ICICI Securities has issued a buy rating on Jain Resource Recycling Ltd. (JRRL) with a target price of ₹350 in its research report dated September 08, 2026. According to the report, the brokerage is initiating coverage on the stock, valuing JRRL at 23x FY29E EPS. The recommendation reflects the company's evolution from a volume-led recycler to an integrated circular-multi metals platform, with the brokerage predicting over 25% upside in the stock valuation.
As reported by ICICI Securities, JRRL has established itself as a multi-metal recycling platform specializing in lead, copper, and aluminium. The company is currently breaking new ground by evolving from a volume-led recycler to an integrated circular-multi metals platform, focusing on augmenting value-capture per tonne. The next phase of earnings growth is expected to come from copper downstream integration, asset optimization, and a structurally better product mix rather than solely relying on higher metal prices. According to the brokerage, copper will remain the key driving force behind the company's growth trajectory, with 23% volume CAGR projected for the copper division over FY26-29E driven by ramping up existing capacity utilization (currently ~65% in FY26) and meaningful contribution from the C&Y JV from FY28E onwards.
According to the research report, JRRL maintains a diversified sourcing network across 120+ countries, providing a distinct competitive advantage for business scaling. The company has implemented a back-to-back LME-linked hedging architecture that forms a core strategy to scale the business while limiting directional commodity price exposure. This hedging approach helps manage commodity price volatility while supporting the company's growth trajectory and creating a distinct core to scale the business while limiting directional commodity price exposure.
The stock closed 0.32% lower at ₹295.7 per share on BSE with a market capitalisation of ₹10,204.19 crore on Wednesday, September 9. Despite the minor decline, the stock has delivered 4.7% return in the last seven days and 25% upside potential according to brokerage estimates. However, the stock has declined 19% in three months and 29.8% in six months, with the stock touching its 52-week high of ₹593.95 per share on May 8, 2026, and 52-week low of ₹247.80 per share on October 1, 2025. The transition towards higher-value copper products, improving utilization across businesses, and strengthening feedstock integration are expected to drive growth and sustainability of earnings over the next three financial years.
