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Jain Resource Recycling Q2 FY27 results: net profit up 62.3% to ₹159.97 crore, revenue up 186.8%
Jain Resource Recycling Limited reported consolidated revenue of ₹6,061 crore in Q2 FY27, up 186.8% from Q2 FY26, while EBITDA rose 55.2% to ₹248.31 crore. Net profit increased 62.3% to ₹159.97 crore, although the EBITDA margin fell 3.5 percentage points to 4.1%.
Key points
- Consolidated revenue rose to ₹6,061 crore in Q2 FY27 from ₹2,114 crore in Q2 FY26, an increase of 186.8%.
- EBITDA was ₹248.31 crore, up 55.2% year-on-year, while the EBITDA margin declined from 7.6% to 4.1%.
- Net profit rose 62.3% to ₹159.97 crore from ₹98.59 crore, and basic EPS increased from ₹3.06 to ₹4.65.
- On a standalone basis, Q2 FY27 revenue was ₹3,024.75 crore and profit after tax was ₹93.13 crore.
- Total assets increased to ₹3,700.01 crore as of 30 September 2026 from ₹3,382.21 crore as of 31 March 2026.
How did Jain Resource Recycling perform in Q2 FY27?
Jain Resource Recycling reported consolidated revenue of ₹6,061 crore for Q2 FY27, up 186.8% from ₹2,114 crore in Q2 FY26 and 122.5% from ₹2,724 crore in Q1 FY27. EBITDA rose 55.2% year-on-year to ₹248.31 crore but increased 126.7% from Q1 FY27. The EBITDA margin was 4.1%, down 3.5 percentage points from the year-ago quarter but 0.1 percentage points above Q1 FY27.
Profit before tax reached ₹218.21 crore, up 62.2% from ₹134.52 crore in Q2 FY26 and 128.8% from ₹95.36 crore in Q1 FY27. Net profit was ₹159.97 crore, compared with ₹98.59 crore a year earlier and ₹69.41 crore in the previous quarter. Basic EPS increased from ₹3.06 in Q2 FY26 and ₹2.02 in Q1 FY27 to ₹4.65. On a standalone basis, revenue was ₹3,024.75 crore and profit after tax was ₹93.13 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6,061 | 2,724 | 2,114 | +186.8% | +122.5% |
| Other income | 22.04 | 9.13 | 6.09 | +261.9% | +141.4% |
| Total expenses | 5,863 | 2,638 | 1,984 | +195.4% | +122.2% |
| EBITDA | 248.31 | 109.53 | 160.03 | +55.2% | +126.7% |
| EBITDA margin | 4.1% | 4.0% | 7.6% | −3.5 pp | +0.1 pp |
| Profit before tax | 218.21 | 95.36 | 134.52 | +62.2% | +128.8% |
| Tax | 56.61 | 24.51 | 35.94 | +57.5% | +131.0% |
| Net profit | 159.97 | 69.41 | 98.59 | +62.3% | +130.5% |
| EPS (₹) | 4.65 | 2.02 | 3.06 | +52.0% | +130.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Jain Resource Recycling's costs and profit?
Cost of materials rose ₹3,300 crore to ₹5,512 crore from Q2 FY26, while employee cost increased by ₹14.03 crore to ₹23.14 crore. Finance costs were ₹39.67 crore, up ₹12.18 crore, depreciation increased by ₹6.87 crore to ₹10.15 crore, and other expenses rose ₹45.43 crore to ₹110.75 crore. Total expenses increased ₹3,878 crore to ₹5,863 crore.
Other income rose by ₹15.95 crore to ₹22.04 crore against Q2 FY26. The company recorded an exceptional charge of ₹2.33 crore, compared with a ₹0.82 crore charge in the year-ago quarter, while tax expense increased by ₹20.67 crore to ₹56.61 crore. The filings did not provide reasons for the movements in these cost lines or other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 5,512 | 2,213 | +3,300 | +149.1% |
| Employee cost | 23.14 | 9.11 | +14.03 | +154.0% |
| Finance costs | 39.67 | 27.49 | +12.18 | +44.3% |
| Depreciation | 10.15 | 3.28 | +6.87 | +209.5% |
| Other expenses | 110.75 | 65.32 | +45.43 | +69.5% |
| Total expenses | 5,863 | 1,984 | +3,878 | +195.4% |
| Other income | 22.04 | 6.09 | +15.95 | +261.9% |
| Tax | 56.61 | 35.94 | +20.67 | +57.5% |
| Exceptional items | −2.33 (charge) | −0.82 (charge) |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹3,700.01 crore as of 30 September 2026 from ₹3,382.21 crore as of 31 March 2026, while total equity rose to ₹1,719.63 crore from ₹1,558.11 crore. Borrowings declined to ₹1,084.87 crore from ₹1,271.49 crore, and cash fell to ₹29.62 crore from ₹69.68 crore. Inventories were ₹1,461.01 crore, trade receivables ₹705.97 crore and trade payables ₹642.87 crore.
For H1 FY27, net cash from operating activities was ₹129.63 crore, compared with negative ₹403.21 crore in H1 FY26. Investing cash flow was ₹75.36 crore against negative ₹404.64 crore, while financing cash flow was negative ₹245.05 crore compared with ₹796.54 crore. Capital expenditure was ₹71.01 crore, up from ₹16.66 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,700 | 3,382 |
| Total equity | 1,720 | 1,558 |
| Borrowings | 1,085 | 1,271 |
| Cash and equivalents | 29.62 | 69.68 |
| Inventories | 1,461 | 1,477 |
| Trade receivables | 705.97 | 475.95 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 129.63 | −403.21 |
| Cash from investing | 75.36 | −404.64 |
| Cash from financing | −245.05 | 796.54 |
| Capital expenditure | 71.01 | 16.66 |
Source: Company's results filing (XBRL).
