Rain Industries Limited has informed the Exchange about Management Commentary on the Annual Audited Financial Results (Standalone and Consolidated) for the Financial Year ended on December 31, 2025
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Rain Industries held a Q&A session covering its FY2025 results. Consolidated EBITDA rose sharply from ₹14,981 million in CY2024 to ₹22,749 million in CY2025 (up ~52%), with the company reporting positive net income for the third consecutive quarter and a steady improvement in profitability. Net working capital increased to ₹39,991 million (from ₹26,262 million) mainly due to higher inventory and receivables, while Net Debt-to-EBITDA improved from 3.9x to 3.2x. Management has repaid about $132 million of principal debt over the last three years, including $44 million of senior secured notes in 2025, and guided FY2026 capex of $60–65 million (vs. $53 million in 2025). Capacity utilisation stood at roughly 70% in Carbon, 60% in Advanced Materials, and 65% in Cement; the company deferred its Cement brownfield expansion due to South India market consolidation. Other highlights include a new CTP distillation project in India targeted for Q4 2027 start-up, a Canada-based energy storage demonstration facility, and a write-off related to the insolvency of a German joint venture in chemicals. Geopolitical tensions in the Middle East are being closely monitored for energy and freight impacts.
The sharp EBITDA recovery and improved leverage ratio signal strengthening fundamentals, though elevated working capital and Middle East-related energy risks remain near-term watchpoints. The German JV write-off is a one-time, non-cash item, and management expects further EBITDA improvement in 2026 supported by global aluminium demand and new smelter capacity additions.