External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

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

Jain Resource Recycling / Equity Bottom-Up

<ul>
<li>
Jain Resource Recycling, a metal recycling company, crossed INR 9,543 crore FY26 revenue, up 48% YoY, with copper at ~55% mix and its first copper-anode furnace commissioned.</li>
<li>Copper recycling offers higher realisations and margins than lead. Jain’s early copper focus differentiates it from lead-heavy peers like Gravita, Nile, and Pondy Oxides.</li>
<li>Phase I forward integration into cathode and wire rod, with INR 95 crore capex, could lift EBITDA/tonne. Execution will drive the margin re-rating.</li>
</ul>



Jain Resource Recycling, a metal recycling company, crossed INR 9,543 crore FY26 revenue, up 48% YoY, with copper at ~55% mix and its first copper-anode furnace commissioned.
Copper recycling offers higher realisations and margins than lead. Jain’s early copper focus differentiates it from lead-heavy peers like Gravita, Nile, and Pondy Oxides.
Phase I forward integration into cathode and wire rod, with INR 95 crore capex, could lift EBITDA/tonne. Execution will drive the margin re-rating.


Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ?

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

<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

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.

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Gravita India (GRAV IN)

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ?

Jain Resource Recycling sees significant revenue growth fueled by copper focus and forward integration plans, setting it apart from lead-heavy peers.

Sudarshan Bhandari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ?

​Jain Resource Recycling sees significant revenue growth fueled by copper focus and forward integration plans, setting it apart from lead-heavy peers.

Sudarshan Bhandari

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 sees significant revenue growth fueled by copper focus and forward integration plans, setting it apart from lead-heavy peers.

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...