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RAIN - Rain Industries

📊 NSE: RAIN 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 11:30

📢 Recent Corporate Announcements

Rain Industries Reports 90%+ India Capacity Utilization; Global Recovery Expected by H2 2026

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 09 Mar 2026, 09:21 PM

Rain Industries' Indian calcination plants are currently operating at over 90% capacity following the relaxation of import restrictions, while global utilization stands at approximately 70% with a recovery expected in H2 2026. The company is navigating margin pressure caused by rising raw material (GPC) costs driven by high demand from the Battery Anode Material sector, which has not yet been fully passed on to CPC customers. Geopolitical tensions in the Middle East have led to force majeure declarations by some regional customers and increased energy costs, though US operations remain largely insulated from tariff impacts. Management remains optimistic about US aluminum smelter expansions and the company's flexible logistics network to mitigate regional disruptions.

Indian calcination plants operating at 90%+ capacity; global utilization at 70% with H2 2026 recovery target.
Rising GPC prices driven by Battery Anode Material (BAM) demand causing temporary margin pressure due to pricing lags.
Middle East geopolitical hostilities led to force majeure by some aluminum producers and higher energy costs.
US operations remain unaffected by tariffs and are positioned to support the first US greenfield smelter in decades.
Q4 2025 distillation volumes were negatively impacted by unplanned customer outages and potential plant shutdowns.

💡 Investors should monitor the company's ability to pass on higher GPC costs to customers in the coming quarters to improve margins. Key metrics to watch include the progress of global capacity utilization toward the 90% target in the second half of 2026.

Rain Industries Q4 2025 Revenue Up 17% YoY to ₹43.01B; Adjusted EBITDA Surges 47%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Feb 2026, 10:10 PM

Rain Industries reported a robust Q4 2025 with revenue reaching ₹43.01 billion, a 17% increase compared to Q4 2024. Adjusted EBITDA saw a significant jump of 47% YoY to ₹5.76 billion, driven primarily by the Carbon segment's strong performance and improved realizations. The company achieved an adjusted PAT of ₹0.51 billion, recovering from a loss in the same period last year. With $340 million in liquidity and no major debt maturities until 2028, the company maintains a stable financial position despite headwinds in the Cement and Advanced Materials segments.

Revenue from operations grew 17% YoY to ₹43.01 billion in Q4 2025.
Adjusted EBITDA increased 47% YoY to ₹5.76 billion with margins expanding to 13.4%.
Carbon segment revenue rose to ₹33.05 billion, supported by strong calcination demand and currency tailwinds.
Cement segment faced volume pressure, dropping 5% QoQ to 575k MT due to monsoon impacts.
Liquidity remains strong at $340 million with net debt at $837 million as of December 2025.

💡 The significant turnaround in profitability and strong Carbon segment performance are positive indicators for the stock. Investors should monitor the recovery of the Cement segment and the impact of raw material competition from the Li-ion battery industry on the Carbon business.

Rain Industries Q4 2025: Adjusted EBITDA Jumps 47% YoY to ₹5.76 Billion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Feb 2026, 10:02 PM

Rain Industries reported a strong Q4 2025 with revenue rising 17% YoY to ₹43.01 billion and Adjusted EBITDA increasing 47% to ₹5.76 billion. The company achieved a turnaround with an Adjusted PAT of ₹0.51 billion compared to a loss of ₹1.21 billion in Q4 2024. Growth was primarily driven by the Carbon segment's improved realizations and volumes, while the Advanced Materials and Cement segments faced seasonal and competitive pressures. Net debt increased to US$ 837 million due to higher working capital, but the company maintains a strong liquidity position of US$ 340 million.

Q4 Revenue from operations increased 17% YoY to ₹43.01 billion, led by the Carbon segment.
Adjusted EBITDA for Q4 rose 47% YoY to ₹5.76 billion, with margins expanding to 13.4%.
Carbon segment EBITDA grew to ₹5.33 billion from ₹3.67 billion YoY due to better realizations and fixed-overhead absorption.
Full-year CY 2025 Adjusted EBITDA stood at ₹22.75 billion, a significant jump from ₹14.98 billion in CY 2024.
Liquidity remains robust at US$ 340 million with no major debt maturities until October 2028.

