NSE: RAIN · BSE: 500339
RAIN INDUSTRIES LIMITED
Produces carbon-based raw materials and chemicals through three segments. Carbon, which made up 73.9% of segment revenue in Q1 FY2026 at ₹3,527.6 crore, makes calcined petroleum coke (CPC), graphitized petroleum coke (GPC) and coal tar pitch (CTP) that feed aluminum smelters, with Carbon distillation capacity running at roughly 70% utilization. Advanced Materials, 20.4% of segment revenue at ₹975.0 crore, makes chemical intermediates, resins and hydrogenated hydrocarbon resins (HHCR), and is developing battery anode and energy storage materials from a Canada R&D lab and demonstration plant. Cement, 5.7% of segment revenue at ₹273.8 crore, sells cement in South India and posted a small operating loss in Q1 FY2026 amid national-player consolidation. Q1 FY2026 consolidated revenue was ₹45,207 million with an adjusted EBITDA margin of 15.8%, up from 11.5% a year earlier, driven mainly by higher CPC volumes and better pricing in Carbon. The largest input cost pressure is raw materials, including petroleum coke feedstock for Carbon and European-sourced inputs for Advanced Materials. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Carbon (74%), Advanced Materials (20%), Cement (6%). Cyclical, asset-heavy carbon and chemicals producer exposed to aluminum, steel and construction end-markets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,934 | 3,676 | 3,768 | 4,401 | 4,476 | 4,301 | 4,521 | 5,167 |
| Profit before tax | (108) | (84) | (26) | 204 | 189 | 66 | 256 | 501 |
| Net profit | (155) | (134) | (115) | 83 | 130 | 38 | 158 | 341 |
| EPS (₹) | (5.33) | (4.80) | (4.09) | 1.80 | 3.15 | 0.40 | 3.61 | 8.81 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Carbon | 6,994 | 37.3 |
| (b) Advanced Materials | 1,973 | 10.5 |
| (c) Cement | 550 | 2.9 |
| Carbon | 6,896 | 36.7 |
| Advanced Materials | 1,788 | 9.5 |
| Cement | 567 | 3.0 |
| Total, before eliminations | 18,768 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME PETROCHEM LIMITED | 13,605 | 28.1 | 5.72 | 24.0 | 13.9 | 17.6 | — | 20.4 |
| SWAN CORP LIMITED | 7,539 | 36.2 | 0.82 | 15.8 | 3.0 | 3.3 | 68.6 | 3.0 |
| RAIN INDUSTRIES LIMITED ◆ | 7,052 | 13.1 | 0.85 | — | 6.0 | 4.3 | — | 19.3 |
| BHANSALI ENG. POLYMERS LT | 2,719 | 13.6 | 2.51 | 9.1 | 16.6 | 22.4 | (0.2) | 19.6 |
| DCW LTD | 1,283 | 18.0 | 1.19 | — | 4.5 | 5.4 | — | 7.6 |
| MANALI PETROCHEMICALS LT | 1,254 | 7.0 | 0.98 | 4.8 | 10.1 | 10.9 | 0.1 | 35.2 |
| TAMILNADU PETROPRODUCTS L | 1,009 | 7.1 | 0.99 | 7.3 | 9.6 | 10.2 | 5.1 | 16.3 |
| KOTHARI PETROCHEM LTD | 642 | 8.9 | 1.73 | — | 19.5 | 24.9 | — | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.1 | 13.4 | 6 of 12 | 55% |
| P/B | 0.8 | 1.0 | 4 of 11 | 70% |
| ROCE | 4.3 | 6.1 | 9 of 14 | 39% |
| ROE | 6.0 | 6.3 | 7 of 11 | 40% |
| Debt / Equity | 1.3 | 0.2 | 11 of 11 | 0% |
| EBITDA margin | 19.3 | 12.0 | 4 of 12 | 73% |
| Revenue growth | 17.4 | 14.6 | 4 of 12 | 73% |
| Profit growth | 310.9 | 42.9 | 2 of 13 | 92% |
| Market cap | 7052 | 826 | 3 of 14 | 85% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to consider Q3 results and second interim dividend | corporate actions | high | — | — |
| 7 Oct 2026 · Newspaper notice on physical share transfers, IEPF and KYC update | compliance | minimal | — | — |
| 6 Oct 2026 · Routine compliance filing on share dematerialization for Q2 FY26 | compliance | minimal | — | — |
| 29 Sept 2026 · Rain Industries board to consider Q3 FY26 results on Nov 6 | results | low | — | — |
| 24 Sept 2026 · Rain Carbon (subsidiary) partners with BioBTX to produce renewable aromatic chemicals | compliance | low | — | — |
| 16 Sept 2026 · Rain Industries credit rating affirmed at IND A with stable outlook | credit debt | medium | — | — |
| 11 Sept 2026 · Independent Director Robert Tonti re-appointed for 5 years via postal ballot | management changes | medium | — | — |
| 12 Aug 2026 · Rain Industries Q2 FY26 commentary: volumes dip, debt cut to about 3x EBITDA targeted | investor communications | medium | — | — |
| 11 Aug 2026 · Postal ballot for re-appointment of Independent Director | compliance | minimal | — | — |
| 10 Aug 2026 · Rain Industries Q2 profit jumps 5x YoY, board declares Rs 1 interim dividend | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.