RAIN

Rain Industries Limited

Calcined petroleum coke and coal tar pitch for aluminium smelters and advanced materials

Commodities›Chemicals›Chemicals & Petrochemicals›Petrochemicals

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Key metrics

Price as of 2026-10-16

Stock price
₹228.55
Market cap
7,684 Cr
Stock P/E
14.3
P/B
0.96
Dividend yield
2.8%
ROE (year to Dec 2025)
0.6%
ROCE (year to Dec 2025)
7.7%
Operating margin (year to Dec 2025)
7.2%
Debt / equity (year to Dec 2025)
1.32
OCF / EBITDA (year to Dec 2025)
42.0%
OCF / EBITDA (3Y)
135.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

RAIN (Rain Industries) turns by-products of the oil and steel industries into carbon materials, chiefly calcined petroleum coke (CPC) and coal tar pitch (CTP), and also makes advanced materials and cement.

Company snapshot

3rdBy market cap

Ranked among 10 companies in Petrochemicals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 74.8% of revenue

SegmentRevenue shareRevenuePBTAssets
Advanced Materials
23.7%
870 Cr44 Cr0 Cr
Carbon
74.8%
2,749 Cr280 Cr0 Cr
Cement
7.2%
264 Cr-12 Cr0 Cr

Shares add up to 106% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓136% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 0.8% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales4,160 Cr4,101 Cr3,670 Cr4,094 Cr3,934 Cr3,676 Cr3,768 Cr4,401 Cr4,476 Cr4,301 Cr4,521 Cr5,167 Cr
Operating expenses (approx.)3,794 Cr4,712 Cr3,328 Cr3,725 Cr3,718 Cr3,330 Cr3,388 Cr3,772 Cr3,849 Cr3,800 Cr3,824 Cr4,203 Cr
EBITDA366 Cr-612 Cr342 Cr369 Cr216 Cr346 Cr380 Cr629 Cr627 Cr501 Cr697 Cr964 Cr
OPM %8.8%-14.9%9.3%9.0%5.5%9.4%10.1%14.3%14.0%11.6%15.4%18.7%
Other income49 Cr72 Cr54 Cr59 Cr99 Cr34 Cr25 Cr28 Cr35 Cr51 Cr46 Cr33 Cr
Interest242 Cr245 Cr235 Cr245 Cr234 Cr227 Cr224 Cr228 Cr237 Cr232 Cr238 Cr251 Cr
Depreciation193 Cr195 Cr195 Cr186 Cr189 Cr237 Cr207 Cr225 Cr236 Cr254 Cr249 Cr245 Cr
Profit before tax-20 Cr-979 Cr-34 Cr-2 Cr-108 Cr-82 Cr-26 Cr204 Cr191 Cr66 Cr256 Cr501 Cr
Tax %-236.6%-10.2%-243.9%-1914.6%-43.9%-63.2%-343.6%59.2%31.9%42.6%38.3%31.9%
Net profit-66 Cr-1,079 Cr-116 Cr-45 Cr-155 Cr-134 Cr-115 Cr83 Cr130 Cr38 Cr158 Cr341 Cr
EPS (₹)₹-2.68₹-33.26₹-4.34₹-2.31₹-5.33₹-4.80₹-4.09₹1.80₹3.15₹0.40₹3.61₹8.81

