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Rain Industries Q3 FY26 results: net profit ₹37.68 crore vs ₹133.69 crore loss, revenue up 17.0%
Rain Industries Limited reported consolidated Q3 FY26 revenue of ₹4,301 crore, up 17.0% from a year earlier, and a net profit of ₹37.68 crore against a net loss of ₹133.69 crore in Q3 FY25. Against Q2 FY26, revenue fell 3.9% and net profit declined 71.1%, while EBITDA margin eased to 11.6% from 14.0%.
Key points
- Consolidated revenue was ₹4,301 crore in Q3 FY26, up 17.0% year on year but down 3.9% from Q2 FY26.
- EBITDA was ₹500.78 crore, up 44.8% from ₹345.96 crore in Q3 FY25 and down 20.1% from ₹626.87 crore in Q2 FY26.
- The company reported a net profit of ₹37.68 crore and EPS of ₹0.4, compared with a net loss of ₹133.69 crore and EPS of -4.8 in Q3 FY25.
- For 9M FY26, revenue was ₹16,945.83 crore and net profit was ₹135.89 crore, versus ₹15,374.39 crore and a net loss of ₹449.94 crore in 9M FY25.
- The auditors issued an unmodified opinion and included an emphasis of matter concerning uncertainties related to applicable regulations, including sanctions.
How did Rain Industries perform in Q3 FY26?
Consolidated revenue for Q3 FY26 was ₹4,301 crore, up ₹624.98 crore or 17.0% from ₹3,676 crore in Q3 FY25, but down ₹175 crore or 3.9% from ₹4,476 crore in Q2 FY26. EBITDA was ₹500.78 crore, up 44.8% year on year and down 20.1% sequentially; the margin was 11.6%, compared with 9.4% in Q3 FY25 and 14.0% in Q2 FY26.
Profit before tax was ₹65.59 crore in Q3 FY26, against a loss of ₹84.30 crore in Q3 FY25 and ₹188.93 crore in Q2 FY26. Net profit was ₹37.68 crore, compared with a net loss of ₹133.69 crore a year earlier and ₹130.32 crore in the previous quarter; EPS was ₹0.4, against -4.8 and ₹3.15, respectively.
On a standalone basis, revenue was ₹44.77 crore and profit after tax was ₹0.63 crore, with revenue up 8.4% and profit after tax of ₹16.13 crore in the year-ago period.
| ₹ crore | Q3 FY26 | Q2 FY26 | Q3 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,301 | 4,476 | 3,676 | +17.0% | −3.9% |
| Other income | 50.54 | 35.02 | 34.34 | +47.2% | +44.3% |
| Total expenses | 4,286 | 4,322 | 3,794 | +12.9% | −0.8% |
| EBITDA | 500.78 | 626.87 | 345.96 | +44.8% | −20.1% |
| EBITDA margin | 11.6% | 14.0% | 9.4% | +2.2 pp | −2.4 pp |
| Profit before tax | 65.59 | 188.93 | −84.30 | turned to profit | −65.3% |
| Tax | 27.91 | 61 | 51.78 | −46.1% | −54.2% |
| Net profit | 37.68 | 130.32 | −133.69 | turned to profit | −71.1% |
| EPS (₹) | 0.40 | 3.15 | −4.80 | turned to profit | −87.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Rain Industries' costs and profit?
Total expenses rose ₹491.29 crore or 12.9% year on year to ₹4,286 crore. Cost of materials increased ₹98.52 crore or 4.4% to ₹2,347 crore, employee cost rose ₹45.38 crore or 14.9% to ₹349.25 crore, finance costs increased ₹4.36 crore or 1.9% to ₹231.76 crore, and depreciation rose ₹16.77 crore or 7.1% to ₹253.96 crore.
Other expenses increased ₹122.52 crore or 14.3% year on year to ₹979.77 crore. Other income rose ₹16.20 crore or 47.2% to ₹50.54 crore, while tax fell ₹23.87 crore or 46.1% to ₹27.91 crore; there was no exceptional item in either quarter.
