Rain Industries financials and balance sheet

NSE: RAINBSE: 500339Chemicals & PetrochemicalsSmall Cap

Formerly Rain Commodities

₹198.18₹6.76 (3.30%)BSE ₹198.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹204.94.

52-week range of traded prices to 23 Oct 2026

₹99.90Low, 9 Dec 2025₹252.00High, 7 Aug 2026

Next results date: the board meets on 6 Nov 2026 to consider: financial results.

Market cap: ₹6,666 Cr781st largest listed
P/E: 12.4
P/B: 0.8
Dividend yield: 0.50%
ROE: 7.2%
ROCE: 9.5%
Debt to equity: 1.30
Volume, NSE: 34,28,32847.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to December.Rain Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹21,011 Cr, year to Dec 2022Back to profit in the year to Dec 2025, ₹136 Cr

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.5% of operating profit in the first full year.

Results for the year to Dec 2025

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue16,946
Materials and goods−9,652
Employee costs−1,319
Other expenses−3,838
Operating profit2,137
Depreciation−922
Other income+138
One-off items0.0
Finance costs−922
Profit before tax432
Tax−299
Joint ventures+2.4
Net profit136

What the company owns

Plant, investments and other assets₹13,554 Cr
Inventory₹3,623 Cr
Receivables₹2,053 Cr
Cash and bank₹1,526 Cr
Current investments₹4 Cr

What pays for it: net worth and liabilities

Borrowings₹9,824 Cr
Net worth₹7,691 Cr
Other liabilities₹2,002 Cr
Owed to suppliers₹1,243 Cr

Rain Industries business segments, year to Dec 2025

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Rain Industries segment results by quarter

Revenue by segment

₹17,969 CrTotal

Carbon₹13,245 Cr73.7% of total
Advanced Materials₹3,593 Cr20.0% of total
Cement₹1,131 Cr6.3% of total

Profit by segment

Carbon₹1,986 Cr90.8% of total
Advanced Materials₹154 Cr7.0% of total
Cement₹48 Cr2.2% of total

Segment results by year

Consolidated, ₹ crore, years to December.

Carbon
Revenue, ₹ crore
9,729
8,712
7,252
10,499
16,437
14,096
11,369
13,245
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Profit, ₹ crore
1,569
1,169
1,226
1,999
3,431
1,454
1,040
1,986
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Advanced Materials
Revenue, ₹ crore
3,785
3,438
2,949
3,712
4,346
3,789
3,744
3,593
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Profit, ₹ crore
347
149
298
89
96
136
219
154
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Cement
Revenue, ₹ crore
914
1,039
1,030
1,386
1,534
1,523
1,231
1,131
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Profit, ₹ crore
71
156
215
269
121
102
−1
48
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25

₹ crore	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue of all businesses	14,428	13,188	11,231	15,597	22,317	19,408	16,344	17,969
Company revenue, as in its results	14,049	12,361	10,465	14,527	21,011	18,141	15,374	16,946
Revenue	9,729	8,712	7,252	10,499	16,437	14,096	11,369	13,245
Revenue growth	–	−10.5%	−16.8%	44.8%	56.6%	−14.2%	−19.3%	16.5%
Profit	1,569	1,169	1,226	1,999	3,431	1,454	1,040	1,986
Profit growth	–	−25.5%	4.9%	63.0%	71.6%	−57.6%	−28.5%	91.0%
Margin	16.1%	13.4%	16.9%	19.0%	20.9%	10.3%	9.1%	15.0%
Revenue	3,785	3,438	2,949	3,712	4,346	3,789	3,744	3,593
Revenue growth	–	−9.2%	−14.2%	25.9%	17.1%	−12.8%	−1.2%	−4.0%
Profit	347	149	298	89	96	136	219	154
Profit growth	–	−57.1%	99.7%	−70.1%	8.1%	41.5%	60.9%	−29.5%
Margin	9.2%	4.3%	10.1%	2.4%	2.2%	3.6%	5.8%	4.3%
Revenue	914	1,039	1,030	1,386	1,534	1,523	1,231	1,131
Revenue growth	–	13.7%	−0.8%	34.6%	10.7%	−0.7%	−19.2%	−8.2%
Profit	71	156	215	269	121	102	−1	48
Profit growth	–	119.3%	38.1%	25.1%	−54.8%	−16.1%	–	–
Margin	7.8%	15.0%	20.9%	19.4%	7.9%	6.7%	−0.1%	4.3%

