ICICI Securities Sees 25% Upside in Jain Resource Recycling Stock

Jain Resource Recycling (JRRL) is gaining traction among investors and analysts. ICICI Securities has initiated a 'Buy' rating for the company, citing its diversified metal recycling platform and potential for growth. According to the brokerage firm, JRRL is transitioning from a volume-led recycler to an integrated circular-multi metals platform, which will allow it to capture more value per tonne.

The company's focus on copper downstream integration, existing assets utilization, and product mix diversification are expected to drive earnings growth over the next three financial years. ICICI Securities has set a target price of ₹350 per share for JRRL, based on 23x FY29E EPS. The brokerage firm predicts that JRRL's copper division will experience a 23% volume compound annual growth rate (CAGR) from FY26-29E.

JRRL's stock closed at ₹295.7 per share on BSE on September 9, down 0.32%. Despite this minor decline, the company's market capitalization remains at ₹10,204.19 crore. The stock has delivered a 4.7% return in the last seven days but has declined by around 19% in three months and 29.8% in six months.