Jain Resource Recycling Ltd(JAINREC)

NSE: JAINRECBSE: 544537

₹ 289.3-0.05%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 9,983 crWebsite: www.jainmetalgroup.comUpdated: 24 Oct 2026

About

Jain Resource Recycling Ltd (JAINREC) is an Indian diversified metals recycler producing copper, lead, and aluminium ingots and alloys from secondary (scrap-based) raw materials, with operations centred at Gummidipoondi, Tamil Nadu. The company reported revenue of Rs. 9,543 crore in FY26, up 48% year-on-year, making it one of India's largest secondary metals recyclers. It is now forward-integrating into value-added copper products - anodes, cathodes, wire rod and busbars - through its subsidiary Jain Green Technologies.^[1][2][3]

Business segments

Copper & Copper Ingots contributed 55.1% of FY26 revenue (Rs. 5,261.51 cr), rising to 67% of consolidated revenue in Q1 FY27 as copper volumes surged and anode sales commenced.^[4][3]
Lead & Lead Alloy Ingots contributed 40.0% of FY26 revenue (Rs. 3,818.34 cr); the segment runs at near-full utilisation with an EBIT margin of 8.9% in FY26.^[4]
Aluminium & Aluminium Alloys contributed 3.9% of FY26 revenue (Rs. 371.01 cr) with an EBIT margin of 7.1%; capacity utilisation was approximately 35% in FY26.^[4][2]

Operations and installed capacity

Primary recycling facilities are located at Gummidipoondi, Tamil Nadu (Unit 1, Unit 2 and the new Unit 3 under Jain Green Technologies) processing copper, lead and aluminium scrap.^[3][2]
Copper anode production facility (Jain Green Technologies): both furnaces fully commissioned in Q1 FY27, reaching 1,600 MT/month installed capacity; ~600 MT sold in Q1 FY27 during ramp-up.^[3]
Tin capacity quadrupled during FY26 via an additional vacuum distillation furnace, taking capacity from 125 MTPA to 500 MTPA.^[5]
Lead facilities ran at 97 - 100% capacity utilisation in FY26; copper facilities at approximately 65% utilisation, providing multi-year volume headroom.^[2]

Key operating metrics

Copper volumes: 16,878 MT in Q1 FY27, up from 8,509 MT in Q1 FY26; full-year FY26 copper volumes were 53,702 MT.^[3][2]
Lead volumes: 45,022 MT in Q1 FY27, up from 32,150 MT in Q1 FY26; full-year FY26 lead volumes were 1,85,779 MT.^[3][2]
Aluminium volumes: 3,783 MT in Q1 FY27, up from 2,201 MT in Q1 FY26.^[3]
Copper EBITDA per tonne: Rs. 31,027/MT in Q1 FY27, down from Rs. 38,487/MT in Q1 FY26 and Rs. 36,075/MT for full-year FY26.^[3][2]
Lead EBITDA per tonne: Rs. 13,310/MT in Q1 FY27, down from Rs. 17,390/MT in Q1 FY26; FY26 full-year was Rs. 18,328/MT.^[3][2]
Working capital cycle improved to ~60 days in Q1 FY27 from 82 days at Q3 FY26 peak and 66 days for FY26.^[3][5][2]

Customers and distribution

Exports accounted for 62% of FY26 revenue, up from 60% in FY25; top four markets (India, Singapore, China, South Korea) accounted for 94% of H1 FY26 revenue.^[2][6]
88% of H1 FY26 revenue came from repeat customers, reflecting high customer retention in secondary metals.^[6]

Expansion and capex

Copper cathode Phase 1 (750 MT/month): civil construction complete as of Q1 FY27; commissioning targeted Q2 FY27 (by September 2026). Phase 2 to reach 1,500 MT/month total by Q3 FY27.^[3][2]
Copper wire rod (600 MT/month) and copper busbar and profiles (1,500 MT/month) both targeted for commissioning in Q3 FY27.^[3]
Ahmedabad JV (Jain C&Y Circular Solutions, 55% JRR stake): designed for 72,000 MT/year scrap input yielding ~25,000 MT/year copper output; trial production commenced Q1 FY27; stabilisation expected Q2 FY27.^[3][5]
Kuwait battery recycling plant (25% stake in Abraj Al-Khaleej): 2,000 MT/month capacity; machinery ready but dispatch delayed by West Asia shipping disruptions; contribution targeted Q3 FY27.^[3][5]
Antimony extraction plant (100 MT/month output, Rs. 20 crore capex) on schedule for Q3 FY27 commissioning; will process 1,000 MT/month of lead-antimony bullion.^[3][5]
Dedicated plastic recycling facility (~Rs. 15 crore capex, 6 acres at SIPCOT Gummidipoondi) targeted for Q3 FY27; will decongest existing copper and lead plants.^[3][2]
FY27 total capex guided at ~Rs. 87 crores covering copper value-added, antimony and plastic recycling projects.^[3]

Recent developments

On 14 July 2026, a furnace accident at Unit-2, Gummidipoondi resulted in one contract worker fatality and injuries; operations were suspended and resumed on 27 July 2026 following regulatory approval; insurance claim under settlement.^[3]
Government amended Hazardous Waste Management Rules mandating manufacturers in copper, aluminium and zinc sectors to use a minimum 5% recycled content from FY28, rising in subsequent years.^[3]
Telecom infrastructure (optical fiber cable laying) added as a new business line via an amended object clause in Q1 FY27; no revenue or margin guidance provided.^[3]
Jain Ikon Global Ventures FZC (UAE gold/silver refining subsidiary), previously 70%-owned, was discontinued effective 17 April 2025 and reclassified as held for disposal due to low margins and high operating overheads.^[2][6]
Lead segment margins fell in Q1 FY27 as West Asia geopolitical disruptions forced sourcing of costlier local and alternative imported material; management developed a new domestic India sourcing network in response.^[3]

Market Cap

₹9,983 Cr

High / Low

₹594 / 271

Stock P/E

27.6

Price / Book

6.4

Book Value

₹45

EPS

₹10.1

No. of Shares

34.51 Cr

ROCE

20.2%

ROE

22.3%

OPM

6.0%

Debt / Equity

0.81

Sales

₹9,543 Cr

Net Profit

₹347 Cr

Promoter holding

73.6%

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