Jain Resource Recycling Limited Q2 Revenue Rises 58% to ₹3,337 Crore

Jain Resource Recycling Limited reported consolidated Q2 FY27 revenue of ₹3,337 crore, up 58% year-on-year and 22% sequentially, led by higher copper volumes and initial value-added product contributions. EBITDA rose 27% quarter-on-quarter to about ₹138 crore, while operating cash flow was positive at ₹137 crore.

What drove Jain Resource Recycling's Q2 FY27 revenue growth?

Jain Resource Recycling's revenue growth was driven primarily by its copper business, higher volumes and the initial contribution from value-added products. Revenue from operations rose from ₹2,114 crore in Q2 FY26 and ₹2,725 crore in Q1 FY27 to ₹3,337 crore in the September 2026 quarter.

Management said the first half of FY27 focused on growing existing operations while bringing newer investments into operation. Copper and copper-ingot volumes grew 74% year-on-year during Q2, according to the earnings summary. This volume growth was central to the rise in reported revenue, which increased at a faster pace than profitability.

The company released its Q2 and H1 FY27 results on November 3, 2026. Its earnings call, hosted by DAM Capital Advisors Limited, was held on November 4 for the quarter and half year ended September 30, 2026.

How did Jain Resource Recycling's profit and margins change?

Jain Resource Recycling's EBITDA increased 27% from the preceding quarter to about ₹138 crore, and its EBITDA margin improved to 4.2% from 4.0% in Q1 FY27. Profit after tax rose around 30% sequentially to approximately ₹91 crore, lifting the PAT margin to 2.7% from 2.5%.

The sequential improvement followed higher revenue and a modest expansion in operating margin. However, the earnings summary shows that Q2 EBITDA was 13% below the year-earlier level and PAT was 8% lower year-on-year, despite the 58% increase in revenue. This indicates that the quarterly revenue expansion did not translate into a corresponding year-on-year rise in reported earnings.

What does the working-capital improvement mean for Jain Resource Recycling?

Jain Resource Recycling reduced its working-capital cycle to 49 days in Q2 FY27 from 66 days at the end of FY26. The improvement supported positive cash flow from operations of ₹137 crore during the quarter and reduced net debt-to-equity to 0.5 times from 0.7 times.

Management attributed the cash-flow performance to better working-capital efficiency and local sourcing. For a recycling business that handles significant raw-material procurement and inventory requirements, the reduction in the working-capital cycle is relevant because it releases cash tied up in operations.

The lower leverage ratio also provides a clearer view of the balance-sheet effect of cash generation during the period. The company did not provide a further debt target or a specific future working-capital target in the material provided.

How is copper expansion shaping Jain Resource Recycling's operations?

Copper expansion is shaping Jain Resource Recycling's operations through higher volumes and the addition of downstream, value-added products. Management identified the copper business as the major contributor to both Q2 and first-half revenue growth.

The company is pursuing two operating priorities: scaling its established business and commissioning newer investments. The reported 74% year-on-year increase in copper and copper-ingot volumes shows that the expansion was already contributing to quarterly activity.

Value-added products made an initial contribution in Q2 FY27, according to management. The available disclosures do not quantify the revenue share or profitability contribution from these products, so their effect on overall margins cannot be separately measured from the reported figures.

What were Jain Resource Recycling's first-half FY27 results?

Jain Resource Recycling reported H1 FY27 revenue of ₹6,061 crore, compared with ₹3,663 crore in H1 FY26, while EBITDA was ₹248 crore and profit after tax was ₹160 crore. The H1 EBITDA margin was 4.1%, based on the company's earnings-call remarks.

The first-half figures place the Q2 performance in the context of sustained revenue growth over six months. The detailed earnings summary described H1 revenue growth as 65% year-on-year, while management's opening remarks referred to growth of about 55%; the reported revenue figures are ₹6,061 crore for H1 FY27 and ₹3,663 crore for H1 FY26.

For investors, the key operating data remains the combination of volume-led copper growth, sequentially stronger margins and improved cash conversion. At the same time, the year-on-year decline in Q2 EBITDA and PAT shows that revenue growth alone does not capture the complete earnings picture.

Conclusion

Jain Resource Recycling delivered a sharp increase in Q2 FY27 revenue, with copper volumes and early value-added product sales supporting turnover of ₹3,337 crore. Sequential profitability improved, and the company generated ₹137 crore of operating cash flow as its working-capital cycle shortened by 17 days from the FY26 closing level.

The next disclosures will show whether higher copper volumes, downstream products and new investments can support further operating progress. Investors can monitor revenue mix, EBITDA margin, working-capital days, leverage and the contribution from value-added products in subsequent quarterly results.