Jain Resource Recycling
Book Building issueMainboardBSE₹1,250 Cr issue
+14.33%
Listing gain over issue price
Issue size
₹1,250 Cr
1 lot at cut-off
₹14,848
Lot size
64shares
Open
24 Sep 2025
Close
26 Sep 2025
Allotment
29 Sep 2025
Listing
01 Oct 2025
Listing performance
Issue price
₹232
Listed at
₹265.25
Listing-day close
₹318.25
Latest price
₹288.20
Close on 12 Oct 2026
Listing gain
+14.33%
Return since issue
+24.22%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Sep 2025 – 26 Sep 2025
- Listing date
- 01 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹232 per share
- Lot size
- 64 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹1,250 Cr
- Market cap at offer price
- ₹8,006 Cr
- Promoter holding
- 89.96% → 74.97% pre-issue → post-issue
- ISIN
- INE0YD401026
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- The Lattice, Old no 7/1, New No 20, 4th Floor, Waddles Road, Kilpauk, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,42,45,689 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 64 shares per lot, in multiples, at ₹232
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 64 | ₹14,848 |
| Retail (max) | 13 | 832 | ₹1,93,024 |
| S-HNI (min) | 14 | 896 | ₹2,07,872 |
| S-HNI (max) | 67 | 4,288 | ₹9,94,816 |
| B-HNI (min) | 68 | 4,352 | ₹10,09,664 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,42,45,689
Anchor portion
₹563 Cr
at ₹232 per share
Valuation and performance
Valuation at offer price
₹232 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.90 | 6.47 |
| P/E (×) | 33.62 | 35.86 |
| Price to book (×) | 20.44 | — |
| Market cap | — | ₹8,006 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.56%
- ROCE
- 24.22%
- Debt / equity
- 0.92
- PAT margin
- 3.13%
- EBITDA margin
- 5.17%
- NAV per share
- ₹21.87
- Price to book
- 20.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jain Resource Recycling
Jain Resource Recycling Limited (formerly Jain Metal Rolling Mills partnership) is engaged in the recycling and production of non-ferrous metals in India. The company specializes in recycling non-ferrous metal scrap to manufacture lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. It operates through three Recycling Facilities at SIPCOT Industrial Estate, Gummidipoondi, Chennai, with a combined actual production capacity of 308,306 MTPA as of July 31, 2025. The company also engages in trading of non-ferrous metals and other commodities. Lead ingots are registered as a brand on the London Metal Exchange. The company was converted from a partnership (originally formed April 1, 1953) to a private limited company on February 25, 2022, and subsequently to a public limited company on February 25, 2025.
Company Analysis
from RHPJain Resource Recycling Limited is a non-ferrous metals recycling and refining company focused on recycling of lead, copper, and aluminium scrap, with operations in India and the UAE.
Jain Resource Recycling Limited (formerly Jain Metal Rolling Mills partnership) is engaged in the recycling and production of non-ferrous metals in India. The company specializes in recycling non-ferrous metal scrap to manufacture lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. It operates through three Recycling Facilities at SIPCOT Industrial Estate, Gummidipoondi, Chennai, with a combined actual production capacity of 308,306 MTPA as of July 31, 2025. The company also engages in trading of non-ferrous metals and other commodities. Lead ingots are registered as a brand on the London Metal Exchange. The company was converted from a partnership (originally formed April 1, 1953) to a private limited company on February 25, 2022, and subsequently to a public limited company on February 25, 2025.
Metal RecyclingNon-ferrous MetalsPrecious Metals Refining
Objects of the Issue
- Pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company ₹3,750.00 million p.22
- General Corporate Purposes p.22
- Repayment or prepayment of working capital loans p.56
- General corporate purposes p.56
- Pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company ₹3,750.00 million p.131
- General corporate purposes p.131
- Forward integration into copper cathode and wire rod manufacturing business p.234
- Exploring new recycling domains including solar panel recycling, automotive tire recycling, brass scrap, and e-waste processing p.235
- Value creation through extraction of by-products such as tin and plastic to achieve cost efficiency p.235
- Continuing focus on sustainability and ESG principles p.236
Issue Structure
- Total Issue
- Up to ₹12,500.00 million
- Fresh Issue
- Up to ₹5,000.00 million
- Offer for Sale
- Up to ₹7,500.00 million
- Face Value
- ₹2 each
Business Model
The company earns revenue primarily from the sale of recycled non-ferrous metal products (lead and lead alloy ingots, copper and copper ingots, aluminium and aluminium alloys), trading of non-ferrous metals and commodities, and service income. Revenue from operations in Fiscal 2025 was ₹71,257.68 million, with lead and lead alloy ingots representing 39.46%, copper and copper ingots representing 44.82%, and aluminium and aluminium alloys representing 3.83% of revenue.
