Jain Resource Recycling Limited (formerly Jain Resource Recycling Private Limited) is a Chennai-based company that has built a vertically integrated business around the collection, processing, and sale of non-ferrous metal scrap. The Group recycles lead-acid battery scrap, copper cable scrap, and aluminium alloy scrap at three modern facilities located in the SIPCOT Industrial Estate, Gummidipoondi (combined capacity ≈ 64,600 tonnes per annum). Through its subsidiaries, it also operates a gold-refining unit in Sharjah (Jain Ikon Global Ventures) and holds a 99.99% stake in Jain Green Technologies Private Limited, which develops downstream green-technology projects.
With more than seven decades of experience in the metal-recycling value chain, the company is one of the largest non-ferrous recyclers in India. It is registered with the London Metal Exchange (LME) and MCX, and supplies refined lead, copper, and aluminium products to a diversified B2B customer base across the automotive, electronics, construction, and renewable-energy sectors.
Total Offer Size – The issue comprises a fresh issue of up to INR 5,000 million together with an offer for sale of up to INR 7,500 million, aggregating to a total of INR 12,500 million.
Shares being sold by existing shareholders:
Kamlesh Jain (Promoter Selling Shareholder) – up to INR 7,150 million
Mayank Pareek (Other Selling Shareholder) – up to INR 350 million
Price Band: INR 220–232 per equity share
DAM Capital Advisors Limited
ICICI Securities Limited
Motilal Oswal Investment Advisors Limited
PL Capital Markets Private Limited
Indian Non‑Ferrous Metal Recycling Industry – Overview
The Indian non‑ferrous metal recycling industry is a fast‑growing, policy‑driven sector that converts end‑of‑life (EOL) metal scrap into high‑purity secondary metals for the automotive, construction, electrical‑electronics, and renewable‑energy value chains. The industry is anchored by three core segments – lead, copper and aluminium recycling – and is complemented by smaller but strategically important streams of zinc, tin and precious‑metal recycling. Government initiatives such as the Extended Producer Responsibility (EPR) framework, the Hazardous and Other Wastes (Management and Transboundary Movement) Rules 2024, and sector‑specific recycled‑content mandates (e.g., ≥ 10 % for aluminium, ≥ 20 % for copper, ≥ 25 % for zinc) are accelerating demand for secondary metals. Following are some of the key growth drivers:
Table: Key Segments
| Segment | Past growth (CAGR) | Future growth (CAGR) | Comment |
| Lead recycling | 2.7 % (FY 2019‑FY 2024) – driven by expanding lead‑acid‑battery (LAB) replacement cycles and mandatory EPR for batteries. | 5.4‑6.4 % (FY 2025‑FY 2030) – higher recycled‑content targets (≥ 80 % for batteries) and steady demand from automotive & industrial applications. | Lead enjoys the highest recycling rate (≈ 80 % of domestic consumption) and offers the greatest CO₂‑abatement (≈ 99 % emission reduction vs. primary production). |
| Copper recycling | 7.05 % (FY 2019‑FY 2023) – supported by rapid electrification, EV‑motor demand and the rise of copper‑rich e‑waste. | 6.8‑7.6 % (FY 2024‑FY 2030) – projected secondary‑copper demand of 2.46‑2.56 Mt, bolstered by green‑copper cathode initiatives and stricter quality standards. | Copper’s value chain is fragmented; large integrated smelters (primary + secondary) capture premium grades, while smaller processors serve the domestic market. |