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to December.Rain Industries quarterly results

₹ crore	Dec 2016	Dec 2017	Dec 2018Filed 27 Feb	Dec 2019Filed 29 Feb	Dec 2020Filed 25 Feb	Dec 2021Filed 26 Feb	Dec 2022Filed 28 Feb	Dec 2023Filed 26 Feb	Dec 2024Filed 25 Feb	Dec 2025Filed 27 Feb
Revenue from operations	9,316	11,447	14,049	12,361	10,465	14,527	21,011	18,141	15,374	16,946
	7,963	9,177	12,083	10,880	8,788	12,166	17,475	17,208	14,100	14,809
Materials and goods bought	4,392	5,430	7,727	6,730	4,885	7,408	11,289	11,102	8,853	9,652
Employee costs	–	–	1,236	1,235	1,213	1,237	1,352	1,326	1,409	1,319
Other expenses	–	–	3,121	2,915	2,690	3,520	4,834	4,781	3,838	3,838
Operating profit before depreciation	1,354	2,270	1,966	1,481	1,677	2,361	3,536	933	1,274	2,137
Operating margin	14.5%	19.8%	14.0%	12.0%	16.0%	16.3%	16.8%	5.1%	8.3%	12.6%
Materials, % of revenue	–	–	55.0%	54.4%	46.7%	51.0%	53.7%	61.2%	57.6%	57.0%
Employee costs, % of revenue	–	–	8.8%	10.0%	11.6%	8.5%	6.4%	7.3%	9.2%	7.8%
Other expenses, % of revenue	–	–	22.2%	23.6%	25.7%	24.2%	23.0%	26.4%	25.0%	22.6%
Depreciation and amortisation	346	526	555	594	792	798	790	776	807	922
Operating profit after depreciation	1,008	1,745	1,411	887	885	1,563	2,746	157	467	1,215
Other income	108	113	41	156	455	193	105	179	246	138
Finance costs	587	595	457	452	490	479	524	819	941	922
Profit before one-off items and tax	529	1,263	995	591	850	1,277	2,327	−484	−228	432
One-off items	−137	−180	0	0	0	0	0	0	0	0
Profit before tax	392	1,083	995	591	850	1,277	2,327	−484	−228	432
	165	292	364	128	263	583	750	314	224	299
Current tax	–	–	422	298	213	419	530	227	268	294
Deferred tax	–	–	−57	−169	49	164	221	87	−44	5
Share of profit of joint ventures and associates	4	1	1	0	1	−1	0	1	2	2
	225	792	631	462	588	694	1,577	−796	−450	136
Belonging to the company's shareholders	225	792	582	391	558	580	1,439	−938	−564	43
Belonging to outside owners of subsidiaries	–	–	50	71	30	113	138	142	114	93
Other comprehensive income	–	–	157	2	86	28	947	−188	−143	885
Total comprehensive income	–	–	788	465	674	721	2,524	−984	−593	1,021
Net margin	2.4%	6.9%	4.5%	3.7%	5.6%	4.8%	7.5%	−4.4%	−2.9%	0.8%
Net margin without joint ventures and associates	2.4%	6.9%	4.5%	3.7%	5.6%	4.8%	7.5%	−4.4%	−2.9%	0.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Dec 2016 and Dec 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 December. The last column is the half year to Jun 2026, after the latest full year: the balance sheet at its end.

