Rain Industries (RAIN) Q3 2025 earnings summary

Executive summary

• Achieved a Total Recordable Incident Rate (TRIR) of 0.09 for the nine months ended September 2025, reflecting improved safety performance year-over-year.

• Q3 2025 revenue from operations reached ₹44.76 billion, up 2% sequentially and 14% year-over-year, with EBITDA and net profit rebounding strongly.

• Board approved unaudited standalone, consolidated, and segment financial results for Q3 ended September 30, 2025, with an unqualified limited review report from auditors.

• Major expansion projects in cement and solar power announced to enhance capacity and sustainability.

• Strategic focus remains on stepwise recovery, disciplined execution, cost control, and targeted investments to return to normalized earnings.

Financial highlights

• Q3 2025 consolidated revenue was ₹44,757 million, up from ₹39,060 million in Q3 2024; Adjusted EBITDA was ₹6.48 billion, up 5% sequentially and 122% year-over-year.

• Adjusted net profit after tax stood at ₹1,149 million, with adjusted EPS of ₹3.42; consolidated net profit for Q3 was ₹1,303 million, reversing a loss last year.

• Net debt at quarter-end was US$801 million, with a net debt to EBITDA ratio of 3.29x and strong liquidity of US$388 million.

• Capital expenditure for Q3 2025 was US$13 million, totaling US$41 million for the nine months.

• Net cash inflows from operating activities decreased due to higher working capital requirements.

Outlook and guidance

• Cement plant expansion to be commissioned in Q4 2027, targeting increased market share in high-growth regions.

• Solar power plant expansion to be completed by February 2026, aiming for reduced energy costs and grid dependency.

• Cautious optimism for 2026, with plans to restore normalized operating margins and stabilize performance, focusing on cost savings and ESG compliance.

• Industry forecasts suggest cement demand could grow by 20% over the next 2–3 years, supported by infrastructure initiatives; Indian cement demand projected to grow at 6–8% CAGR through 2030.