Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Oct - Rain Industries Limited - News paper publication
Source: Bse
Rain Industries Limited (RAIN)
Micro CapChemicals stocks · Micro cap · NSE
RAIN is a vertically integrated global producer of essential raw materials across Carbon, Cement, and Advanced Materials segments. It converts oil refining and steel production by-products into high-value carbon-based products and operates cement plants in South India, serving global aluminium, graphite, specialty chemicals, and construction industries.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result07 Aug, 02:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
69Bullishfull bull SMA stack · SMA20 +5.4% / mo · MACD + · near 52W high · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RAIND candles · FIT view+74.8%Latest close ₹224.09 on 2026-10-19
Bar
-1.3%
RSI
55
MACD hist
1.24
52W pos
82%
2026-10-19O ₹227.11H ₹228.66L ₹222.49C ₹224.09Vol 25.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RAINNifty ChemicalsNifty 500
- RAIN
- +5.7%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- +11.3 pp
Chart stats
19 Oct 2026- From 52W high
- -11.1%
- 52W range position
- 82%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹87.1 Cr
- 20D price channel
- ₹204.8 - ₹239.1
₹252
₹99.9 - ₹252
₹9.7
Latest completed session
20-session average
45.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +7.3% · PAT +485.7% YoY
Technical
Bullish69
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1152.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +7% YoY · PAT +486% YoY · operating leverage · margin compression
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹26.1 Cr | +7.3% | -37.3% |
| EBITDA | ₹3.9 Cr | +10.1% | -4.6% |
| Operating margin | 15.0% | +39 bps | +515 bps |
| PAT | ₹1.2 Cr | +485.7% | +9.8% |
| PAT margin | 4.7% | +386 bps | +203 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.30
- P/B
- 0.96
- EV/EBITDA
- 4.90
- Market Cap
- 7690.00Cr
Profitability
- ROE
- 0.60%
- ROCE
- 8.26%
- ROA
- 2.93%
- Dividend Y
- 0.44%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -40.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- -69.00%
Balance Sheet
- Debt/Equity
- 1.35
- Interest Coverage
- 2.91×
- Altman Z
- 2.14
- Book Value
- 238.00
Cash Flow
- FCF Yield
- 8.32%
- FCF Positive Y
- 11/5
- OCF
- 897.00 Cr
- EPS TTM
- 15.97
Shareholding
- Promoter Hold
- 41.35%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 16.9k+10.2% vs prev
Net Profit
₹ CrLatest: 136+130.2% vs prev
Return on Equity
%Latest: 1.8+127.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 55.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~5.2% over last month) — short-term momentum positive.
- RSI(14) at 55 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 11% off 52W high · 124% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Stage 2 UptrendEstablished S2
1M return
+8.3%
3M return
+5.7%
6M return
+68.9%
1Y return
+68.1%
RS 1D
0
RS 20D
+2
Sector rank
#14
Industry rank
#41
Stage evidence
- Price is 22.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
28 May 2026
S2 age
101 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 177.86-0.94%
RS vs Nifty 500178
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation16/30
Growth5/25
Quality0/20
Balance Sheet5/15
Cash Flow8/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 8.3%.
- Cash flow contributes 8/10 to the score.
- Valuation contributes 16/30 to the score.
Main drags
- Fair-value margin of safety is negative at -1152.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 5/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
14.3
PB
1.0
EV/EBITDA
4.9
ROE
0.6%
ROCE
8.3%
FCF Yield
8.3%
Debt/Equity
1.4
MoS
-1152.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 1.4, so downturn resilience matters.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-1152.7%
Previous: -1152.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
37
37
37
37
37
35
36
37
37
37
37
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹292.44
+23.4% MoS
Growth-justified P/E
1.1
Growth-justified Value
₹17.89
-1152.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LXCHEM
Micro
Laxmi Organic Industries Limited
Retail
match 105
25
38.9
4.1%
-833%
OVERVALUED
REFEX
Micro
Refex Industries Limited
Retail
match 102
70
12.8
17.8%
+69%
UNDERVALUED
RELAXO
Micro
Relaxo Footwears Limited
Retail
match 94
25
38.8
8.3%
-860%
OVERVALUED
WESTLIFE
Micro
WESTLIFE FOODWORLD LIMITED
Retail
match 93
24
—
-3.8%
-576%
OVERVALUED
TRIVENI
Micro
Triveni Engineering & Industries Limited
Retail
match 93
31
21.5
8.7%
-188%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T01:49:22.091Z
Management commentary snapshot
Q1 2026 saw strong revenue and EBITDA growth, up 20% and 65% YoY respectively, driven by Carbon and Advanced Materials segments. Cement revenue declined due to increased competition and higher operating costs. Adjusted Net Profit After Tax was ₹1.25 billion.
