Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Jain Resource Recycling Limited (JAINREC)
Large CapMetals stocks · Large cap · NSE
Jain Resource Recycling Limited is one of India’s largest and fastest-growing non-ferrous metal recycling companies, with a legacy spanning over seven decades. It operates 5 recycling plants, processing lead, copper, and aluminum, with a strategic focus on value-added copper products and sustainability initiatives.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Aug, 12:14 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
42Neutralfull bear SMA stack · SMA20 +1.4% / mo · MACD + · near 52W low
Stock trend: 37
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JAINRECD candles · FIT view-30.4%Latest close ₹285.65 on 2026-10-19
Bar
-1.7%
RSI
47
MACD hist
0.56
52W pos
5%
2026-10-19O ₹290.50H ₹297.30L ₹283.50C ₹285.65Vol 7.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JAINRECNifty MetalNifty 500
- JAINREC
- -12.9%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- -7.3 pp
Chart stats
19 Oct 2026- From 52W high
- -51.9%
- 52W range position
- 5%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹49.4 Cr
- 20D price channel
- ₹271 - ₹308.3
₹594
₹271 - ₹594
₹10.7
Latest completed session
20-session average
44.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +75.9% · PAT +21.1% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model+21.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +76% YoY · PAT +21% YoY
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,724 Cr | +75.9% | -12.3% |
| EBITDA | ₹108 Cr | +20.0% | -1.8% |
| Operating margin | 4.0% | -200 bps | +50 bps |
| PAT | ₹69 Cr | +21.1% | +4.5% |
| PAT margin | 2.5% | -115 bps | +40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.20
- P/B
- 6.35
- EV/EBITDA
- 18.89
- Market Cap
- 9907.00Cr
Profitability
- ROE
- 30.40%
- ROCE
- 25.70%
- ROA
- 10.64%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.76%
- EPS 5Y
- 40.65%
- Revenue 3Y
- 46.00%
- EPS 3Y
- 56.00%
Balance Sheet
- Debt/Equity
- 0.82
- Interest Coverage
- 5.88×
- Altman Z
- 7.61
- Book Value
- 45.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -591.00 Cr
- EPS TTM
- 10.44
Shareholding
- Promoter Hold
- 73.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,724-12.3% vs prev
Net Profit
₹ CrLatest: 69.0+4.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~1.4% over last month) — short-term momentum positive.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 52% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
+3.4%
3M return
-12.9%
6M return
-30.9%
1Y return
-27.7%
RS 1D
+1
RS 20D
+8
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 21.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
259 observations
19 Oct 2026Value 93.42-0.42%
RS vs Nifty 50093
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth21/25
Quality19/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 21.4%.
- Quality contributes 19/20 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
27.2
PB
6.3
EV/EBITDA
18.9
ROE
30.4%
ROCE
25.7%
FCF Yield
—
Debt/Equity
0.8
MoS
+21.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+21.4%
Previous: +21.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹103.04
-177.2% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹363.31
+21.4% MoS
PEG
0.58
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ROCKINGDCE
SME
Rockingdeals Circular Economy Ltd.
Recycling
match 59
46
18.5
18.1%
+32%
FAIR VALUE
NIKITA
SME
NIKITA GREENTECH RECYCLING Ltd.
Recycling
match 59
40
14.8
7.8%
+63%
WATCHLIST
DIVYADHAN
SME
Divyadhan Recycling Industries Ltd.
Recycling
match 59
37
32.9
4.7%
+21%
WATCHLIST
RACE
Small
Race Eco Chain Limited
Recycling
match 56
2
25.0
9.3%
-778%
OVERVALUED
GRAVITA
Large
Gravita India Limited
Metals Recycling
match 55
50
28.0
15.5%
+22%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T17:54:06.251Z
Management commentary snapshot
FY26 saw robust revenue growth of 48% YoY to Rs. 9,543 crore, with EBITDA up 53% YoY to Rs. 558 crore and PAT up 56% YoY to Rs. 347 crore. Q4FY26 revenue surged 76% YoY to Rs. 3,105 crore, but EBITDA grew only 18% YoY to Rs. 110 crore, and PAT rose 26% YoY to Rs. 66 crore, indicating significant margin compression.
While FY26 delivered strong top-line and bottom-line growth, Q4FY26 results show concerning EBITDA/MT compression across key segments, particularly copper. Management attributes this to temporary global realization formula declines and West Asia supply chain disruptions, with expected normalization in Q1 FY27. Project execution faces marginal delays due to geopolitical events, requiring close monitoring of commissioning timelines and margin recovery.
Current business mix
Product-wise Revenue Split (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Copper & Copper ingots55.0%
Lead & Lead alloy ingots40.0%
Aluminium & Aluminium alloys1.0%
Others4.0%
Growth engines
Forward Integration into Copper Value-Added Products
Expands presence across the copper value chain, focuses on higher value-added products, supports margin improvement and customer integration.
Specialty Metal & Plastic Recycling Expansion
Antimony project (1,000 MT Lead-Antimony bullion processing) and dedicated plastic recycling facility (6 acres land, ~Rs. 15 cr capex).
Strategic JV & International Expansion
JV with C&Y Group Investments Inc. for copper scrap recycling in Ahmedabad (72,000 MT annual processing capacity). Kuwait investment for Middle East recycling ecosystem.
Government Incentives & Policies
Mandate for minimum 5% recycled content in new non-ferrous metal products from FY28, and India’s Rs. 1,500 crore Critical Mineral Recycling Scheme.
