Rain Industries (RAIN) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue from operations reached ₹44.76 billion, up 2% sequentially and 14% year-over-year, with adjusted EBITDA at ₹6.48 billion, a 5% sequential and 122% year-over-year increase.

• Net profit after tax rebounded to ₹1,303 million, reversing a loss last year, with adjusted EPS of ₹3.42.

• Achieved a total recordable incident rate (TRIR) of 0.09 for the nine months ended 09/30/2025, reflecting improved safety.

• Major expansion projects in cement and solar power announced, targeting capacity, sustainability, and market share growth.

• Strong liquidity position with US$388 million available and no major term debt maturities until October 2028.

Financial highlights

• Q3 consolidated revenue was ₹44,757 million, up from ₹39,060 million year-over-year, mainly from carbon and advanced materials.

• Adjusted EBITDA margin improved to 14.5% in Q3 2025 from 7.4% in Q3 2024.

• Net profit after tax rebounded to ₹1,149 million from a loss of ₹1,660 million in Q3 2024.

• Carbon segment revenue rose 17.5% year-over-year to ₹32.68 billion, driven by higher distillation volumes and favorable FX.

• Advanced materials segment revenue grew 5.4% year-over-year to ₹8.91 billion, with EBITDA up ₹330 million.

Outlook and guidance

• Cement plant expansion to be commissioned in Q4 2027, targeting increased market share in high-growth regions.

• Solar power plant expansion to be completed by February 2026, aiming for reduced energy costs and grid dependency.

• Anticipates recovery in cement volumes post-monsoon and expects GST rate reduction to stimulate demand.

• Industry forecasts suggest cement demand could grow by 20% over the next 2–3 years in South India.

• Cautious optimism for 2026 amid easing macroeconomic pressures but ongoing geopolitical and inflationary risks.