RAIN

Rain Industries share price & financials

Price
₹191
Market cap
₹7.5k Cr
Sector
Chemicals
Calls analysed
8
Latest concall · Q1 FY27 · call held 12 Aug 2026

Rain Industries Limited Q2 2026

Cumulative Revenue ₹1,30,000 cr Carbon Segment Volume Growth -0.1 yoy −10%Carbon Segment Utilization 69% Deferred Shipments 10,000 metric tonnes

What went well

  • Carbon segment utilization remained at 69%, broadly in line with Q1 and CY2025 average, with plans to restart a US kiln for improved utilization.
  • Expectation for Carbon segment volumes to move back toward more normal levels in Q3 2026, despite deferred shipments of 10,000-15,000 metric tonnes in Q2.
  • Advanced Materials segment performance supported by improved demand, better product mix, and disciplined cost-reduction measures.

What to watch

  • Carbon segment volumes were approximately 10 percent lower compared to second quarter of last year due to deferred shipments.
  • Working capital increased materially during the quarter, primarily due to building safety stocks for Indian calciners in response to Middle East disruptions and logistics uncertainty.
Read the full call →

What Rain Industries Limited does

Rain Industries is a vertically integrated global producer operating in three segments: Carbon, Advanced Materials and Cement. Its Carbon segment converts by-products of oil refining and steel production (green petroleum coke, coal tar) into calcined petroleum coke, coal tar pitch and other high-value carbon products used as raw materials by the aluminium, graphite, carbon black, wood preservation, titanium dioxide and refractory industries. Its Advanced Materials segment further refines a portion of this carbon output into specialty chemical products (resins, chemical intermediates, engineered products) used in coatings, construction and petroleum applications, while its Cement segment runs two integrated plants in South India making ordinary portland cement (OPC) and portland pozzolana cement (PPC). The company sources from major global oil refiners and steel producers and sells to long-standing industrial customers including large aluminium, graphite and specialty-chemicals companies worldwide.

Segments

  • Carbon
  • Advanced Materials
  • Cement
Production facilities
16 facilities across 7 countries (US, Canada, Germany, Belgium, Poland, Russia, India) on 3 continents
Global market position
#1 global producer of coal tar pitch; #2 global producer of calcined petroleum coke
Calcination capacity
2.4 million tonnes per annum (MnTPA)
Cement capacity
4.0 million tonnes per annum (MnTPA)
Coal tar distillation capacity
1.3 million tonnes per annum (MnTPA)
Advanced Materials capacity
0.5 million tonnes per annum (MnTPA)
Founded 1974Headquarters Hyderabad, Telangana, IndiaEmployees 2,300 (FY2025 (Dec 31, 2025)) Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 1 delivered 6 missed 10 open
  • CPC Sales Volumes delivered said Q2 FY25 Promised: maintain higher growth level Q4 and beyond in 2025 Q1 FY27: The original promise for 2025 was achieved. Subsequent volume performance in 2026 is tracked under a separate promise.
  • OSHA safety reporting norms completion went quiet said Q2 FY25 Promised: by 2024 Q1 FY27: Not addressed. The deadline has long passed.
  • Indian Carbon Distillation Revenue delayed said Q1 FY26 Promised: begin generating revenue in later part of 2026 Q1 FY27: The timeline has been further delayed. Management now expects to commence operations of the first phase in early 2028.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.4%, net profit up 310.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue3,934 3,676 3,768 4,401 4,476 +14%4,301 +17%4,521 +20%5,167 +17%
EBITDA216 346 380 629 627 +190%501 +45%697 +83%964 +53%
Net profit-155 -134 -115 83 130 +184%38 +128%158 +237%341 +311%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +54.4% 1Y

₹100₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 9 Mar 2026Q4 FY26 — 14 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹139.84 on 10 Sept 2025 → ₹215.97. High ₹243 (6 Aug 2026), low ₹101.48 (8 Dec 2025).

How the price took the results

close before → close after

Q1 FY27
+3.2%
12 Aug
Q4 FY26
+0.9%
14 May
Q3 FY26
−12.8%
9 Mar
Q2 FY26
−1.3%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 3.3% a year over 2 years, FY23 to FY25. Operating margin widened to 12.6%.