Business Segments
Recycling and production of lead and lead alloy ingots including Antimony Lead Ingots, Refined Lead Ingots, and Remelted Lead Ingots. Lead ingot is registered as a brand on the London Metal Exchange.
Recycling and production of copper and copper ingots including Copper Alloy Billets, Copper Alloy Ingots, Copper Ingots, Finished Copper Scrap, and Refined Copper Billets.
Recycling and production of aluminium and aluminium alloys including Aluminium Alloy Ingot and Aluminium Alloy Molten.
Gold and silver refining operations through subsidiary Jain Ikon Global Ventures FZC at Sharjah Airport International Free Zone (SAIF-Zone), UAE. Operations commenced August 2024 but ceased April 17, 2025.
Trading of non-ferrous metals and other commodities, and service income.
Recycling and refining of copper scrap into refined copper ingots and billets, and other copper products
Recycling and refining of lead scrap into refined lead ingots, antimony lead ingots, and remelted lead ingots
Recycling and refining of aluminium scrap into aluminium alloy ingots and molten aluminium
Refining operations for gold (discontinued as of April 17, 2025)
Recycling of lead scrap into lead and lead alloy ingots
Recycling of copper scrap into copper and copper ingots
Recycling of aluminium scrap into aluminium and aluminium alloys
Gold refining operations through subsidiary Jain Ikon Global Ventures (JIGV) in UAE
Recycling and production of refined lead ingots, antimony lead ingots, and remelted lead ingots from lead acid battery scrap and other lead scrap sources
Recycling of insulated copper cable scrap, motor scrap, and various copper scrap categories to produce copper alloy billets, ingots, finished copper scrap, and refined copper billets
Recycling of automotive aluminium scrap, extrusion scrap, and aluminium chip scrap to produce aluminium alloy ingots and molten aluminium
Gold refining operations through subsidiary Jain Ikon Global Ventures (JIGV) at Sharjah Airport International Free Zone in UAE; commenced August 2024 but ceased operations April 17, 2025
Recycling of lead-acid batteries to produce refined lead ingots (99.97%-99.99% purity), antimony lead ingots (2.30%-10.00% antimony), and remelted lead ingots (96-98% purity) for use in batteries, radiation shielding, ammunition, and cable sheathing
Recycling of copper scrap and cables to produce refined copper billets (95.00%-99.07% purity), copper alloy billets/ingots, copper ingots, and finished copper scrap for use in cable manufacturing, machinery, chemical, and automotive industries
Recycling of aluminium scrap to produce various grades of primary alloys (XSB, LM6) and secondary alloys (ADC-12) in ingot and molten states for use in electrical, power, and electronics industries
Recovery and manufacturing of crude tin ingots (99.5%-99.8% purity) and lead-tin alloy solders from lead scrap using vacuum distillation furnace technology for sale to tin refiners, solder manufacturers, and electronics companies
Processing and manufacturing of PPCP granules and PVC granules from plastic recovered as by-product during lead battery breaking and copper cable granulation for use in automotive, footwear, pipes, and battery case manufacturing
Domestic and international trading of commodities such as nickel cathode, silicon metal, tin ingots, and zinc ingots on opportunistic basis, where the company procures from third parties and sells to customers on margin
Refining of gold dorebars and processing of old gold jewellery through subsidiary Jain Ikon Global Ventures in UAE (operations commenced August 2024 and ceased April 2025)
Manufacturing and sale of copper ingots from recycled copper scrap and copper cables
Smelting of lead battery scrap to produce secondary lead metal and lead alloys
Manufacturing and sale of aluminium and aluminium-related products
Processing and sale of precious metals
Other operating segments and miscellaneous revenue
SWOT Analysis
Strengths
- • LME-registered lead ingot provides access to broad international customer base(p.21)
- • Strong financial growth with 60.91% revenue growth in FY2025(p.24)
- • Improved ROCE demonstrates operational leverage(p.24)
- • Operating capacity of 308,306 MTPA across three facilities(p.21)
- • Diversified customer base with 371 active customers in FY2025(p.43)
