Rain Industries (RAIN) investor relations material

Executive summary

• Q4 2025 revenue was INR 43.01 billion, down 4% sequentially but up 17% year-over-year, with adjusted EBITDA at INR 5.76 billion, down 11% sequentially but up 47% year-over-year.

• Full year 2025 consolidated revenue reached INR 169,458.25 million, up from INR 153,743.91 million in FY24, with net profit of INR 1,303.24 million, reversing the prior year's loss.

• Liquidity at year-end was $340 million, with no major term debt maturities until October 2028.

• Annual audited results for FY25 received an unqualified audit opinion; the 51st AGM will be held electronically on May 12, 2026.

• Capital expenditure for 2025 totaled $53 million, mainly for maintenance and plant turnarounds.

Financial highlights

• Q4 2025 consolidated revenue was INR 43.01 billion, and full year 2025 revenue was INR 169,458.25 million.

• Adjusted EBITDA for Q4 2025 was INR 5.76 billion, with margin improving to 13.4% from 10.6% in Q4 2024.

• Consolidated net profit for FY25 was INR 1,303.24 million, compared to a net loss of INR 1,336.92 million in FY24.

• Net debt at year-end 2025 was INR 837 million, with net debt/EBITDA ratio at 3.2x.

• Net cash generated from operating activities in FY25 was INR 22,360.73 million.

Outlook and guidance

• Focus on stabilizing EBITDA, restoring normalized margins, and developing alternative raw materials to enhance capacity utilization.

• Expects gradual improvement in cement demand as infrastructure projects pick up in South India.

• R&D targets new materials for emerging markets, leveraging proprietary know-how.

• Management closely monitors regulatory and geopolitical risks, especially regarding Russian subsidiaries and Indian Labour Codes.

• Debt optimization remains a priority, with readiness to act on market opportunities.