In a strong reflection of operational excellence and investor optimism, Jain Resource Recycling—one of India’s leading non-ferrous metal recycling firms—delivered stellar results in Jain Resource Recycling Q2 FY26 and H1 FY26, for the fiscal year ending September 2025. Supported by ace investor Ashish Kacholia, whose early stake has more than doubled in value within months, the company’s performance underscores its expanding footprint and growing dominance in India’s industrial recycling landscape.
Jain Resource Recycling Q2 FY26 Results
| Particulars | Q2FY25 | Q2FY26 | YoY Change (%) | H1FY25 | H1FY26 | YoY Change (%) |
| Revenue from Operations | 1,392.1 | 2,113.7 | +52% | 2,888.6 | 3,663.0 | +27% |
| EBITDA Margin (%) | 6.3 | 7.6 | +127 bps | 6.3 | 6.8 | +52 bps |
| Profit After Tax | 52.6 | 98.6 | +88% | 112.2 | 155.1 | +38% |
| PAT Margin (%) | 3.8 | 4.7 | +89 bps | 3.9 | 4.2 | +35 bps |
| EPS | 1.73 | 3.06 | +77% | 3.65 | 5.00 | +37% |
⚡ Quick Takeaways
- Robust Export Mix: 63% of total revenue came from exports, highlighting JRRL’s strong global footprint.
- Healthy Balance Sheet: IPO proceeds of INR 1,250 crore strengthened liquidity and reduced leverage, positioning the company for future growth.
- Strategic Focus Areas: The company is progressing on copper cathode forward integration (project 70% complete) and exploring e-waste, tyre, and solar recycling opportunities.
- Investor Confidence: Backed by ace investor Ashish Kacholia, whose stake has delivered ~214% returns in just eight months.
Segmental Strength and Market Diversification
Breaking down its segmental performance for H1FY26:
- Lead & Lead Alloy Ingots contributed 48% of total revenue,
- Copper & Copper Alloy Products accounted for 46%, and
- Aluminium & Aluminium Products represented 4%.
The revenue mix remained robust, with 63% from exports and 37% from domestic sales, reinforcing JRRL’s diversified global footprint. The company serves over 250 customers across 20+ countries, supported by a deep supplier network spanning 120+ countries.
Strategic Vision and Growth Outlook
Commenting on the performance, Mr. Kamlesh Jain, Chairman and Managing Director of JRRL, stated:
“The successful listing of our company on both the NSE and BSE on 01 October 2025 marked a proud milestone in our journey. From our humble beginnings in 1953, we have evolved into a global recycling enterprise built on sustainability and innovation. Looking ahead, we remain focused on capacity expansion, forward integration into copper cathodes, wire rods, and busbars, while exploring new opportunities in tyre, e-waste, and solar panel recycling.”
The company’s forward integration project into copper cathode and wire rod manufacturing is progressing as planned. As of September 2025, construction at its Gummidipoondi facility was 70% complete, with commissioning expected in Q1FY27. The INR 95 crore capex (Phase I) will be entirely funded through internal accruals.
Ashish Kacholia’s Winning Bet
Investor Ashish Kacholia, often dubbed the “Big Whale” of Dalal Street, entered Jain Resource Recycling through his firm Bengal Finance & Investments in March 2025, investing INR 50 crore for 7,83,375 shares at an average price of INR 638.28. Following a 1:5 stock split effective 27 March 2025, his holding expanded to 39,16,875 shares at an adjusted cost of INR 126.75 per share.
Since Jain Resource Recycling’s IPO debut on 01 October 2025, where it listed at INR 318.06 (a 37.09% premium over its issue price of INR 232), the stock has rallied to around INR 400 as of 24 October 2025 (reflecting a ~70% returns from the IPO allotment price), valuing Kacholia’s stake at approximately INR 157 crore—a 214% return in just eight months.
His early confidence in the Chennai-based recycler underscores his knack for identifying growth-oriented manufacturing plays with strong fundamentals and scalable business models.
IPO Milestone and Balance Sheet Expansion
Jain Resource Recycling’s INR 1,250 crore IPO, comprising a fresh issue of INR 500 crore and an offer for sale (OFS) of INR 750 crore by promoters, marked a significant inflection point for the company. The IPO proceeds are earmarked for debt repayment and general corporate purposes.
As of 30 September 2025, total assets stood at INR 4,263 crore, compared to INR 1,836 crore in March 2025. The equity base expanded to INR 1,364 crore, supported by strong investor inflows. Inventory, receivables, and bank balances grew in tandem with scaling operations and IPO-related liquidity.
Market Recognition and Future Path
Following the Jain Resource Recycling Q2 FY26 results, it’s shares hit an all-time high of INR 400.22 on 24 October 2025, reflecting investor optimism around its growth trajectory. The company’s improved credit rating (CRISIL A+/Stable), London Metal Exchange (LME) brand registration, and focus on ESG-led innovation strengthen its long-term outlook.
With expansion into copper cathode production, planned acquisitions of scrap yards, and entry into new recycling domains like solar and e-waste, JRRL is positioning itself at the forefront of India’s circular economy transition.
Conclusion
Jain Resource Recycling has delivered an exceptional performance in Q2 and H1 FY26—both operationally and financially. The combination of strategic foresight, technological capability, and a disciplined growth approach has not only rewarded its investors, like Ashish Kacholia, handsomely but also positioned the company as a future leader in sustainable metal recycling.
As the demand for resource efficiency intensifies, Jain Resource Recycling’s ability to align profitability with purpose could well make it a benchmark for India’s next generation of industrial success stories.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.