₹ crore	Dec 2018Filed 27 Feb	Dec 2019Filed 29 Feb	Dec 2020Filed 25 Feb	Dec 2021Filed 26 Feb	Dec 2022Filed 28 Feb	Dec 2023Filed 26 Feb	Dec 2024Filed 25 Feb	Dec 2025Filed 27 Feb	Jun 2026Half yearFiled 6 Aug
	4,766	5,155	5,705	6,365	8,783	7,765	6,825	7,691	8,273
	4,623	4,960	5,533	6,109	8,427	7,343	6,638	7,449	7,995
Share capital	67	67	67	67	67	67	67	67	67
Reserves	4,555	4,893	5,466	6,042	8,360	7,275	6,570	7,382	7,927
Belonging to outside owners of subsidiaries	143	195	172	256	356	423	187	242	278
	7,744	7,753	8,517	8,327	9,731	8,690	8,494	9,824	10,795
Repayable after a year	7,242	7,356	8,001	7,797	8,205	7,722	6,952	7,820	7,974
Repayable within a year	502	397	516	530	1,526	969	1,542	2,004	2,821
	2,570	2,191	2,571	2,958	3,918	3,242	4,028	4,115	5,355
Trade payables	1,348	790	822	1,385	1,548	1,349	1,521	1,243	1,472
Other financial liabilities	393	567	812	650	500	571	580	527	575
Other liabilities	87	113	141	176	135	174	129	124	177
Provisions	161	238	151	64	93	124	200	159	180
Tax owed	79	86	129	152	116	56	56	58	132
	8,413	8,882	10,005	9,328	9,472	9,001	8,084	8,954	9,137
Other financial liabilities	14	14	8	6	5	5	4	2	2
Other liabilities	51	47	3	1	1	2	0	–	–
Provisions	982	1,228	1,575	1,335	888	1,016	934	937	957
Deferred tax	124	237	418	189	373	257	193	194	203
	15,749	16,228	18,281	18,652	22,173	20,009	18,937	20,760	22,765
Held for sale or for a demerger	–	–	4	–	–	–	–	–	–
	10,576	11,855	13,299	12,174	12,925	12,100	11,886	13,048	13,217
Plant in use, after depreciation	3,099	3,238	4,131	4,185	5,126	5,086	4,936	5,576	–
Plant being built	795	1,362	931	791	467	432	473	336	–
Intangible assets	30	32	521	423	9	7	4	4	3
Goodwill	6,132	6,222	6,473	6,331	6,843	6,265	6,244	6,963	7,203
Investments	4	4	5	4	5	3	10	7	8
Stakes in joint ventures and associates	8	8	10	9	9	11	13	18	18
Loans given	31	33	33	32	1	0	1	1	1
Other financial assets	1	2	0	11	45	32	34	35	50
Deferred tax	277	622	855	271	228	22	2	1	3
Other assets	198	332	341	116	193	243	169	108	119
	5,173	4,373	4,978	6,477	9,248	7,909	7,051	7,712	9,548
Inventories	2,368	1,742	1,586	2,512	4,515	3,176	3,052	3,623	4,880
Trade receivables	1,604	1,098	1,091	1,678	2,494	2,170	1,730	2,053	2,489
Cash and cash equivalents	773	1,095	1,520	1,103	1,168	1,405	1,321	926	1,195
Other bank balances	78	74	280	281	503	600	549	601	417
Current investments	0	26	0	0	0	3	3	4	4
Loans given	2	2	3	1	118	1	0	0	0
Other financial assets	61	104	275	362	32	249	37	45	49
Tax paid in advance	3	34	48	54	28	49	89	56	61
Other assets	283	198	175	486	390	255	268	404	453
Net debt	6,893	6,558	6,718	6,943	8,061	6,682	6,621	8,294	9,178

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Dec 2016 and Dec 2017, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to December. The last column is the half year to Jun 2026, after the latest full year: the cash flow over its six months.

