Jain Resource Recycling Limited (JAINREC)
₹289.80 -1.02% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jain Resource's revenue was ₹2,724 Cr (+75.9% year on year, -12.3% on the previous quarter), and net profit ₹69.4 Cr (+21.8% year on year); the operating margin was 4.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,724 | +75.9% | -12.3% |
| Operating profit | ₹110 | +21.7% | -0.4% |
| Net profit | ₹69.4 | +21.8% | +5.2% |
| EPS (₹) | 2.02 | +15.4% | +5.8% |
| Operating margin | 4.0% | — | — |
JAINREC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 36.44% of the JAINREC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.98%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 34.5% · 27.8% · 35.1% · 42.1% · 36.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jain Resource Recycling Limited has issued corporate guarantees totaling ₹150 crore to secure credit facilities for its wholly owned subsidiary, Jain Green Technologies Private Limited (JGT). The guarantees are split between RBL Bank Limited (₹100 crore) and Yes Bank Limited (₹50 crore) for securing working capital and short-term facilities. The total guarantee amount represents approximately 1.4% of the company's TTM revenue of ₹10,718 crore and 1.5% of its market capitalization of ₹9,803 crore. The guarantees involve no immediate cash outflow and will be recorded as contingent liabilities.
- Corporate guarantees aggregating to ₹150 crore provided on October 16, 2026
- Guarantee of ₹100 crore issued to RBL Bank Limited and ₹50 crore to Yes Bank Limited
- Facilities provided on behalf of wholly owned subsidiary Jain Green Technologies Private Limited
- Approved by the Borrowing and Investment Committee on October 13, 2026
Jain Resource Recycling Limited's Board has approved the alteration of its Memorandum of Association (MOA) Object Clause to broaden business operations, subject to shareholder approval. The company is adding mining, machinery/vending solutions, and broad commodity trading to its main objects. The Board also scheduled a Postal Ballot remote e-voting period from October 17, 2026, to November 15, 2026, to approve these alterations and regularize the appointments of two Independent Directors, Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya.
- Remote e-voting period runs from October 17, 2026, to November 15, 2026, with results declared on or before November 17, 2026.
- Cut-off date for determining eligible members for the Postal Ballot is October 9, 2026.
- MOA Object Clause amended to expand Clause III(A) sub-clause 4 and insert new sub-clauses 9 and 10 covering mining, machinery/vending tech, and general trading.
- Special resolutions include the appointment of two Independent Directors, Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya, appointed on August 22, 2026.
Jain Resource Recycling Limited's Board has approved the alteration of its Memorandum of Association (MOA) Object Clause to broaden business operations, subject to shareholder approval. The company is adding mining, machinery/vending solutions, and broad commodity trading to its main objects. The Board also scheduled a Postal Ballot remote e-voting period from October 17, 2026, to November 15, 2026, to approve these alterations and regularize the appointments of two Independent Directors, Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya.
- Remote e-voting period runs from October 17, 2026, to November 15, 2026, with results declared on or before November 17, 2026.
- Cut-off date for determining eligible members for the Postal Ballot is October 9, 2026.
- MOA Object Clause amended to expand Clause III(A) sub-clause 4 and insert new sub-clauses 9 and 10 covering mining, machinery/vending tech, and general trading.
- Special resolutions include the appointment of two Independent Directors, Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya, appointed on August 22, 2026.
Jain Resource Recycling Limited's Board has approved the alteration of its Memorandum of Association (MOA) Object Clause to broaden business operations, subject to shareholder approval. The company is adding mining, machinery/vending solutions, and broad commodity trading to its main objects. The Board also scheduled a Postal Ballot remote e-voting period from October 17, 2026, to November 15, 2026, to approve these alterations and regularize the appointments of two Independent Directors, Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya.
- Remote e-voting period runs from October 17, 2026, to November 15, 2026, with results declared on or before November 17, 2026.
- Cut-off date for determining eligible members for the Postal Ballot is October 9, 2026.
- MOA Object Clause amended to expand Clause III(A) sub-clause 4 and insert new sub-clauses 9 and 10 covering mining, machinery/vending tech, and general trading.
- Special resolutions include the appointment of two Independent Directors, Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya, appointed on August 22, 2026.
