Rain Industries Limited (RAIN)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹208.71 ↑ 38.56% (1Y)

🎯 Key Takeaways

Rain Industries Limited is transitioning from a legacy chemical producer into a technology-driven materials company with strategic focus on advanced carbon materials and battery-grade inputs, supported by targeted R&D and global expansion. Despite near-term profitability pressures, the company is building operational resilience and positioning for long-term structural growth in high-demand segments like battery materials and sustainable industrial inputs.
Revenue declined 6.6% QoQ to ₹3,676 in Q3FY25.
⚠️ Geopolitical disruptions in raw material supply chains, particularly from the Persian Gulf, pose ongoing input cost and availability risks for calcine

Market Cap

₹5,280

P/E Ratio

-11.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Rain Industries Limited is transitioning from a legacy chemical producer into a technology-driven materials company with strategic focus on advanced carbon materials and battery-grade inputs, supported by targeted R&D and global expansion. Despite near-term profitability pressures, the company is building operational resilience and positioning for long-term structural growth in high-demand segments like battery materials and sustainable industrial inputs.

📰 What's Happening

In its May 14, 2026 financial results filing, Rain Industries highlighted robust growth in Carbon and Advanced Materials segments, driven by aluminium smelter expansions and rising demand across North America, Europe, and Asia. The company reported ₹656 crores in R&D investment — less than 0.5% of revenue — focused on battery materials innovation, including a Canadian demonstration plant operational through 2026. Management emphasized stable volume growth and natural forex hedging to manage currency exposure, while citing margin protection through inventory strategies and diversified sourcing amid geopolitical supply risks from the Persian Gulf conflict.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	5,253	4,627	4,160	4,101	3,670	4,094	3,934	3,676
Operating Profit	559	678	415	-540	396	428	315	380
OPM %	10.2%	13.9%	8.8%	-14.9%	9.3%	9.0%	5.5%	9.4%
Net Profit	142	207	-66	-1,079	-116	-45	-155	-134
EPS	₹3.13	₹4.93	₹-2.68	₹-33.26	₹-4.34	₹-2.31	₹-5.33	₹-4.80

The company's quarterly financials show a clear inflection point: after a sharp decline in profitability during Q3FY24 (₹-1,079 crore NP), Rain has stabilized with sequential improvements in operating performance. Q1FY25 posted a loss of ₹45 crore but improved from prior quarters, followed by a return to profitability in Q4FY24 (₹142 crore NP). The most recent Q1 2026 results show revenue of ₹44.89 billion (+20% YoY) and adjusted EBITDA of ₹7.15 billion (+65% YoY), indicating a recovery phase fueled by volume growth, pricing resilience, and cost discipline despite external headwinds.

🔮 Management Outlook & What's Next

Management maintains a cautiously optimistic outlook, citing stable demand trends in core segments and margin protection in cement and carbon materials. In the May 12, 2026 AGM, the Managing Director expressed confidence in navigating geopolitical supply chain risks while pursuing cost optimization and operational resilience. The company reaffirmed its focus on disciplined execution, with no formal long-term guidance provided but emphasis on natural forex hedging and inventory strategies to insulate margins from currency volatility.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND SRF LINDEINDIA FLUOROCHEM

⚠️ Risk Factors

1. Geopolitical disruptions in raw material supply chains, particularly from the Persian Gulf, pose ongoing input cost and availability risks for calcined petroleum coke and coal tar pitch. 2. Rising compliance costs due to labor law changes and ESG reporting requirements could pressure margins if not offset by efficiency gains. 3. The company’s profitability remains sensitive to global pricing dynamics in carbon materials, which are influenced by macroeconomic cycles in key export markets like North America and Europe.

📋 Recent Filings

🧠 Analyst's Read

Rain Industries is executing a deliberate transformation from a volume-driven chemical producer to a technology-enabled materials supplier with defensible positions in high-growth segments. Investors should monitor execution progress at the Canadian demonstration plant and margin trends in Advanced Materials, as these will determine the pace of value creation in the coming year.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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