₹ crore	Dec 2020Filed 25 Feb	Dec 2021Filed 26 Feb	Dec 2022Filed 28 Feb	Dec 2023Filed 26 Feb	Dec 2024Filed 25 Feb	Dec 2025Filed 27 Feb	Jun 2026Half yearFiled 6 Aug
	1,823	834	1,036	3,063	1,943	897	188
	2,066	1,237	1,592	3,408	2,196	1,144	352
	303	−1,101	−2,045	1,652	815	−1,092	−1,321
Receivables	−37	−579	−610	328	448	−123	−363
Inventories	178	−988	−1,782	1,391	78	−298	−1,185
Payables	92	811	69	−253	165	−431	150
Other working capital	71	−345	278	186	124	−239	77
Tax paid	−243	−403	−557	−344	−253	−247	−164
Capital spending	1,081	548	669	596	653	461	243
Free cash flow	742	286	367	2,468	1,290	437	−56
	−772	−527	−663	−696	−212	−395	−7
Plant and property sold	21	41	3	2	4	4	3
Interest received	27	42	50	128	135	109	65
Dividends received	1	0	0	0	0	0	0
	−601	−740	−396	−2,115	−1,771	−1,025	47
Borrowings raised	139	172	515	7,011	0	879	686
Borrowings repaid	−87	−273	−180	−8,193	−364	−594	0
Interest paid	−453	−452	−520	−811	−929	−909	−474
Lease payments	0	0	−90	0	−131	−247	−105
Dividends paid	70	34	107	34	347	155	60
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	450	−433	−23	253	−39	−523	228

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Dec 2016, Dec 2017, Dec 2018 and Dec 2019.

Consolidated, ₹ per share, years to December.Rain Industries dividend history

₹ per share	Dec 2016	Dec 2017	Dec 2018Filed 27 Feb	Dec 2019Filed 29 Feb	Dec 2020Filed 25 Feb	Dec 2021Filed 26 Feb	Dec 2022Filed 28 Feb	Dec 2023Filed 26 Feb	Dec 2024Filed 25 Feb	Dec 2025Filed 27 Feb
Earnings per share	–	₹22.70	₹17.29	₹11.64	₹16.60	₹17.25	₹42.77	−₹27.89	−₹16.78	₹1.26
Diluted earnings per share	–	₹22.70	₹17.29	₹11.64	₹16.60	₹17.25	₹42.77	−₹27.89	−₹16.78	₹1.26
Dividend per share	₹1.00	₹2.00	₹1.00	₹1.00	₹1.00	₹1.00	₹1.00	₹1.00	₹1.00	₹1.00
Book value per share	–	–	₹137.44	₹147.46	₹164.52	₹181.64	₹250.54	₹218.30	₹197.35	₹221.47
Dividend payout	15.0%	8.5%	5.8%	8.6%	6.0%	5.8%	2.3%	–	–	79.1%
Shareholder yield	–	–	–	–	1.7%	0.4%	1.9%	0.6%	6.1%	3.2%
Market cap at the year end (₹ crore)	1,847	12,457	4,504	3,316	4,265	8,066	5,741	5,190	5,693	4,875

