JAINREC
Large CapJain Resource Recycling Limited
Metals
Jain Resource Recycling Limited is one of India’s largest and fastest-growing non-ferrous metal recycling companies, with a legacy spanning over seven decades. It operates 5 recycling plants, processing lead, copper, and aluminum, with a strategic focus on value-added copper products and sustainability initiatives.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +76% YoY · PAT +25% YoY · +12% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,105 Cr | +76.4% | +11.9% |
| EBITDA | ₹110 Cr | +18.3% | -44.7% |
| Operating margin | 4.0% | -100 bps | -300 bps |
| PAT | ₹66 Cr | +24.5% | -47.6% |
| PAT margin | 2.1% | -88 bps | -241 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 saw robust revenue growth of 48% YoY to Rs. 9,543 crore, with EBITDA up 53% YoY to Rs. 558 crore and PAT up 56% YoY to Rs. 347 crore. Q4FY26 revenue surged 76% YoY to Rs. 3,105 crore, but EBITDA grew only 18% YoY to Rs. 110 crore, and PAT rose 26% YoY to Rs. 66 crore, indicating significant margin compression.
While FY26 delivered strong top-line and bottom-line growth, Q4FY26 results show concerning EBITDA/MT compression across key segments, particularly copper. Management attributes this to temporary global realization formula declines and West Asia supply chain disruptions, with expected normalization in Q1 FY27. Project execution faces marginal delays due to geopolitical events, requiring close monitoring of commissioning timelines and margin recovery.
Product-wise Revenue Split (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Forward Integration into Copper Value-Added Products
Expands presence across the copper value chain, focuses on higher value-added products, supports margin improvement and customer integration.
Specialty Metal & Plastic Recycling Expansion
Antimony project (1,000 MT Lead-Antimony bullion processing) and dedicated plastic recycling facility (6 acres land, ~Rs. 15 cr capex).
Strategic JV & International Expansion
JV with C&Y Group Investments Inc. for copper scrap recycling in Ahmedabad (72,000 MT annual processing capacity). Kuwait investment for Middle East recycling ecosystem.
Government Incentives & Policies
Mandate for minimum 5% recycled content in new non-ferrous metal products from FY28, and India’s Rs. 1,500 crore Critical Mineral Recycling Scheme.
Copper Anode Expansion
First furnace (800 MT/month) commissioned in Q4 FY26. Second furnace (800 MT/month) expected Q1 FY27.
Copper Cathode Expansion
Civil construction complete, machinery installation progressing, commissioning expected July 2026 (Q3 FY27).
Copper Wire Rod Project
Civil work nearing completion, machinery erection scheduled June 2026, commissioning expected August 2026 (Q2 FY27).
Copper Busbar Project
Civil work nearing completion, machinery erection scheduled July 2026, commissioning expected September 2026 (Q2 FY27).
Government Mandate for Recycled Content
All new non-ferrous metal products must contain a minimum of 5% recycled content starting FY28.
Energy Efficiency of Recycling
Aluminium recycling saves up to 95% energy, copper up to 85%, lead reduces CO2 by 99%, tin saves 99% energy vs. primary production.
National Critical Mineral Mission Policy
India’s Rs. 1,500 crore scheme aims to boost domestic recycling and reduce import dependence.
EPR Framework for Non-Ferrous Metals
Recycling of non-ferrous metal scrap eligible for Extended Producer Responsibility (EPR) points from April 1, 2026.
West Asia Crisis Shipping Disruptions
Temporary logistical challenges and delays in machinery delivery for Copper Cathode, Wire Rod, Busbar, and Kuwait investment projects.
Global Sectoral Realisation Decline
Sale realization as a percentage of LME deteriorated by 1.25% to 1.50% in Q4 due to sharp LME copper price surge.
Increased Input Costs
Geopolitical conflict triggered steep rise in global oil and gas prices, increasing per-MT production cost in Q4.
Geopolitical Disruptions
Ongoing West Asia crisis causing delays in machinery delivery and shipping schedules for multiple expansion projects.
Commodity Price Volatility
Business operations are directly impacted by fluctuations in base metal prices traded on the London Metal Exchange, affecting profitability.
Margin Compression
Q4FY26 saw significant EBITDA/MT compression due to realization formula decline and supply chain disruptions, impacting profitability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to assess the company's strategic growth and market share gains over a full year, especially in the context of its copper segment expansion. QoQ comparison is critical for understanding sequential momentum, utilization, and the immediate impact of market dynamics and geopolitical events on spreads and profitability, as evidenced by the Q4 margin compression.
Revenue from Operations (FY26)
Rs. 9,543.1 crore, +48.4% YoY
EBITDA (FY26)
Rs. 558.9 crore, +53.1% YoY, EBITDA margin ~6.0%
PAT (FY26)
Rs. 347.4 crore, +55.6% YoY, PAT margin ~3.6%
Copper & Copper Ingots Volume (FY26)
53,702 MT, +34% YoY
Highest-Ever Annual Performance
Crossed the Rs. 9,000 crore revenue milestone in FY26 for the first time, achieving highest-ever annual performance.
Strategic Focus on Copper
Copper segment contributed ~55% of total revenue during Q4, reflecting continued emphasis on expanding its copper business.
Project Execution Progress
Overall implementation remains broadly in line with guidance, despite temporary logistical challenges.
Q4 Margin Compression Temporary
Expects Q1 FY27 negotiations to recalibrate formula percentages and shipping costs to normalize, confident compression will not carry forward.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Copper Segment Contribution | 55% of Q4FY26 revenue | Sustained growth and margin contribution from copper value-added products as new capacities ramp up. |
| EBITDA/MT | Significant compression in Q4FY26 | Normalization of EBITDA/MT in Q1 FY27 as per management's reassurance regarding realization and supply chain costs. |
| Project Commissioning Timelines | Marginal delays due to West Asia crisis | Actual commissioning dates for Copper Cathode (July 2026), Wire Rod (Aug 2026), Busbar (Sep 2026), and Plastic Recycling (Q3 FY27). |
| Net Debt to Equity Ratio | 0.7x (FY26) | Deleveraging trend as expansion capex is deployed and internal accruals grow, especially post-IPO capital infusion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48Neutrallabel neutral
Technical chart
JAINRECdaily · 6M-6.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 40. Wait for confirmation.
- SMA20 falling (~11.9% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 38% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 19/20 to the score.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -74.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 76th percentile within Metals. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 73.6%. Key concern: Operating cash flow is negative at ₹-602 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 76th pctile, median 68 · Large: 50th pctile, median 74
18 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 25.5%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-602 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 36.10
- P/B
- 8.16
- EV/EBITDA
- 24.40
- Market Cap
- 12706.00Cr
Profitability
- ROE
- 30.80%
- ROCE
- 25.50%
- ROA
- 10.26%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 46.04%
- EPS 5Y
- 55.66%
- Revenue 3Y
- 46.00%
- EPS 3Y
- 57.00%
Balance Sheet
- Debt/Equity
- 0.82
- Interest Coverage
- 5.81×
- Altman Z
- 8.34
- Book Value
- 45.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -602.00 Cr
- EPS TTM
- 10.07
Shareholding
- Promoter Hold
- 73.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.