Rain Industries Ltd(RAIN)

NSE: RAINBSE: 500339

₹ 198.7-2.79%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,683 crNext results: 6 Nov 2026Website: www.rain-industries.comUpdated: 24 Oct 2026

About

Rain Industries Ltd makes carbon products, advanced materials and cement, operating three segments from 16 production facilities across Asia, Europe and North America. It describes itself as #1 globally in coal tar pitch (CTP) and #2 globally in calcined petroleum coke (CPC). In FY2025 it reported revenue of ₹16,945.83 crore, with Carbon contributing 73.7% of revenue. In cement, it is one of the leading grey cement makers in South India.^[1][2][3]

Business segments

Carbon contributed 73.7% of FY2025 revenue (₹13,245.42 crore). It makes CPC, CTP and other coal-tar products for the aluminium, graphite electrode, carbon black, titanium dioxide and wood preservation industries.^[3][1]
Advanced Materials contributed 20.0% of FY2025 revenue (₹3,592.74 crore). It makes resins, chemical intermediates and specialty carbon products.^[3]
Cement contributed 6.3% of FY2025 revenue (₹1,130.51 crore). It sells OPC and PPC under the Priya Cement brand from two plants in Telangana and Andhra Pradesh.^[3][1]
In Q2 2026, Carbon revenue rose 18.1% year on year to ₹37.70bn and Advanced Materials revenue rose 31.2% to ₹10.73bn. Cement revenue fell 8.9% year on year.^[4]

Products and brands

Carbon products are CPC, CTP, carbon black oil, creosote and naphthalene, plus energy from waste-heat recovery.^[1]
Advanced Materials brands are PETRORES® and LIONCOAT® for energy storage materials, CARBORES® for refractories and NOVARES® resins.^[1]
Rain markets MCMB (mesophase carbon microbeads), a battery precursor material, in North America through a distribution agreement with China Steel Chemicals of Taiwan.^[5]

Operations and capacity

As of FY2025, Rain had 16 production facilities across three continents. CPC is made in India and the US. CTP is made in Belgium, Canada, Germany, Poland and Russia.^[1]
Rain's two Carbon plants in India (one SEZ, one DTA) ran at about 90% utilisation in FY2025, after India relaxed its restrictions on green petroleum coke (GPC) imports.^[1][6]
Global calcination utilisation was about 70% as of Q4 2025.^[5]
The Suryapet cement plant in Telangana has 1.3 MT of capacity. About 40% of cement electricity came from green power as of Q3 2025.^[6]
The Technology Innovation Centre in Hamilton, Canada, runs R&D and a demonstration plant for battery anode and energy storage materials, with government grants in Canada and Germany.^[1][7]

Key operating numbers

Carbon volume was 2,593k MT in full-year 2025, and 659k MT in Q1 2026 vs 597k MT in Q1 2025.^[5]
Advanced Materials volume was 65k MT in Q1 2026 vs 60k MT in Q1 2025.^[6]
Cement volume was 2,854k MT in full-year 2025, and 575k MT in Q1 2026 vs 633k MT in Q1 2025.^[5]
In Q2 2026, Calcination volumes fell year on year because of shipment timing and sales redirected away from the Middle East. Distillation volumes rose for some products on extra demand for carbon black oil.^[4]
In Q2 2026, Cement volumes fell as competition in South India increased after pan-India players made acquisitions.^[4]

Feedstock

In FY2025, India raised its national GPC import quota from 1.4 to 1.9 MnT and approved CPC imports into the Atchutapuram SEZ site, which restarted global CPC blending.^[1]
As of FY2025, GPC supply was tight because of battery anode demand and coal tar output was declining. Rain has scaled up alternative feedstocks in Europe, India and North America.^[1]
In Q2 2026, the Distillation plants used flexibility in raw material sourcing and logistics to run above prior-year rates.^[4]

Customers and distribution

As of FY2025, Carbon had long-standing relationships with global aluminium and titanium dioxide market leaders. More than 50% of 2026 revenue was expected to come from the aluminium industry.^[1][8]
As of FY2025, Rain said it was already an established supplier to the Chinese battery market.^[1]
As of FY2025, Rain had more than 10,000 supply chain partners across the globe.^[1]
As of FY2025, the cement business offered 'Garuda' and free-door-delivery services aimed at small dealers.^[1]
Advanced Materials faces price competition from Asian resin producers in European markets.^[1][5]

Expansion and capex

A new CTP facility in India has an initial capacity of 50,000 TPA, expandable to 200,000 TPA. Approvals were received as of FY2025, and start-up is targeted for Q4 2027.^[1][5]
The Suryapet cement expansion (1.3 MT to 3.8 MT, estimated cost ₹7,570 million) has been deferred, and no expenditure had been incurred as of FY2025.^[6][1]
With Northern Graphite, Rain is developing battery-grade materials at Hamilton, Canada. The estimated investment is CAD 3.1 million, including a CAD 0.9 million grant.^[1]
Capex was US$26M in H1 2026, against US$60 - 65 million guided for CY2026.^[4][5]

Recent developments

Net debt was US$892M in Q2 2026, with net debt/EBITDA at 2.77x and total liquidity of US$313M.^[4]
No major term debt maturities are due until October 2028.^[1][8]
As of FY2025, the long-term issuer rating was IND A/Stable.^[1]
As of FY2025, the re-domiciliation deadline for the Severtar entity (Cyprus/Kaliningrad) had lapsed. Management was evaluating options and monitoring sanctions compliance.^[1]
Management expects the Amaravati capital development to drive cement demand from Q4 2026.^[4]

Market Cap

₹6,683 Cr

High / Low

₹252 / 100

Stock P/E

12.4

Price / Book

0.8

Book Value

₹221

EPS

₹1.3

No. of Shares

33.63 Cr

ROCE

8.3%

ROE

0.6%

OPM

7.9%

Debt / Equity

1.32

Sales

₹16,946 Cr

Net Profit

₹136 Cr

Promoter holding

41.4%

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Rain Industries Ltd(RAIN)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Feedstock

Customers and distribution

Expansion and capex

Recent developments

Signal history

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