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricDec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales11,447 Cr14,049 Cr12,361 Cr10,465 Cr14,527 Cr21,011 Cr18,141 Cr15,374 Cr16,946 CrSign in free for the trailing twelve months
Operating expenses (approx.)9,177 Cr12,083 Cr10,880 Cr8,788 Cr12,166 Cr17,475 Cr17,208 Cr14,100 Cr14,809 CrSign in free for the trailing twelve months
EBITDA2,270 Cr1,966 Cr1,481 Cr1,677 Cr2,361 Cr3,536 Cr933 Cr1,274 Cr2,137 CrSign in free for the trailing twelve months
OPM %19.8%14.0%12.0%16.0%16.3%16.8%5.1%8.3%12.6%Sign in free for the trailing twelve months
Other income113 Cr41 Cr156 Cr455 Cr193 Cr105 Cr179 Cr246 Cr138 CrSign in free for the trailing twelve months
Interest595 Cr457 Cr452 Cr490 Cr479 Cr524 Cr819 Cr941 Cr922 CrSign in free for the trailing twelve months
Depreciation526 Cr555 Cr594 Cr792 Cr798 Cr790 Cr776 Cr807 Cr922 CrSign in free for the trailing twelve months
Profit before tax1,084 Cr996 Cr591 Cr851 Cr1,276 Cr2,327 Cr-482 Cr-226 Cr435 CrSign in free for the trailing twelve months
Tax %26.9%36.6%21.7%30.9%45.7%32.2%-65.1%-99.4%68.7%Sign in free for the trailing twelve months
Net profit792 Cr631 Cr462 Cr588 Cr694 Cr1,577 Cr-796 Cr-450 Cr136 CrSign in free for the trailing twelve months
EPS (₹)₹22.70₹17.29₹11.64₹16.60₹17.25₹42.77₹-27.89₹-16.78₹1.26Sign in free for the trailing twelve months
Dividend payout %———12.0%4.8%6.8%——114.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricDec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity capital67 Cr67 Cr67 Cr67 Cr67 Cr67 Cr67 Cr67 Cr67 Cr
Reserves3,877 Cr4,555 Cr4,893 Cr5,466 Cr6,042 Cr8,360 Cr7,275 Cr6,570 Cr7,382 Cr
Borrowings4,059 Cr7,744 Cr7,753 Cr8,517 Cr8,327 Cr9,731 Cr8,690 Cr8,494 Cr9,824 Cr
Other liabilities6,446 Cr3,239 Cr3,320 Cr4,059 Cr3,959 Cr3,659 Cr3,553 Cr3,618 Cr3,245 Cr
Total liabilities14,550 Cr15,749 Cr16,228 Cr18,281 Cr18,652 Cr22,173 Cr20,009 Cr18,937 Cr20,760 Cr
Fixed assets (net)2,904 Cr3,099 Cr3,238 Cr4,131 Cr4,185 Cr5,126 Cr5,086 Cr4,936 Cr5,576 Cr
CWIP441 Cr795 Cr1,362 Cr931 Cr791 Cr467 Cr432 Cr473 Cr336 Cr
Investments35 Cr13 Cr39 Cr15 Cr13 Cr14 Cr17 Cr26 Cr29 Cr
Loans & advances—2 Cr2 Cr3 Cr1 Cr118 Cr0.84 Cr0.47 Cr0.49 Cr
Inventories1,999 Cr2,368 Cr1,742 Cr1,586 Cr2,512 Cr4,515 Cr3,176 Cr3,052 Cr3,623 Cr
Trade receivables1,687 Cr1,604 Cr1,098 Cr1,091 Cr1,678 Cr2,494 Cr2,170 Cr1,730 Cr2,053 Cr
Cash & bank724 Cr773 Cr1,095 Cr1,520 Cr1,103 Cr1,168 Cr1,405 Cr1,321 Cr926 Cr
Other assets6,760 Cr7,095 Cr7,652 Cr9,004 Cr8,368 Cr8,272 Cr7,722 Cr7,398 Cr8,217 Cr
Total assets14,550 Cr15,749 Cr16,228 Cr18,281 Cr18,652 Cr22,173 Cr20,009 Cr18,937 Cr20,760 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricDec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from operating activity868 Cr1,714 Cr2,240 Cr1,823 Cr834 Cr1,036 Cr3,063 Cr1,943 Cr897 Cr
Cash from investing-503 Cr-1,032 Cr-1,179 Cr-772 Cr-527 Cr-663 Cr-696 Cr-212 Cr-395 Cr
Cash from financing-520 Cr-619 Cr-653 Cr-601 Cr-740 Cr-396 Cr-2,115 Cr-1,771 Cr-1,025 Cr
Net cash flow-156 Cr63 Cr408 Cr425 Cr-417 Cr65 Cr237 Cr-84 Cr-395 Cr
Free cash flow (OCF − Capex)411 Cr551 Cr1,046 Cr742 Cr286 Cr367 Cr2,468 Cr1,290 Cr437 Cr

Ratios

MetricDec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
ROCE %20.7%11.6%8.1%9.4%11.9%15.4%2.0%4.7%7.7%
ROE %18.9%12.2%7.6%9.8%9.1%16.4%-12.1%-8.3%0.6%
Debtor days544232384243444144
Inventory days177140127155138185159129138
Days payable1028058817664686447
Cash conversion cycle129102102113104165135106135
OCF / EBITDA %38.2%87.2%151.3%108.7%35.3%29.3%328.3%152.5%42.0%
OCF / EBITDA % (3 years)——84.4%112.8%88.7%48.7%72.2%105.2%135.9%
Debt / equity1.031.681.561.541.361.151.181.281.32
Current ratio—2.012.001.942.192.362.441.751.87
Net debt / EBITDA1.473.554.504.173.062.427.815.634.16