Metal - Non Ferrous · Founded 1953 · www.jainmetalgroup.com · BSE 544537 · NSE JAINREC · ISIN INE0YD401026
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Business
Jain Resource Recycling Ltd. is engaged in the recycling of non-ferrous metals. Its core business involves the collection, processing, and sale of recycled non-ferrous metals such as aluminum, copper, zinc, and lead. The company sources scrap materials, subjects them to processes like sorting, cleaning, melting, and refining, to produce secondary metals in forms like ingots, billets, or powders. The business model revolves around procuring scrap at competitive prices and selling value-added recycled metals to various industrial customers, primarily earning revenue from the margin on these transactions.
Revenue Mix
The primary revenue segment for Jain Resource Recycling Ltd. is non-ferrous metal recycling. Given the industry, it is likely focused on a mix of key non-ferrous metals. Without specific company data, detailed breakdowns by metal type or contribution are not available. However, its operations would predominantly fall under the processing and sale of secondary non-ferrous metals.
Industry
The non-ferrous metal recycling industry in India is characterized by a mix of organized and unorganized players. The industry is critical for reducing reliance on virgin metal extraction, conserving energy, and mitigating environmental impact. Jain Resource Recycling Ltd. operates within the organized segment, competing with other established recyclers, as well as managing supply chains in a market that often has significant unorganized scrap collection and trading. Its positioning would depend on its scale, technological capabilities, and the robustness of its scrap sourcing and distribution networks within India.
MOAT
Potential competitive advantages for Jain Resource Recycling Ltd. could include:
Scale and Operational Efficiency: Larger processing capacities and efficient manufacturing processes can lead to lower per-unit costs.
Robust Sourcing Network: A well-established and reliable network for procuring diverse scrap materials consistently.
Technological Expertise: Advanced sorting, melting, and refining technologies that improve yield, purity, and reduce waste.
Customer Relationships: Long-term contracts and strong relationships with industrial buyers of recycled metals.
Regulatory Compliance: Adherence to environmental and operational regulations, which can be a differentiator against smaller, unorganized players.
Growth Drivers
Circular Economy Push: Increasing global and domestic emphasis on sustainability and circular economy principles drives demand for recycled content.
Growing Metal Demand: Rapid industrialization and infrastructure development in India fuels overall demand for non-ferrous metals, including secondary metals.
Cost Efficiency: Recycled metals often offer a cost advantage over primary metals due to lower energy requirements and processing costs.
Supportive Government Policies: Potential for government incentives, regulations, and frameworks promoting waste management and recycling.
Urbanization & Industrial Scrap: Growing generation of industrial and consumer scrap due to economic activity and urbanization.
Risks
Commodity Price Volatility: Fluctuations in the prices of both non-ferrous metals (e.g., LME prices) and scrap inputs directly impact profitability.
Scrap Availability & Quality: Disruptions in the supply chain or inconsistent quality of scrap material can affect production and costs.
Regulatory Changes: Evolving environmental norms, import/export policies for scrap, and waste management regulations can impact operations and compliance costs.
Competition: Intense competition from both organized large-scale recyclers and a fragmented unorganized sector.
Economic Downturns: Reduced industrial activity can lead to lower demand for metals, impacting sales volumes and prices.
Environmental & Safety Concerns: Managing potential hazardous waste and ensuring safe operational practices.
Management & Ownership
As is common for many Indian companies, Jain Resource Recycling Ltd. is likely promoter-led. Management quality would be crucial, requiring deep expertise in commodity markets, supply chain management, process engineering, and navigating regulatory landscapes. The ownership structure typically involves significant holdings by the promoter group, with the remaining shares available for public trading, depending on its listing status and history.
Outlook
Jain Resource Recycling Ltd. operates in a sector with significant long-term tailwinds driven by the global push for sustainability, resource efficiency, and India's growing industrial demand. The cost advantages of recycled metals over virgin production further support its business model. However, the company faces inherent risks associated with volatile commodity prices, ensuring a consistent supply of quality scrap, and navigating a competitive landscape. Success will likely depend on its ability to maintain operational efficiency, secure reliable sourcing networks, adapt to evolving technologies, and effectively manage market and regulatory risks to capitalize on the growing demand for secondary non-ferrous metals.
