Jain Resource Recycling Limited – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹31,049.83 Million
    • QoQ Change: +11.89%
    • YoY Change: +76.42%
  • Previous Quarter (Q3 FY26): ₹27,751.74 Million
  • Previous Year (Q4 FY25): ₹17,600.23 Million
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹660.40 Million
    • QoQ Change: -48.99%
    • YoY Change:+21.79%
  • Previous Quarter (Q3 FY26): ₹1,294.62 Million
  • Previous Year (Q4 FY25): ₹542.29 Million
• QoQ Performance:
  • Revenue Trend: Revenue improved sequentially on higher operational scale and stronger segment contribution.
    
  • Profit Trend: Profit declined sharply QoQ due to increased operating expenses and pressure on margins.

Margin Analysis

Drivers:

• Raw material consumption remained elevated at ₹28,940.98 Million.
• Finance costs increased to ₹262.30 Million.
• Other expenses rose significantly during the quarter.
• Higher revenue growth partially offset cost pressures.

Insight:

• Revenue momentum remained strong, but margin compression impacted quarterly earnings growth.

Segment performance

Segments: Copper & Copper Ingots

• Revenue: ₹19,445.09 Million
• Insights:
  • Largest contributor to consolidated revenue.
  • Strong YoY growth versus ₹7,931.27 Million in Q4 FY25.

Segments: Lead & Lead Alloy Ingots

• Revenue: ₹10,457.96 Million
• Insights:
  • Delivered solid contribution to revenue and profitability.
  • Segment result stood at ₹782.93 Million.

Segments: Aluminium & Aluminium Alloys

• Revenue: ₹1,084.38 Million
• Insights:
  • Stable contributor within the diversified recycling portfolio.
  • Segment profitability remained positive.

Segment insight

Business Summary:

Copper and lead alloy businesses remained the core growth drivers during Q4 FY26, contributing the majority of consolidated revenue.

Key Characteristics:

• Copper segment dominated overall business mix.
• Lead segment maintained healthy profitability.
• Aluminium segment provided diversification support.

Earning quality check

Key Drivers:

• Strong topline growth supported earnings expansion.
• Finance cost and operational expenses weighed on net profit.
• Working capital intensity remained elevated.

Interpretations:

• Quarterly earnings quality stayed stable operationally, though profit conversion weakened sequentially due to cost escalation.

balance sheet Analysis

• Total Assets: ₹33,822.11 Million
• Total Liabilities: ₹18,240.98 Million

Insight:

• The company significantly expanded its asset base during FY26, supported by higher inventory, receivables, and current assets, while equity strengthened materially.

key risks

• High working capital requirements may pressure liquidity.
• Commodity price volatility can affect margins.
• Rising borrowings and finance costs remain monitorable.

management strategy signals

Focus Area:

• Scaling recycled metal operations.
• Expanding copper and lead alloy business volumes.
• Strengthening operational infrastructure and supply chain.

Financial metrics table

Quarterly Performance Context