw-material-dominated cost structure
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 9,543 |
| EBITDA (ex other income) | 559 |
| margin % | 5.9 |
| Owners' profit | 352 |
| EPS, as reported (₹) | 10.25 |
| ROE % · ROCE % | 22.3 · 35.5 |
| Debt / equity (x) | 0.82 |
| Cash from operations | (602) |
| Capex | (103) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 1,549 | 2,114 | 2,775 | 3,105 | 2,724 |
| Profit before tax | 78 | 135 | 174 | 89 | 95 |
| Net profit | 57 | 99 | 126 | 66 | 69 |
| EPS (₹) | 1.77 | 3.06 | 3.66 | 1.91 | 2.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Alluminium & Alluminium Alloys | 108 | 1.1 |
| Lead & Lead Alloy Ingots | 3,818 | 40.0 |
| Copper & Copper Ingots | 4,613 | 48.3 |
| Others | 741 | 7.8 |
| Aluminium & Aluminium Alloys | 263 | 2.8 |
| Total, before eliminations | 9,543 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VEDANTA LIMITED | 88,210 | 4.5 | 1.29 | 4.6 | 36.6 | 8.6 | (2.0) | 37.4 |
| JAIN RESOURCE RECYCLING L ◆ | 9,788 | 26.6 | 6.28 | 18.7 | 22.3 | 29.5 | — | 4.4 |
| PONDY OXIDES & CHEM LTD | 2,963 | 9.7 | 3.76 | 14.4 | 16.7 | 22.8 | — | 6.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.6 | 16.6 | 48 of 67 | 29% |
| P/B | 6.3 | 2.0 | 57 of 70 | 19% |
| ROCE | 29.5 | 7.8 | 5 of 77 | 95% |
| ROE | 22.3 | 7.9 | 12 of 70 | 84% |
| Debt / Equity | 0.8 | 0.3 | 57 of 70 | 19% |
| EBITDA margin | 4.4 | 9.7 | 54 of 70 | 23% |
| Revenue growth | 75.9 | 14.4 | 12 of 72 | 85% |
| Profit growth | 22.8 | 34.9 | 41 of 72 | 44% |
| Market cap | 9788 | 412 | 20 of 78 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Postal Ballot Notice - Director Appointments and MoA Amendment | compliance | minimal | — | — |
| 16 Oct 2026 · Corporate guarantee of Rs.150 crore given for wholly owned subsidiary | credit debt | medium | — | — |
| 16 Oct 2026 · Postal Ballot: 2 Director Appointments and Objects Clause Change | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board approves wider MoA scope and revised Postal Ballot notice | general | low | — | — |
| 15 Oct 2026 · Board approves MoA expansion and postal ballot for director appointments | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board OKs major MoA expansion and 2 new independent directors via postal ballot | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Board approves IPO fund reallocation and director appointments | capital market events | high | — | — |
| 3 Oct 2026 · Routine compliance certificate filed for Q2 FY27 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Clarification on volume increase, no undisclosed info | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.