Price goes above X
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| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 1496 | 1392 | 1781 | 1760 | 1549 | 2114 | 2775 | 3105 |
| Other Income | 11 | 10 | 6 | 10 | 7 | 6 | 5 | 10 |
| Total Income | 1507 | 1402 | 1786 | 1770 | 1556 | 2120 | 2781 | 3115 |
| Total Expenditure | 1402 | 1304 | 1691 | 1667 | 1459 | 1954 | 2576 | 2995 |
| Operating Profit | 105 | 98 | 95 | 103 | 97 | 166 | 204 | 120 |
| Interest | 21 | 19 | 21 | 23 | 16 | 27 | 26 | 26 |
| Depreciation | 3 | 3 | 4 | 4 | 3 | 3 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 81 | 75 | 71 | 77 | 78 | 135 | 175 | 89 |
| Provision for Tax | 21 | 19 | 19 | 22 | 20 | 36 | 45 | 23 |
| Profit After Tax | 60 | 56 | 52 | 54 | 58 | 99 | 130 | 66 |
| Adjustments | -0 | -2 | 4 | -2 | -0 | -0 | -2 | -2 |
| Profit After Adjustments | 60 | 54 | 56 | 53 | 57 | 99 | 128 | 65 |
| Adjusted Earnings Per Share | 2.9 | 2.6 | 2.7 | 1.6 | 1.8 | 2.9 | 3.7 | 1.9 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 0 | 3064 | 4428 | 7126 | 9543 |
| Other Income | 0 | 43 | 56 | 36 | 28 |
| Total Income | 0 | 3108 | 4485 | 7162 | 9572 |
| Total Expenditure | 0 | 2937 | 4198 | 6751 | 8984 |
| Operating Profit | 0 | 171 | 286 | 411 | 587 |
| Interest | 0 | 34 | 56 | 91 | 95 |
| Depreciation | 0 | 14 | 16 | 16 | 14 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 124 | 215 | 305 | 477 |
| Provision for Tax | 0 | 32 | 51 | 81 | 124 |
| Profit After Tax | 0 | 92 | 164 | 223 | 353 |
| Adjustments | 0 | 0 | 0 | 1 | -4 |
| Profit After Adjustments | 0 | 92 | 164 | 224 | 349 |
| Adjusted Earnings Per Share | 0 | 4.6 | 8 | 6.9 | 10.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 61% | 0% | 0% | 0% |
| Operating Profit CAGR | 44% | 0% | 0% | 0% |
| PAT CAGR | 36% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 42% | 52% | 52% | 52% |
| ROCE Average | 27% | 23% | 23% | 23% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 0 | 199 | 369 | 726 |
| Minority's Interest | 0 | 2 | 0 | -1 |
| Borrowings | 0 | 42 | 36 | 3 |
| Other Non-Current Liabilities | 0 | 129 | 100 | 19 |
| Total Current Liabilities | 0 | 744 | 1024 | 1089 |
| Total Liabilities | 0 | 1116 | 1529 | 1836 |
| Fixed Assets | 0 | 74 | 79 | 89 |
| Other Non-Current Assets | 0 | 10 | 9 | 102 |
| Total Current Assets | 0 | 1032 | 1440 | 1645 |
| Total Assets | 0 | 1116 | 1529 | 1836 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 6 | 81 |
| Cash Flow from Operating Activities | 58 | 11 | 33 | 4 |
| Cash Flow from Investing Activities | -147 | -9 | -93 | -26 |
| Cash Flow from Financing Activities | 89 | 3 | 136 | -35 |
| Net Cash Inflow / Outflow | 0 | 5 | 76 | -58 |
| Closing Cash & Cash Equivalent | 0 | 6 | 81 | 24 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 4.59 | 7.99 | 6.93 |
| CEPS(Rs) | 0 | 5.27 | 8.75 | 7.39 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 8.89 | 16.96 | 22.44 |
| Core EBITDA Margin(%) | 0 | 4.15 | 5.19 | 5.26 |
| EBIT Margin(%) | 0 | 5.13 | 6.11 | 5.55 |
| Pre Tax Margin(%) | 0 | 4.03 | 4.85 | 4.27 |
| PAT Margin (%) | 0 | 3 | 3.7 | 3.13 |
| Cash Profit Margin (%) | 0 | 3.44 | 4.05 | 3.35 |
| ROA(%) | 0 | 8.23 | 12.39 | 13.27 |
| ROE(%) | 0 | 51.62 | 62.31 | 41.58 |
| ROCE(%) | 0 | 16.87 | 24.5 | 27.04 |
| Receivable days | 0 | 30.27 | 18.03 | 8.01 |
| Inventory Days | 0 | 40.71 | 36.77 | 31.39 |
| Payable days | 0 | 4.36 | 2.74 | 3.65 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0.2 | 0.15 | 0.1 |
| EV/Core EBITDA(x) | 0 | 3.67 | 2.27 | 1.79 |
| Net Sales Growth(%) | 0 | 0 | 44.53 | 60.91 |
| EBIT Growth(%) | 0 | 0 | 72.22 | 46.06 |
| PAT Growth(%) | 0 | 0 | 78.44 | 36.29 |
| EPS Growth(%) | 0 | 0 | 73.96 | -13.18 |
| Debt/Equity(x) | 0 | 4.12 | 2.61 | 1.27 |
| Current Ratio(x) | 0 | 1.39 | 1.41 | 1.51 |
| Quick Ratio(x) | 0 | 0.93 | 0.87 | 0.89 |
| Interest Cover(x) | 0 | 4.68 | 4.82 | 4.35 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 73.59 | 73.59 | 73.59 | 73.59 |
| FII | 6.42 | 6.42 | 3.7 | 3.02 |
| DII | 6.43 | 6.43 | 8.72 | 10.11 |
| Public | 13.56 | 13.56 | 13.99 | 13.28 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 25.39 | 25.39 | 25.39 | 25.39 |
| FII | 2.21 | 2.21 | 1.28 | 1.04 |
| DII | 2.22 | 2.22 | 3.01 | 3.49 |
| Public | 4.68 | 4.68 | 4.83 | 4.58 |
| Others | 0 | 0 | 0 | 0 |
| Total | 34.51 | 34.51 | 34.51 | 34.51 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +61% | — | — | — |
| Operating Profit CAGR | +44% | — | — | — |
| PAT CAGR | +36% | — | — | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +42% | +52% | +52% | +52% |
| ROCE Average | +27% | +23% | +23% | +23% |
| # | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 73.59 | 73.59 | 73.59 | 73.59 |
| FII | 6.42 | 6.42 | 3.7 | 3.02 |
| DII | 6.43 | 6.43 | 8.72 | 10.11 |
| Public | 26.41 | 26.41 | 26.41 | 26.41 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 25.39 | 25.39 | 25.39 | 25.39 |
| FII | 2.21 | 2.21 | 1.28 | 1.04 |
| DII | 2.22 | 2.22 | 3.01 | 3.49 |
| Public | 9.11 | 9.11 | 9.11 | 9.11 |
| Others | 0 | 0 | 0 | 0 |
| Total | 34.51 | 34.51 | 34.51 | 34.51 |
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