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Revenue
₹2,775 Cr
verified against source
Revenue YoY
38%
reported change
EBITDA
₹449 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jain Resource Recycling delivered a strong Q3 FY26 with 9-month consolidated revenue of ₹6,438 crore (+38% YoY), EBITDA of ₹449 crore (+65% YoY), and PAT of ₹281 crore (+65% YoY). EBITDA margin expanded ~120 bps to 7.0%, driven by operating leverage, improved product mix, and disciplined hedging. Copper contributed 52% of revenue; exports accounted for 70%. Management guided for sustained 40-50% historical growth, backed by four new verticals: value-added copper products (anode/cathode/wire rod/busbar) commissioning from Feb 2026, a JV copper recycling plant in Ahmedabad (25,000 TPA, June 2026), a Kuwait battery recycling JV (Q3 FY27), and antimony extraction from lead scrap (Q3 FY27). Capex for FY27 is ~₹110 crore. Key risk: working capital days rose to 82 due to inventory buildup and copper price volatility; management expects normalization to 60-65 days by March 2026.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain historical growth of 40-50% YoY, driven by four new verticals coming online in FY27.
- Copper anode phase of value-added products project to commence in February 2026 with 800 tons/month capacity.
- Copper cathode phase to be commissioned in March 2026 with 750 tons/month capacity.
- Management expects inventory to reduce and working capital cycle to fall from 82 days to around 60-65 days by March 2026.
Risks flagged
- Working capital days rose to 82 due to a large copper tender and delayed collections; management expects normalization but execution risk remains.
- Copper EBITDA per ton fell from ₹51,000 in Q2 to ₹42,000 in Q3 due to copper price rise; management expects stabilization but volatility may persist.
- SEBI order (Dec 2025) penalized promoter for ₹25 lakh; appeal filed with SAT. Outcome uncertain and could impact sentiment.
- Four new verticals (copper value-added, Ahmedabad JV, Kuwait JV, antimony) are being commissioned in quick succession; any delay could impact growth.
Key quotes
- Recycling is not a choice, it's a compulsion and we must do recycle.
- We always talk less and do more performance as you've seen the past position also we just said 20%.
- This project is actually does not add to the top line because we consume our own raw material but then it has a huge potential of increasing the profitability.
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