Against Q2 FY26, total expenses were lower by ₹36.14 crore, while other income was higher by ₹15.52 crore. Employee cost rose ₹23.37 crore and depreciation increased ₹18.28 crore, but tax fell ₹33.09 crore; there was no exceptional item in the previous quarter either.
| ₹ crore | Q3 FY26 | Q3 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,347 | 2,248 | +98.52 | +4.4% |
| Employee cost | 349.25 | 303.87 | +45.38 | +14.9% |
| Finance costs | 231.76 | 227.40 | +4.36 | +1.9% |
| Depreciation | 253.96 | 237.19 | +16.77 | +7.1% |
| Other expenses | 979.77 | 857.25 | +122.52 | +14.3% |
| Total expenses | 4,286 | 3,794 | +491.29 | +12.9% |
| Other income | 50.54 | 34.34 | +16.20 | +47.2% |
| Tax | 27.91 | 51.78 | −23.87 | −46.1% |
Source: Company's results filing (XBRL).
How did the first nine months of FY26 go?
For the first nine months of FY26, consolidated revenue was ₹16,945.83 crore, up ₹1,571.44 crore or 10.2% from ₹15,374.39 crore in 9M FY25. Total income rose 9.4% to ₹17,084.22 crore from ₹15,619.95 crore.
Profit before tax was ₹432.17 crore in 9M FY26 against a loss of ₹228.08 crore in 9M FY25. Net profit was ₹135.89 crore, compared with a net loss of ₹449.94 crore, while EPS was ₹1.26 against -16.78.
| ₹ crore | 9M FY26 | 9M FY25 | Change |
|---|---|---|---|
| Revenue from operations | 16,946 | 15,374 | +10.2% |
| Profit before tax | 432.17 | −228.08 | turned to profit |
| Net profit | 135.89 | −449.94 | turned to profit |
| EPS (₹) | 1.26 | −16.78 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 December 2025, total assets were ₹20,759.77 crore, compared with ₹20,498.58 crore at 30 June 2025. Total equity rose to ₹7,690.75 crore from ₹7,331.99 crore, while borrowings increased to ₹9,824.04 crore from ₹9,749.3 crore.
Cash and cash equivalents fell to ₹925.7 crore from ₹1,198.22 crore at 30 June 2025. Inventories were ₹3,622.91 crore against ₹3,539.27 crore, trade receivables were ₹2,052.69 crore against ₹2,057.18 crore, and trade payables were ₹1,243.02 crore against ₹1,282.52 crore.
For 9M FY26, operating cash flow was ₹897.24 crore, compared with ₹1,943.22 crore in 9M FY25. Investing cash flow was -₹394.56 crore against -₹212.09 crore, financing cash flow was -₹1,025.48 crore against -₹1,770.59 crore, and capital expenditure was ₹460.7 crore against ₹653.16 crore.
| ₹ crore | As of 31 December 2025 | As of 30 June 2025 |
|---|---|---|
| Total assets | 20,760 | 20,499 |
| Total equity | 7,691 | 7,332 |
| Borrowings | 9,824 | 9,749 |
| Cash and equivalents | 925.70 | 1,198 |
| Inventories | 3,623 | 3,539 |
| Trade receivables | 2,053 | 2,057 |
Source: Company's results filing (XBRL).
| ₹ crore | 9M FY26 | 9M FY25 |
|---|---|---|
| Cash from operations | 897.24 | 1,943 |
| Cash from investing | −394.56 | −212.09 |
| Cash from financing | −1,025 | −1,771 |
| Capital expenditure | 460.70 | 653.16 |
Source: Company's results filing (XBRL).
How has Rain Industries done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters. It reached ₹4,475.71 crore in Q2 FY26 before falling to ₹4,300.71 crore in Q3 FY26, while the lowest quarterly revenue in the series was ₹3,670.24 crore in Q4 FY24.
Net profit bottomed at a loss of ₹154.94 crore in Q2 FY25 and peaked at ₹130.32 crore in Q2 FY26. It fell to ₹37.68 crore in Q3 FY26, while the EBITDA margin declined from 14.0% to 11.6% after peaking at 14.3% in Q1 FY26.
Which businesses drove the quarter?
Carbon revenue rose 26.8% year on year to ₹3,485.65 crore from ₹2,748.84 crore. Segment EBIT increased to ₹481.13 crore from ₹279.76 crore, and the reported EBIT margin was 13.8%.
Advanced Materials revenue fell 3.5% to ₹839.26 crore from ₹870.04 crore, while EBIT declined to ₹22.77 crore from ₹43.53 crore. Its reported EBIT margin was 2.7%.