| Aluminium recycling | 8 % (FY 2019‑FY 2023) – fuelled by high‑volume aluminium cans, automotive lightweighting and construction. | 5‑10 % (FY 2024‑FY 2030) – policy‑mandated 10 % recycled content for aluminium products and expanding “green‑aluminium” projects (e.g., Finland’s Kuusakoski investment). | Secondary aluminium saves up to 95 % energy vs. primary production; the sector is still import‑dependent (≈ 80‑85 % of scrap), offering scope for domestic capacity expansion. |
| Zinc recycling | 4‑5 % (FY 2019‑FY 2023) – modest growth linked to galvanising and battery‑grade zinc. | 8‑12 % (FY 2024‑FY 2030) – government target of 25 % recycled content by FY 2029 and rising demand from infrastructure and EV‑battery packs. | Zinc’s recycling rate is currently low (≈ 30 %); the upcoming content mandate will drive new secondary‑zinc capacity. |
| Tin & other minor metals | 3‑4 % (FY 2019‑FY 2023) – limited by low scrap volumes and niche applications (solder, plating). | 6‑8 % (FY 2024‑FY 2030) – driven by growth in electronics and the need for high‑purity tin in solder‑free technologies. | Tin recycling saves ~99 % energy vs. primary production; by‑product recovery from lead‑scrap (≈ 0.2 % tin) adds incremental value. |
| Overall non‑ferrous recycling market (all metals) | ~7 % (FY 2019‑FY 2023) – total secondary metal production rose from ~45 Mt to ~55 Mt. | 9‑11 % (FY 2024‑FY 2030) – supported by circular‑economy policies, rising renewable‑energy installations, and the “Green Metal Revolution” agenda. | The sector is moving from a fragmented, informal scrap base toward organised, technology‑enabled facilities, creating scale economies and higher recovery rates. |
Source: RHP
Jain Resource Recycling Limited – Company Overview
Jain Resource Recycling Limited, founded more than 70 years ago as a family-run metal-recycling venture, was incorporated as a private limited company in February 2022. The founding team includes Kamlesh Jain (Chairman & MD, ~80 % equity), Sanchit Jain, and senior directors Mayank Pareek, Hemant Shantilal Jain, and Bibhu Kalyan Rauta. Headquartered in Chennai, the company recycles lead, copper, aluminium, and precious metals, operating three integrated plants at SIPCOT, Gummidipoondi (≈ 64,600 MT/yr). Jain Resource Recycling serves India and the UAE, sources from over 50 countries, holds LME registration as “Jain 9997,” and is one of the largest non-ferrous metal recyclers in India with a strong presence in both domestic and international markets.
Competitive Positioning
Jain Resource Recycling Limited (JRRL) holds ~3.5 % of India’s copper‑recycling demand and ranks among the top‑10 global non‑ferrous recyclers, with operations in over 50 countries. Its end-to-end portfolio spans lead, copper, aluminium, and precious metals, supported by a vertically integrated supply chain, strategic plant locations, and strong brands—LME‑registered “Jain 9997” and MCX‑approved “Jain 9998.” The company follows formal ESG policies and complies with Indian metal‑recycling regulations. In FY 2025, JRRL reported revenue of INR 71 billion with improving margins (24.2 % ROCE). Its growth trajectory includes recent expansions into gold refining in the UAE, aluminium recycling subsidiaries, and the acquisition of stakes in heavy mineral mining in Sri Lanka.
Strengths
Weaknesses
Financial Profile
Revenue Growth – Structural and Cyclical: Rising metal prices , capacity expansion and M&A led to higher revenue growth in FY24 and FY25. Revenue rose 44.5 % from FY 2023 to FY 2024 and accelerated to 60.9 % in FY 2025, taking the top‑line from ₹ 30.6 bn to ₹ 71.3 bn.
Stable profitability: EBITDA rose 62 % in FY 25 (₹ 3.69 bn) versus a 60 % revenue increase. PAT margin remains slim at ~3%.