Capacity and execution
Copper Anode Expansion
First furnace (800 MT/month) commissioned in Q4 FY26. Second furnace (800 MT/month) expected Q1 FY27.
Copper Cathode Expansion
Civil construction complete, machinery installation progressing, commissioning expected July 2026 (Q3 FY27).
Copper Wire Rod Project
Civil work nearing completion, machinery erection scheduled June 2026, commissioning expected August 2026 (Q2 FY27).
Copper Busbar Project
Civil work nearing completion, machinery erection scheduled July 2026, commissioning expected September 2026 (Q2 FY27).
Tailwinds
Government Mandate for Recycled Content
All new non-ferrous metal products must contain a minimum of 5% recycled content starting FY28.
Energy Efficiency of Recycling
Aluminium recycling saves up to 95% energy, copper up to 85%, lead reduces CO2 by 99%, tin saves 99% energy vs. primary production.
National Critical Mineral Mission Policy
India’s Rs. 1,500 crore scheme aims to boost domestic recycling and reduce import dependence.
EPR Framework for Non-Ferrous Metals
Recycling of non-ferrous metal scrap eligible for Extended Producer Responsibility (EPR) points from April 1, 2026.
Headwinds
West Asia Crisis Shipping Disruptions
Temporary logistical challenges and delays in machinery delivery for Copper Cathode, Wire Rod, Busbar, and Kuwait investment projects.
Global Sectoral Realisation Decline
Sale realization as a percentage of LME deteriorated by 1.25% to 1.50% in Q4 due to sharp LME copper price surge.
Increased Input Costs
Geopolitical conflict triggered steep rise in global oil and gas prices, increasing per-MT production cost in Q4.
Risk radar
Geopolitical Disruptions
Ongoing West Asia crisis causing delays in machinery delivery and shipping schedules for multiple expansion projects.
Commodity Price Volatility
Business operations are directly impacted by fluctuations in base metal prices traded on the London Metal Exchange, affecting profitability.
Margin Compression
Q4FY26 saw significant EBITDA/MT compression due to realization formula decline and supply chain disruptions, impacting profitability.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential to assess the company's strategic growth and market share gains over a full year, especially in the context of its copper segment expansion. QoQ comparison is critical for understanding sequential momentum, utilization, and the immediate impact of market dynamics and geopolitical events on spreads and profitability, as evidenced by the Q4 margin compression.
Sector KPIs management disclosed
Revenue from Operations (FY26)
Rs. 9,543.1 crore, +48.4% YoY
EBITDA (FY26)
Rs. 558.9 crore, +53.1% YoY, EBITDA margin ~6.0%
PAT (FY26)
Rs. 347.4 crore, +55.6% YoY, PAT margin ~3.6%
Copper & Copper Ingots Volume (FY26)
53,702 MT, +34% YoY
Management forward view
Highest-Ever Annual Performance
Crossed the Rs. 9,000 crore revenue milestone in FY26 for the first time, achieving highest-ever annual performance.
Strategic Focus on Copper
Copper segment contributed ~55% of total revenue during Q4, reflecting continued emphasis on expanding its copper business.
Project Execution Progress
Overall implementation remains broadly in line with guidance, despite temporary logistical challenges.
Q4 Margin Compression Temporary
Expects Q1 FY27 negotiations to recalibrate formula percentages and shipping costs to normalize, confident compression will not carry forward.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Copper Segment Contribution | 55% of Q4FY26 revenue | Sustained growth and margin contribution from copper value-added products as new capacities ramp up. |
| EBITDA/MT | Significant compression in Q4FY26 | Normalization of EBITDA/MT in Q1 FY27 as per management's reassurance regarding realization and supply chain costs. |
| Project Commissioning Timelines | Marginal delays due to West Asia crisis | Actual commissioning dates for Copper Cathode (July 2026), Wire Rod (Aug 2026), Busbar (Sep 2026), and Plastic Recycling (Q3 FY27). |
| Net Debt to Equity Ratio | 0.7x (FY26) | Deleveraging trend as expansion capex is deployed and internal accruals grow, especially post-IPO capital infusion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 66th percentile within Metals. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
24 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Metals: 66th pctile, median 70 · Large: 51st pctile, median 73
Evidence depth
Financial-only
24 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 25.7%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-591 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jain Resource Recycling Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 26 Aug - Executed August 25, 2026; ₹44.5 crore loan to subsidiary Jain Ikon converted into 11,376 shares.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 22 Aug - Revathi Raghunathan resigned as independent director; Kajal Mayur Saiya and Prakash Kumar Behra appointed on August 22, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Intimation of Schedule of Analyst/ Institutional Investor Conference scheduled to be held on August 19, 2026
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 22 Aug - Board accepted one independent director resignation and appointed two directors on August 22, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - Newspaper publication relating to Notice of Annual General Meeting to be held on August 27, 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 28 Aug - CRISIL upgrades Jain Resource Recycling’s long-term rating to AA-/Stable from A+/Watch Developing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 26 Aug - AED 17.064 million loan converted into equity, raising stake in Jain Ikon to 99.74%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Jain Resource Recycling Limited has informed on the intimation of Newspaper publication relating to notice of extra ordinary general meeting to be held on July …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 8 Jul - Board approved new telecom objects, July 30 EGM, and appointed Aravindkumar V as Company Secretary.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.