JAINREC · Metals & Mining
Jain Resource Recycling Ltd. reported revenue of ₹2,775 cr for October to December 2025, +55.8% on the year and +31.3% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹199 cr, a margin of 7.2%, +217 bps on the year and −40 bps on the quarter. Over the last 7 quarters the margin has ranged from 5.0% to 7.6%, averaging 6.2%. Operating costs grew +52.2% against revenue growth of +55.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹126 cr, +113.6% on the year and +27.3% on the quarter, with earnings per share of ₹3.66. Profit before other income, one-offs and tax grew faster, at +164.1%; 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 ₹9.89 over the last four quarters, the stock at ₹291.00 trades at 29.4 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.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +113.6% on the year; profit before other income, exceptional items and tax +164.1%.
Source: Quarterly statements
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 ₹2,775 cr (+55.8% on the year) and net profit of ₹126 cr (+113.6% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +164.1% on the year, against +113.6% for reported profit.
None of the 7 checks that could run raised a question.
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