Rain Industries Limited has informed the Exchange about General Updates
RAIN · price
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Rain Industries filed the Q&A transcript for Q1 FY2025 (quarter ended March 31, 2025). Management highlighted that CPC and GPC prices surged sharply in Q1 2025 due to battery anode material demand in China combined with Chinese refinery outages, though both prices have since started declining in Q2. The company has resumed its CPC blending strategy in India after import regulation relaxation, which is expected to boost volumes and modestly improve margins. Carbon distillation plants are running at ~70% capacity with no shutdowns planned, and India capex will be phased. The HHCR plant's capacity utilization is targeted to rise to 60-65% in 2025 (from 30% in 2023 and 40-45% in 2024). The CFO noted that ~$150-180 million of debt has been reduced over the past 1.5 years, with the next major repayment only due in September 2028, but further debt reduction depends on working capital easing in Q2-Q3 2025.
Positive near-term: stronger CPC prices, HHCR utilization gains, and India blending resumption should support margins. However, CTP (coal tar pitch) pricing remains pressured by raw material shortages, tariff/political risks linger, and management declined to consider Cement divestiture or equity raise, which may limit upside for shareholders hoping for balance sheet improvement.