Rain Industries Ltd

Meeting Details

• Board meeting on November 6, 2026 at Rain Center, 34, Srinagar Colony, Hyderabad.

Key Agenda Items

• Approve unaudited Q3-2026 results (standalone, consolidated, segment) for the quarter ended September 30, 2026.

Other Notes

• Trading window closed from October 1, 2026 to November 11, 2026.

Rating action

• India Ratings affirms IND A rating with Stable outlook for Rain Industries Ltd.

Instruments / Facilities Rated

• Issuer rating IND A (Outlook Stable) for Rain Industries Ltd.

Rating Agency

• India Ratings & Research

Rationale

• Rationale not disclosed in the filing.

Outlook

• Stable

Material changes since last rating

• No change from prior year's rating.

Q2 2026 results snapshot

• Carbon segment volumes down ~10% YoY; utilisation at 69%.
• Deferred shipments about 10,000–15,000 tonnes; quarter impact offset by other products.
• Q2 benefited from mix and market conditions; not a single driver.

Market outlook

• Aluminium market expected to stay reasonably supported; China 45 Mt cap cited.
• Rain pricing driven by local supply-demand, raw materials, and logistics.

Capex expansion in India

• India CTP capacity expansion progressing; first-phase distillation unit planned to start early 2028.

Debt, refinancing and leverage

• Second lien notes yield below coupon; refinancing considered if economically attractive.
• Target net-debt-to-EBITDA around 3x over time; deleveraging via working capital.

Working capital and cash flow

• Working capital rose due to safety stock for Indian calciners; unwind as supply chains normalise.

Advanced Materials progress

• Adv Materials growth aided by greener materials; partnership on mesophase carbon micro-beads.

Financial results

• Unaudited standalone, consolidated and segment results for Q2 and H1 ended June 30, 2026 approved.
• Limited Review report issued with unmodified opinion by S. R. Batliboi & Associates LLP.

Dividend and record dates

• Declared interim dividend of Rs 1.00 per share (50% on Rs 2 face) for FY2026.
• Record date fixed at August 14, 2026.
• Interim dividend aggregate: INR 336.35 million.

Independent Director appointment

• Approved re-appointment of Robert Thomas Tonti as Independent Director for five years.
• Effective period: Oct 31, 2026 to Oct 30, 2031, subject to shareholders' approval.

Regulatory and compliance notes

• Geopolitical sanctions create regulatory uncertainties; management monitoring sanctions compliance for the group.
• Group notes potential regulatory uncertainties for Cyprus/SAR Kaliningrad structure; no recoverability issues anticipated.

Auditor remarks

• Note on uncertainties due to sanctions; unaudited results' conclusion remains unmodified.

Meeting Details

• Board meeting scheduled August 6, 2026; time and venue not disclosed.

Key Agenda Items

• Approve unaudited standalone, consolidated and segment results for Q2 and H1 2026.
• Declare interim dividend on equity shares for the year ending December 31, 2026.

Other Notes

• No other material items disclosed in this filing.

Dematerialisation status

• Dematerialisation requests processed (accepted/rejected) and confirmed to depositories.
• Securities dematerialised have been listed on the stock exchanges.
• Physical certificates for dematerialisation mutilated and cancelled after verification; depository name substituted within 30 days.