JAINRECJain Resource Recycling Ltd.
Jain Resource Recycling Q2 FY27 Results: Consolidated Net Profit ₹90.56 Crore on Total Income of ₹3,350 Crore
- Earnings
- metal recycling
Reviewed byKeshav SehgalBlacklitt Research
Jain Resource Recycling (NSE: JAINREC) reported consolidated total income of ₹3,349.89 crore and net profit of ₹90.56 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹3,045.82 crore and standalone net profit ₹93.13 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹3,349.89 crore, up 58.0% YoY and 22.5% QoQ
- Net profit and EPS: ₹90.56 crore, down 8.1% YoY and up 30.5% QoQ; basic EPS ₹2.63
- Finance costs: ₹20.75 crore, down 24.5% YoY from ₹27.49 crore
- Exceptional item: ₹2.33 crore loss from the 14 Jul 2026 furnace explosion; insurance claim under process
Standalone
The company on its own, without its subsidiaries
- Total income: ₹3,045.82 crore, up 47.7% YoY and 14.8% QoQ
- Net profit and EPS: ₹93.13 crore, down 5.6% YoY and up 28.1% QoQ; basic EPS ₹2.70
- Finance costs: ₹18.83 crore, down 29.9% YoY from ₹26.88 crore
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 3,349.89 | 2,119.80 | +58.0% | 2,733.59 | +22.5% | |
| Revenue from operations | 3,336.98 | 2,113.71 | +57.9% | 2,724.46 | +22.5% |
| Other income | 12.91 | 6.09 | +111.9% | 9.13 | +41.4% |
| 90.56 | 98.59 | -8.1% | 69.41 | +30.5% | |
| Profit before tax | 122.76 | 135.14 | -9.2% | 94.11 | +30.4% |
| Finance costs | 20.75 | 27.49 | -24.5% | 18.92 | +9.7% |
| Depreciation | 5.77 | 3.28 | +75.8% | 4.38 | +31.8% |
| Tax expense | 32.10 | 35.94 | -10.7% | 24.51 | +30.9% |
| Net profit margin | 2.70% | 4.65% | -1.95 pp | 2.54% | +0.16 pp |
| EPS, basic (₹) | 2.63 | 3.06 | -14.1% | 2.02 | +30.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income grew much faster than profit. Consolidated total income rose 58.0% YoY to ₹3,349.89 crore, while net profit fell 8.1% to ₹90.56 crore and profit before tax fell 9.2% to ₹122.76 crore. Other income of ₹12.91 crore is 0.4% of total income and 10.5% of profit before tax, so revenue from operations makes up nearly all of the income.
Finance costs eased and depreciation rose. Finance costs were ₹20.75 crore, down 24.5% from ₹27.49 crore a year earlier and 0.6% of total income. Depreciation rose 75.8% to ₹5.77 crore.
The statement splits profit between two lines. It shows ₹91.09 crore attributable to shareholders from continuing operations, against the ₹90.56 crore total for the period after discontinued operations. The discontinued operation is Jain Ikon Global Ventures FZC, which discontinued its precious metals refining during the year ended 31 Mar 2026.
The quarter carries an exceptional item of ₹2.33 crore from a furnace explosion on 14 Jul 2026 at the Gummidipoondi facility. The company has lodged an insurance claim, which is under process, and no amount is recognised as recoverable. Consolidated net profit is ₹2.57 crore below standalone net profit, while consolidated total income is ₹304.07 crore above standalone total income.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 3,045.82 | 2,062.24 | +47.7% | 2,653.75 | +14.8% | |
| Revenue from operations | 3,024.75 | 2,054.91 | +47.2% | 2,641.11 | +14.5% |
| Other income | 21.06 | 7.33 | +187.4% | 12.64 | +66.6% |
| 93.13 | 98.64 | -5.6% | 72.69 | +28.1% | |
| Profit before tax | 126.41 | 133.95 | -5.6% | 97.29 | +29.9% |
| Finance costs | 18.83 | 26.88 | -29.9% | 18.26 | +3.1% |
| Depreciation | 3.19 | 2.61 | +22.4% | 3.14 | +1.6% |
| Tax expense | 33.28 | 35.32 | -5.8% | 24.60 | +35.3% |
| Net profit margin | 3.06% | 4.78% | -1.73 pp | 2.74% | +0.32 pp |
| EPS, basic (₹) | 2.70 | 3.05 | -11.5% | 2.11 | +28.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit moved less than income. Total income rose 47.7% to ₹3,045.82 crore, but net profit fell 5.6% to ₹93.13 crore and profit before tax fell 5.6% to ₹126.41 crore. Other income rose 187.4% to ₹21.06 crore and is 16.7% of profit before tax, while tax took 26.3% of profit before tax.
Finance costs were ₹18.83 crore, down 29.9% from ₹26.88 crore and 0.6% of total income. Depreciation rose 22.4% to ₹3.19 crore. Basic EPS is ₹2.70 against ₹3.05 a year earlier, and six-month standalone net profit is ₹165.82 crore.
The standalone statement carries the same ₹2.33 crore exceptional item from the furnace explosion, with the insurance claim still under process.
Across the company, the IPO's net proceeds of ₹473.64 crore are shown as fully utilised, including ₹54.00 crore used to repay a promoter loan. The sale of the 28.88% stake in Sun Minerals Mannar Private Limited remains pending. Jain CY Circular Solutions Private Limited became a subsidiary with effect from 1 Jul 2026, with a 52% holding; the company granted it a loan of ₹19.74 crore and gave a ₹100 crore corporate guarantee to ICICI Bank Limited.
Inference
The board approved the results on 03 Nov 2026, and the statutory auditor MSKC & Associates LLP issued limited review reports with unmodified conclusions. Consolidated other equity was ₹1,653.12 crore at 30 Sep 2026 against ₹1,492.23 crore at 31 Mar 2026, and standalone other equity was ₹1,639.98 crore against ₹1,473.86 crore.
The company has given a ₹100 crore corporate guarantee to ICICI Bank Limited for its subsidiary, and a loan of ₹19.74 crore to that subsidiary is repayable on demand.
Not stated: whether a dividend has been declared or recommended, the timing and amount of the insurance settlement, the completion date and proceeds of the Sun Minerals sale, and the expected outcome of the pending statutory approvals for the Jain Ikon loan conversion of about ₹44.50 crore.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
