Jain Resource Recycling Ltd IPO

Prior to our conversion as a private limited company under the applicable provisions of the Companies Act, 2013, our business was carried out in the name of ain Metal Rolling Mills', the erstwhile partnership firm, originally formed pursuant to a deed of partnership dated April 1, 1953 which was reconstituted several times. The first reconstitution was on April 1, 1993 followed by a subsequent reconstitution on April 1, 1999 with Shantilal Jain, Kantilal, Kamlesh Jain and Posibai as partners in the firm. Thereafter, with the exit of Kantilal and admission of Shreyansh Jain into the partnership it was further reconstituted on April 1, 2013 followed by amendment of the partnership arrangement on November 1, 2013 and on April 1, 2014 on exit of Posibai from the partnership. On April 1, 2017, the partnership was reconstituted with Shantilal Jain, Kamlesh Jain and Shreyansh Jain as partners. Subsequently, pursuant to the deed of reconstitution dated January 22, 2021, the partnership firm was further reconstituted with Kamlesh Jain and Sanchit Jain as partners having a profit sharing ratio of 99:1. Pursuant to an application for registration dated February 14, 2022 under Chapter XXI Part I of the Companies Act, 2013, the erstwhile partnership firm applied for its conversion into a private limited company with transfer of capital contribution of Kamlesh Jain and Sanchit Jain, being Rs. 396 million and Rs. 4 million respectively, for consideration other than cash, being the share capital of the private limited company and consequent conversion of partnership accounts of the firm into financials of the private limited company. Subsequent to such conversion, a certificate of incorporation dated February 25, 2022 was issued by the Registrar of Companies, Central Registration Centre in the name of ain Resource Recycling Private Limited' to our Company. Thereafter, our Company was converted into a public limited company, as approved by our Shareholders pursuant to a resolution dated February 5, 2025, and a fresh certificate of incorporation dated February 25, 2025, was issued by the Registrar of Companies, Central Processing Centre, recording the change in the name of our Company to ain Resource Recycling Limited'.

The need for metal recycling is pressing, as the industry is a significant contributor to greenhouse gas emissions. The secondary copper industry in India has witnessed significant growth in recent years, driven by increasing demand and a shift towards sustainable practices. The share of secondary copper increased from 24% in FY19 to 38% in FY23. Further, it is projected to grow to 55% by 2030. Between FY19 and FY24E, the demand for secondary copper increased from 278.2 kT to 645.0 kT, registering an ~18% CAGR. The demand for secondary aluminium in India has experienced a remarkable surge, with a CAGR of approximately 8% from FY 2019 to FY 2024. In FY 2024, the demand for secondary aluminium reached 1.9 million tonnes, driven by robust automobile production and construction activities. Demand for secondary lead has experienced steady growth, increasing from 0.98 million tonne in FY 2019 to 1.18 million tonne in FY 2024-a CAGR of 3.8%. This upward trend is expected to continue in the years to come, with demand for lead logging a CAGR of 5.5-6.5% to reach 1.6-1.7 million tonne by 2030.

We are India's largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for Fiscal 2024, Fiscal 2023 and Fiscal 2022 (Source: CRISIL). We are primarily focused on recycling of non-ferrous metal scrap and our product portfolio comprises of (i) lead and lead alloy ingots; (ii) copper and copper ingots; and (iii) aluminium and aluminium alloys. We also partnered with M/s Ikon Square Limited UAE for the purposes of setting up our gold refining facility at Sharjah UAE. We are also engaged in trading of non-ferrous metals and other commodities.