- • Improved working capital efficiency with 38.14 working capital days in FY2025(p.24)
- • Strategically located recycling facilities with multi-product capabilities(p.143)
- • Strong customer base with global reach and deep sourcing expertise(p.143)
- • Track record of profitability and consistent financial performance(p.143)
- • Experienced management team with significant industry expertise(p.143)
- • Hedging mechanism to protect against commodity price fluctuations(p.143)
- • Strong revenue growth (60.91% in FY2025) and profitability expansion(p.146)
- • LME & MCX registered brand with distinct market advantages(p.217)
- • Strategically located facilities near major ports with freight cost advantages(p.217)
- • Strong revenue growth outpacing competitors(p.218)
- • Multi-commodity capability at single location reducing costs(p.218)
- • Deep global sourcing network across 70+ countries(p.218)
- • High customer retention with 54.72% repeat customers(p.229)
- • Diversified customer base with 371 total customers across 20+ countries(p.229)
- • Sustainable zero-discharge operations with ESG compliance(p.218)
- • Hedging expertise and commodity price risk management(p.233)
- • Experienced management team with deep industry knowledge(p.234)
- • LME-recognized branded lead products with global acceptance(p.233)
- • Diversified product portfolio across multiple metal types(p.237)
- • In-house technical capabilities and advanced separation methods(p.243)
- • Strong quality management systems and accreditations(p.249)
- • Comprehensive regulatory approvals and licenses obtained across multiple jurisdictions(p.461)
- • Established trademark portfolio protecting brand identity(p.464)
- • Dematerialised share structure enabling efficient trading(p.467)
Weaknesses
- • Heavy dependence on two key products (Lead 39.46% and Copper 44.82% of revenue)(p.26)
- • Significant customer concentration with top customer representing 18.91% of FY2025 revenue(p.43)
- • Lack of long-term contracts with majority of customers(p.26)
- • High proportion of scrap sourced from imports (75-80% of total requirement)(p.27)
- • Quality-related order cancellations totalling 11 orders in FY2025(p.27)
- • High net debt-to-equity ratio of 0.92 in FY2025(p.24)
- • Prior SEBI disciplinary actions against Promoter with penalties aggregating ₹600,000(p.44)
- • Pending SEBI insider trading investigation against Promoter (Show Cause Notice July 21, 2025)(p.44)
- • Geographic concentration of recycling facilities in Tamil Nadu increases operational vulnerability(p.52)
- • High dependency on contract labour exposes company to supply disruptions and cost pressures(p.56)
- • History of delays in payment of statutory dues(p.57)
- • Executive Directors lack experience with listed company operations and requirements(p.57)
- • Limited operating history in recycling operations (commenced 2013)(p.61)
- • High contingent liabilities representing 9.74% of PAT(p.59)
- • Significant related party transactions at 19.46% of revenue in FY2025(p.59)
- • High attrition rate of 24.60% in FY2025(p.54)
- • Failed investments in overseas ventures (Sri Lanka mining, UAE gold refining)(p.52)
- • Promoter group member subjected to SEBI securities market restrictions (since lifted)(p.58)
- • All facilities on leased premises including from promoters, limiting expansion flexibility(p.67)
- • Outstanding legal proceedings against company, directors, promoter and KMP totalling ₹2,162.50 million(p.66)
- • Secured debt backed by hypothecation of current assets and mortgage of immovable property(p.70)
- • Unsecured loans from related parties (₹455.44 million) subject to recall anytime(p.71)
- • High financial leverage with net debt-to-equity ratio of 0.92 as of March 31, 2025(p.146)
- • Declining Return on Equity from 57.66% (FY2024) to 40.77% (FY2025)(p.146)
- • Modest profit margins of 3.13% (PAT margin in FY2025)(p.146)
- • Significant working capital requirements with 38.14 working capital days in FY2025(p.146)
- • Concentrated customer base with only 371 customers as of FY2025(p.146)
- • Vulnerability to low quality domestic scrap leading to inefficiencies(p.219)
- • Over-concentration in three metals limits diversification(p.219)
- • Working capital intensive business with low margins(p.220)
