Jain Resource Recycling Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Jain Resource Recycling Ltd filed with BSE on 08 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jain Resource Recycling reported consolidated revenue from operations of approximately Rs. 2,725 crores in Q1 FY27, up around 76% year-on-year, with EBITDA of approximately Rs. 110 crores and PAT of approximately Rs. 69 crores. Management said EBITDA margin moderated year-on-year to around 4% due to evolving product mix and the ramp-up of the value-added copper business, though it improved sequentially from Q4 FY26. Management also discussed a furnace accident at the Unit-2 facility on July 14, 2026, the commissioning of the copper anode facility, and delays to the Kuwait investment due to the West Asia geopolitical situation.
Numbers mentioned
Revenue from operations: Rs. 2,725 crores (Q1 FY27)
p. 3
“During Q1 FY '27, our consolidated revenue from operations stood at approximately Rs. 2,725 crores, representing a year-on-year growth of approximately 76%.”
Kamlesh Jain, page 3 of the filed PDF · View the filing
EBITDA: Rs. 110 crores (Q1 FY27)
p. 3
“EBITDA stood at approximately Rs. 110 crores, registering a year-on-year growth of approximately 22% while PAT at approximately Rs. 69 crores, representing a year-on-year growth of approximately 23%.”
Kamlesh Jain, page 3 of the filed PDF · View the filing
Revenue from operations: Rs. 2,724 crores (Q1 FY27)
p. 6
“Consolidated revenue from operations for Q1 FY27 stood at around Rs. 2,724 crores compared to Rs. 1,549 crores in the Q1 of FY '26, which represents a year-on-year growth of approximately 76%.”
Hemant Jain, page 6 of the filed PDF · View the filing
EBITDA margin: approximately 4% (Q1 FY27)
p. 6
“Now, the EBITDA margin stood at approximately 4% compared to 5.8% in Q1 FY '26 and 3.5% in the Q4 FY '26.”
Hemant Jain, page 6 of the filed PDF · View the filing
PAT: approximately Rs. 69 crores (Q1 FY27)
p. 6
“Profit after tax for the Q1 stood at approximately Rs. 69 crores compared with approximately Rs. 56 crores in Q1 of FY '26, which represents a year-on-year growth of around 23%.”
Hemant Jain, page 6 of the filed PDF · View the filing
PAT margin: approximately 2.5% (Q1 FY27)
p. 6
“Coming to PAT margin, it stood at approximately 2.5% during the quarter compared to 3.6% in Q1 FY'26.”
Hemant Jain, page 6 of the filed PDF · View the filing
Copper and copper products revenue contribution: 67% (Q1 FY27)
p. 4
“During Q1 FY '27, copper and copper products contributed 67% of our consolidated revenue compared with 55% in FY '26.”
Kamlesh Jain, page 4 of the filed PDF · View the filing
Return on equity: approximately 22.8% (as on June '26)
p. 7
“As on June '26, the return on equities stood at approximately 22.8%, while return on capital employed stood at approximately 21.4%.”
Hemant Jain, page 7 of the filed PDF · View the filing
Return on capital employed: approximately 21.4% (as on June '26)
p. 7
“As on June '26, the return on equities stood at approximately 22.8%, while return on capital employed stood at approximately 21.4%.”
Hemant Jain, page 7 of the filed PDF · View the filing
Working capital cycle: approximately 60 days (as on June '26)
p. 7
“As on June '26, the company reported inventory days of approximately 55 days, and debtor days of approximately 19, while the creditor days is minus 14, resulting in a working capital cycle of approximately 60 days.”
Hemant Jain, page 7 of the filed PDF · View the filing
Copper anode sales since commissioning: around 600 tonnes (Q1 FY27)
p. 4
“During the quarter, we successfully commissioned the copper anode facility and have already sold around 600 tonnes of copper anodes since commissioning and the ramp-up production is progressing in line with our expectations and project roadmap.”
Kamlesh Jain, page 4 of the filed PDF · View the filing
Anode production: around 600 metric tons (Q1 FY27)
p. 10
“So, the exact numbers of anode production this month was around 600 metric tons , which was added to the revenue.”
Hemant Jain, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex outlay — approximately Rs. 87 crores · FY27
stated firmly by Hemant Jain
p. 7
“For FY27, we expect a total capital expenditure outlay of approximately Rs. 87 crores.”
Hemant Jain, page 7 of the filed PDF · View the filing
Copper cathode commissioning — Phase-1 commissioning · Q2 FY27
stated firmly by Mayank Pareek
p. 5
“The copper cathode project has completed civil construction and remains on track for Phase-1 commissioning in Quarter 2, FY27.”
