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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Three quarters of the fresh proceeds go to prepaying or repaying part of the company's outstanding debt. The business runs on a large borrowing base to fund scrap purchases, so cutting the principal lowers finance costs and is expected to bring net gearing down materially.
General corporate purposes
The balance of the fresh proceeds is set aside for general corporate purposes, at the discretion of management and within the limits permitted by regulation.
(₹ in Crore)
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Jain Resource Recycling Limited is a Chennai based recycler of non ferrous metals. It takes in metal scrap and turns it into lead, copper and aluminium ingots and alloys, which go on to lead acid battery makers, wire and electrical manufacturers, electronics firms, pigment producers and the automotive supply chain. Its lead ingots are registered on the London Metal Exchange under the Jain 9997 brand, a standing that matters because it lets the output trade against an internationally recognised specification. The company was incorporated in its current form in 2022, but the business behind it is much older. It traces back to a partnership set up in 1953 as Jain Metal Rolling Mills, restructured in 1993, and it now sits within the wider Jain Metal Group. Its recycling units are at the SIPCOT industrial estate at Gummidipoondi near Chennai, sited close to major ports because most of the scrap it processes is imported. The facilities are designed to run several recycling processes at one location and to operate on a zero discharge basis. The company has also moved into precious metals, opening a gold refinery in the UAE in 2024. The model is unusually import and export heavy for an Indian manufacturer. A large share of raw material is bought abroad and a comparable share of finished output is sold abroad, which gives a degree of natural hedge but leaves earnings exposed to exchange rates and to London Metal Exchange price swings. Revenue has grown quickly, roughly at a compound rate in the mid thirties over recent years, though margins are thin in the way that commodity conversion businesses generally are: the company earns a spread on metal it buys and re sells rather than a manufacturing markup. It competes against other organised recyclers and against a large unorganised scrap trade, and is looking to extend into newer scrap streams such as end of life solar panels and electronic waste.
The day before the issue opened, on 23 September 2025, the company allotted 2,42,45,689 equity shares to anchor investors at the upper band price of Rs 232 per share, raising about Rs 562.50 crore across roughly 40 funds. The book drew a mix of global and domestic institutions, among them Goldman Sachs, the Abu Dhabi Investment Authority, Citigroup Global Markets Mauritius, BNP Paribas, Societe Generale and Nomura Singapore on the foreign side, and HDFC Mutual Fund, Axis Mutual Fund, Motilal Oswal, Bandhan, Tata AIA Life Insurance, ICICI Lombard and Edelweiss Life Insurance domestically.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Exchange recognised lead output
The company's lead ingots are registered on the London Metal Exchange under its own brand. That registration is hard to obtain and means the metal can be sold against an internationally accepted specification rather than negotiated buyer by buyer.
Integrated operations near the ports
Sourcing, refining, recycling and sales sit under one roof, and the plants are located close to major ports. Since most of the scrap it processes is imported, that placement cuts inland freight and shortens the time between buying material and processing it.
Flexible multi metal plants
The facilities can run several recycling processes at one site and switch across lead, copper and aluminium. That lets the company follow whichever metal spread is most attractive rather than being locked into one product.
Fast cash conversion
Receivables are collected in a matter of days rather than the weeks or months typical of the sector, and fixed asset turnover is very high. For a thin margin business, turning capital over quickly is what makes the returns work.
Natural hedge across the trade flow
A large share of raw material is imported and a comparable share of output is exported. Costs and revenues therefore move together to a degree, which softens the impact of currency and metal price swings, and the company hedges on top of that.
Strong reported growth
Revenue rose about 60 percent in FY25 to roughly Rs 7,162 crore and profit after tax rose about 36 percent to Rs 223.29 crore, continuing a multi year compounding trend.
Very thin margins
Profit after tax was about 3.1 percent of revenue in FY25 and operating margins trail the closest listed comparable. On a spread this narrow, a small adverse move in scrap costs or metal prices takes a disproportionate share of the profit.
Regulatory actions against the promoter
The market regulator has taken disciplinary action against the promoter in the past over matters including non disclosure and trading conduct. Governance history of that kind is a genuine consideration for a prospective shareholder and deserves scrutiny.
Customer concentration
The five largest customers accounted for a substantial share of FY25 revenue. Losing one of them, or having it cut volumes, would be felt immediately.
Jain Resource Recycling Ltd
The Lattice, Old No. 7/1, New No. 20, 4th Floor, Waddles Road, Kilpauk, Chennai, Tamil Nadu, 600010, India
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Weak operating cash generation
Despite a large reported profit, net cash from operations in FY25 was minimal. The business absorbs cash into working capital as it grows, which is why most of the fresh issue goes to paying down debt.
Exposure to metal prices and currency
Earnings track London Metal Exchange prices and exchange rates. Both import costs and export realisations move with markets the company does not control, and hedging reduces but does not remove that exposure.
Heavy borrowing base
The company carried roughly Rs 920 crore of borrowings going into the issue. Even after the repayment funded by the fresh proceeds, financing scrap purchases remains a substantial ongoing cost.
An earlier overseas venture was short lived
A previous gold refining venture in the UAE was wound up shortly after it began. The new refinery may fare differently, but the precedent argues for caution about the diversification into precious metals.
Priced well above recent private transactions
Shares changed hands privately at a small fraction of the issue price in the year or so before the offer. The gap between those transactions and the public issue price is large and worth understanding.