India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

CMR Green Technologies / Equity Bottom-Up

<ul>
<li>CMR Green Technologies is raising INR 631 crore through a pure OFS IPO at a INR 182–192 price band, marking the first major mainboard IPO since May 2026.</li>
<li>CGTL holds around 42–45% share in cast-alloy automotive aluminium and has 4x the capacity of its nearest rival, supported by 11–13% sector CAGR till FY30.</li>
<li>Margin expansion, Hindalco contract visibility, and the shift toward wrought aluminium make CGTL a differentiated aluminium recycling play that needs deeper due diligence.</li>
</ul>


CMR Green Technologies is raising INR 631 crore through a pure OFS IPO at a INR 182–192 price band, marking the first major mainboard IPO since May 2026.
CGTL holds around 42–45% share in cast-alloy automotive aluminium and has 4x the capacity of its nearest rival, supported by 11–13% sector CAGR till FY30.
Margin expansion, Hindalco contract visibility, and the shift toward wrought aluminium make CGTL a differentiated aluminium recycling play that needs deeper due diligence.


CMR Green IPO: India’s Aluminium Recycling Leader Comes to Market

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Jain Resource Recycling / Equity Bottom-Up

<ul>
<li>Jain Resource is now aggressively pivoting toward high-margin value addition in copper and has already established itself as one of only two Indian recyclers with LME-registered lead brands.</li>
<li>The strategic deployment of INR 375 crore in IPO proceeds to repay debt will slash gearing to below 0.7x, significantly boosting net margins.</li>
<li>The shift from 61% import reliance to domestic scrap yard acquisitions aligns with India’s Critical Mineral Recycling Policy, effectively shortening the working capital cycle and shield from global logistics volatility.</li>
</ul>


Jain Resource is now aggressively pivoting toward high-margin value addition in copper and has already established itself as one of only two Indian recyclers with LME-registered lead brands.
The strategic deployment of INR 375 crore in IPO proceeds to repay debt will slash gearing to below 0.7x, significantly boosting net margins.
The shift from 61% import reliance to domestic scrap yard acquisitions aligns with India’s Critical Mineral Recycling Policy, effectively shortening the working capital cycle and shield from global logistics volatility.


The Post-IPO Play: Deleveraging and Diversification at Jain Resource Recycling

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> IPO issue is a combination of fresh issue aggregating to INR 5000Mn  and offer for sale aggregating to INR 7500Mn.</li>
<li>In this insight, we highlight the key comparisons across various operational and financial parameters between <a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> and <a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> .</li>
<li>We also compare the key segmental operational metrics like profit per kg across lead, aluminum and copper divisions and finally the valuation of both companies.</li>
</ul>



Jain Resource Recycling (2300699D IN) IPO issue is a combination of fresh issue aggregating to INR 5000Mn  and offer for sale aggregating to INR 7500Mn.
In this insight, we highlight the key comparisons across various operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) .
We also compare the key segmental operational metrics like profit per kg across lead, aluminum and copper divisions and finally the valuation of both companies.


Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the peer comparison and IPO valuations.</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the peer comparison and IPO valuations.


Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

India

Gravita India is a global recycling company specializing in the recycling of lead, aluminum, plastic, lithium-ion batteries, and waste tires through environmentally responsible processes. The company also provides turnkey recycling solutions globally. It was founded in 1992 and is headquartered in Jaipur, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Gravita India (GRAV IN)

CMR Green IPO: India’s Aluminium Recycling Leader Comes to Market

CMR Green Technologies is set to raise INR 631 crore through a pure OFS IPO, offering a unique opportunity in the aluminium recycling sector with...

Sudarshan Bhandari

The Post-IPO Play: Deleveraging and Diversification at Jain Resource Recycling

Jain Resource shifts focus to high-margin value addition in copper, repays debt to boost net margins, and aligns with India's Critical Mineral...

Nimish Maheshwari

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

In this insight, the key operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) are compared.

Sreemant Dudhoria

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CMR Green IPO: India’s Aluminium Recycling Leader Comes to Market

​CMR Green Technologies is set to raise INR 631 crore through a pure OFS IPO, offering a unique opportunity in the aluminium recycling sector with...

Sudarshan Bhandari

The Post-IPO Play: Deleveraging and Diversification at Jain Resource Recycling

​Jain Resource shifts focus to high-margin value addition in copper, repays debt to boost net margins, and aligns with India's Critical Mineral...

Nimish Maheshwari

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Jain Resource Recycling IPO : Is This Another Gravita? 8 Key Comparisons

In this insight, the key operational and financial parameters between Gravita India (GRAV IN) and Jain Resource Recycling (2300699D IN) are compared.

Sreemant Dudhoria

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

CMR Green Technologies is set to raise INR 631 crore through a pure OFS IPO, offering a unique opportunity in the aluminium recycling sector with...

Jain Resource shifts focus to high-margin value addition in copper, repays debt to boost net margins, and aligns with India's Critical Mineral...