India · Delayed Price · Currency is INR Rain Industries Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong revenue and EBITDA growth year-over-year, driven by improved pricing, disciplined cost management, and operational flexibility amid ongoing geopolitical and market volatility. The Carbon and Advanced Materials segments outperformed, while the Cement segment faced headwinds from competition and lower volumes.
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Revenue grew 20% year-over-year to INR 45.21 billion and adjusted EBITDA rose 65%, driven by strong carbon and advanced materials performance. Despite geopolitical and commodity volatility, operational discipline and cost actions supported margin recovery and improved leverage.
Fiscal Year 2025
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Fourth quarter and full year 2025 saw revenue and EBITDA growth year-over-year, led by the carbon segment, despite sequential softness and ongoing market challenges. Strategic R&D and capital discipline position the business for long-term growth and resilience.
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Q3 2025 saw sequential and year-over-year growth in revenue and EBITDA, driven by strong Carbon and Advanced Materials segment performance, improved safety, and strategic investments. Cautious optimism prevails amid macroeconomic and raw material risks.
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Q2 2025 saw a return to profitability with revenue of INR 44.01 billion and EBITDA of INR 6.17 billion, driven by strong CPC performance and improved margins in cement. Strategic investments in R&D and sustainability position the business for long-term growth.
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Q1 2025 saw revenue and EBITDA growth, led by the carbon segment, despite ongoing raw material cost pressures. Lifting of Indian CPC import restrictions and new investments in battery materials position the company for future growth. Net debt to EBITDA is expected to improve as performance recovers.
Fiscal Year 2024
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Q4 2024 saw improved EBITDA and strong advanced materials performance, despite revenue declines in carbon and cement segments. Strategic cost optimization and resumed Indian CPC operations position the company for margin recovery and growth in 2025.
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Q3 2024 saw lower revenue and EBITDA year-over-year, mainly due to margin pressures and lower realizations in carbon and cement segments. Strategic cost controls, capacity optimization, and new battery material initiatives are expected to drive future growth. CPC volumes are set to remain strong, and net leverage is projected to improve.
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Q2 2024 saw improved margins in the carbon segment and strong growth in advanced materials, though overall revenue and EBITDA declined year-over-year. Recovery to normalized earnings is expected by Q1 2025, with cost reduction strategies and regulatory approvals supporting future growth.