Rain Industries Q1 2026: Margin expansion led by Carbon and improved cash flows

Revenue from operations was ₹4,520.7 crore and adjusted EBITDA was ₹714.9 crore in Q1 2026.

Adjusted EBITDA increased to ₹714.9 crore from ₹434.2 crore, and adjusted EBITDA margin rose to 15.8% from 11.5%.

The Carbon segment reported ₹3,352 crore revenue in Q1 2026, the largest among the three segments.

Net debt was US$825 million and net debt to LTM adjusted EBITDA was 2.85x at March 2026.

Liquidity was US$362 million, comprising US$163 million cash and US$199 million undrawn loan facilities.

Management attributed the YoY increase to improved calcination volumes from strong demand and higher production, price increases across products, FX tailwinds, and cost savings initiatives implemented in 2025.

The outlook highlights strengthening the business model across three segments, developing alternate raw material sources to support utilization, leveraging R&D know-how in distillation and calcination, and monitoring markets for debt interest cost optimisation.