Jain Resource Recycling has approved the reallocation of unutilised IPO proceeds amounting to ₹36.64 million (₹3.66 crore) originally earmarked for Issue Expenses to General Corporate Purposes. The reallocation stays within the statutory 25% cap for General Corporate Purposes under SEBI ICDR regulations and does not alter the issue objects. The board also approved a postal ballot to regularize the appointments of Independent Directors Prakash Kumar Behera and Kajal Mayur Saiya. E-voting will take place from October 17 to November 16, 2026, with results declared by November 18, 2026.
- Reallocated ₹36.64 million (₹3.66 crore) of unutilised Issue Expenses to General Corporate Purposes
- Postal ballot initiated to approve appointments of Independent Directors Prakash Kumar Behera and Kajal Mayur Saiya
- Cut-off date for eligible members set for Friday, October 9, 2026
- Remote e-voting window runs from October 17, 2026 to November 16, 2026, with results by November 18, 2026
Jain Resource Recycling Limited's Borrowing and Investment Committee approved an additional corporate guarantee of up to Rs 50 crore in favour of ICICI Bank. This guarantee supports the working capital and short-term credit facilities of its subsidiary, Jain CY Circular Solutions Private Limited. This marks the second tranche of support, following an initial Rs 50 crore guarantee issued on July 13, 2026, taking total guarantees for the subsidiary to Rs 100 crore. The parent company noted that this creates an additional contingent liability with no immediate cash outflow.
- Approved second tranche corporate guarantee not exceeding Rs 50 crore for subsidiary Jain CY Circular Solutions
- Lender is ICICI Bank Limited for working capital and other short-term credit facilities
- Cumulative corporate guarantees provided to Jain CY Circular Solutions now stand at Rs 100 crore
- Guarantee creates a contingent liability with zero immediate cash outflow for the parent company
Jain Resource Recycling Limited announced the voting results and Scrutinizer's Report for its 5th Annual General Meeting held on August 27, 2026. All three ordinary resolutions presented to shareholders were approved with high majorities. The resolutions included the adoption of FY26 audited financial statements (99.92% approval), the reappointment of Mr. Kamlesh Jain as Director retiring by rotation (98.01% approval), and the ratification of the cost auditor's remuneration for FY27 (99.99% approval).
- All 3 ordinary resolutions were passed by shareholders at the 5th AGM held on August 27, 2026
- Adoption of FY26 audited financial statements passed with 99.9154% votes in favor out of 28,34,28,040 total votes polled
- Re-appointment of Director Kamlesh Jain approved with 98.0105% votes in favor
- Cost auditor remuneration ratification for FY27 passed with 99.9998% approval
CRISIL Ratings has upgraded Jain Resource Recycling Limited's long-term bank facilities rating from 'CRISIL A+/Watch Developing' to 'CRISIL AA-/Stable'. The resolution of the rating watch follows the full restoration of operations at the Unit-II Gummidipoondi plant with necessary approvals from the Directorate of Industrial Safety and Health. CRISIL noted limited operational disruption and negligible financial impact from the prior incident, citing strong business fundamentals and an established position in non-ferrous metal recycling.
- Long-term bank facilities rating upgraded to 'CRISIL AA-/Stable' from 'CRISIL A+/Watch Developing'
- Rating Watch Developing resolved following resumption of operations at Unit-II Gummidipoondi facility
- All statutory approvals received from the Directorate of Industrial Safety and Health
- CRISIL assessed negligible financial impact and limited operational disruption from the recent plant incident
Jain Resource Recycling Limited conducted its 5th Annual General Meeting (AGM) on August 27, 2026, through video conferencing with 41 members participating. The business items transacted included adoption of FY2025-26 audited financial statements, reappointment of Mr. Kamlesh Jain as Director retiring by rotation, and ratification of Cost Auditor remuneration for FY2026-27. A shareholder representing 2,48,96,020 shares (7.21% equity capital) submitted representation. The final voting results scrutinized by BP & Associates are expected within two working days.
