Jain Resource Recycling Ltd

- INR20 crores for the antimony project. - INR15 crores for a new plastic recycling plant dedicated to byproduct recycling. - INR30 crores for the Ahmedabad project. - INR30 crores for the Kuwait project. - Phase two of the copper value-added project, contributing to a total expected capex of around INR115 to INR120 crores for FY27. - The new plastic recycling unit targeted to be operational by Q3 FY27, aimed at streamlining copper and lead recycling operations and supporting a zero waste, circular economy model.

- No specific mention of current or future fundraising through debt or equity was made in the provided discussion. - The company has utilized approximately INR375 crores from IPO proceeds for debt repayment, indicating a focus on deleveraging. - Planned capex for FY27 is around INR115-120 crores for various projects (copper value-addition phase 2, antimony project, plastic recycling, Ahmedabad and Kuwait projects), suggesting internal accruals or existing resources might fund these. - There was no mention of raising fresh bank borrowings in recent months, despite working capital increases due to volume and price growth. - Going forward, the company aims to maintain healthy leverage and working capital efficiency without indicating any imminent new fundraising.

- Copper volume growth expected to be strong double-digit, with potential to exceed 15% (Page 17). - Lead volume growth guided at 10% to 15% for FY27 (Page 14, 17). - Overall two-digit volume growth expected in both lead and copper if international disturbances do not intervene (Page 11). - Capacity utilization for copper currently at ~65%, expected to increase over next 2-3 years to support volume growth (Page 14). - Expansion capex of INR115-120 crores planned for FY27, including copper value-added projects, antimony project, plastic recycling, and new projects, supporting growth (Page 14). - Copper downstream/value-added projects expected to improve EBITDA margins by 2% to 4%, adding to revenue quality (Page 14). - Management expects normalization of EBITDA per ton in copper at INR30,000 to INR32,000, reflecting steady state (Page 11).

- **Volume Growth**: Expected double-digit volume growth, with lead growth guidance at 10-15% and copper potentially exceeding 15% due to increased recycling and scrap availability (Page 17). - **EBITDA**: Normalized EBITDA per ton for copper anticipated to stabilize around INR 30,000 to INR 32,000, excluding one-time tailwinds and headwinds experienced in Q3 and Q4 FY '26 (Pages 11-15). - **Margin Expansion**: Copper downstream projects expected to increase EBITDA margin by 2-4% through value-added products like cathodes and wire rods (Page 15). - **Profit Growth**: FY '26 profit after tax grew 56% YoY; continued focus on operating leverage and improved product mix suggests further profitability improvement (Page 6). - **Working Capital and Cash Flow**: Working capital cycle targeted to reduce below 60 days, aiming for positive operating cash flows from Q2 FY '27 onwards (Page 18). - **Stable Long-Term Pricing**: Implementation of long-term hedging contracts to reduce volatility in sale price formulas and stabilize earnings (Page 8).

The provided transcript from Jain Resource Recycling Limited's call does not explicitly mention the current or expected order book or pending orders. However, some relevant points can be inferred regarding ongoing projects and business outlook: - Several new projects, including copper value addition and facilities at Kuwait and Ahmedabad, are expected to go live in the current financial year with ramp-up phased across the year. - Delays due to geopolitical tensions (e.g., West Asia crisis) have been mostly resolved, and project execution is back on track. - Volume growth guidance includes 10-15% growth in lead and potentially even higher double-digit growth in copper volumes. - The company expects steady improvement in working capital cycles and positive operating cash flow from Q2 FY27 onwards. - They continue focusing on maintaining healthy leverage and execution within planned timelines and budgets. No explicit quantitative details on order book or pending orders are provided in the transcript.