Working capital cycle elevated due to inventory buildup
Working capital days rose to 82 due to a large copper tender and delayed collections; management expects normalization but execution risk remains.
JAINREC / Q3-FY26 / risks
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Jain Resource Recycling · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Copper EBITDA per ton volatility
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.
Regulatory investigation against promoter
SEBI order (Dec 2025) penalized promoter for ₹25 lakh; appeal filed with SAT. Outcome uncertain and could impact sentiment.
Execution risk in multiple new projects
Four new verticals (copper value-added, Ahmedabad JV, Kuwait JV, antimony) are being commissioned in quick succession; any delay could impact growth.