Jain Resource Recycling Limited — Investor Meet, 25-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Jain Resource Recycling Limited held an earnings conference call on May 18, 2026, to discuss the audited financial results for the quarter and financial year ended March 31, 2026. Management provided updates on business performance, strategic initiatives, and future outlook.

**Financial Performance:**

* FY26 consolidated revenue grew 48% YoY to ~INR9,543 Cr, with volume growth of 26.5%.

* EBITDA increased 53% YoY to ~INR559 Cr, and EBITDA margins improved to 5.9%.

* PAT grew 56% YoY to ~INR347 Cr, with PAT margins at 3.6%.

* Q4 FY26 revenue saw a 76% YoY jump to ~INR3,105 Cr, though EBITDA margin compressed to 3.5% due to temporary external factors like LME price formula changes and increased logistics costs from geopolitical disruptions.

**Management Commentary and Outlook:**

* FY26 was a landmark year with highest-ever performance, driven by strong growth and strategic initiatives.

* Focus remains on volume and profitability growth, with expansion in value-added copper products (anode, cathode, wire rod, bus bar) and strengthening the copper sourcing ecosystem via a JV.

* Initiatives in lead recycling, tin, and antimony extraction are progressing, alongside international expansion in Kuwait.

* Company is establishing a dedicated plastic recycling unit, targeting operational status by Q3 FY27 with a ~INR15 Cr capex.

* Management is confident about the long-term recycling sector outlook, with India emerging as a competitive hub.

**Operational Updates:**

* Copper anode production commenced, with cathode, wire rod, and bus bar projects on track for commissioning in FY27.

* Ahmedabad JV for copper scrap processing expected to commence by September 2026.

* Kuwait venture faced temporary shipping delays but remains strategically important.

**Analyst Q&A Highlights:**

* Management clarified that the Q4 EBITDA per ton compression was transient, not structural, and expects normalized EBITDA to stabilize at INR30,000-INR32,000 per ton for the existing business.

* Volume growth is expected to be in double digits for lead (10-15%) and copper (potentially higher).

* Copper value-added projects could add an incremental EBITDA of INR25-INR45 per kg.

* Working capital cycle remains stable at ~66 days, with plans to reduce it further.

**Investor Angle:**

The management demonstrated confidence in the company's growth trajectory, driven by expansion into higher-value products and a robust recycling ecosystem, despite encountering short-term external headwinds.