Any current/future new fundraising through debt or equity?

No explicit mention of any current or future debt or equity fundraising plans in the transcript. The company has utilized IPO proceeds (INR 500 crores primary issue) for debt repayment and general corporate purposes. Bank limits that were repaid have been re-availed to support higher working capital requirements due to copper price increases. The management emphasizes disciplined capital allocation and maintaining healthy leverage metrics. No specific plans for new fundraising via debt or equity were discussed in the Q&A or closing remarks.

Any current/future capex/capital investment/strategic investment?

**Value-added product project (Jain Green Technologies Unit 3):** - Total planned capex: ~INR 100 crores - Spent till Dec 2025: INR 57 crores - Additional INR 15 crores expected in the current financial year - Remaining INR 30 crores to be spent next year - Includes production of copper anode, cathode, wire rod, busbar, profiles, and coating - Phase 1 commissioning starting June 2026 **Kuwait Joint Venture (Battery Recycling Project):** - Planned capex: INR 7-8 crores next financial year - Focus on battery recycling with raw material sent to India for lead ingot production **

Future growth expectations in sales/revenue/volumes?

Jain Resource Recycling Limited targets to maintain or exceed historical growth rates of 40%-50% year-on-year. Last year they achieved 38% growth by December, surpassing their own 20% projected growth. Growth is driven by new verticals and capacity expansions including: - Commissioning of value-added product projects (copper anode, cathode, wire rod, busbar, profiles). - Launch of Ahmedabad plant (US joint venture) with 25,000 tons capacity annually. - Battery recycling plant in Kuwait starting November-December. Strong focus on multi-commodity recycling with expansion into new metals in

Future growth expectations in earnings/operating earnings/profits/EPS?

Company targets to maintain or exceed historical revenue growth of 40%-50% year-on-year, with past growth at 60% in the last year and 38% by December 2025. EBITDA margin expected to improve by up to 1% due to value-added product projects (copper value-added product and antimony project). EBITDA per ton anticipated to rise from INR50-55k to around INR70-75k once value-added product plants start. Profit after Tax (PAT) grew approximately 65% YoY for 9 months ending Dec 2025, with PAT margin improving from 3.7% to 4.4%. Return on Equity (ROE) at around 30%, Return on Capital Employed (ROC

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Jain Resource Recycling LtdQ4 FY27Diversified Metals

Jain Resource Recycling Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹350P/E: 57.3Market Cap: ₹19.5K CrSector: Diversified Metals

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Jain Resource Recycling Limited targets to maintain or exceed historical growth rates of 40%-50% year-on-year.
→Last year they achieved 38% growth by December, surpassing their own 20% projected growth.
→Growth is driven by new verticals and capacity expansions including:
→ - Commissioning of value-added product projects (copper anode, cathode, wire rod, busbar, profiles).
→ - Launch of Ahmedabad plant (US joint venture) with 25,000 tons capacity annually.
→ - Battery recycling plant in Kuwait starting November-December.
→Strong focus on multi-commodity recycling with expansion into new metals increasing revenue streams.
→The company is also exploring inorganic growth opportunities like acquisitions.
→Overall, management is very confident in maintaining strong volume and revenue growth supported by global raw material sourcing and operational scalability.

Margin guidance

Category 2

→Company targets to maintain or exceed historical revenue growth of 40%-50% year-on-year, with past growth at 60% in the last year and 38% by December 2025.
→EBITDA margin expected to improve by up to 1% due to value-added product projects (copper value-added product and antimony project).
→EBITDA per ton anticipated to rise from INR50-55k to around INR70-75k once value-added product plants start.
→Profit after Tax (PAT) grew approximately 65% YoY for 9 months ending Dec 2025, with PAT margin improving from 3.7% to 4.4%.
→Return on Equity (ROE) at around 30%, Return on Capital Employed (ROCE) expected to return to 25%-30% range once working capital cycle normalizes.
→New verticals and expansions (Ahmedabad, Kuwait, cathode, wire rod, busbar plants) will add to growth and profitability starting FY27.
→Continuous operational improvements and hedging practices to stabilize margins despite commodity price volatility.

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Fundraise plans

→No explicit mention of any current or future debt or equity fundraising plans in the transcript.
→The company has utilized IPO proceeds (INR 500 crores primary issue) for debt repayment and general corporate purposes.
→Bank limits that were repaid have been re-availed to support higher working capital requirements due to copper price increases.
→The management emphasizes disciplined capital allocation and maintaining healthy leverage metrics.
→No specific plans for new fundraising via debt or equity were discussed in the Q&A or closing remarks.

Order book

The provided pages (13-20) of the Jain Resource Recycling Limited document do not explicitly mention the current or expected order book or pending orders details. The discussion mainly focuses on: - Operational performance, EBITDA margins, and hedging mechanisms. - Expansion projects including value-added product plants and joint ventures (e.g., Kuwait battery recycling). - Capex plans totaling approximately INR 110 crores for ongoing and upcoming projects. - Emphasis on raw material sourcing, particularly increasing domestic sourcing (~44% currently). - No specific mention of order book size, pending orders, or future contracts. If detailed order book or pending orders info is required, you may want to contact the company directly as suggested by management during the Q&A for more specific or proprietary data.

Capex plans

Yes

→**Value-added product project (Jain Green Technologies Unit 3):**
→ - Total planned capex: ~INR 100 crores
→ - Spent till Dec 2025: INR 57 crores
→ - Additional INR 15 crores expected in the current financial year
→ - Remaining INR 30 crores to be spent next year
→ - Includes production of copper anode, cathode, wire rod, busbar, profiles, and coating
→ - Phase 1 commissioning starting June 2026
→**Kuwait Joint Venture (Battery Recycling Project):**
→ - Planned capex: INR 7-8 crores next financial year
→ - Focus on battery recycling with raw material sent to India for lead ingot production
→**Ahmedabad project (Joint venture with US company C&Y Holding):**
→ - Copper scrap recycling capacity of ~25,000 tons per annum
→ - To be commissioned by June 2026
→**Strategic Investment:**
→ - 25% equity stake in M/s Abraj Al-Khaleej, Kuwait to support Middle East expansion
→**Funding:**
→ - Phase 1 capex internally funded through accruals

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