- • High import dependency for key raw materials(p.220)
- • Significant customer concentration risk(p.250)
- • High supplier concentration risk(p.251)
- • Significant reliance on leased facilities including from promoter(p.62)
- • High employee attrition rate(p.259)
- • Inadequate insurance coverage relative to assets(p.257)
- • Moderate capacity utilization in key production lines(p.244)
- • Unaudited associate financials increase audit risk(p.402)
- • Subsidiary audited by other auditors reduces direct audit assurance(p.402)
- • Multiple statutory tax disputes pending across multiple jurisdictions(p.437)
- • Significant contingent tax liabilities under dispute(p.447)
- • Substantial borrowing burden impacting financial leverage(p.414)
- • Dependent on imported raw materials creating supply chain vulnerability(p.420)
- • Criminal proceedings against directors for child labor violations(p.454)
- • Director under SEBI investigation for alleged insider trading(p.455)
- • High monetary assets relative to tangible assets limiting operational leverage(p.466)
- • Promoter involvement in struck-off company(p.466)
Opportunities
- • Secondary copper demand projected to reach 55% market share by 2030(p.21)
- • Secondary copper demand growing at ~18% CAGR between FY19-FY24E(p.21)
- • Secondary aluminium demand growing at 8% CAGR(p.21)
- • Secondary lead demand projected to reach 1.6-1.7 million tonnes by 2030 at 5.5-6.5% CAGR(p.21)
- • High export revenue generation at 60.39% in FY2025(p.24)
- • Planned diversification into Tin and plastic recycling(p.51)
- • Net Proceeds allocation of ₹3,750 million for debt reduction(p.22)
- • Expansion into new recycling domains including Tin and Plastic recycling(p.72)
- • Forward integration into copper cathode and wire rod manufacturing(p.72)
- • Expansion into international markets across 13+ countries(p.74)
- • Growing demand for recycled metals driven by EV sector transition(p.71)
- • Focus on sustainability and ESG principles as strategic pillar(p.72)
- • India's strong GDP growth projected at 6.2% in 2025 and continued robust growth trajectory(p.160)
- • Government support through PLI scheme and infrastructure development programs(p.161)
- • Rising demand for recycled metals driven by clean energy and EV transition(p.161)
- • Expanding circular economy framework and government commitment to resource efficiency(p.161)
- • Capacity expansion through new gold refining facility commenced in UAE during FY2025(p.147)
- • Government mandate requiring minimum 5% recycled content in new products(p.219)
- • Gold refining business expansion with lower customs duty benefit(p.219)
- • New niche segments including end-of-life solar panel and automotive tyre scrap(p.219)
- • International market expansion opportunities with established presence(p.219)
- • Forward integration into copper cathode and wire rod manufacturing(p.234)
- • Green copper cathode production for environmentally conscious customers(p.234)
- • Growth in scrap market in niche recycling segments(p.235)
- • Expanding solar panel recycling market(p.235)
- • Growing e-waste recycling opportunity(p.235)
- • Tin and plastic by-product monetization(p.236)
- • Strong lead demand growth trajectory in India(p.235)
- • Growing plastic waste recycling market in India(p.236)
- • Expansion into precious metals refining with operational facility(p.440)
- • Revenue growth from increased customer demand(p.440)
- • Capacity utilization improvement driving economies of scale(p.442)
- • Stock exchange listing enabling capital access and visibility(p.466)
- • Expansion through application for additional regulatory certifications(p.464)
- • Trademark expansion through pending registration applications(p.465)
Threats
- • 75-80% dependence on imported scrap with exposure to supply disruptions and price fluctuations(p.27)
- • Risk of disruption or shortage of essential utilities affecting production(p.27)
- • Intense competition from organized and unorganized players with greater resources(p.50)
- • Exposure to commodity price volatility on metal inputs and outputs(p.46)
- • No assurance of sustained trading liquidity in first public offer(p.23)
- • CRISIL Report is paid by Company and subject to inherent risks and assumptions(p.27)
