Subscribe for Jain Resource Recycling Ltd IPO; Deven Choksey

Deven Choksey, 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 / 14:41 IST

IPO

Deven Choksey, Jain Resource Recycling Ltd

Jain Resource Recycling, a part of Jain Metal Group, primarily focuses on manufacturing of green non-ferrous metals through recycling of diverse range of scrap materials sourced both domestically and internationally. Its product offering includes lead and lead ingots, copper and copper ingots and aluminum. As part of its manufacturing process, it also produces tin and plastic granules, to support its end-to-end recycling mission. As of July 31, 2025, its total capacity stood at 308,306 TPA, with rated capacity of 184,000 TPA for lead and lead products, ~83,000 TPA for copper and other copper products, ~24,700 TPA for aluminum and 13,200 TPA for manufacturing of plastic granules. The group also engages in opportunistic trading of metals like nickel, silicon, tin, and zinc. It sources most of its raw material from international markets due to higher availability and formalization of scrap markets. Exports account for most of its revenue, led by its strong global footprint.

Valuation and Outlook

We expect the Company to perform better, as it plans on its next leg of growth journey, driven by gradual expansion in recycling capacity. Moreover, with introduction of EPR norms and government support for higher recycling, it can positively impact its EBITDA margins. We assign a “SUBSCRIBE” rating to the issue.

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