Rain Industries LimitedQ1 FY27 Results & Financial Update

Rain Industries Limited: Q1 FY27 consolidated results and company financials – revenue ₹5,167.16 Cr, PAT ₹340.99 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: RAINPublished 13 Oct 2026Updated 13 Oct 2026~7 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹5,167.16 CrReported Q1 FY27
Profit after tax₹340.99 CrReported Q1 FY27
EPS₹8.81Reported Q1 FY27

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Quarterly Results AnalysisExplore Rain Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

Rain Industries Limited delivered consolidated revenue from operations of INR 51,671.58 million for the quarter ended June 30, 2026, marking a 17.4 percent increase compared to INR 44,013.83 million in the corresponding quarter of the previous year. Topline growth was driven primarily by higher average sales realizations across key product lines, offset partially by lower shipment volumes in select areas.

02

Profit before tax (PBT) for Q1 FY27 surged to INR 5,010.68 million compared to INR 2,035.94 million in Q1 FY25, while net profit (PAT) attributable to owners rose significantly to INR 2,962.06 million from INR 607.01 million year-over-year. Basic and diluted earnings per share (EPS) for the quarter stood at INR 8.81 compared to INR 1.80 in the same period last year.

03

Operating performance was supported by disciplined cost control, favourable inventory pricing, and the positive margin realization of lower-cost inventory carried from earlier periods as it flowed through cost of sales during the quarter. Favourable foreign exchange movements also provided translation benefits, with the Euro and US Dollar appreciating against the Indian Rupee.

04

Within segments, the Carbon business generated revenue of INR 37,700 million, benefiting from higher realizations in calcination and distillation despite volume contraction in calcination. The Advanced Materials segment reported revenue of INR 10.73 billion, representing a 31.2 percent year-over-year increase supported by improved demand for engineered products.

05

Conversely, the Cement segment experienced an 8.9 percent revenue decline year-over-year to INR 2,968.30 million due to lower volumes and competitive pricing pressures in South India following acquisitions by pan-India players.

06

The company maintained a cautious stance regarding ongoing geopolitical disruptions in the Middle East and Red Sea trade routes, which have affected raw material flows and shipping logistics. Management focused on building safety stock in India to mitigate supply chain uncertainties, impacting short-term operating cash utilization.

07

The Board of Directors declared an interim dividend of 50 percent—equivalent to INR 1.00 per equity share on a face value of INR 2.00—aggregating to INR 336.35 million, with August 14, 2026, set as the record date.

01 · Business model

What does Rain Industries do?

Rain Industries Limited operates globally across three primary business segments: Carbon, Advanced Materials, and Cement. The Carbon segment produces calcined petroleum coke (CPC), coal tar pitch, and carbon black oil, which serve as crucial raw materials for aluminium smelting and other industrial applications.

The Advanced Materials segment manufactures specialized downstream products derived from chemical distillation, leveraging raw material innovation and a diverse basket of traditional and alternative inputs.

The Cement segment manufactures and distributes cement primarily catering to regional demand in South India, with distribution networks influenced by local infrastructure activity and competitive regional dynamics.

The company's operational model emphasizes flexible global sourcing, logistical capabilities to handle alternative raw materials at short notice, and disciplined cost management across its manufacturing footprint.

02 · Historical context

What shaped the business before this quarter

Shift of Severtar Holding Limited

During the year ended December 31, 2024, shareholders of step-down subsidiary Severtar Holding Limited transferred the entity from Cyprus to the Special Administrative Region of Kaliningrad, completing registration as Severtar Holding LLC during Q1 FY27 while fulfilling remaining Cyprus regulatory requirements.

Net Investment in Foreign Operation Designation

Effective October 1, 2023, and expanded from April 1, 2025, the group designated certain inter-company loans between US and Germany subsidiaries as net investment in foreign operations, recognizing related foreign exchange translation differences through Other Comprehensive Income.

03 · Financial snapshot

Current-quarter financial snapshot

MetricQ1 FY27
Revenue from operations₹5,167.16 Cr
Total income₹5,200.22 Cr
Profit before tax₹501.07 Cr
Profit after tax₹340.99 Cr
EPS₹8.81

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Realization-Led Topline Growth

Consolidated revenue increased to INR 51,671.58 million, up 17 percent year-over-year, driven primarily by higher sales prices across multiple product lines despite lower overall shipment volumes.

Carbon Segment Expansion

Carbon segment revenue rose to INR 37.70 billion (an 18.1 percent increase year-over-year), supported by improved realizations in both calcination and distillation businesses.

Advanced Materials Demand

Advanced Materials revenue reached INR 10.73 billion, reflecting a 31.2 percent surge over Q1 FY25 driven by increased demand for engineered products and favorable Euro currency translation.

What drove margins

Foreign Currency Translation Benefits

The appreciation of the Euro and U.S. Dollar by approximately 13.5 percent and 10.7 percent respectively against the Indian Rupee provided meaningful translation benefits to EBITDA and profitability.

Cement Segment Headwinds

Cement segment margins were compressed by elevated logistics and fuel costs, alongside pricing realizations that failed to fully offset heightened competitive pressures in South India.

05 · Demand, customers & order book

Where demand is coming from

Aluminium Industry Exposure

The global aluminium industry accounted for approximately 50 percent of the company's revenue, serving as a primary operational driver amidst idled smelting capacity outside the Middle East.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Carbon Segment Results

Carbon segment revenue reached INR 40,211.32 million before inter-segment eliminations, with segment results (operating profit) totaling INR 7,732.54 million compared to INR 5,787.62 million in Q1 FY25.

Advanced Materials Segment Results

Advanced Materials revenue stood at INR 11,978.70 million gross, generating segment operating profit of INR 1,605.94 million compared to INR 552.74 million in the corresponding quarter of the previous year.