Ratios

Consolidated, years to December.Rain Industries PE ratio and valuation

Ratio	Dec 2016	Dec 2017	Dec 2018Filed 27 Feb	Dec 2019Filed 29 Feb	Dec 2020Filed 25 Feb	Dec 2021Filed 26 Feb	Dec 2022Filed 28 Feb	Dec 2023Filed 26 Feb	Dec 2024Filed 25 Feb	Dec 2025Filed 27 Feb
Revenue growth	−8.8%	22.9%	22.7%	−12.0%	−15.3%	38.8%	44.6%	−13.7%	−15.3%	10.2%
Operating profit growth	0.3%	67.7%	−13.4%	−24.7%	13.2%	40.8%	49.8%	−73.6%	36.5%	67.8%
Net profit growth	−30.5%	252.5%	−20.3%	−26.8%	27.2%	17.9%	127.4%	–	–	–
Earnings per share growth	–	–	−23.8%	−32.7%	42.6%	3.9%	147.9%	–	–	–
	–	–	12.6%	8.2%	10.6%	10.0%	19.8%	−11.9%	−8.1%	0.6%
	–	–	–	−4.4 pts	2.5 pts	−0.7 pts	9.8 pts	−31.7 pts	3.8 pts	8.7 pts
From the net margin	–	–	–	−3.0 pts	5.6 pts	−2.7 pts	7.1 pts	−34.7 pts	3.5 pts	8.6 pts
From asset turnover	–	–	–	−1.3 pts	−3.0 pts	2.4 pts	5.3 pts	2.5 pts	0.7 pts	0.0 pts
From borrowing	–	–	–	−0.2 pts	−0.2 pts	−0.4 pts	−2.6 pts	0.6 pts	−0.3 pts	0.0 pts
Return on capital employed	–	–	11.3%	6.9%	6.2%	10.6%	14.8%	1.0%	3.0%	6.9%
Cash conversion	–	–	–	–	309.8%	120.2%	65.7%	–	–	660.3%
Interest cover	1.7	2.9	3.1	2.0	1.8	3.3	5.2	0.2	0.5	1.3
Debt to equity	–	–	1.62	1.50	1.49	1.31	1.11	1.12	1.24	1.28
Receivable days	–	–	42	32	38	42	43	44	41	44
Inventory days	–	–	112	94	118	124	146	104	126	137
Payable days	–	–	64	43	61	68	50	44	63	47
Cash conversion cycle, days	–	–	90	84	95	98	139	104	104	134
Working capital days	–	–	59	41	39	67	90	73	64	88
Asset turnover	–	–	0.89	0.77	0.61	0.79	1.03	0.86	0.79	0.85
Assets per rupee of net worth	–	–	3.41	3.34	3.29	3.17	2.81	2.68	2.79	2.82
Sales per rupee of plant	–	–	4.53	3.82	2.53	3.47	4.10	3.57	3.11	3.04
Capital spending to depreciation	–	–	–	–	1.36	0.69	0.85	0.77	0.81	0.50
Plant being built, % of plant in use	–	–	25.6%	42.1%	22.5%	18.9%	9.1%	8.5%	9.6%	6.0%

No balance sheet is on record for the years to Dec 2016 and Dec 2017, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Dec 2025.

Return on assets, latest year: 0.2%
Cash from operations against operating profit: 42.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.2%	10.1%	−6.9%
Profit growth, yearly rate	−18.4%	−40.2%	−69.1%
Return on equity, average	–	2.1%	−6.5%
Return on capital employed, average	–	7.3%	3.6%
Operating margin, average	13.5%	11.8%	8.7%
Net margin, average	2.9%	1.2%	−2.2%
Asset turnover, average	–	0.86	0.83
Cash conversion cycle, days, average	–	116	114
Interest cover, average	2.2	2.1	0.7
Debt to equity, average	–	1.21	1.21

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Dec 2025.

₹ crore	5 years	3 years	Latest year
Cash from operations	7,773	5,904	897
Cash from investing	−2,492	−1,303	−395
Cash from financing	−6,046	−4,911	−1,025
Capital spending	2,927	1,710	461
Dividends paid	676	536	155
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	8,578	7,890	879
Borrowings repaid	9,604	9,151	594

Accounting checks

Consolidated, years to December. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	8	7	4	6	8
Altman Z-scorePublished threshold 1.81	–	–	2.05	1.74	1.59	2.16	2.45	2.01	1.90	1.96
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.89	−2.06	−1.95	−3.41	−3.33	−2.49
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.68	2.09	5.90	−15.00	−11.20	−1.85
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.29	3.35	18.27	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−19.56	14.76	14.90	4.02	0.67	−5.01	8.41
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−13.54	18.44	6.74	27.36	−27.98	16.34	9.68
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.09	1.54	2.79	−2.15	0.56	−1.03	0.66
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.86	0.55	0.93	0.27	0.59	0.72	0.22
Effective tax ratePublished threshold 17.16 per cent	42.07	26.94	36.62	21.71	30.90	45.65	32.25	–	–	69.11
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.08	8.33	–	–	11.95

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
16 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AReview, Re-affirm	Stable	170
16 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AReview, Re-affirm	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.