💡 The sharp recovery in EBITDA and turnaround to profit indicate improving operational efficiency in the core Carbon business. Investors should watch for the impact of raw material competition from the Li-ion battery industry and the success of new energy storage material partnerships.

Rain Industries FY25 Standalone Net Profit Falls 75.7% YoY to ₹94.46 Million

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 Feb 2026, 09:05 PM

Rain Industries reported a significant decline in its standalone financial performance for the fiscal year ended December 31, 2025. Annual standalone net profit plummeted to ₹94.46 million from ₹389.45 million in the previous year, representing a 75.7% drop. Total standalone income also saw a sharp reduction, falling from ₹2,054.28 million in FY24 to ₹1,439.53 million in FY25. For the quarter ended December 31, 2025, standalone net profit was just ₹6.31 million compared to ₹161.33 million in the same quarter last year.

Standalone FY25 Net Profit fell 75.7% YoY to ₹94.46 million from ₹389.45 million
Total Standalone Income for FY25 decreased to ₹1,439.53 million from ₹2,054.28 million in FY24
Standalone EPS for the full year dropped significantly to ₹0.28 from ₹1.16 in the previous fiscal
Q4 FY25 standalone net profit stood at ₹6.31 million, a massive decline from ₹161.33 million in Q4 FY24
The company noted a ₹5.84 million impact due to the implementation of new Labour Codes in India

💡 The sharp decline in standalone profitability is a major concern, and investors should closely examine the consolidated results to understand global segment performance. Caution is advised as the standalone earnings per share has eroded significantly compared to the previous year.

Rain Industries Clarifies Q4 Seasonality Ahead of Feb 27 Board Meeting

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Feb 2026, 02:22 PM

Rain Industries has issued a clarification regarding its business seasonality ahead of its annual audited financial results for the year ended December 31, 2025. The management noted that the fourth quarter is historically a softer period due to industry-specific demand patterns and cyclical variations. A Board Meeting is scheduled for February 27, 2026, to approve the full-year financial statements. The company reiterated that no other material information or undisclosed developments exist at this time.

Board meeting scheduled for February 27, 2026, to approve annual audited financial statements for FY ended December 31, 2025.
Management highlights that the fourth quarter (Q4) is historically a softer period for the company's operations.
Seasonality is attributed to inherent industry-specific demand patterns and cyclical variations.
Company confirms no other material information or undisclosed events exist as of February 10, 2026.

💡 Investors should temper expectations for the upcoming Q4 results in light of the management's clarification on seasonal softness. Focus on the full-year performance and management outlook during the February 27 board meeting.

Rain Industries Subsidiary Joins €1.7M German-Funded Battery Graphite R&D Program

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 02 Feb 2026, 12:02 PM

Rain Carbon Germany, a wholly owned subsidiary of Rain Industries, has joined a three-year R&D program titled 'USE-G' to develop sustainable graphite extraction and coating technologies for the European battery industry. The project has a total budget of €1.70 million, with €1.14 million funded by the German Federal Ministry for Economic Affairs and Energy. Rain's specific role is to develop advanced carbon coating materials and sustainable processes to improve battery anode performance. This initiative aims to create a circular economy for lithium-ion batteries and reduce reliance on Chinese supply chains.

Three-year R&D program (USE-G) launched to run from January 2026 through December 2029.
Total project budget of €1.70 million with €1.14 million in government funding support.
Rain Carbon to develop sustainable carbon coating materials as alternatives to traditional coal tar.
Partnership includes Northern Graphite, H.C. Starck Tungsten, and Friedrich Schiller University Jena.
Focus on recovering graphite from battery black mass and using cleaner purification methods without hydrofluoric acid.

💡 Investors should monitor this as a strategic move to future-proof Rain's product portfolio for the EV battery supply chain. While immediate financial impact is limited, successful R&D could lead to high-margin specialty chemical opportunities by 2030.

