JAINREC · Metals & Mining
Jain Resource Recycling Ltd. reported revenue of ₹1,549 cr for April to June 2025, +3.5% on the year and −12.0% on the quarter.
Operating profit (EBITDA) was ₹90.0 cr, a margin of 5.8%, −47 bps on the year and +53 bps on the quarter. Operating costs grew +4.1%, faster than revenue at +3.5%, so operating profit grew less than sales.
Net profit was ₹57.0 cr, −5.0% on the year and +7.5% on the quarter, with earnings per share of ₹1.75. Profit before other income, one-offs and tax grew faster, at +1.4%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹30.47 over the last four quarters, the stock at ₹291.00 trades at 9.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,496 cr | ₹1,392 cr | ₹1,781 cr | ₹1,760 cr | ₹1,549 cr | ₹2,114 cr | ₹2,775 cr | ₹3,105 cr | ₹2,724 cr |
| YoY | — | — | — | — | +4% | +52% | +56% | +76% | +76% |
| EBITDA margin | 6.3% | 6.3% | 5.0% | 5.3% | 5.8% | 7.6% | 7.2% | 3.5% | 4.0% |
| Other income, % of PBT | 13% | 10% | 17% | 11% | 8% | 4% | 1% | 11% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 27% | 24% | 30% | 26% | 27% | 26% | 26% | 26% |
| Net profit | ₹60.0 cr | ₹53.0 cr | ₹59.0 cr | ₹53.0 cr | ₹57.0 cr | ₹99.0 cr | ₹126 cr | ₹66.0 cr | ₹69.0 cr |
| YoY | — | — | — | — | −5% | +87% | +114% | +25% | +21% |
| Core profit YoY | — | — | — | — | +1% | +100% | +164% | +18% | +20% |
| EPS | ₹14.53 | ₹12.81 | ₹14.29 | ₹1.62 | ₹1.75 | ₹2.86 | ₹3.66 | ₹1.91 | ₹2.01 |
| Flags | · | · | · | · | ✓ | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jain Resource Recycling Ltd. reported revenue of ₹1,549 cr (+3.5% on the year) and net profit of ₹57.0 cr (−5.0% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +1.4% on the year, against −5.0% for reported profit.
None of the 7 checks that could run raised a question.
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