Table: Peers Comparison
| Name of Company | Revenue from operations (₹ million) | Closing price on September 3, 2025 (₹) | EPS Basic (₹) | EPS Diluted (₹) | NAV (₹) | P/E |
| Jain Resource Recycling Limited(1) | 71,257.68 | 232 | 7.16 | 7.16 | 21.87 | 33.1 |
| Gravita India Limited | 38,687.70 | 1,699.3 | 45.11 | 45.11 | 273.04 | 37.67 |
| Pondy Oxides & Chemicals Limited | 20,569.05 | 1,164.4 | 22.03 | 21.08 | 205.26 | 55.24 |
Source: RHP
Table: KPI Comparison
| Company | Particulars | FY23 | FY24 | FY25 | CAGR |
|
Jain Resource Recycling Limited
|
Revenue (₹ million) | 30640.71 | 44284.18 | 71257.68 | 53% |
| Revenue Growth (in %) | 7.53 | 44.53 | 60.91 | – | |
| EBITDA (₹ million) | 1241.76 | 2272.18 | 3685.82 | 72% | |
| EBITDA Margin (in %) | 4.05 | 5.13 | 5.17 | – | |
| EBITDA Growth (in %) | 6.65 | 82.98 | 62.22 | – | |
| PAT (₹ million) | 918.10 | 1638.27 | 2232.87 | 56% | |
| PAT Margin (in %) | 3.00 | 3.70 | 3.13 | – | |
| PAT Growth (in %) | 5.77 | 78.44 | 36.29 | – | |
| Return on Equity (ROE) (in %) | 59.94 | 57.66 | 40.77 | – | |
| Return on capital employed (ROCE) (in %) | 20.65 | 21.96 | 16.38 | – | |
| Net Worth (₹ million) | 1969.73 | 3671.81 | 7074.58 | – | |
| Return on Net Worth (RONW) (in %) | 60.62 | 58.08 | 41.56 | – | |
| NAV (₹) | 6.09 | 11.35 | 21.87 | – | |
| Inventory Days (days) | 43.59 | 39.69 | 33.72 | – | |
| Debtor Days (days) | 27.67 | 18.03 | 8.01 | – | |
| Creditor Days (days) | 4.52 | 2.68 | 3.59 | – | |
| Working Capital Days (days) | 66.74 | 55.04 | 38.14 | – | |
| Net Debt (₹ million) | 5870.42 | 6091.79 | 6716.20 | – | |
| Net Debt / Equity (ratio) | 2.95 | 1.65 | 0.92 | – | |
| Fixed Asset Turnover (x) | 47.85 | 57.75 | 83.36 | – | |
| No. of Customers (count) | 317 | 342 | 371 | – | |
| No. of Recycling plants (count) | 4 | 4 | 4 | – | |
| Export revenue % (in %) | 51.63 | 54.11 | 60.39 | – | |
| Aluminum & Aluminum Alloys (% of revenue) | 1.15 | 6.14 | 3.83 | – | |
| Lead & Lead Alloy Ingots (% of revenue) | 34.93 | 46.88 | 39.46 | – | |
| Copper & Copper Ingots (% of revenue) | 59.25 | 43.54 | 44.82 | – | |
| Precious Metals (% of revenue) | – | 9.77 | – | – | |
| EBITDA per ton (in ₹) | 4959.35 | 5820.27 | 10766.02 | – | |
| Gravita India Limited
|
Revenue (₹ million) | 28006.00 | 31607.50 | 38687.70 | 18% |
| Revenue Growth (in %) | 26.39 | 12.86 | 22.40 | – | |
| EBITDA (₹ million) | 1976.10 | 2835.50 | 3240.80 | 28% | |
| EBITDA Margin (in %) | 7.06 | 8.97 | 8.38 | – | |
| EBITDA Growth (in %) | -6.31 | 43.49 | 14.29 | – | |
| PAT (₹ million) | 2040.90 | 2422.80 | 3129.00 | 24% | |
| PAT Margin (in %) | 7.29 | 7.67 | 8.09 | – | |
| PAT Growth (in %) | 37.48 | 18.71 | 29.15 | – | |
| Return on Equity (ROE) (in %) | 42.47 | 35.19 | 22.20 | – | |
| Return on capital employed (ROCE) (in %) | 26.36 | 13.61 | 15.83 | – | |