- • High export revenue concentration in China (19.15% of total revenue in FY2025)(p.61)
- • India-China geopolitical tensions could restrict exports(p.61)
- • Volatility in global prices of lead, copper and aluminium impacts profitability(p.81)
- • Dependency on aluminium scrap imports due to lack of domestic ecosystem(p.82)
- • Under-utilization of installed capacities(p.62)
- • Stringent and evolving labour laws increase compliance costs(p.57)
- • Environmental regulations increasingly stringent with potential for stricter interpretation(p.75)
- • Risk of operational disruptions from labour strikes and unrest(p.74)
- • Hazardous operations involving high-temperature liquid metal create accident risks(p.74)
- • Macroeconomic slowdown and recession risks affecting demand(p.86)
- • Inflation could increase operational costs without proportional revenue increase(p.85)
- • Changes in trade policies and tariffs could increase export costs(p.61)
- • Supply chain disruptions from natural disasters and pandemics(p.83)
- • Sovereign credit rating downgrade of India affecting borrowing costs(p.84)
- • Working capital financing requirements may increase with expanded capacities(p.73)
- • New and evolving competitive technologies could render products obsolete(p.71)
- • Global economic growth remains tepid at 2.8% projected for 2025, below historical average(p.160)
- • Geopolitical uncertainties and trade tensions impacting global demand(p.160)
- • Commodity price volatility affecting margins and input costs(p.143)
- • Dependence on export markets (60.39% of revenue in FY2025) creating FX and demand volatility(p.146)
- • Industry cyclicality and sensitivity to manufacturing and construction sector performance(p.162)
- • Exposure to volatile metal prices and currency risks(p.220)
- • Strict and evolving environmental regulations increasing compliance costs(p.220)
- • Competitive pressures from global and domestic players(p.220)
- • Global trade policy risks and potential export restrictions(p.220)
- • Commodity price volatility and LME price fluctuations(p.232)
- • Foreign currency exposure risks(p.233)
- • Dependence on third-party logistics and transportation(p.46)
- • Vulnerability to utility supply disruptions(p.43)
- • Regulatory and environmental compliance requirements(p.261)
- • Intense competition from established players(p.258)
- • High commodity price volatility affecting profitability(p.421)
- • Foreign currency exchange rate fluctuations risk(p.421)
- • Import restrictions and geopolitical risks to raw material sourcing(p.420)
- • Operational disruptions from facility shutdowns or labor issues(p.421)
- • Regulatory compliance requirements across multiple jurisdictions(p.461)
- • Dependence on regulatory license renewals for operational continuity(p.463)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kamlesh Jain | Promoter | 79.78% | — |
| Kamlesh Jain | Promoter | — | — |
| Kamlesh Jain | Promoter | 79.78% | — |
| Kamlesh Jain | Promoter and Chairman and Managing Director | 39,600,000 equity shares (originally as partner of Jain Metal Rolling Mills partnership firm with 99% profit sharing ratio) | — |
| Sanchit Jain | Promoter | 400,000 equity shares (originally as partner of Jain Metal Rolling Mills partnership firm with 1% profit sharing ratio) | — |
| Kamlesh Jain | Promoter | 79.78% | — |
| Kamlesh Jain | Promoter | 96.53% | 79.78% |
| Jain Family Trust | Promoter Group | — | 7.70% |
| Kamlesh Jain | Promoter | — | — |
| Mayank Pareek | Promoter | — | — |
| Kamlesh Jain | Promoter and Selling Shareholder | — | — |
| Mayank Pareek | Other Selling Shareholder | — | — |
Leadership
Kamlesh Jain · Chairman and Managing Director
Mayank Pareek · Joint Managing Director
Hemant Shantilal Jain · Chief Financial Officer
Bibhu Kalyan Rauta · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Jain Resource Recycling IPO FAQs
What is the lot size of Jain Resource Recycling IPO?
The minimum lot size of Jain Resource Recycling IPO is 64 shares. One lot costs ₹14,848 at the cut-off price.
When does Jain Resource Recycling IPO open and close?
Jain Resource Recycling IPO opened for subscription on 24 Sep 2025 and closed on 26 Sep 2025.
What is the listing date of Jain Resource Recycling IPO?
Jain Resource Recycling IPO listed on 01 Oct 2025.