- 5th Annual General Meeting concluded successfully via Video Conferencing on August 27, 2026
- 41 members attended the meeting, meeting requisite quorum requirements
- One shareholder representation submitted for 2,48,96,020 equity shares (7.21% of equity capital)
- Three ordinary resolutions placed for voting covering FY26 accounts adoption, director reappointment, and cost auditor fees
Jain Resource Recycling Limited (JAINREC) has executed a Loan Conversion Agreement with its UAE-based subsidiary, Jain Ikon Global Ventures FZC. The entire outstanding unsecured loan of AED 1,70,64,000 (~₹44.50 crore) as of August 24, 2026, is being converted into 11,376 equity shares of face value AED 1,500 each. Following this allotment, JAINREC's stake in Jain Ikon will increase from 70.00% to 99.74%. The company noted that Jain Ikon has ceased operations and carries a negative net worth; this conversion is structured to consolidate its exposure and facilitate the eventual complete divestment of the entity.
- Converts entire outstanding loan of AED 1,70,64,000 (approx. ₹44.50 crore) into 11,376 equity shares.
- Shareholding in Jain Ikon Global Ventures FZC increases from 70.00% to 99.74%.
- Jain Ikon has ceased operations and has negative net worth; move is intended to facilitate subsequent full divestment.
- Conversion executed at face value of AED 1,500 per share with no cash consideration involved.
Jain Resource Recycling Limited has approved converting an outstanding loan of AED 17.064 million (~₹44.50 crore) into equity shares of its UAE subsidiary, Jain Ikon Global Ventures FZC. This non-cash transaction will increase the company's shareholding in the subsidiary from 70.00% to 99.74% at AED 1,500 per share. The management disclosed that this consolidation is intended to facilitate the subsequent divestment of the company's entire holding in Jain Ikon. The subsidiary, engaged in gold and silver refining, reported a severe turnover contraction to AED 36,178 in FY26 from AED 30.52 crore in FY25.
- Converting outstanding loan of AED 17.064 million (~₹44.50 crore) into equity
- Shareholding in UAE subsidiary Jain Ikon increases from 70.00% to 99.74%
- Transaction involves no fresh cash outflow, priced at AED 1,500 per share
- Target's turnover fell sharply to AED 36,178 in FY26 compared to AED 30,52,47,578 in FY25
- Consolidation is explicitly executed to enable subsequent full divestment of the subsidiary
Jain Resource Recycling Limited has reconstituted its Audit Committee and Nomination and Remuneration Committee following changes to its Board of Directors. Ms. Revathi Raghunathan resigned as Independent Director and Audit Committee Chairperson effective August 19, 2026. The Board appointed Ms. Kajal Mayur Saiya and Mr. Prakash Kumar Behra as Independent Directors effective August 22, 2026, with tenures running up to March 18, 2028. Mr. Rajendra Kumar Prasan has taken over as the Chairman of the Audit Committee.
- Resignation of Independent Director Ms. Revathi Raghunathan effective August 19, 2026
- Appointment of Ms. Kajal Mayur Saiya and Mr. Prakash Kumar Behra as Independent Directors effective August 22, 2026
- Both new appointments are valid up to March 18, 2028, subject to shareholder approval
- Re-constitution of Audit Committee and Nomination & Remuneration Committee effective August 22, 2026
Jain Resource Recycling Limited has approved the appointment of Mr. Prakash Kumar Behera and Ms. Kajal Mayur Saiya as Independent Directors effective August 22, 2026, for terms up to March 18, 2028, subject to shareholder approval. These appointments fill casual vacancies created by the resignations of Ms. Revathi Raghunathan (effective August 19, 2026) and Mr. Kandaswamy Paramasivan (effective August 3, 2026). Consequently, the company has reconstituted its Audit Committee and Nomination and Remuneration Committee.
- Appointment of Mr. Prakash Kumar Behera as Independent Director effective August 22, 2026
- Appointment of Ms. Kajal Mayur Saiya as Independent Woman Director effective August 22, 2026
- Both appointments valid for unexpired terms up to March 18, 2028, subject to shareholder approval
- Resignation of Ms. Revathi Raghunathan as Independent Director took effect on August 19, 2026
Jain Resource Recycling Limited has approved the appointment of Ms. Kajal Mayur Saiya and Mr. Prakash Kumar Behra as Independent Directors effective August 22, 2026, for a term ending March 18, 2028. These appointments fill casual vacancies created by the resignations of Ms. Revathi Raghunathan (effective August 19, 2026) and Mr. Kandaswamy Paramasivan (effective August 3, 2026). Consequently, the company has reconstituted its Audit Committee and Nomination and Remuneration Committee. The appointments remain subject to shareholder approval.
