Jain Resource Recycling (JAINREC) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 58% YoY to ₹33,369.78 million; EBITDA and PAT increased 27% and 30% QoQ, but declined 13% and 8% YoY, respectively.

• H1 revenue rose 65% YoY to ₹60,614.36 million; EBITDA was ₹248.3 crore and PAT ₹160 crore, with margins below prior-year levels.

• Copper growth, capacity expansion and downstream integration advanced; Q2 copper and copper ingot volumes grew 74% YoY.

Financial highlights

• Q2 consolidated revenue from operations was ₹33,369.78 million versus ₹21,137.06 million a year earlier; total income was ₹33,498.87 million.

• Q2 EBITDA was ₹138.8 crore, down 13% YoY and up 27% QoQ; PAT was ₹90.6 crore, down 8% YoY and up 30% QoQ.

• H1 revenue was ₹60,614.36 million, up 65% YoY; EBITDA was ₹248.3 crore versus ₹250 crore, while PAT was ₹160 crore, up 3%.

• H1 consolidated profit before tax and exceptional items was ₹1,251.68 million in Q2 versus ₹1,353.43 million; Q2 profit for the period was ₹905.59 million versus ₹985.89 million.

• H1 net cash from operating activities from continuing operations was ₹1,300.64 million, versus ₹4,032.14 million of net cash used in the prior-year period.

Outlook and guidance

• FY27 revenue growth is expected to exceed 30%, subject to market conditions and execution; no firm segment volume projections or quarterly margin commitments were given.

• Priorities include stable output, higher utilization, operating efficiency and greater value-added product contribution to improve returns from installed capacity.

• FY27 targets include 700 tonnes of copper cathode and ~600 tonnes of wire rods; value-added products are expected to benefit from ramp-up and improved fixed-cost absorption.

• Working capital cycle is expected broadly within 50–70 days, with quarterly movement driven by scrap arrivals and shipping schedules.