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ICICI Securities Report
ICICI Securities has initiated coverage on Jain Resource Cycling Ltd. with a Buy rating and has set a target price of Rs 350, based on 23 times FY29E earnings per share, implying a potential upside of 25% from the reports current market price of Rs 281.
The brokerage expects Jain Resource Recycling's transition towards higher-value copper products, improving utilisation across businesses and strengthening feedstock integration to drive meaningful improvement in the quality and sustainability of earnings over FY26–29E.
ICICI Securities assigns 23x P/E multiple reflecting its earnings growth outlook and the structural opportunity in the recycling industry.
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While Jain Resource Recycling currently trades at a discount to Gravita India on forward P/E, the brokerage expects the company's growth and improving scale to support a gradual re-rating.
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