Jain Resource Recycling IPO: Should you apply?

Summary: Jain Resource Recycling, a company engaged in the recycling and manufacturing of non-ferrous metals, is going public. Despite its strong financials, the company is prone to both micro and macroeconomic risks. Let’s check whether you should subscribe to its IPO. The Jain Resource Recycling IPO (initial public offering) will open for subscription on September 24, 2025 and close on September 26, 2025. The non-ferrous recycling and manufacturing player aims to raise Rs 500 crore through a fresh issue and Rs 750 crore via an offer for sale (OFS). We break down the company’s business, financials, strengths, risks and valuation to help you make an informed investing decision. What the company does Jain Resource Recycling, part of the Jain Metal Group, is engaged in recycling and manufacturing non-ferrous metals such as lead, copper and aluminium. Its lead ingots carry London Metal Exchange registration, giving it global market access with benchmark pricing and quality credibility. The company also undertakes limited trading in non-ferrous metals and commodities.  As of July 31, 2025, the company’s recycling facilities had a combined production of 64,619 MTPA (metric tonnes per annum), while the Hosur facility contributed 88 MTPA. Track record and valuation A quick look at its financials shows that Jain Resource Recycling has posted strong numbers in recent years. Between FY23 and FY25, its revenue zoomed nearly 53 per cent annually, while profit after tax (PAT) jumped 56 per cent. Though its debt also rose, the growth was much slower at just 12 per cent. Such high numbers can primarily be attributed to the company’s rising export volumes and strong domestic and global footprint. At the upper end of the price band (Rs 232), the stock is expected to be valued at nearly 36 times its FY25 earnings and 6.5 times the book value. In comparison, Jain Resource Recycling’s peers trade at a median P/E of around 46 times and an average P/B of 5.8 times, indicating that the company is undervalued. Jain Resource Recycling IPO details Total IPO size (Rs cr) 1,250 Offer for sale (Rs cr) 750 Fresh issue (Rs cr) 500 Price band (Rs) 220-232 Subscription dates September 24-2