Its range of products serves as raw materials for industries such as aluminum, carbon black, wood preservation, titanium dioxide, and refractories. The company transforms byproducts from oil refining and steel production into high-value carbon-based products, produces advanced eco-friendly materials for specialty chemicals and coatings, and manufactures high-quality cement under its Priya Cement brand.
Cyborg Score Rationale
The company has low interest coverage ratio, poor sales growth of 10.1% over the past five years, and low return on equity of -6.68% over last 3 years. However, FY2025 showed operational recovery with improved profitability metrics despite commodity market volatility.
Top Insights
FY2025 results show recovery: Q4 revenue ₹43.01bn with adjusted EBITDA ₹5.76bn; strong liquidity position of $340m
Strategic expansion in coal tar distillation and cement business; new facility development targeting higher-value products
Exposed to aluminum demand growth and non-Chinese smelter CPC requirements; benefiting from battery anode material demand
Working capital pressures and raw material sourcing challenges (especially GPC from refinery outages) impacting margins
Named Competitors
Calcined Petroleum Coke & Coal Tar Products — Global producer of carbon materials for industrial applications
Cement — Leading Indian cement manufacturer
Cement — Largest cement producer in India by capacity
Recent Developments
(March 2026) Board meeting scheduled for February 27, 2026 to discuss strategic matters
(December 2025) Stock rallied 11.25% to Rs 123.60 on BSE trading updates
(August 2025) Interim dividend of Rs 1 per equity share recommended by Board
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