- Ms. Kajal Mayur Saiya appointed as Independent Woman Director effective August 22, 2026, through March 18, 2028
- Mr. Prakash Kumar Behra appointed as Independent Director effective August 22, 2026, through March 18, 2028
- Resignation of Ms. Revathi Raghunathan confirmed effective August 19, 2026, citing personal reasons
- Audit Committee reconstituted with Mr. Rajendra Kumar Prasan as Chairman effective August 22, 2026
Jain Resource Recycling Limited announced that Ms. Revathi Raghunathan resigned as Independent Director and Audit Committee Chairperson effective August 19, 2026, citing personal reasons. To fill casual vacancies, the Board appointed Ms. Kajal Mayur Saiya and Mr. Prakash Kumar Behra as Independent Directors effective August 22, 2026, with tenures lasting until March 18, 2028. Consequently, the Board reconstituted its Audit Committee and Nomination and Remuneration Committee, naming Mr. Rajendra Kumar Prasan as the new Audit Committee Chairman. Both appointments remain subject to shareholder approval.
- Ms. Revathi Raghunathan resigned as Independent Director and Audit Committee Chairperson effective August 19, 2026.
- Ms. Kajal Mayur Saiya appointed as Independent Woman Director for the unexpired term up to March 18, 2028.
- Mr. Prakash Kumar Behra (ex-Principal Commissioner, IRS) appointed as Independent Director for the term up to March 18, 2028.
- Audit Committee reconstituted with Mr. Rajendra Kumar Prasan designated as Chairman effective August 22, 2026.
Financial Performance
Revenue Growth by Segment
The company reported a 52% YoY revenue growth in Q2 FY26, reaching INR 2,113.7 Cr. By segment, Lead products contribute 48% of total revenue, Copper products contribute 46%, Aluminum products contribute 4%, and other segments account for 2%. H1 FY26 revenue grew 27% YoY to INR 3,663 Cr.
Geographic Revenue Split
For H1 FY26, the revenue mix is dominated by exports at 63%, while the domestic market accounts for 37%. This reflects a strong international footprint in the non-ferrous metal recycling market.
Profitability Margins
Gross Profit Margin improved to 11.1% in Q2 FY26 from 9.8% in Q2 FY25. PAT Margin increased to 4.7% in Q2 FY26 compared to 3.8% in the previous year's quarter. The improvement is attributed to the scrapping of import duties on lead and copper and better export advantages.
EBITDA Margin
EBITDA Margin stood at 7.6% in Q2 FY26, an increase of 127 bps from 6.3% in Q2 FY25. Absolute EBITDA grew 82% YoY to INR 160 Cr, driven by operational efficiencies and favorable duty structures.
Capital Expenditure
Planned capex includes INR 50 Cr for JRR, INR 30 Cr for an Ahmedabad-based JV, and an estimated INR 100 Cr over the next 2-3 years for new projects like tire, solar panel, and EV recycling.
Credit Rating & Borrowing
Crisil upgraded the long-term rating to 'Crisil A+/Stable' from 'Crisil A/Stable' in October 2025. Borrowing costs are expected to decrease as the company utilized INR 375 Cr from IPO proceeds to repay debt, leading to an estimated interest saving of INR 24-25 Cr annually.
Operational Drivers
Raw Materials
Primary raw materials include Lead scrap, Copper scrap (including barley and billets), and Aluminum scrap. These constitute the bulk of the Cost of Goods Sold, which was INR 1,879.3 Cr in Q2 FY26 (88.9% of revenue).
Import Sources
The company utilizes a deep sourcing network spanning over 120 countries, including a significant strategic partnership for sourcing from the United States.
Key Suppliers
A key strategic sourcing partner is C&Y, a global giant in the recycling industry based in the US. Other suppliers include various global scrap aggregators across 120+ countries.