Rain Industries Clarifies Recent Volume Spurt; No Undisclosed Material Events

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 07:14 PM

Rain Industries Limited has responded to a surveillance query from the National Stock Exchange regarding a significant increase in its trading volume. The company clarified that it has no unpublished price sensitive information or pending announcements that could impact the stock's price or volume. They stated that the recent surge in trading activity is entirely market-driven and not linked to any undisclosed corporate developments. Furthermore, the company confirmed that its board meeting to approve the annual audited financial results for the year ended December 31, 2025, is scheduled for February 27, 2026.

Responded to NSE surveillance letter dated January 29, 2026, regarding volume spurt
Confirmed no undisclosed material events or price-sensitive information exist as per Regulation 30
Attributed recent increase in trading volume to market-driven factors
Board meeting for FY ended December 31, 2025, results scheduled for February 27, 2026

💡 Investors should not read into the volume spurt as a precursor to news, as the company has officially denied any pending announcements. Focus should remain on the upcoming audited financial results scheduled for February 27, 2026.

Rain Industries Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 05:00 PM

Rain Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all equity shares received for dematerialization during the quarter ended December 31, 2025, were processed correctly. It verifies that physical certificates were mutilated and cancelled after due verification, and the depositories' names were updated in the register of members. This is a standard regulatory procedure to ensure the integrity of shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation received from Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
Dematerialization requests were processed and confirmed to depositories within the 30-day regulatory timeframe.
Physical share certificates were mutilated and cancelled after verification by the depository participant.

💡 No action is required from investors as this is a routine administrative filing confirming compliance with SEBI's dematerialization regulations.

Rain Industries Clarifies Recent Price Volatility as Market Driven

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Dec 2025, 06:51 PM

Rain Industries responded to NSE and BSE inquiries on December 31, 2025, regarding significant recent fluctuations in its stock price. The company stated that it has no undisclosed price-sensitive information and that the price movement is entirely market-driven. It also confirmed that the Board meeting to approve the annual audited financial results for the year ending December 31, 2025, is scheduled for February 27, 2026. This clarification aims to reassure investors that no hidden corporate developments are triggering the current volatility.

Responded to NSE and BSE surveillance queries on December 31, 2025, regarding price movement
Confirmed no unpublished price-sensitive information (UPSI) exists that would impact stock price
Scheduled Board Meeting for February 27, 2026, to approve annual audited financial results
Attributed recent significant share price movement to market-driven factors rather than corporate events

💡 Investors should focus on the upcoming financial results on February 27, 2026, as the company has denied any undisclosed material developments. The current price volatility appears to be driven by market sentiment rather than fundamental changes.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 13.8% YoY to INR 4,475.7 Cr. The Carbon segment led growth with an increase of INR 487 Cr (~16.7% YoY), followed by Advanced Materials which grew by INR 46 Cr (~5.9% YoY). The Cement segment saw a marginal decline of INR 4 Cr (~1.5% YoY) due to extended monsoon and market consolidation.

Geographic Revenue Split

RAIN maintains a global footprint with 42% of consolidated revenue derived from sales to the aluminum sector across Indonesia, the Middle East, and the United States. Specific regional splits for other segments were not disclosed, though the company operates distillation and calcination facilities globally.

Profitability Margins

Net profit attributable to owners reached INR 106 Cr in Q3 2025, a significant turnaround from a loss of INR 179.1 Cr in Q3 2024. Profitability is recovering as the company moves toward 'normalized' levels following a period of macroeconomic pressure.

EBITDA Margin

Adjusted EBITDA margin stood at 14.5% (INR 648 Cr) in Q3 2025, a 121.8% increase from the INR 292 Cr reported in Q3 2024. The improvement was driven by higher realizations and lower operating costs in the Carbon segment (INR 302 Cr increase) and Advanced Materials (INR 33 Cr increase).

Capital Expenditure

The Board approved a brownfield expansion for the Cement business totaling INR 757 Cr. Maintenance CapEx for the period was INR 352 Cr (US$ 41 million).

Credit Rating & Borrowing

Outstanding standalone debt is INR 241.99 Cr with a debt-equity ratio of 0.26. The company recently repaid US$ 44 million of its 2025 Notes to optimize its capital structure.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Coal Tar (by-product of steel) and Green Petroleum Coke (GPC, by-product of oil refining). These constitute the bulk of the cost of goods sold for the Carbon and Advanced Materials segments.

