In , Jain Resource Recycling Ltd (Recycling) is outperforming Nifty 500 with +48.4% relative strength. Fundamentals: Average. On a 10-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA per ton: ₹70,000 - ₹75,000
Impact: 1% margin expansion
“once our plant start for the value-added product, it might go to I think Hemant can clarify it's almost goes to INR70-INR75.”
What: Equity Stake: 25%
“approved a strategic investment proposal to acquire a 25% equity stake in M/s. Abraj Al-Khaleej, Kuwait. This is a volume-driven expansion.”
What: Volume Growth: 29.34%
“This growth was supported by healthy volumes, disciplined hedging practices, and improved operating leverage.”
What: Domestic Sourcing %: 44%
“are we seeing any improvement in raw material sources from the domestic market given the EPR and other regulations coming in? ... presently it is domestically we source around 44% of our raw material volume.”
What: Debt Repayment: ₹375 Cr
Impact: ₹24-25 Cr savings
“INR375 crores was utilized to repay the bank debt ... we will save around INR24 crores to INR25 crores on the finance cost because of the repayment.”
What: Revenue growth of 38% vs 20% guided
“Volume growth for this period stood at around 29.34% while balance is due to the value growth.”
Earnings deceleration risks from management commentary
Trigger: Sudden price rises create a 'ditch gap' between purchase and sale formulas despite hedging.
Management view: Management uses back-to-back LME hedging to protect gross margins over a full-year average.
Monitor: commodity
Trigger: Heavy reliance on imports (61% of raw materials) exposes the company to global interest rate and currency fluctuations.
Management view: Repaying bank debt with IPO proceeds to reduce interest burden.
Monitor: fx
Trigger: A 10-year-old market-related matter resulted in a recent order in December 2025.
Impact: PAT impact: ₹25 Lakhs
Management view: The company has filed an appeal with the Securities Appellate Tribunal (SAT).
Monitor: litigation
Key quotes from recent conference calls
“In fact, we have projected only 20% growth in our last presentation, but we have grown, I mean, 38% by December. [Previous Revenue Growth guidance]”
“And we'll again come back to the old level of inventory days, working capital cycle of around 40, 42 days by the end of the last. [Previous Working Capital Cycle guidance]”
“once our plant start for the value-added product, it might go to I think Hemant can clarify it's almost goes to INR70-INR75. [Initiative: Copper Forward Integration]”
“Another profitability-driven expansion is extracting antimony from lead scrap bullion obtained from lead-acid batteries. This is a new concept in India. [Initiative: Antimony Extraction]”
Headline numbers from the latest earnings call
Revenue
₹6,438 Cr
Why: Growth was driven by a 29.34% increase in volumes alongside value growth from higher realizations.
Revenue growth for the nine-month period significantly outpaced the 20% growth projection previously shared.
EBITDA
₹449 Cr
Why: Margin improvement was supported by better operating leverage, an improved product mix, and stable execution.
EBITDA margins expanded by 116 basis points year-on-year to reach 7%.
PAT
₹281 Cr
Why: Profit growth was driven by healthy volumes, disciplined hedging practices, and improved operating leverage.
PAT margins improved by 71 basis points to 4.4% for the nine-month period.
Other Highlights
• Return on equity stood at approximately 30.1% as of December 2025.
• Return on capital employed reached 24.95% for the period.
• Export revenue contribution remained dominant at 70% of total revenue.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
EBITDA per Ton - Copper
₹42,000
Why: Volatility in copper prices and the lag effect in the pricing formula caused a temporary dip.
EBITDA per Ton - Lead
₹18,920
Domestic Raw Material Sourcing %
44%
Why: Increased focus on the Indian market and better compliance under GST/EPR norms.
Export Revenue %
70%
Why: Strategic advantage of Chennai port proximity for Southeast Asian markets.
Inventory Days
90 days
Why: One-time bulk purchase for a large copper tender and New Year holiday delays.
Working Capital Cycle
82 days
Why: Expansion driven by high inventory levels and collection delays in China/Europe.
Copper Segment Revenue Share
52%
Why: Copper is becoming the predominant segment in the sales mix.
Lead Segment Revenue Share
43%
Raw Material Sourcing Countries
120+
Why: Maintained deep global sourcing network.
Tin Production Capacity
500 MTPA
Why: Installation of an additional vacuum distillation furnace during the year.
Forward-looking targets from management for Long-term/Future
Revenue Growth Target
40%
OPM Guidance
7–8%
Capex Plan
₹110 Cr
40%-50% growth
REAFFIRMED
₹110 Cr
Value-added copper products and Kuwait battery recycling venture
Guidance Changes
Working Capital Normalization: 40-42 days → 60-65 days
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +56% | +53% | Accelerating |
| PAT (Net Profit) | +114% | +56% | Inflection Up |
| OPM | 7.0% | +200 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Jain Resource Recycling Ltd's latest quarterly results (Dec 2025) show
Jain Resource Recycling Ltd's profit is growing with an turning around (inflection up) trend.
Jain Resource Recycling Ltd's revenue growth trend is accelerating.
Jain Resource Recycling Ltd's operating margin is expanding.
Jain Resource Recycling Ltd's long-term compounding rates
Jain Resource Recycling Ltd's earnings growth is turning around (inflection up) with positive momentum on a sequential basis.
Jain Resource Recycling Ltd appears slightly undervalued based on our fair value analysis.
Jain Resource Recycling Ltd's current PE ratio is 46.5x.
Jain Resource Recycling Ltd's current PE is 46.5x.
Jain Resource Recycling Ltd's price-to-book ratio is 11.6x.
Jain Resource Recycling Ltd is rated Average with a fundamental score of 51/100. This score is calculated from objective financial metrics
Jain Resource Recycling Ltd has a debt-to-equity ratio of N/A.
Jain Resource Recycling Ltd's return ratios over recent years
Jain Resource Recycling Ltd's operating cash flow is positive (FY2025).
Jain Resource Recycling Ltd currently does not pay a significant dividend (yield 0.00%).
Jain Resource Recycling Ltd's shareholding pattern (Mar 2026)
Jain Resource Recycling Ltd's promoter holding has remained stable recently.
Jain Resource Recycling Ltd has been outperforming Nifty 500 for 10 consecutive weeks, indicating consistent outperformance.
Jain Resource Recycling Ltd is an established outperformer with 10 weeks of consecutive Nifty 500 outperformance.
Jain Resource Recycling Ltd has 6 key growth catalysts identified from recent earnings analysis
Jain Resource Recycling Ltd has 3 key risks worth monitoring
In Q3 FY26, Jain Resource Recycling Ltd's management highlighted
Jain Resource Recycling Ltd's management has provided the following forward guidance for Long-term/Future
Jain Resource Recycling Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Jain Resource Recycling Ltd may be worth studying
Jain Resource Recycling Ltd investment thesis summary:
Jain Resource Recycling Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
