Subscribe for Jain Resource Recycling Ltd IPO; Ajcon Global

Ajcon Global, has come out with its report on Jain Resource Recycling Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on September 24, 2025.

Broker Research

September 24, 2025 / 13:43 IST

Jain Resource Recycling IPO

Ajcon Global, Jain Resource Recycling Ltd

Jain Resource Recycling Ltd. (JRRL) is a non-ferrous metal recycling and production company in India with the ability to handle different products at a single location and a large global network for acquiring recyclable materials. The company's primary focus is on the manufacture of nonferrous metal products through the recycling of nonferrous metal scrap. Its product offerings include (i) lead and lead alloy ingots; (ii) copper and copper ingots; and (iii) aluminum and aluminum alloys. The London Metal Exchange has registered the Company's lead ingot as a brand, giving the Company a distinct advantage in terms of access to a broader customer base by offering products that meet international quality standards, as well as the benefit of LME reference pricing when supplying its products in global markets. It has teamed with M/s Ikon Square Limited UAE ("ISL") by acquiring 70% of Jain Ikon Global Ventures (FZC), a free zone business registered in Sharjah, UAE (hence referred to as "JIGV"), resulting in JIGV becoming a subsidiary.

Valuation and Outlook

The company sources scrap from 120+ countries, ensuring steady raw material supply, and serves 371 customers including Vedanta, Luminous, Mitsubishi, and Nissan. With a strong global network, diversified portfolio, and focus on sustainability, JRRL is well-positioned to capture rising demand in India’s circular economy. At the upper price band of ₹232, the issue is valued at a P/E multiple of about 35.86x on its FY25 post-IPO EPS of ₹6.47. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons.

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