Import Sources

Sourced globally from oil refineries and steel plants. Specific geographic sourcing includes India (for the new distillation facility) and North America/Europe for global operations.

Key Suppliers

Suppliers include major global oil refineries (for GPC) and steel manufacturers (for Coal Tar). Specific company names like Northern Graphite and Green Graphite Technologies are mentioned for R&D collaborations.

Capacity Expansion

Current capacities: Calcination at 2.4 MTPA, Coal Tar Distillation at 1.3 MTPA, Advanced Materials at 0.5 MTPA, and Cement at 4.3 MTPA. Cement is expanding to 6.6 MTPA (a 53% increase) via a brownfield project.

Raw Material Costs

Raw material costs were impacted by elevated prices and higher inventory levels following the relief of import restrictions. The company manages costs through long-standing supplier relationships and an integrated converter model.

Manufacturing Efficiency

Efficiency is driven by co-generation of power and the use of by-products. The company measures performance on an 'EBITDA per tonne' basis rather than percentage to account for raw material price fluctuations.

Logistics & Distribution

RAIN utilizes a diversified geographical footprint and an advantageous freight network to serve non-Chinese aluminum smelters efficiently.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be achieved through a 2.3 MTPA expansion in Cement capacity, the commencement of Indian carbon distillation operations in H2 FY26, and R&D into Battery Anode Materials (BAM) for the EV market. The company is also pivoting toward high-margin specialty products in the Advanced Materials segment.

Products & Services

Calcined Petroleum Coke (CPC), Coal Tar Pitch (CTP), Carbon Black Oil (CBO), Cement bags, Pavement sealers, Creosote, and naphthalene-based specialty chemicals.

Brand Portfolio

RAIN, RAIN Carbon Inc., and various seasonal product lines like pavement sealers.

New Products/Services

New initiatives include Battery Anode Material (BAM) and Energy Storage Materials (ESM). Revenue from the Indian distillation facility is expected to scale significantly in FY27.

Market Expansion

Targeting the Indian market for carbon distillation and global markets for BAM. The company is focusing on non-Chinese aluminum smelters due to Chinese capacity caps.

Market Share & Ranking

RAIN is a leading global producer of CPC and CTP, benefiting from a structural shift as China enforces a 45 million tonne cap on domestic smelting.

Strategic Alliances

Strategic collaboration with Northern Graphite (CAD 3.1 million project) and an agreement with Green Graphite Technologies for BAM R&D.

🌍 External Factors

Industry Trends

The industry is shifting toward non-Chinese supply for carbon products due to China's environmental caps on smelting. RAIN is positioning itself to capture this 'structural shift' in demand.

Competitive Landscape

Competitors include national players in the Indian cement market and global carbon chemical producers. RAIN differentiates through specialty, high-performance products.

Competitive Moat

Moat is built on an integrated 'converter' model, proprietary R&D in distillation, and strategically located global facilities that provide logistics advantages.

Macro Economic Sensitivity

Sensitive to global aluminum demand and construction cycles. Easing macroeconomic pressures are expected to help normalize performance.

Consumer Behavior

Increased prioritization of reliability, sustainability, and performance by global customers is driving demand for RAIN’s advanced materials.

Geopolitical Risks

Trade barriers and geopolitical tensions are cited as ongoing uncertainties that could impact demand and margin stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to import restrictions on raw materials (recently relieved) and Chinese government caps on national smelting capacity (45 million tonne limit).

Environmental Compliance

The company is focused on ESG compliance for sustainable operations, including 187 MW of co-generation and solar power to meet environmental standards.

Taxation Policy Impact

The average Effective Tax Rate (ETR) is expected to be 32-36%. The 2025 US Tax Bill now allows interest expense deductions based on EBITDA (vs EBIT), improving cash flow.

⚠️ Risk Analysis

Key Uncertainties

Key risks include volatility in raw material prices (GPC/Coal Tar), potential for new capacity additions in the cement sector, and global trade barriers.