Jain Resource Recycling commissions 1,600-tonne copper capacity

Jain Resource Recycling Limited commissioned 1,600 metric tonnes per month of copper-anode capacity in FY27, with Phase II in trial runs and value-added copper sales of about 3,575 metric tonnes in H1 FY27. Jain Resource Recycling is now targeting cathode, wire-rod and busbar launches through Q4 FY27 as it expands its copper product range.

What copper-anode capacity has Jain Resource Recycling commissioned?

Jain Resource Recycling has commissioned both phases of the Jain Green Technologies copper-anode plant, taking installed capacity to 1,600 metric tonnes per month. Each phase has capacity of 800 metric tonnes per month, although the second phase remained in trial runs when management spoke on November 4, 2026. Management said the immediate focus is consistent output, product quality and utilisation rather than a rapid ramp-up.

The facility has started contributing to sales, with value-added copper sales volumes of approximately 3,575 metric tonnes in H1 FY27. Management said the commercial contribution should build gradually as production stabilises and utilisation rises, distinguishing early sales from the plant's 1,600-tonne monthly installed capacity.

Copper and copper-ingot sales volume reached approximately 16,411 metric tonnes in Q2 FY27, compared with 14,683 metric tonnes in Q1 FY27 and 9,434 metric tonnes in Q2 FY26. The 73% year-on-year volume increase supported consolidated revenue of Rs 3,337 crore in Q2 FY27, up from Rs 2,724 crore in Q1 FY27 and Rs 2,113 crore a year earlier.

When will Jain Resource Recycling commission its copper cathode plant?

Jain Resource Recycling said its first 750-metric-tonne-per-month copper-cathode phase was at an advanced commissioning stage on November 4, 2026. The full cathode project has planned capacity of 1,500 metric tonnes per month in two equal phases, and management is targeting Q4 FY27 for the second 750-tonne monthly phase.

The company is working towards producing London Metal Exchange, or LME, grade copper cathodes. Management did not state that the plant had achieved that grade, saying instead that process stability and product specifications were as important as commissioning the equipment.

Management put the first-phase capital outlay for the broader value-added copper project at approximately Rs 120 crore. This covers land, buildings, shared power, machinery and other infrastructure for anode, cathode, wire rod and busbar products; management estimated cathodes accounted for roughly 60% of this first-phase amount and said Phase II spending would be lower.

What wire-rod and busbar capacity will Jain Resource Recycling add?

Jain Resource Recycling is targeting Q3 FY27 commissioning for a copper wire-rod plant with planned capacity of 600 metric tonnes per month and a Busbar & Profiles plant with planned capacity of 1,500 metric tonnes per month. The busbar and profiles facility is therefore planned to be 900 metric tonnes per month larger than the wire-rod unit.

Management said these projects would allow Jain Resource Recycling to offer customers a broader range of copper products beyond basic recycled metal and anodes. It also cautioned that commercial benefits would not arise simply on commissioning, because output consistency, utilisation and customer development must first improve.

Copper segment earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 61 crore in Q2 FY27 from Rs 46 crore in Q1 FY27. Segment EBITDA per tonne increased to Rs 37,237 from Rs 31,825, while management said the evolving copper product mix could moderate consolidated EBITDA margins even if absolute EBITDA grows with volume.

How does Jain CY support Jain Resource Recycling's copper plans?

Jain CY Circular Solutions, Jain Resource Recycling's Ahmedabad subsidiary with C&Y Group Investments Incorporation, commenced commercial operations and generated approximately Rs 25.4 crore of revenue in Q2 FY27. The unit can process about 71,000 metric tonnes of scrap annually and produce around 25,000 metric tonnes of copper products annually at full ramp-up.

Jain CY provides a Western India location for processing a broader mix of copper-bearing scrap and can support raw-material requirements for downstream plants, according to management. Its near-term operating priority is increasing throughput and stabilising the plant rather than reaching the stated annual output immediately.

The copper business, including new initiatives, contributed 8% of Jain Resource Recycling's total revenue in Q2 FY27. This contribution came while the anode plant was in its early operating stage and the cathode, wire-rod and busbar projects were still approaching commissioning.

What financial and execution factors will affect the copper ramp-up?

Jain Resource Recycling reported Q2 FY27 EBITDA of approximately Rs 138 crore, compared with Rs 109 crore in Q1 FY27, and profit after tax of about Rs 90 crore, compared with Rs 69 crore. EBITDA margin increased to 4.2% from 4.0%, while management cited operational efficiencies alongside raw-material dynamics and the initial ramp-up of new value-added facilities.

For H1 FY27, revenue from operations was approximately Rs 6,061 crore, up about 65% year on year, while EBITDA was Rs 248 crore against Rs 250 crore in H1 FY26. Profit after tax increased approximately 3% to Rs 160 crore, but the H1 EBITDA margin was 4.1%, compared with 6.8% a year earlier.

Working-capital days declined to 49 at September 2026 from 66 at the end of FY26, while net debt to equity improved to around 0.5 times from 0.7 times at March 2026. Jain Resource Recycling generated approximately Rs 129 crore of net operating cash inflow in H1 FY27, and management attributed lower funding needs partly to local sourcing exceeding 50% to 60% of purchases.

Management said geopolitical and shipping disruptions in West Asia had affected machinery shipments and execution of its Kuwait investment, despite machinery being ready. It gave no firm Kuwait timetable because those external conditions were not within its control, while saying diversified sourcing relationships and hedging practices were being used for supply risk management.

Conclusion

Jain Resource Recycling has moved its copper expansion from construction into early commercial activity, led by 1,600 metric tonnes per month of commissioned anode capacity and 3,575 metric tonnes of value-added copper sales in H1 FY27. The programme combines scrap processing at Jain CY with cathodes, wire rod, busbars and profiles, widening the company's copper value chain.

The next disclosed milestones are commissioning of the first cathode phase, Q3 FY27 targets for the 600-tonne monthly wire-rod and 1,500-tonne monthly Busbar & Profiles plants, and a Q4 FY27 target for the second cathode phase. Management said the key measures after commissioning will be stable output, required quality, utilisation and customer relationships, while West Asia logistics remain unresolved.