| Net Worth (₹ million) | 5769.90 | 7875.40 | 20152.60 | – | |
| Return on Net Worth (RONW) (in %) | 42.78 | 35.51 | 22.33 | – | |
| NAV (₹) | 83.58 | 114.07 | 273.04 | – | |
| Inventory Days (days) | 85.74 | 87.80 | 72.08 | – | |
| Debtor Days (days) | 16.07 | 23.17 | 25.45 | – | |
| Creditor Days (days) | 12.86 | 10.83 | 5.98 | – | |
| Working Capital Days (days) | 88.96 | 100.15 | 91.55 | – | |
| Net Debt (₹ million) | 3063.40 | 4463.50 | -1249.40 | – | |
| Net Debt / Equity (ratio) | 0.53 | 0.56 | -0.06 | – | |
| Fixed Asset Turnover (x) | 10.14 | 8.91 | 9.00 | – | |
| No. of Customers (count) | NA | NA | NA | – | |
| No. of Recycling plants (count) | 12 | 11 | 12 | – | |
| Export revenue % (in %) | 55.07 | 38.16 | 64.53 | – | |
| Aluminum & Aluminum Alloys (% of revenue) | 12.10 | 8.07 | 8.82 | – | |
| Lead & Lead Alloy Ingots (% of revenue) | 83.32 | 87.98 | 88.39 | – | |
| Copper & Copper Ingots (% of revenue) | NA | NA | NA | – | |
| Precious Metals (% of revenue) | NA | NA | NA | – | |
| EBITDA per ton (in ₹) | NA | NA | NA | – | |
| Pondy Oxides & Chemicals Limited
|
Revenue (₹ million) | 14761.81 | 15405.97 | 20569.05 | 18% |
| Revenue Growth (in %) | 1.47 | 4.36 | 33.51 | – | |
| EBITDA (₹ million) | 1061.05 | 702.70 | 1048.59 | -0.59% | |
| EBITDA Margin (in %) | 7.19 | 4.56 | 5.10 | – | |
| EBITDA Growth (in %) | 37.52 | -33.77 | 49.22 | – | |
| PAT (₹ million) | 756.18 | 318.72 | 580.55 | 12% | |
| PAT Margin (in %) | 5.12 | 2.07 | 2.82 | – | |
| PAT Growth (in %) | 56.73 | -57.85 | 82.15 | – | |
| Return on Equity (ROE) (in %) | 31.98 | 10.25 | 12.22 | – | |
| Return on capital employed (ROCE) (in %) | 12.31 | 19.13 | 24.22 | – | |
| Net Worth (₹ million) | 2643.20 | 3361.11 | 5772.74 | – | |
| Return on Net Worth (RONW) (in %) | 32.03 | 10.62 | 12.71 | – | |
| NAV (₹) | 104.80 | 133.26 | 205.26 | – | |
| Inventory Days (days) | 41.53 | 37.39 | 35.61 | – | |
| Debtor Days (days) | 23.35 | 24.41 | 20.75 | – | |
| Creditor Days (days) | 2.32 | 2.53 | 3.02 | – | |
| Working Capital Days (days) | 62.56 | 59.27 | 50.32 | – | |
| Net Debt (₹ million) | 1462.48 | 706.12 | 719.45 | – | |
| Net Debt / Equity (ratio) | 0.55 | 0.20 | 0.12 | – | |
| Fixed Asset Turnover (x) | 14.53 | 9.92 | 10.32 | – | |
| No. of Customers (count) | NA | NA | NA | – | |
| No. of Recycling plants (count) | 3 | 3 | 4 | – | |
| Export revenue % (in %) | 56.40 | 56.36 | 64.53 | – | |
| Aluminum & Aluminum Alloys (% of revenue) | NA | NA | NA | – | |
| Lead & Lead Alloy Ingots (% of revenue) | NA | NA | NA | – | |
| Copper & Copper Ingots (% of revenue) | NA | NA | NA | – | |
| Precious Metals (% of revenue) | NA | NA | NA | – | |
| EBITDA per ton (in ₹) | 12941.00 | 11843.00 | NA | – |
Source: RHP
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