Year endingFY23FY24FY25
Revenue₹18.1k Cr₹15.4k Cr₹16.9k Cr
Operating profit₹933 Cr₹1.3k Cr₹2.1k Cr
Operating margin5.1%8.3%12.6%
Interest₹819 Cr₹941 Cr₹921 Cr
Depreciation₹777 Cr₹807 Cr₹922 Cr
Net profit₹-796 Cr₹-450 Cr₹136 Cr
Net margin-4.4%-2.9%0.8%
Cash from operations₹3.1k Cr₹1.9k Cr₹897 Cr
Free cash flow₹2.5k Cr₹1.3k Cr₹441 Cr
ROCE2.0%4.0%8.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY20FY21FY22FY23FY24FY25
Equity capital₹67 Cr₹67 Cr₹67 Cr₹67 Cr₹67 Cr₹67 Cr
Reserves₹5.5k Cr₹6.0k Cr₹8.4k Cr₹7.3k Cr₹6.6k Cr₹7.4k Cr
Borrowings₹8.9k Cr₹8.5k Cr₹9.7k Cr₹8.7k Cr₹8.5k Cr₹9.8k Cr
Other liabilities₹3.5k Cr₹3.9k Cr₹3.8k Cr₹4.0k Cr₹3.8k Cr₹3.5k Cr
Total liabilities₹17.9k Cr₹18.5k Cr₹21.9k Cr₹20.0k Cr₹18.9k Cr₹20.8k Cr
Fixed assets₹11.1k Cr₹10.9k Cr₹12.0k Cr₹11.4k Cr₹11.2k Cr₹12.5k Cr
Capital work in progress₹931 Cr₹791 Cr₹467 Cr₹432 Cr₹473 Cr₹336 Cr
Investments₹15 Cr₹13 Cr₹14 Cr₹17 Cr₹26 Cr₹29 Cr
Other assets₹5.8k Cr₹6.7k Cr₹9.5k Cr₹8.2k Cr₹7.3k Cr₹7.9k Cr
Total assets₹17.9k Cr₹18.5k Cr₹21.9k Cr₹20.0k Cr₹18.9k Cr₹20.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +4.81 pp while FIIs trimmed −2.80 pp. The shareholder count shrank 6% to 1,92,433.

Promoters
41.4%
FIIs
8.0%
DIIs
2.7%
Government
0.3%
Public
47.6%

Since Jun 2025

  • Public +4.81 pp
  • FIIs −2.80 pp
  • DIIs −2.18 pp

How it drifted, 12 quarters

Over this window FIIs fell from 16.3% to 8.0% — −8.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 41.1%, FIIs 16.3%, DIIs 0.3%, Government 0.3%, Public 42.0%.Dec '23: Promoters 41.1%, FIIs 12.1%, DIIs 0.3%, Government 0.3%, Public 46.1%.Mar '24: Promoters 41.1%, FIIs 8.8%, DIIs 1.8%, Government 0.3%, Public 48.0%.Jun '24: Promoters 41.1%, FIIs 8.4%, DIIs 2.6%, Government 0.3%, Public 47.5%.Sep '24: Promoters 41.1%, FIIs 10.1%, DIIs 2.9%, Government 0.3%, Public 45.5%.Dec '24: Promoters 41.1%, FIIs 10.5%, DIIs 3.2%, Government 0.3%, Public 44.9%.Mar '25: Promoters 41.2%, FIIs 10.7%, DIIs 4.2%, Government 0.3%, Public 43.6%.Jun '25: Promoters 41.2%, FIIs 10.8%, DIIs 4.8%, Government 0.3%, Public 42.8%.Sep '25: Promoters 41.2%, FIIs 10.4%, DIIs 4.6%, Government 0.3%, Public 43.4%.Dec '25: Promoters 41.2%, FIIs 8.5%, DIIs 4.9%, Government 0.3%, Public 45.1%.Mar '26: Promoters 41.4%, FIIs 8.1%, DIIs 2.1%, Government 0.3%, Public 48.1%.Jun '26: Promoters 41.4%, FIIs 8.0%, DIIs 2.7%, Government 0.3%, Public 47.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Rain Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sujala Investments Private Limited 11.29%unchanged
Ms. N. Anupama Reddy 8.12%unchanged
Rain Enterprises Private Limited 7.53%unchanged
Mr. N. Radhakrishna Reddy 3.09%unchanged
Mr. N. Sujith Kumar Reddy 2.98%unchanged
Meghamala Enterprises Private Limited 2.86%unchanged
Nivee Holdings Private Limited 2.56%unchanged
Ms. N. Indira Reddy 2.23%unchanged
First Water Fund Class C AIF1.68%−0.73 pp
Arunachala Holdings Private Limited 1.57%unchanged
ICICI Prudential Under Various Schemes Mutual fund1.47%unchanged
Matruchhaya Mercantile Private Limited 1.39%−0.10 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Rain Industries Limited

Guides on how to read this kind of business and the numbers that matter.