The company delivered robust Q1 2026 results, primarily driven by strong performance in its Carbon and Advanced Materials segments, benefiting from volume improvements, price increases, and cost savings. The Cement segment remains a drag due to competitive pressures. Management's focus on debt optimization and alternative raw material sources is positive, but raw material cost volatility remains a risk.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Carbon74.7%
Advanced Materials19.2%
Cement6.1%
Growth engines
Carbon Segment Performance
Revenue increase driven by volume improvements in Calcination due to strong demand and higher production, along with increased prices across major products.
Advanced Materials Segment Performance
Revenue increase driven by increased volumes in Chemical Intermediates and Resins, and finished product pricing increases related to reduced market supplies.
Aluminium Market Dynamics
Aluminium production disruptions in the Middle East are expected to drive capacity utilization in other markets, with smelters looking to accelerate new capacity additions.
Cost Savings Initiatives
Improved margins in Carbon and increased EBITDA in Advanced Materials were partly driven by cost savings initiatives implemented in 2025.
Capacity and execution
Carbon Capacity Utilization
Carbon segment saw higher production in Q1 2026 compared to ramping up of capacity utilization during Q1 2025.
Existing Capacities
The company has 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. cement capacity.
Tailwinds
Strong Aluminium Demand
LME aluminium price continues to hold, supported by growth in demand, with supply expected to be short for the next year or more.
Favorable Currency Movements
Appreciation of Euro and USD against the Indian Rupee supported revenue increases in Carbon and Advanced Materials segments.
Reduced Advanced Materials Supply
Finished product pricing increases in Advanced Materials were related to reduced supplies in the market.
Headwinds
Cement Segment Competition
Cement revenue decreased due to lower volumes resulting from increased competition in the South Indian market.
Increased Cement Operating Costs
Cement EBITDA decreased due to lower volumes and increased operating costs.
Raw Material Supply Disruptions
Aluminium production disruptions in the Middle East highlight potential raw material supply challenges, which the company aims to mitigate.
Risk radar
Raw Material Cost Volatility
Changes in raw material costs are an important factor that could cause results to differ materially from forward-looking statements.
Market Demand Fluctuations
Lower than expected demand for products is a risk that could impact future performance.
Competitive Pressures
Competitors' reactions to market conditions, as seen in the Cement segment, pose a risk to profitability.
Foreign Currency Exchange Rates
Economic conditions, including foreign currency exchange rates, are factors that could cause results to differ materially.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings presentation explicitly highlights Q1 2026 performance against Q1 2025 for key financial metrics and segment-wise revenue and EBITDA, indicating a primary year-over-year comparison.
Sector KPIs management disclosed
Revenue from Operations
Revenue from Operations increased to ₹45.21 billion in Q1 2026, a 20% increase compared to Q1 2025.
Adjusted EBITDA
Adjusted EBITDA grew to ₹7.15 billion in Q1 2026, marking a 65% increase from Q1 2025.
Adjusted EBITDA Margin
Adjusted EBITDA Margin improved to 15.8% in Q1 2026, up from 11.5% in Q1 2025.
Carbon Segment Volumes
Carbon volumes were 659 thousand tonnes in Q1 2026, up from 597 thousand tonnes in Q1 2025.
Management forward view
Strengthening Business Model
Management is focused on transforming with purpose by strengthening its business model across Carbon, Advanced Materials, and Cement segments.
Sustainable Performance through Raw Material Diversification
Developing alternative sources of raw materials to achieve higher capacity utilization and mitigate supply disruptions in the Middle East.
R&D for Emerging Markets
Leveraging proprietary know-how in Distillation and Calcination for developing raw materials for emerging markets of BAM and ESM.
Debt Optimization
Staying prepared and watching markets closely for opportunities to optimize interest costs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to EBITDA | 2.85x (Mar 2026) | Further reduction in the Net Debt to EBITDA ratio, indicating improved financial leverage. |
| Adjusted EBITDA Margin | 15.8% (Q1 2026) | Sustained or improved margins, especially given volatile input costs and competitive pressures. |
| Cement Segment Performance | Revenue down, EBITDA down (Q1 2026) | Signs of recovery in volumes and profitability in the Cement segment amidst increased competition and operating costs. |
| Raw Material Sourcing Initiatives | Developing alternative sources | Concrete progress and impact of developing alternative raw material sources to mitigate supply disruptions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 47th percentile within Chemicals. Main check: balance sheet trust is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
148 docs text-extracted · 67 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Chemicals: 47th pctile, median 73 · Micro: 46th pctile, median 73
Evidence depth
Financial-only
148 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 8.8%.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.35.
- ▸ROE is low at 0.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Rain Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Rain Carbon and BioBTX announce collaboration for renewable aromatic products; BioBTX plant expected operational in early 2028.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Sep - India Ratings affirms Rain Industries' IND A rating with Stable outlook; no change from previous year.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Date of payment of Dividend 6 Aug - Interim dividend of Rs.1 per share for FY2026 will be paid on August 28, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Rain Industries Limited - News paper publication of Postal Ballot Notice
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug - Rain Industries Limited - Copy of news paper publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Jun - Rain Industries Limited - News Paper publication about Special Window for Re-lodgment of Transfer requests of Physical Shares.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.