Cement revenue decreased 8.8% to ₹240.57 crore from ₹263.92 crore. EBIT moved from a loss of ₹12.3 crore to no exceptional item, and the reported EBIT margin was 0.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Carbon | 3,486 | +26.8% | 481.13 | 13.8% |
| Carbon | 3,486 | +26.8% | 481.13 | 13.8% |
| Advanced Materials | 839.26 | −3.5% | 22.77 | 2.7% |
| Advanced Materials | 839.26 | −3.5% | 22.77 | 2.7% |
| Cement | 240.57 | −8.8% | 0 | 0.0% |
| Cement | 240.57 | −8.8% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
Rain Industries filed an earnings presentation for the annual audited financial results for the financial year ended 31 December 2025, covering standalone and consolidated results. It also filed a management presentation and transcript for the Q4 and FY2025 annual audited financial results.
The board meeting on 27 February 2026 approved the annual audited standalone, consolidated and segment results for the quarter and financial year ended 31 December 2025. The same filing recorded the convening of the 51st Annual General Meeting on 12 May 2026; it did not announce a dividend, fund raise or appointment.
What did the auditors point out?
S. R. Batliboi & Associates LLP issued an unmodified opinion, described by the board as an unqualified opinion, on the standalone, consolidated and segment annual audited financial results. The reports include an emphasis of matter rather than a qualified opinion.
The auditors stated: “We draw attention to note 5 of the accompanying standalone financial, results, which describes the uncertainties with respect to applicable' regulations including sanctions arising from the matters more fully described therein. Our opinion is not modified in respect of this matter.” For the consolidated results, they similarly drew attention to note 3 and stated that their opinion was not modified in respect of this matter.
How did Rain Industries shares react?
Rain Industries initially traded higher after the filing, rising 2.5% after five minutes, 3.9% after 15 minutes and 4.1% after 30 minutes. By the reaction-day close, the stock was down 3.1% from its pre-results close, against a 3.2% decline for the Petrochemicals industry median; the excess sector move was 0.1 percentage points.
On earlier results days, the reaction-day moves were -2.3% on 6 November 2025, 6.0% on 6 August 2025, -3.1% on 8 May 2025, -0.2% on 25 February 2025, -2.0% on 6 November 2024, 0.3% on 6 August 2024 and -1.1% on 9 May 2024.
| After the filing | Stock | Petrochemicals median |
|---|---|---|
| 5 minutes | +2.5% | |
| 15 minutes | +3.9% | |
| 30 minutes | +4.1% | |
| Reaction day | −3.1% | −3.2% |
| Next day | −11.2% | −5.8% |
| 5 days | −18.4% | −7.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 6 November 2025 | −2.3% |
| 6 August 2025 | +6.0% |
| 8 May 2025 | −3.1% |
| 25 February 2025 | −0.2% |
| 6 November 2024 | −2.0% |
| 6 August 2024 | +0.3% |
| 9 May 2024 | −1.1% |
Source: MarketPing price-reaction measurement.
How did other Petrochemicals companies do?
Ten other Petrochemicals companies filed for the quarter, with a median revenue growth of -7.9%. Of the peers compared for revenue, eight grew more slowly than Rain Industries and two grew faster; Rain Industries’ revenue growth was 17.0%.
Among 11 peers compared for profit, seven reported higher profit. The peer comparison is as of 5 November 2026.
| Rain Industries revenue growth (YoY) | +17.0% |
|---|---|
| Median of 10 other Petrochemicals companies | −7.9% |
| Companies with slower revenue growth than Rain Industries | 8 of 10 |
| Companies with faster revenue growth than Rain Industries | 2 of 10 |
| Companies whose net profit rose | 7 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Rain Industries' revenue in Q3 FY26?
Revenue from operations was ₹4,301 crore, up 17.0% from ₹3,676 crore in Q3 FY25 (consolidated).
Did Rain Industries make a profit in Q3 FY26?
Yes. Net profit was ₹37.68 crore, against a net loss of ₹133.69 crore in Q3 FY25.
What was Rain Industries' EPS in Q3 FY26?
Basic earnings per share were ₹0.40, against a loss of ₹4.80 in Q3 FY25.
How did Rain Industries shares react to the Q3 FY26 results?
On the reaction day the stock moved −3.1% from the previous close; the median Petrochemicals stock moved −3.2%.
When did Rain Industries announce its Q3 FY26 results?
On 27 February 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 27 February 2026) · PDF
- General Updates (NSE, 9 March 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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