Jain Resource: How Copper Recycler Is Transforming into Global Non-Ferrous Metals Powerhouse

Synopsis: A Chennai-based non-ferrous metal recycler with seven decades of roots is rapidly transforming into a fully integrated, high-margin metals company with global ambitions.

When most people think of metal recycling, they picture scrap yards and smelters.This Recycling Company is quietly rewriting that image. From sourcing raw materials across 130 countries to building copper cathode and wire rod manufacturing facilities, the company is executing a multi-year transformation from a recycler into a vertically integrated non-ferrous metals powerhouse – and the numbers are beginning to reflect exactly that.

Moving Up the Value Chain

Jain Resource Recycling‘s core business is recycling non-ferrous metals – copper, lead, and aluminium – sourced as scrap from over 130 countries and processed at four facilities near Chennai. But the company’s real ambition lies upstream. Through its subsidiary Jain Green Technologies, it is building capabilities in copper anodes, cathodes, wire rods, and busbars at a Phase 1 capex of Rs. 95 crore, funded entirely from internal accruals. 

The copper anode phase commissions in Q4 FY26, with cathodes following in Q1 FY27. Feedstock comes directly from its own recycling plants, making this a natural and capital-efficient extension of the existing business.

Four Projects Reshaping the Business

Three additional strategic moves add significant depth to the growth story. The company has formed a joint venture with C&Y Group Investments to set up a copper scrap recycling facility in Ahmedabad, with annual processing capacity of 72,000 MT and output of around 25,000 MT of copper and copper ingots, targeting commissioning in June 2026.

It has also approved the acquisition of a 25% stake in Kuwait-based lead recycler M/s Abraj Al Khaleej for around USD 3 million, securing a Middle East foothold and priority access to recycled lead supply. Additionally, an antimony extraction plant is being developed from its existing lead acid battery streams, targeting output of around 100 MT per month at an estimated capex of Rs. 20 crore, with commissioning planned for Q3 FY27.

Financials That Back the Story

The execution is showing up clearly in the numbers. In Q3 FY26, revenue grew 56% year-on-year to Rs. 2,775 crore, EBITDA more than doubled to Rs. 198.9 crore with margins at 7.2%, and profit after tax surged 115% to Rs. 126.3 crore. For the nine months ended December 2025, revenue stood at Rs. 6,438 crore, up 38%, with EBITDA and PAT both growing around 65%. Over FY23 to FY25, the company compounded revenue at 52%, EBITDA at 72%, and PAT at 56% – rare rates for a commodity-linked business.

Policy Tailwinds Add to the Case

According to estimates by Kotak Neo, India’s metal recycling industry is expected to grow from around $14 billion in 2024 to $21.4 billion by 2030, reflecting the scale of the opportunity that organised players like Jain Resource Recycling are positioned to capture.

Government mandates requiring minimum recycled content in non-ferrous metal products – rising to 20% for copper by FY32 – create structural demand for organised recyclers. The EPR framework for non-ferrous metals, effective April 2026, adds another revenue layer. 

Longer term, the company is evaluating entry into tyre, e-waste, and solar panel recycling, positioning itself squarely at the intersection of India’s industrial growth and its sustainability transition. With over 400 suppliers across 130 plus countries and 69% of imports sourced directly from scrap yards, the company has built a raw material pipeline that takes years to replicate. On the demand side, it serves 300 plus customers across 20 countries with roughly 88% revenue coming from repeat buyers. 

About the Company

Jain Resource Recycling Limited, part of the Jain Metal Group, is one of India’s largest non-ferrous metal recycling companies with a legacy spanning over seven decades. Headquartered in Chennai, it operates four recycling facilities with combined production capacity of over 1.7 lakh MTPA, serving customers across 20 plus countries. The company listed on BSE and NSE in October 2025.

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