Capacity Expansion
Current aluminum recycling capacity at Jain Green Technologies (JGT) is 6,000 MT. Future expansion is targeted toward tire recycling, solar panel recycling, and EV battery recycling to diversify the portfolio.
Raw Material Costs
Cost of Goods Sold represented 89.3% of revenue in H1 FY26. The company uses a hedging policy and price pass-through mechanisms to mitigate the impact of LME price fluctuations on raw material procurement.
Manufacturing Efficiency
Efficiency is driven by deep sourcing capabilities and the ability to process complex scrap like electric motor scrap through strategic partnerships.
Logistics & Distribution
Distribution is heavily export-oriented (63% of revenue), involving significant maritime logistics. Costs are managed through scale and established global trade routes.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through a 20-25% CAGR by expanding into high-margin recycling segments such as EV batteries, solar panels, and tires. The company is also leveraging its recent IPO proceeds (INR 500 Cr fresh issue) to reduce interest costs and fund working capital for higher volumes.
Products & Services
Lead and lead alloys, copper ingots, copper billets, and aluminum alloys sold to various industrial end-users.
Brand Portfolio
Jain Metal Group, Jain Resource Recycling Limited (JRRL).
New Products/Services
New segments include tire recycling, solar panel recycling, and EV battery recycling, which are currently in advanced study stages with a planned INR 100 Cr investment.
Market Expansion
Expansion is focused on increasing domestic market share (currently 37%) while maintaining a strong 63% export presence. A new JV in Ahmedabad is part of the domestic footprint expansion.
Market Share & Ranking
The company holds an established market position in the non-ferrous metal recycling industry in India, though specific percentage market share is not disclosed.
Strategic Alliances
Strategic partnership with C&Y (USA) for scrap sourcing and a Joint Venture in Ahmedabad for localized recycling operations.
External Factors
Industry Trends
The non-ferrous recycling industry is growing at approximately 10-15% globally due to sustainability mandates. JAINREC is positioning itself as a multi-metal recycler to capture the shift toward circular economy practices.
Competitive Landscape
Operates in an intensely competitive industry with low operating margins (5-7%), competing with both domestic unorganized players and large global recyclers.
Competitive Moat
The moat is built on a 'deep sourcing' network in 120 countries and a 70-year legacy, which are difficult for new entrants to replicate. This network ensures raw material security even during global supply disruptions.
Macro Economic Sensitivity
Highly sensitive to global commodity prices (LME) and international trade policies. A 1% shift in LME prices directly impacts top-line revenue due to the benchmarked pricing model.
Consumer Behavior
Increasing industrial demand for recycled 'green' metals over primary metals is driving volume growth for the company's lead and copper products.
Geopolitical Risks
Exposure to trade barriers and environmental regulations in 120+ sourcing countries. Changes in import duties (like the recent reduction to zero) significantly impact profitability.
Regulatory & Governance
Industry Regulations
Operations are subject to pollution control board norms and international Basel Convention regulations regarding the cross-border movement of hazardous scrap metal.
Environmental Compliance
The company faces risks from tightened environmental norms. While specific ESG spend is not disclosed, it is a 'key monitorable' for credit ratings due to the nature of lead and copper smelting.
Taxation Policy Impact
Effective tax rate is approximately 26.4% based on H1 FY26 figures (PBT of INR 213 Cr and Tax of INR 56.2 Cr).
Legal Contingencies
The company recently completed the NCLT-ordered merger of JRPL. No specific pending high-value court cases or litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Vulnerability to intense competition and low value-addition margins (historically 4.8%-5.3%) remains a primary risk. Discontinuation of gold refining operations in Sharjah highlights the risk of entering volatile, low-margin sectors.
Geographic Concentration Risk
63% of revenue is derived from exports, making the company sensitive to international trade relations and global shipping costs.
Third Party Dependencies
High dependency on global scrap aggregators; however, this is diversified across 120 countries to prevent single-source failure.
Technology Obsolescence Risk
Risk is moderate; the company is actively investing in new technologies for EV and solar panel recycling to stay ahead of industry shifts.
Credit & Counterparty Risk
Receivables quality is generally strong, supported by an 'A+/Stable' credit rating and efficient working capital management.
