🔷 IPO Details : Open: 24 to 26 September 2025 Price: 232 ₹ Size: ₹ 1,250 Cr (500 Cr Fresh + 750 Cr OFS ) 🔷 Utilisation of IPO fund : ➡️Funding pre payment or scheduled re payment of borrowings: ₹ 375 Cr ➡️Remaining funds for General Corporate Purposes (GCP): ₹ 125 Cr.

🔷 KPIs : ROCE: 24.2% ROE: 40.7% EBITDA Margin: 5.17% Net D/E 0.92 YoY : Revenue Up 60.9% 💹 7,126 Cr PAT Up 36.3% 💹 223 Cr

🔷Risk Factors : ➡️Heavy dependency on Imports ~77% of the company's total scrap requirements ➡️Frequent order cancellation due to comodity price fluctuations, quality etc issues from domestic & international customers; Though significant reduction in cases 30➡️11 in FY25

➡️Significant Legal proceedings/litigations against the company & promoter raises concern on creditbilty of promoter❌ ➡️Lead & Copper price's volatility can impact profitability ➡️Customer concentration & no longterm contract 5 of Top 10 customers became INACTIVE in last 3 FY

🔷Peer Comparison : ➡️P/E ▫️Jain Recycling: 35.8 ▫️Gravita India: 36.5 ▫️Pondy Oxides: 50.5 (FY26E ~36) Jain Recycling is the largest player by revenue Valuations seems fair & inline with peers

🔷Industry Overview : ➡️Indian government is mandating the use of recycled content in non-ferrous metal products For copper starting from 5% in FY28 & going up to 20% by FY31 ➡️Massive Growth in the demand for secondary copper; projected to grow at a 13-14% CAGR through 2030

🔷Company Overview & Key Strengths : ✅Largest pure play non-ferrous metal recycler in India by revenue ✅One of only two Indian companies with a lead ingot brand registered on the London Metal Exchange (LME) ✅Operates a vertically integrated end-to-end recycling process-

with strategically located facilities near major ports 🔷 Clientele/Customers : ➡️Global: ▫️Mitsubishi Corporation RtM Japan ▫️IXM SA ▫️Nissan Trading ➡️Domestic: ▫️Vedanta ▫️Luminous Power ▫️Yash Resources

🔷Promoter & BOD : 👨🏻‍💼 Management : ➡️ Kamlesh Jain: Chairman & MD ➡️ Mayank Pareek: Joint MD ➡️ Hemant Shantilal Jain: ED & CFO ➡️A board comprising experienced professionals and four Independent Directors. 🔷Promoter Holding Pre IPO: ➡️ Kamlesh Jain : 79.78%

🔷Consolidated Financial Summary : ✅ From FY 23➡️25 Revenue 3064 Cr➡️ 7126 Cr Profit 92 Cr➡️ 223 Cr ➡️ Top & bottom line Growth achieved by scaling up of operations & strong demand for recycled metals in past, coupled with operational efficiencies.

💰 Operating Cash Flow : only ₹36 Cr Despite huge profits of ₹223 Cr Because most cash used in working capital primarily : ➡️₹104 Cr Inventory ➡️₹227 Cr Other Assets Receivables levels are excellent ➡️ Cashflows are weak but not bad & manageable to improvise gradually

🔷Key Take ✅Steller Financial Growth ✅Experienced promoter(30 yrs) & industry Leadership ❌Risk of RM price volatility ❌Legal Proceedings 🔷Rating 6/10 🙏Thanks for Reading Follow @EngineerStockks 🤝For more such analysis & Retweet This🧵 The 🔚.. https://x.com/EngineerStockks/...

@EngineerStockks @Tanmay_31_ @Alchemist1320 @adeshjainj @bansalabhishek5 @ChartAtlas @cmagurvinder @sai_shankarg Excellent 👌 Analysis.

@Anvith_ @Tanmay_31_ @Alchemist1320 @adeshjainj @bansalabhishek5 @ChartAtlas @cmagurvinder @sai_shankarg Thank you so much bhai 🙏🏻☺️😄