Rain Industries Limited has informed the Exchange about Transcript of Management Commentary on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the First Quarter ended March 31, 2025.
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Rain Industries reported Q1 FY2025 consolidated net revenue of ₹37.46 billion, up from ₹36.57 billion YoY, with adjusted EBITDA of ₹4.34 billion (slight improvement over Q4 2024, ahead of Q1 2024). The Carbon segment drove growth, with revenue rising 10.8% to ₹27.34 billion and EBITDA up ₹1.63 billion YoY, supported by CPC volume gains after the CAQM lifted India's six-year import restrictions and a sharp rise in Chinese CPC prices. Advanced Materials revenue fell 11.9% to ₹7.24 billion and EBITDA dropped ₹432 million due to European raw material shortages and higher gas costs. Cement revenue declined 21.5% on lower volumes and realizations amid market consolidation. Gross debt stood at $989 million with net debt/EBITDA at 4.5x, and management targets deleveraging toward 3.0x over coming quarters. A new R&D and demonstration plant for battery anode materials in Canada was announced, positioning the company in the EV/battery supply chain.
Positive near-term: Carbon segment recovery, CPC price tailwinds, and a clear deleveraging roadmap (4.5x → 3.0x net debt/EBITDA) are supportive. Offsetting concerns remain in Advanced Materials (margin pressure from raw materials) and Cement (pricing pressure from national player consolidation), though management sees both stabilizing later in 2025.