Mayank Pareek, page 5 of the filed PDF · View the filing
Copper wire rod and busbar/profiles project commissioning — Quarter 3 FY '27
stated firmly by Mayank Pareek
p. 5
“Our copper wire rod project with an installed capacity of 600 metric tonnes per month and copper busbar and profiles project with an installed capacity of 1,500 metric tonnes per month are both expected to be commissioned in Quarter 3 FY '27.”
Mayank Pareek, page 5 of the filed PDF · View the filing
Antimony project commissioning — Quarter 3, FY '27
stated firmly by Mayank Pareek
p. 5
“The antimony project remains on schedule for commissioning in Quarter 3, FY '27.”
Mayank Pareek, page 5 of the filed PDF · View the filing
Ahmedabad JV operations stabilization — Quarter 2 FY '27
stated firmly by Mayank Pareek
p. 5
“At our Ahmedabad joint venture with C&Y Group Investment Incorporation, trial productions have commenced and operations are expected to stabilize during Quarter 2 FY '27.”
Mayank Pareek, page 5 of the filed PDF · View the filing
Plastic recycling facility commissioning — estimated investment of approximately Rs. 15 crores · Quarter 3 FY '27
stated firmly by Mayank Pareek
p. 5
“The facility is expected to become operational in Quarter 3 FY '27 and involves an estimated investment of approximately Rs. 15 crores.”
Mayank Pareek, page 5 of the filed PDF · View the filing
Kuwait investment contribution — Quarter 3 FY '27 onwards
stated conditionally by Mayank Pareek
p. 6
“Subject to normalization of the shipping conditions, we expect the investment to begin contributing from Quarter 3 FY '27 onwards.”
Mayank Pareek, page 6 of the filed PDF · View the filing
Lead capacity increase — between 15% and 20%
stated conditionally by Mayank Pareek
p. 9
“So, we have been working on a project to add the capacity. It is almost done. The approval is pending. So, it is going to add between 15% and 20% to the existing capacity.”
Mayank Pareek, page 9 of the filed PDF · View the filing
Copper EBITDA per tonne improvement from value-added products — around Rs. 25 per tonne
stated as an aspiration by Kamlesh Jain
p. 14
“Around, let us say, Rs. 25 approximately.”
Kamlesh Jain, page 14 of the filed PDF · View the filing
Value-added copper EBITDA margin uplift — 2% to the existing margin of copper
stated as an aspiration by Mayank Pareek
p. 10
“So, on an average, when the value-added projects happens in full swing, on an average, because partially would be sale of cathode and partially would be sale of busbar and profiles, on an average, it would add 2% to the existing margin of copper on the volume that we do in the value-added plants.”
Mayank Pareek, page 10 of the filed PDF · View the filing
Volume growth for lead and copper — FY27, later part of the year
stated as an aspiration by Mayank Pareek
p. 10
“So, on lead and copper side, there is definitely going to be some volume increase, but in the later part of the year, there is definitely going to be value addition in the copper products because the new project will be up and running.”
Mayank Pareek, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margins were affected by West Asia-related raw material shortages and expensive local/imported sourcing, but expects the fall to be offset by copper value-added products and better margins this year.
Answered by Kamlesh Jain
Asked by Raj Shah: How will EBITDA margins in the lead and copper businesses move going forward given recent declines?
p. 8
“I think some lead margins fall but this will be offset overall by copper value added products.”
Kamlesh Jain, page 8 of the filed PDF · View the filing
Management expects improvement in copper EBITDA margin once production is streamlined and value-added products progress beyond the ingot stage.
Answered by Kamlesh Jain
Asked by Raj Shah: Will EBITDA per tonne in copper improve given most capacities come online later in the year?
p. 8
“This year there will be an improvement in the EBITDA margin because of the value-added products.”
Kamlesh Jain, page 8 of the filed PDF · View the filing
Management said giving a percentage guidance on volume growth would be premature, though some volume increase is expected.
Answered by Mayank Pareek
Asked by Abhishek Mehra: What is the volume guidance for lead and copper segments in FY27 and FY28?
p. 10
“Commenting on the, giving the guidance on the percentage of growth would be slightly premature at this stage.”
Mayank Pareek, page 10 of the filed PDF · View the filing
Management said around 600 metric tons of anode was produced, contributing to revenue but not yet materially to EBITDA per tonne, with more expected in Q2.
Answered by Hemant Jain
Asked by Abhishek Mehra: What volume of copper anode was produced this quarter and what is the EBITDA per tonne guidance for the value-added segment?
p. 10
“So, the exact numbers of anode production this month was around 600 metric tons , which was added to the revenue.”
Hemant Jain, page 10 of the filed PDF · View the filing
Management said the cathode facility of 750 tons is nearly ready and will start in about a month, and the volume will mostly go to new customers.
