Company Overview
Jain Resource Recycling Limited, one of India's largest integrated non-ferrous metal recycling companies, reported exceptional financial performance for FY 2025-26 with significant growth across all key metrics.
Financial Performance Highlights
Revenue & Profitability:
- Revenue from operations: ₹9,543.11 crores (48.4% growth YoY)
- EBITDA: ₹558.93 crores (53.1% growth YoY) with margin of 5.86%
- Profit After Tax: ₹352.22 crores (58.8% growth YoY) with PAT margin of 3.69%
- Return on Equity: 30.4% and Return on Capital Employed: 25.30%
Segment Performance:
- Copper & Copper Ingots: ₹5,261.51 crores (55% of revenue)
- Lead & Lead Alloy Ingots: ₹3,818.34 crores (40% of revenue)
- Aluminium & Aluminium Alloys: ₹371.01 crores (5% of revenue)
- Export revenue: 62% with 20+ country footprint
Capital Markets Activity
IPO Completion: Successfully completed ₹1,250 crores IPO in October 2025 comprising ₹500 crores fresh issue and ₹750 crores offer for sale. ₹375 crores utilized for debt repayment from fresh issue proceeds.
Merger Activity: Completed merger with Jain Recycling Private Limited effective April 1, 2024, issuing 21.21 million shares and creating ₹200.53 million amalgamation reserve. Net identifiable assets acquired: ₹11.61 million.
Strategic Developments & Expansion
Copper Value Addition: Forward integration into copper anodes, cathodes, wire rods, and busbars. Anode production commenced March 2026 with capacity of 1,600 MT per month by Q1 FY27.
Joint Ventures: Formed Jain CY Circular Solutions Private Limited with C&Y Group for copper scrap recycling facility in Ahmedabad with 72,000 MT annual capacity, operations commencing September 2026.
International Expansion: 25% stake in Abraj Al Khaleej, Kuwait for battery dismantling and segregation, expected operational in FY27.
New Capabilities:
- Tin recovery capacity increased from 125 MTPA to 500 MTPA
- Antimony extraction plant with ₹20 crores capex, commissioning target Q3 FY27
- Dedicated plastic recycling unit with ₹15 crores capex, commissioning target Q3 FY27
Operational Metrics & Financial Position
Working Capital: 66-day cycle with inventory of 62 days, debtors of 18 days, and creditors of 14 days
Global Sourcing: From 120+ countries with domestic sourcing increased to 39% by volume
Assets: Property, plant and equipment of ₹686.66 million, inventories of ₹14,034.79 million, trade receivables of ₹4,605.18 million
Liquidity: Cash & cash equivalents of ₹692.85 million, other bank balances of ₹1,469.95 million
Corporate Governance & Regulatory Matters
AGM Details: 5th Annual General Meeting scheduled for August 27, 2026, through video conferencing with e-Voting available through NSDL.
SEBI Matter: ₹25 lakh penalty imposed on Chairman Kamlesh Jain for alleged insider trading in Refex Industries shares (personal capacity). Matter appealed to SAT with stay granted subject to 50% deposit.
IPO Proceeds Deviation: ₹54 crores from general corporate purposes inadvertently used for promoter loan repayment. Corrective action taken and shareholders' approval obtained for ratification.
Tax Settlement: Concluded income tax settlement through Interim Board for Settlement with additional income quantification of ₹138.63 million, providing conclusive resolution to search proceedings.
Related Party Transactions
Significant transactions include loans from Chairman Kamlesh Jain (₹7,646.47 million), sales to Jain Green Technologies (₹570.99 million), and loans to Jain Green Technologies (₹8,927.08 million). Remuneration to key management personnel totaled ₹78 million.
Future Outlook
The company is focused on scaling copper value-added platform, commissioning new extraction and recycling units, expanding international sourcing corridors, and exploring new recycling verticals including tyres, solar panels, and e-waste while maintaining growth trajectory through volume expansion and value addition.
Auditor & Compliance
Financial statements audited by MSKC & Associates LLP with unmodified opinion. The company maintains compliance with SEBI regulations, Companies Act, 2013, and Indian Accounting Standards, with appropriate disclosures for contingent liabilities and commitments.