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Revenue
₹2,114 Cr
verified against source
Revenue YoY
52%
reported change
EBITDA
₹160 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jain Resource Recycling delivered a strong Q2 FY26 with revenue of ₹2,114 crore (+52% YoY), EBITDA of ₹160 crore (+83% YoY), and PAT of ₹99 crore (+88% YoY). EBITDA margin expanded to 7.6% driven by volume growth in lead (+47%) and copper (+14-15%), zero import duty benefits, and operational leverage. Management highlighted sustained 20-25% revenue growth trajectory, with copper cathode plant (9,000 MT) expected to commence in Q1 FY27, adding 3-6% margin uplift. The JV with CNY Group for a copper scrap plant in Ahmedabad and ongoing capacity debottlenecking support medium-term growth. Key risk: working capital days rose to 52 from 38 due to lumpy import shipments, though normalization is expected by Q4 FY26.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the historical 20-25% revenue growth to continue, supported by capacity expansions and new projects.
- Phase 1 copper cathode plant (9,000 MT) at 70% construction completion, operations expected in Q1 FY27.
- Value-added copper products (cathode, wire rod, busbar) expected to add 0.75-5% margin per stage, lifting segment margin by 3-6%.
- IPO proceeds of ₹375 crore used to repay debt will reduce finance cost by ₹20-22 crore per year.
Risks flagged
- Inventory days rose to 52 from 38 due to lumpy import shipments; normalization expected by Q4 FY26 but could pressure cash flows.
- Analyst raised concern about US proposal to ban aluminium scrap exports; management downplayed impact as aluminium is only 4% of revenue and sourcing is diversified.
- Analyst noted high related party transactions; management explained they are at arm's length and will reduce post-IPO, but remain elevated due to inter-company supplies.
- The UAE gold refining subsidiary was shut down in April 2025 due to low margins and working capital issues, indicating execution risk in new verticals.
Key quotes
- Recycling is not a choice, it's a compulsion and we have to recycle to live this life on this planet.
- We are one of only two recycling companies in India to have our lead registered as a brand by London Metal Exchange.
- The growth momentum to continue... we will see stunning results in next year.
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