Jain Resource Recycling Ltd is a metal recycler that turns scrap into refined lead, copper and aluminium - the same metals that go back into batteries, cables, cars and construction - operating on a simple industrial logic: buy waste from more than 120 countries, extract every usable element from it, and sell the output at prices linked to the London Metal Exchange. The business began in 1953 as a small rolling mill called Jain Metal Rolling Mills, spent decades in trading, and only started manufacturing in 2013 when it built its first lead recycling unit; copper and aluminium followed, and by 2025 it had listed on the NSE and BSE with a platform it calls “zero-waste eco-recycling”. The recurring approach is to take a scrap stream, pull out the primary metal, then extract byproducts - tin, antimony, plastic granules - that rivals might discard, and to keep building forward into higher-value finished forms of the same metals, using the cash flows of each stage to fund the next. # Business segments Three metal recycling engines at different stages of maturity - a lead business that is the group’s LME-branded anchor, a copper business that is the largest and fastest-integrating, and a small aluminium line - all fed by a global scrap-sourcing network and wrapped in a zero-waste model that extracts tin, antimony and plastic from the same streams. ## 1. Lead and lead alloy ingots: the LME-branded anchor **The lead business recycles battery scrap into refined lead ingots that carry a London Metal Exchange brand - a quality credential held by only one other Indian recycler - giving it pricing power and global customer acceptance.** - **LME registration opens doors** - the company’s lead ingot has been an LME-branded product since 2023, which means it can be delivered into LME-registered warehouses and sold to buyers who require exchange-grade metal; only two recycling companies in India have this registration. - **Battery scrap is the feedstock** - the primary raw material is used lead-acid batteries, processed through high-capacity rotary smelting furnaces and automatic battery-breaking machines that separate lead, plastic and acid in one continuous line. - **Byproducts pay for themselves** - the same process yields tin (used in electronics soldering and food packaging) and plastic granules (PP/PVC for pipes and cables), and the company is now developing antimony extraction from lead scrap bullion, which management calls a new concept in India and a future profitability driver. - **Kuwait secures raw material** - a 25% stake in a Kuwait battery recycler, expected to start processing 2,000 tonnes of battery scrap per month by late FY27, comes with a right of first refusal to buy its output, giving the company priority access to Middle Eastern scrap. ## 2. Copper and copper alloy products: the largest engine, now integrating forward **The copper business is the biggest revenue contributor and is in the middle of a transformation - moving from selling refined copper billet and ingots to producing copper cathode, wire rod and busbars, which means capturing more of the value chain and selling to customers who need a finished input, not just a metal.** - **Scrap in, billet out - for now** - today the company melts copper scrap into billets and ingots of 95% to 99% purity, which go to cable makers, chemical plants and electrical manufacturers; volumes in FY26 were about 54,000 tonnes. - **The forward-integration build-out is underway** - through its subsidiary Jain Green Technologies, it is commissioning a series of units on a 6.58-acre plot: a copper anode furnace (already running at 800 tonnes per month, with a second furnace doubling that shortly), cathode production (capacity of 9,000 MT per annum), wire rod (expected August 2026) and busbar (expected September 2026), all using its own recycled copper as feedstock. - **A joint venture locks in American scrap** - the Ahmedabad JV with C&Y Group, one of North America’s largest non-ferrous metal exporters with ten scrapyards in the US, will process 72,000 tonnes of electric motor and cable scrap per year, yielding roughly 25,000 tonnes of copper for the parent’s furnaces. - **Hedging takes the edge off price swings** - because copper is bought and sold at LME-linked prices over a typical 90-day delivery window, the company shorts LME futures when it buys scrap and goes long when it sells finished metal, locking in the processing margin rather than betting on metal prices. ## 3. Aluminium and aluminium alloys: the small, steady line **Aluminium recycling is a modest operation that turns scrap into alloy ingots and molten metal for industrial buyers - a business added in 2018 that rounds out the multi-metal offering.** - **Alloys, not pure metal** - the output is aluminium alloy ingots in grades like ADC-12 and LM6, plus molten aluminium delivered in liquid form, serving customers in electrical, electronics and lightweight-component industries. - **A compact dedicated facility** - processing happens at a 1.91-acre plant with an authorised capacity of about 36,000 tonnes per year, using aluminium melting furnaces. - **Part of the zero-waste logic** - aluminium scrap is one more stream that the company can take when suppliers offer mixed loads, strengthening its position as a one-stop buyer for scrap yards. # Global sourcing and supply chain **The entire business rests on the ability to buy scrap reliably and cheaply from over 120 countries - a procurement network that is the company’s real moat, because no furnace runs without feedstock.** - **Imports dominate, and the US is the biggest source** - in FY26, 61% of raw material came from abroad, with the United States alone supplying 41% of imports and the Dominican Republic another 31%; the top five suppliers account for nearly 43% of raw material cost. - **Scrap yards, not middlemen** - roughly half of imported raw material by value is bought directly from scrap yards, cutting out intermediaries and giving the company first look at material before it reaches competitors. - **The C&Y partnership is a supply lock** - the JV with C&Y Group gives the company a guaranteed annual quantity of North American scrap at competitive prices, while the Kuwait investment includes a right of first refusal on all its recycled output. - **Capacity follows supply** - the company deliberately keeps about 20% extra processing capacity each year as a buffer; only when that buffer fills up does it invest in new furnaces, ensuring capital is deployed only when scrap availability is proven. # Group structure and partners **The listed parent company controls a wholly owned subsidiary that houses the copper forward-integration project, a majority-owned JV that secures North American scrap supply, and a minority stake in a Kuwaiti battery recycler - each entity serving a specific strategic need.** - **Jain Green Technologies (wholly owned)** - originally set up in 2018 for aluminium recycling, this subsidiary is now the vehicle for the copper anode, cathode, wire rod and busbar project, with a 12,000-tonne-per-year authorised capacity. - **Jain CY Circular Solutions (52% owned JV with C&Y Group)** - incorporated in December 2025, this Ahmedabad-based JV will process 72,000 tonnes of scrap annually into copper; C&Y holds 45%, employees hold 3% via sweat equity, and all shares are locked in for three years after commercial production begins. - **Abraj Al Khaleej, Kuwait (25% stake)** - a battery recycling venture with a 2,000-tonne-per-month processing capacity, delayed by Iran shipping corridor disruptions but mechanically ready; the investment includes a purchase right of first refusal. - **Wind power stakes (26% each, non-related party)** - three captive wind generators acquired in March 2026 to supply electricity to the company’s own plants, lowering energy costs without diversifying the business.