Cement Segment Results

Cement segment revenue declined to INR 2,968.30 million, yielding a segment operating profit of INR 59.88 million compared to INR 243.53 million in Q1 FY25 due to regional competition and lower volumes.

Geography and market mix

Middle East Geopolitical Impacts

Hostilities in the Persian Gulf and trade route disruptions affected raw material sourcing and forced the redirection of some Middle East-bound calcined petroleum coke sales into spot markets in other regions.

Regional Demand in India

Cement demand in South India remained mixed due to regional variations in infrastructure spending, with expectations that the proposed development of Amaravati as the capital of Andhra Pradesh will serve as a demand driver from Q4 2026.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Plant Operating Rates

Distillation plants operated at rates generally above prior-year levels, supported by the ability to utilize raw material source flexibility and logistical infrastructure to receive alternative raw materials at short notice.

Calcination Volume Pressures

Calcination volumes declined year-over-year due to shipment timing adjustments and the rerouting of sales away from disrupted Middle East logistics corridors.

Projects, capex and execution

H1 2026 Capital Expenditures

Capital expenditures, including plant turnaround costs and essential maintenance, totaled USD 26 million (INR 2.43 billion) for the first six months of 2026 to ensure asset reliability.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Alternative Raw Material Sourcing

The company continued to leverage long-term investments in raw material flexibility across coal tar, petroleum tar, and green petroleum coke to navigate shifting supply conditions.

09 · Reported developments

What changed operationally

Year-over-Year Earnings Recovery

Consolidated PAT rose sharply to INR 3,409.86 million in Q1 FY27 from INR 829.95 million in Q1 FY25, reflecting operational resilience and margin normalization.

Strong Liquidity Buffer

The company closed the quarter with USD 172 million in cash and cash equivalents, alongside USD 141 million in undrawn revolving credit facilities.

10 · Pressure points & risks

What is not going smoothly

Geopolitical Logistics Friction

Ongoing hostilities in the Persian Gulf and potential trade route bottlenecks in the Red Sea and Rhine River introduced ongoing volatility into shipping schedules and feedstock costs.

11 · Items worth noticing

The line items that can distort a quick read

Severtar Holding Regulatory Updates

Subsidiary Severtar Holding Limited continued fulfilling Cyprus regulatory requirements while repatriating profits directly to shareholders of its newly registered Kaliningrad entity.

12 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Operating cash flow₹1,876.78 CrHalf year ended June 30, 2026
Capital expenditure₹-2,431.17 CrHalf year ended June 30, 2026
Half-Year Cash Flow Position

Net cash generated from operating activities for the half year ended June 30, 2026, was INR 1,876.78 million, compared to a cash outflow of INR 1,967.41 million in the corresponding period of 2025.

Capital allocation & funding

Gross and Net Debt Profile

Gross debt at the end of Q1 FY27 stood at USD 1.064 billion (including USD 257 million of working capital borrowings), while net debt was USD 892 million.

Leverage and Maturity

The net debt-to-EBITDA ratio based on last twelve months EBITDA of USD 322 million improved to 2.8x. The next significant term debt maturity is scheduled for October 2028.

13 · Beyond the numbers

What changed beyond the numbers

Reported update

Interim Dividend Declaration

The Board declared an interim dividend of INR 1.00 per share (50 percent on a face value of INR 2.00) for the financial year ending December 31, 2026, aggregating to INR 336.35 million.

Reported update

Independent Director Re-Appointment

The Board approved the re-appointment of Mr. Robert Thomas Tonti as an Independent Director for a 5-year term effective October 31, 2026, subject to shareholder approval.

14 · Previous-quarter changes

What changed since the previous quarter

Sequential Revenue Expansion

Consolidated revenue rose from INR 45,207.30 million in Q4 FY26 (quarter ended March 31, 2026) to INR 51,671.58 million in Q1 FY27.

15 · Key Q&A

The quarter, answered directly

What does Rain Industries do?

Rain Industries Limited operates globally across three primary business segments: Carbon, Advanced Materials, and Cement. The Carbon segment produces calcined petroleum coke (CPC), coal tar pitch, and carbon black oil, which serve as crucial raw materials for aluminium smelting and other industrial applications.

What is the clearest takeaway from Q1 FY27?

Rain Industries Limited delivered consolidated revenue from operations of INR 51,671.58 million for the quarter ended June 30, 2026, marking a 17.4 percent increase compared to INR 44,013.83 million in the corresponding quarter of the previous year. Topline growth was driven primarily by higher average sales realizations across key product lines, offset partially by lower shipment volumes in select areas.

What drove revenue or demand?

Consolidated revenue increased to INR 51,671.58 million, up 17 percent year-over-year, driven primarily by higher sales prices across multiple product lines despite lower overall shipment volumes.

What mattered most for margins or profitability?

The appreciation of the Euro and U.S. Dollar by approximately 13.5 percent and 10.7 percent respectively against the Indian Rupee provided meaningful translation benefits to EBITDA and profitability.

What changed operationally beyond the headline numbers?

Distillation plants operated at rates generally above prior-year levels, supported by the ability to utilize raw material source flexibility and logistical infrastructure to receive alternative raw materials at short notice.

What are the main pressure points disclosed for the quarter?

Ongoing hostilities in the Persian Gulf and potential trade route bottlenecks in the Red Sea and Rhine River introduced ongoing volatility into shipping schedules and feedstock costs.

16 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.

17 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Working Capital Normalization: Monitor management's stated expectation for inventory levels and working capital to moderate during the second half of 2026 subject to logistics normalization.

  2. 02

    Middle East Shipping and Geopolitics: Track developments regarding Persian Gulf trade routes, aluminum smelter capacity status, and raw material GPC availability and pricing trends.

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