Date: August 6, 2026

Financial Results (Consolidated)

Q2 2026 Performance (₹ in Millions)

  • Net Revenue: ₹51,402
  • Other Operating Income: ₹270
  • Revenue from Operations: ₹51,672
  • Reported EBITDA: ₹9,683
  • Adjusted EBITDA: ₹9,935
  • Adjusted EBITDA Margin: 19.2%
  • Profit Before Tax: ₹5,010
  • Tax Expense, net: ₹1,600
  • Non-controlling Interest: ₹448
  • Reported Profit After Tax: ₹2,962
  • Adjusted Profit After Tax: ₹3,173
  • Adjusted Earnings Per Share: ₹9.43

Comparative Performance (₹ in Millions)

| Period | Q2 2026 | Q1 2026 | Q2 2025 | CY 2025 |

| Net Revenue | 51,402 | 44,885 | 43,354 | 167,911 |

| Revenue from Operations | 51,672 | 45,207 | 44,014 | 169,458 |

| Reported EBITDA | 9,683 | 7,208 | 6,314 | 21,854 |

| Adjusted EBITDA | 9,935 | 7,149 | 6,171 | 22,749 |

| Adjusted EBITDA Margin | 19.2% | 15.8% | 14.0% | 13.4% |

| Profit Before Tax | 5,010 | 2,558 | 2,036 | 4,345 |

| Reported Profit After Tax | 2,962 | 1,214 | 607 | 425 |

| Adjusted Profit After Tax | 3,173 | 1,245 | 495 | 1,178 |

Reconciliation of Adjusted EBITDA and PAT (Q2 2026, ₹ in Millions)

  • Reported EBITDA: ₹9,683
  • Reported PAT: ₹2,962
  • Adjustments/Exceptional items:
  • Expenses towards non-recurring items: ₹280 (EBITDA), ₹280 (PAT)
  • Foreign exchange loss/(gain) on inter-company debt note: (₹28) (EBITDA), (₹28) (PAT)
  • Tax impact on above adjustments: ₹0 (EBITDA), (₹41) (PAT)
  • Adjusted EBITDA: ₹9,935
  • Adjusted PAT: ₹3,173

Segment Performance Drivers Q2 2026 vs Q2 2025

Carbon Segment:

  • Revenue increase driven by increased prices supported with appreciation of Euro and USD against Indian Rupee, offset with lower volumes in Calcination due to shipment timing and shift of some sales to other geographies
  • EBITDA increase driven by raw material blend optimization improvements and reduced operating costs due to capacity utilisations and cost savings initiatives implemented in 2025

Advanced Materials Segment:

  • Revenue increase driven by pricing increases related to reduced supplies in the market and appreciation of Euro and USD against Indian Rupee, with higher volumes in Engineered Products offset with lower volumes in Resins and Chemical Intermediates subsegments
  • EBITDA increase led by higher margins driven by the timing of raw material purchases coupled with cost saving initiatives implemented in 2025

Cement Segment:

  • Revenue and EBITDA performance details not specified in the document

Balance Sheet & Liquidity

Debt Profile (US$ in Millions)

| Description | Jun. 2026 | Dec. 2025 |

| Euro-denominated Senior Secured Term Loan (due by October 2028) | 354 | 365 |

| USD-denominated Senior Secured Notes (due in September 2029) | 445 | 445 |

| Senior Bank Debt and Other debt | 18 | 19 |

| Gross Term Debt | 817 | 829 |

| Add: Working Capital Debt | 257 | 190 |

| Less: Deferred Finance Cost | 10 | 12 |

| Total Debt | 1,064 | 1,007 |

| Less: Cash and Cash Equivalents | 172 | 170 |

| Net Debt | 892 | 837 |

| LTM Adjusted EBITDA | 322 | 261 |

| Net Debt to EBITDA | 2.77 | 3.21 |

Note: Euro 310.6 million converted to USD @ 1.14 (Dec 31, 2025: 1.18)

Liquidity Position

  • Total Liquidity: US$313 million
  • Cash: US$172 million
  • Undrawn facilities: US$141 million
  • Debt Maturity Runway: October 2028 (no significant term maturities until then)

Cash Flow Summary (₹ in Millions)

| Particulars | H1 2026 | H1 2025 |

| Operating Activities | 1,877 | (1,967) |

| Investing Activities | (66) | (559) |

| Financing Activities | 470 | 462 |

  • Net cash inflows from operating activities increased by ₹3.84 billion compared to half year ended June'25, primarily due to improved profitability during current period offset by higher inventory levels
  • Net cash outflows in investing activities majorly includes maintenance capital expenditure of ₹2.43 billion (US$26 million) offset by net proceeds from fixed deposit maturities along with interest income amounting to ₹2.34 billion
  • Net cash inflows of ₹0.47 billion in financing activities was primarily attributable to proceeds from working capital borrowings offset with interest payments

Capital Expenditure

  • Capital Expenditure: US$26 million for six months ended June 2026

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 contingency options supporting continuity
  • Resilience — Global footprint, flexible supply chains and alternate feedstocks strengthen resilience
  • Strategic priorities — Focus on stable margins, cost optimization, cash generation and lower finance costs

Overall, the Company remains focused on disciplined execution, resilience and sustained value creation amid an uncertain market environment.

Company Overview

Rain Industries is a leading vertically integrated global producer of carbon, cement and advanced materials. The company converts by-products of oil refining and steel production into high-value carbon-based products for the aluminium, graphite, carbon black and specialty chemicals industries, and produces cement for the South Indian market.

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. cement capacity
  • Transforming by-products of oil and steel industries into high-value carbon-based materials
  • Long-standing relationships with raw material suppliers and end customers
  • Leading R&D function drives continuous innovation
  • Diversified geographical footprint with advantageous freight and logistics network
  • Facilities with overall 187 MW co-generated steam and power capacity and renewable solar power
  • Experienced international management team
  • Strategy shift from low-margin products to favourable product mix

Market Update

Aluminium Market

  • Supply tightness persists amid Middle East disruptions
  • Recovery dependent on de-escalation and logistics normalization
  • Elevated LME and energy costs are supporting restarts but may pressure downstream demand
  • Long-term fundamentals remain constructive, driven by electrification, lightweighting and energy transition

Price Trends

  • Price trends of key products and natural gas are stabilizing

Safety Performance

  • Total Recordable Incident Rate (TRIR) reported in accordance with OSHA guidelines
  • Until 2023, reporting covered only Carbon and Advanced Materials segments
  • Beginning in 2024, TRIR reporting includes all three business segments

Forward-Looking Statement

This presentation contains forward-looking statements based on management's current expectations, estimates and projections. Important factors that could cause results to differ materially include lower than expected demand for products; loss of important customers; failure to develop new products; patent rights of others; timely commercialization of products under development; changes in raw material costs; demand for customers' products; competitors' reactions to market conditions; delays in integration of structural changes; laws, regulations, policies and economic conditions of countries where business is conducted; and severe weather events causing business interruptions.