Slide 1: Earnings Presentation – Q2 2026
RAIN INDUSTRIES LIMITED Earnings Presentation – Q2 2026 A leading vertically integrated global producer of carbon, cement and advanced Investor Relations Contact: materials. RAIN converts by-products of oil refining and steel production into high-value carbon-based products for the aluminium, graphi
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 0.18 0.16 0.13 0.11 2022 2023 2024 2025 H1 2026 TRIR Note: Total Recordable Incident Rate (“TRIR”) is reported in accordance with OSHA guidelines. Until 2023, reporting covered only Carbon and Advanced Materials segments. Beginning in 2024, TRIR reporting includes all three b
Slide 4: Key Highlights – Q2 2026
Key Highlights – Q2 2026 E ARNI NG S P E RFO RMANCE — Q 2 2 0 2 6 REVENUE FROM ADJUSTED EPS ADJUSTED EBITDA ADJUSTED PAT OPERATIONS ₹51.67 Bn ₹9.94 Bn ₹3.17 Bn ₹9.43 Earnings Per share ▲ 17% vs Q2’25 ▲ 61% vs Q2’25 Net profit after tax not annualized BAL ANCE S HE E T & LI Q UI DI TY TOTAL LIQUIDITY
Slide 5: Aluminium Market Update
Aluminium Market Update Primary Aluminium Production Growth in Thousand Tonnes Not to Scale 29,636 30,340 29,275 31,555 43,109 43,671 44,253 44,474 2024 2025 2026 (F) 2027 (F) China Rest of World LME AL Inventory (Million MT) vis-à-vis LME AL Quote (000 US$ per MT) 2 4 LME QUOTE (000 US$ per MT) NVE
Slide 6: Price Trend of Key Products and Natural Gas
Price Trend of Key Products and Natural Gas 1,338 1,376 Not to Scale 1,239 1,026 899 916 882 864 851 Benzene quotations 709 704 738 700 663 625 612 610 678 853 at 12-quarters high 635 559 562 685 505 568 600 498 480 460 498 455 450 435 440 411 349 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun
Slide 7: Consolidated Revenue and EBITDA Q2 2026
Consolidated Revenue and EBITDA Q2 2026 (₹ in Billions) ₹ 2.55 ₹ 51.40 ₹ 0.91 ₹ 9.94 ₹ 5.79 -₹ 0.29 -₹ 0.10 ₹ 2.96 ₹ 43.35 ₹ 6.17 Q2 CY25 Carbon Advanced Cement Q2 CY26 Q2 CY25 Carbon Advanced Cement Q2 CY26 Materials Materials Revenue (excluding other operating income) Adjusted EBITDA Note: Charts
Slide 8: Carbon: Revenue and EBITDA
Carbon: Revenue and EBITDA Q2 CY26 Q1 CY26 Q2 CY25 CY 2025 2,593 124.98 Q2 2026 vs Q2 2025 ▪ Revenue increase driven by 19.97 o Increased prices supported with appreciation of Euro and USD against Indian Rupee. o Offset with lower volumes in Calcination due to shipment timing and shift of some sales
Slide 9: Advanced Materials: Revenue and EBITDA
Advanced Materials: Revenue and EBITDA Q2 CY26 Q1 CY26 Q2 CY25 CY 2025 Q2 2026 vs Q2 2025 31.62 ▪ Revenue increase driven by 270 2.20 o Pricing increases related to reduced supplies in the market and appreciation of Euro and USD against Indian Rupee. 1.68 o Higher volumes in Engineered Products offs
Slide 10: Cement: Revenue and EBITDA
Cement: Revenue and EBITDA Q2 CY26 Q1 CY26 Q2 CY25 CY 2025 Q2 2026 vs Q2 2025 ▪ Revenue decrease driven by 11.31 o Lower volumes due to 2,575 increased competition and decrease in net sales price 0.57 realisations. ▪ EBITDA decreased due to o Lower volumes and increased operating costs 0.25 2.97 3.2
Slide 11: Debt Profile and Summary of Cash Flows
Debt Profile and Summary of Cash Flows (₹ in millions) US$ in Millions Jun. 2026 Dec. 2025 Particulars H1 2026 H1 2025 Operating Activities 1,877 (1,967) Euro-denominated Senior Secured Term Loan 354 365 (due by October 2028) # Investing Activities (66) (559) USD-denominated Senior Secured Notes (du
Slide 12: Business Outlook
Business Outlook ▪ Cost management — Cost pressures effectively managed in Q2 through disciplined raw-material sourcing and margin actions. ▪ Q3 outlook — Remains cautious amid geopolitical, logistics and commodity- market volatility. ▪ Trade routes — Risks remain under active watch, with contingenc
Slide 13: Thank You
Thank You RIO
Slide 14: Appendix
Appendix
Slide 15: Summary of Consolidated Statement of Profit and Loss
Summary of Consolidated Statement of Profit and Loss ₹ in Millions Particulars Q2 2026 Q1 2026 Q2 2025 CY 2025 Net Revenue 51,402 44,885 43,354 167,911 Other Operating Income 270 322 660 1,547 Revenue from Operations 51,672 45,207 44,014 169,458 Reported EBITDA 9,683 7,208 6,314 21,854 Adjusted EBIT
Slide 16: Reconciliation of Profit Before Tax to Reported EBITDA
Non - GAAP Measurement Reconciliation of Profit Before Tax to Reported EBITDA ₹ in Millions Particulars Q2 2026 Q1 2026 Q2 2025 CY 2025 Profit Before Tax 5,010 2,558 2,036 4,345 Depreciation and amortisation expense 2,447 2,486 2,249 9,218 Finance costs 2,514 2,383 2,283 9,217 Interest income (288)
Slide 17: Reconciliation of Adjusted EBITDA and PAT
Reconciliation of Adjusted EBITDA and PAT ₹ in Millions Particulars Q2 2026 EBITDA PAT A. Reported 9,683 2,962 B. Adjustments/Exceptional items: • Expenses towards non-recurring items 280 280 • Foreign exchange loss/(gain) on inter-company debt note (28) (28) • Tax impact on above adjustments - (41)
Slide 18: 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 4.0 million tonnes p.a.