Slide 1: Rain Industries Limited Earnings Presentation – Q4 2025
RAIN INDUSTRIES LIMITED Earnings Presentation – Q4 2025 RAIN is a leading vertically integrated global producer of a diversified portfolio of products that are essential raw materials for staples of everyday life. We operate in three business segments: Carbon, Cement and Advanced Materials. Our Carb
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements based on management’s current expectations, estimates and projections. All statements that address expectations or projections about the future, including our statements addressing our expectations for segment volumes an
Slide 3: Safety Performance
Safety Performance 0.24 0.17 0.16 0.13 0.11 2021 2022 2023 2024 2025 TRIR Note: Total Recordable Incident Rate (“TRIR”) is reported in accordance with OSHA guidelines. Until 2023, reporting covered only the Carbon and Advanced Materials segments. Beginning in 2024, TRIR reporting includes all three
Slide 4: Key Highlights – Q4 2025
Key Highlights – Q4 2025 • Revenue from Operations - ₹43.01 billion (4% ▼ Vs Q3’ 25; 17% ▲ Vs Q4’ 24) • Adjusted EBITDA - ₹5.76 billion (11% ▼ Vs Q3’ 25; 47% ▲ Vs Q4’ 24) • Adjusted Net Profit After Tax - ₹0.51 billion • Adjusted Earnings per share - ₹1.52 • Capital expenditure of US$12 million for
Slide 5: Performance by Segment – Q4 2025 Vs Q3 2025
Performance by Segment – Q4 2025 Vs Q3 2025 Carbon Advanced Materials Cement Performance: Performance: Performance: o Sales volumes: 659k MT o Sales volumes: 65k MT o Sales volumes: 575k MT (2% ▼ Vs Q3 25) (13% ▼ Vs Q3 25) (5% ▼ Vs Q3 25) o Revenue: ₹ 33.0 billion o Revenue: ₹ 7.3 billion o Revenue:
Slide 6: Joint Development of Alternative Materials for Energy Storage Market
Joint Development of Alternative Materials for Energy Storage Market • Entered North American MCMB market in Q3 2025, expanding advanced materials portfolio • Launched multiple strategic partnerships to accelerate next-generation energy-storage materials • Collaborations across Europe and Canada tar
Slide 7: Aluminium Market Update
Aluminium Market Update Primary Aluminium Production Growth in Thousand Tonnes Not to Scale 29,103 29,636 29,935 30,520 41,584 43,109 43,605 43,066 2023 2024 2025 (F) 2026 (F) China ROW LME AL Inventory (Million MT) vis-à-vis LME AL Quote (000 US$ per MT) LME AL Inventory (Million MT) vis-à-vis LME
Slide 8: Price Trend of Key Products and Natural Gas
Price Trend of Key Products and Natural Gas 1,338 Not to Scale 1,239 984 1,026 972 899 916 864 851 738 Fuel Oil & Naphtha 704 678 675 700 635 709 663 625 612 610 quotations at levels of 552 559 562 505 12-quarters low 568 455 498 480 460 420 445 450 435 440 411 349 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Slide 9: Consolidated Revenue and EBITDA Q4 2025
Consolidated Revenue and EBITDA Q4 2025 (₹ in Billions) ₹ 6.92 ₹ 42.75 -₹ 0.43 -₹ 0.23 ₹ 36.49 ₹ 0.19 ₹ 5.76 ₹ 1.66 ₹ 0.01 ₹ 3.90 Q4 CY24 Carbon Advanced Cement Q4 CY25 Q4 CY24 Carbon Advanced Cement Q4 CY25 Materials Materials Revenue (excluding other operating income) Adjusted EBITDA Note: Charts
Slide 10: Consolidated Revenue and EBITDA CY 2025
Consolidated Revenue and EBITDA CY 2025 (₹ in Billions) ₹ 18.41 ₹ 7.64 ₹ 0.50 ₹ 22.75 ₹ 167.91 -₹ 2.17 -₹ 1.00 -₹ 0.37 ₹ 152.67 ₹ 14.98 CY24 Carbon Advanced Cement CY25 CY24 Carbon Advanced Cement CY25 Materials Materials Revenue (excluding other operating income) Adjusted EBITDA Note: Charts not to
Slide 11: Carbon: Revenue and EBITDA
Carbon: Revenue and EBITDA Q4 CY25 Q4 CY24 CY 2025 CY 2024 2,593 124.98 Q4 2025 vs Q4 2024 2,398 • Revenue increase driven by 19.97 106.57 o Higher volumes and realisations o Supported with appreciation of Euro and USD against Indian Rupee. 12.33 • EBITDA increase driven by o Stabilization of margin
Slide 12: Advanced Materials: Revenue and EBITDA
Advanced Materials: Revenue and EBITDA Q4 CY25 Q4 CY24 CY 2025 CY 2024 2.57 Q4 2025 vs Q4 2024 33.79 290 31.62 • Revenue decrease driven by 270 2.20 o Lower volumes from engineered products and chemical intermediates o Offset with appreciation of Euro against Indian Rupee. • EBITDA remained stable a
Slide 13: Cement: Revenue and EBITDA
Cement: Revenue and EBITDA Q4 CY25 Q4 CY24 CY 2025 CY 2024 12.31 Q4 2025 vs Q4 2024 2,854 • Revenue decrease driven by 11.31 2,575 o Lower volumes, due to market consolidation by National Players 0.58 and impact from extended monsoon • EBITDA increased due to: o Marginal improvement in realisations
Slide 14: Debt Summary
Debt Summary (₹ in millions) US$ in Millions Dec. 2025 Dec. 2024 Particulars 2025 2024 Euro-denominated Senior Secured Term Loan Operating Activities 8,972 19,432 365 323 (due by October 2028) # Investing Activities (3,946) (2,121) USD-denominated Senior Secured Notes (due Financing Activities (10,2
Slide 15: Business Outlook
Business Outlook • Sustainable performance: Developing alternative sources of raw-materials to achieve higher capacity utilization and improved operating performance. • Tariff Impacts: As of today, we do not see any material impact, but we are closely monitoring developments • Research & Development
Slide 16: Thank You
Thank You RIO
Slide 17: Appendix
Appendix
Slide 18: Summary of Consolidated Statement of Profit and Loss
Summary of Consolidated Statement of Profit and Loss ₹ in Millions Particulars Q4 2025 Q4 2024 CY 2025 CY 2024 Net Revenue 42,748 36,486 167,911 152,673 Other Operating Income 259 272 1,547 1,071 Revenue from Operations 43,007 36,758 169,458 153,744 Reported EBITDA 5,343 4,316 21,854 14,539 Adjusted
Slide 19: Reconciliation of Adjusted EBITDA and PAT
Reconciliation of Adjusted EBITDA and PAT ₹ in Millions Particulars Q4 2025 CY 2025 EBITDA PAT EBITDA PAT A. Reported 5,343 135 21,854 425 B. Adjustments/Exceptional items: • Insurance claims related to prior periods - - (430) (430) • Expenses towards non-recurring items 412 412 876 876 • Foreign ex
Slide 20: RAIN – Key Business Strengths
RAIN – Key Business Strengths • Three business segments (Carbon, Advanced Materials and Cement) • Global presence with 2.4 million tonnes p.a. calcination capacity, 1.3 million tonnes p.a. coal tar distillation capacity, 0.5 million tonnes p.a. advanced materials capacity and 4.3 million tonnes p.a.