How has Jain Resource Recycling done over the last 6 quarters?
Revenue and profit both rose year-on-year in each of the last two quarters. Q2 FY27 revenue of ₹6,061 crore was the highest in the reported six-quarter series, while net profit of ₹159.97 crore was also the highest. Q1 FY26 marked the lowest revenue at ₹1,549 crore, and Q4 FY26 had the lowest EBITDA margin at 3.5%.
The latest quarter moved up from revenue of ₹2,724 crore, profit of ₹69.41 crore and a 4.0% EBITDA margin in Q1 FY27. Q2 FY27’s EBITDA margin was 4.1%. The company’s investor presentation attributed the higher revenue to copper operations and capacity expansion, while noting that margins remained under pressure year-on-year.
Which businesses drove the quarter?
Copper and Copper Ingots was the largest reported segment, with revenue of ₹3,737.33 crore, up 273.4% from ₹1,001.02 crore, and EBIT of ₹107.84 crore against ₹58.92 crore. Its EBIT margin was 2.9%. Lead and Lead Alloy Ingots reported revenue of ₹1,600.82 crore, up 56.2%, and EBIT of ₹127.29 crore, compared with revenue of ₹1,024.84 crore and EBIT of ₹98.47 crore. The EBIT margin was 8.0%.
Aluminium and Aluminium Alloys recorded revenue of ₹154.18 crore, up 134.4% from ₹65.78 crore, and EBIT of ₹9.95 crore against ₹2.96 crore. Its EBIT margin was 6.5%. Copper and Copper Value Added Products reported revenue of ₹469.01 crore and EBIT of ₹2.58 crore, while Copper and Finished Copper Scrap reported revenue of ₹25.35 crore and EBIT of ₹0.22 crore. No prior-period figures were provided for either copper segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Aluminium & Aluminium Alloys | 154.18 | +134.4% | 9.95 | 6.5% |
| Lead & Lead Alloy Ingots | 1,601 | +56.2% | 127.29 | 8.0% |
| Copper & Copper Ingots | 3,737 | +273.4% | 107.84 | 2.9% |
| Copper and Copper Value Added Products | 469.01 | 2.58 | 0.6% | |
| Copper & Finished Copper Scrap | 25.35 | 0.22 | 0.9% | |
| Others | 74.74 | +238.4% | −0.25 | -0.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The company filed an investor presentation on 3 November 2026 under Regulation 30, covering the quarter and half year ended 30 September 2026. The board meeting notice filed on 29 October 2026 said directors would consider and approve the unaudited standalone and consolidated results. No dividend, fund-raising decision or appointment was stated in the same-day filings provided.
What did Jain Resource Recycling's management say?
Management said FY27 revenue growth guidance was 30-40%, above an earlier 15-20% projection. It described Phase 1 of the copper cathode project as nearing commissioning, with Phase 2 targeted for Q4 FY27. The 600 MT/month wire-rod facility, 1,500 MT/month busbar and profile facility and approximately 100 MT/month antimony plant were targeted for Q3 FY27.
Kamlesh Jain, Chairman and Managing Director, said: “As we continue to scale up our copper volume, we expect some moderation in EBITDA margins due to the evolving product mix.” Mayank Pareek, Joint Managing Director, said: “Our next test is operational performance, consistent output, the required quality, better utilization, and stronger customer relationships.”
Hemant Jain, Executive Director and CFO, said: “We are pleased with the improvement in working capital and the leverage, and we intend to maintain this discipline as the newer facilities scale up.” Management said working-capital days improved to 49 and net debt-to-equity to 0.5x. It also identified margin moderation, West Asia logistics, facility stabilisation, raw-material availability, metal prices and RCM policy as risks.
How did Jain Resource Recycling shares react?
The stock fell 2.3% within the first 30 minutes after the filing appeared and ended the reaction session down 1.9% from its pre-results close of ₹275.5. By the next day’s close, it was up 1.5% from that close, compared with a 1.8% rise for the Metals & Mining sector median and a 2.4% rise for the Nifty Smallcap 250.
On the reaction day, Jain Resource Recycling underperformed the sector median by 1.7 percentage points and the Nifty Smallcap 250 by 2.3 percentage points. Earlier reaction-day moves were down 7.1% on 3 August 2026, down 19.3% on 18 May 2026, up 2.8% on 9 February 2026 and down 0.5% on 21 October 2025.
| After the filing | Stock | Metals & Mining median |
|---|---|---|
| 5 minutes | −2.3% | |
| 15 minutes | −2.3% | |
| 30 minutes | −2.3% | |
| Reaction day | −1.9% | −0.3% |
| Next day | +1.5% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | −7.1% |
| 18 May 2026 | −19.3% |
| 9 February 2026 | +2.8% |
| 21 October 2025 | −0.5% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Jain Resource Recycling's revenue in Q2 FY27?
Revenue from operations was ₹6,061 crore, up 186.8% from ₹2,114 crore in Q2 FY26 (consolidated).
Did Jain Resource Recycling make a profit in Q2 FY27?
Yes. Net profit was ₹159.97 crore, against a net profit of ₹98.59 crore in Q2 FY26.
What was Jain Resource Recycling's EPS in Q2 FY27?
Basic earnings per share were ₹4.65, against ₹3.06 in Q2 FY26.
How did Jain Resource Recycling shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.9% from the previous close; the median Metals & Mining stock moved −0.3%.
When did Jain Resource Recycling announce its Q2 FY27 results?
On 3 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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