Answered by Mayank Pareek
Asked by Disha Chamriya: What is the expected ramp-up timeline for the copper cathode and wire rod project and will it involve new or existing customers?
p. 11
“No, it is going to be mostly new customers with whom we have already started doing our homework.”
Mayank Pareek, page 11 of the filed PDF · View the filing
Management said the mandate would drive both higher volumes (via increased organized scrap collection) and some margin benefit from higher demand for recycled product.
Answered by Mayank Pareek
Asked by Disha Chamriya: Will the hazardous waste management recycling mandate improve pricing power or drive volumes?
p. 12
“Both. Because higher volumes, because the local scrap comes into recycling with this.”
Mayank Pareek, page 12 of the filed PDF · View the filing
Management explained the business's long lead-time cycle means quarterly EBITDA fluctuations are not meaningful and gave a qualitative outlook rather than a specific target.
Answered by Kamlesh Jain
Asked by Darshil: With significant capacity additions, what is the company's vision and target for FY28 EBITDA margins?
p. 12
“So, you have to always see two-quarter combined result, it will match.”
Kamlesh Jain, page 12 of the filed PDF · View the filing
Management said there is no fixed formula, as local prices are loosely linked to LME while import prices are directly linked to LME, and purchases are opportunistic.
Answered by Kamlesh Jain
Asked by Priyanshu Chauhan: What is the price differentiation between domestic and imported scrap for copper and lead?
p. 14
“There is no strict formula for the price difference between local and this one.”
Kamlesh Jain, page 14 of the filed PDF · View the filing
Management confirmed no change to the 100% hedging policy, describing hedging as a margin-protection tool rather than a cost.
Answered by Kamlesh Jain
Asked by Krishnan Thampi: Is the company still following a full hedging policy and how does it affect margins?
p. 15
“And we stick to 100% hedge model and we don't speculate and that is what we have in the past also.”
Kamlesh Jain, page 15 of the filed PDF · View the filing
Management declined to give exact revenue or profit numbers, saying EBITDA per tonne will increase due to new plants and reiterating the company is on track for its projected growth.
Answered by Kamlesh Jain
Asked by Shivam Rathore: What is the revenue guidance for FY27 and FY28?
p. 16
“For exact numbers, guidance cannot be given.”
Kamlesh Jain, page 16 of the filed PDF · View the filing
Management said the new business is incidental to existing cable-recycling activities and has potential but is not yet quantifiable.
Answered by Mayank Pareek
Asked by Pawan Kumar: What is the strategic rationale for entering the telecom infrastructure business and what revenue/margin opportunity does it offer?
p. 17
“So, laying optical fiber cable, what I want to tell you is that incidental to our existing activities.”
Mayank Pareek, page 17 of the filed PDF · View the filing
Management said around Rs 20-30 crores of material remains stuck on vessels but is fully insured against war-related loss with no expected financial impact.
Answered by Kamlesh Jain
Asked by Divesh Chainani: What is the update on raw material stuck at the Dubai port due to the West Asia crisis?
p. 18
“20-30 crores of raw material stuck there. And that will be released.”
Kamlesh Jain, page 18 of the filed PDF · View the filing
Risks flagged
Furnace accident at Unit-2 Gummidipoondi facility resulting in a fatality and injuries, with temporary suspension of operations
p. 4
“Before discussing our business performance, I would like to briefly update you on the incident at our Unit-2 facility following the furnace accident on 14th July 2026 at our Gummidipoondi plant, which tragically resulted in the loss of one contract worker and injuries to a few others.”
Kamlesh Jain, page 4 of the filed PDF · View the filing
Raw material supply disruption and shipment delays due to the West Asia geopolitical crisis
p. 8
“The margin got affected because of some West Asia war crisis where the raw material shortages come and we have to buy expensive material locally also and we also have to import some expensive material to get our production target.”
Kamlesh Jain, page 8 of the filed PDF · View the filing
Logistics-related delays to the Kuwait investment due to the West Asia war
p. 4
“In addition, we have commenced trial production at our Ahmedabad joint venture facility and advanced our Kuwait strategic investment, despite certain logistic related delays because of the West Asia war crisis.”
Kamlesh Jain, page 4 of the filed PDF · View the filing
Shipment of machinery for Kuwait project impacted by geopolitical situation in West Asia
p. 6
“Project implementation continues, although shipment of machinery has been impacted by the prevailing geopolitical situation in West Asia.”
Mayank Pareek, page 6 of the filed PDF · View the filing
Raw material stuck at Dubai port on vessels due to the West Asia crisis
p. 18
“So, that has been stuck. There is no change in the situation. And material is still stuck there.”
Kamlesh Jain, page 18 of the filed PDF · View the filing
Competition in the copper and lead recycling business
p. 15
“Competition in the business is always there. The regulation is common for all the manufacturers.”
Kamlesh Jain, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.