Rain Industries Limited — Management Reports 2025

Nov 6, 2025

==> picture [74 x 37] intentionally omitted <==

RAIN INDUSTRIES LIMITED

RIL/SEs/2025

November 6, 2025

The General Manager The Manager Department of Corporate Services Listing Department BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Fort Bandra East Mumbai-400 001 Mumbai – 400 051

Dear Sir/ Madam,

• Sub: Management Presentation on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the third quarter ended September 30, 2025 – Reg.

Ref : Scrip Code: 500339 (BSE) & Scrip code : RAIN (NSE)

With reference to the above stated subject, given below is the link to the Management Presentation on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the third quarter ended September 30, 2025:

Link for Audio – Management Presentation:

• • • • • https://www.rain industries.com/images/RIL Management presentation Q3 2025.mp4

Please also find attached herewith the Transcript of Management Presentation on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the third quarter ended September 30, 2025.

This is for your kind information and record.

Thanking you,

Yours faithfully, for Rain Industries Limited

SINGIDI Digitally signed by VENKAT SINGIDI VENKAT RAMANA REDDY RAMANA Date: 2025.11.06 REDDY 21:33:33 +05'30'

S. Venkat Ramana Reddy Company Secretary

Regd. Office: Rain Center 34, Srinagar Colony Hyderabad 500073 Telangana, India

Phone : +91 (40) 40401234 Fax: + 91 (40) 40401214 Email:secretarial@rain-industires.com Website: www.rain-industries.com CIN:L26942TG1974PLC001693

RAIN Industries Limited

Management Commentary on Developments and Performance during the Third Quarter of 2025

Introduction by Sarang

Greetings to everyone. We welcome you all to today’s management presentation hosted by RAIN Industries Limited. My name is Sarang Pani, and I serve as the General Manager of Corporate Reporting and Investor Relations here at RAIN Industries Limited.

Earlier today, we released our financial results for the third quarter and nine months ended September 30, 2025. These results are now available on our website for your reference.

In just a moment, we will walk you through the key performance highlights in RAIN Industries Limited for the third quarter of 2025. We will provide insights into our operational progress, market dynamics, and strategic initiatives that are shaping our path forward.

Page 1 of 29

The speakers for today are:

Mr. Jagan Reddy Nellore – Managing Director of RAIN Industries Limited

Mr. Gerard Sweeney – President of RAIN Carbon Inc

Mr. T Srinivasa Rao – CFO of RAIN Industries Limited

Before we begin today's discussion, the management would like to highlight that certain statements made during this presentation may be forward-looking in nature. These statements may include, but are not limited to, expectations regarding future performance, strategic initiatives, market trends, financial targets, and anticipated outcomes. Such forward-looking statements are based on our current assumptions, projections, and available information. However, they are inherently subject to a range of risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that may impact on our performance include changes in market conditions, regulatory developments, competitive dynamics, and other risks.

Page 2 of 29

Additionally, today’s presentation may include references to non-GAAP financial measures. These metrics are intended to provide additional insight into our operational performance and should not be considered as substitutes for GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP figures are available in the accompanying slide deck.

Now, please turn to Slide 3 of the presentation and Mr. Jagan Nellore will walk us through the key developments and strategic highlights from the third quarter of 2025 for RAIN Group. With that, I hand it over to Mr. Jagan

Page 3 of 29

Slide 3 – Jagan Reddy Nellore:

Thank you Sarang and Greetings to All,

As is our tradition, we begin by emphasizing our safety performance, an essential pillar of our operational excellence and corporate culture. By the end of nine-months period September 2025, RAIN achieved a Total Recordable Incident Rate (TRIR) of 0.09, marking a notable improvement over the same period last year. This achievement reflects the deep-rooted commitment of our workforce to maintaining a safe and secure working environment across all our operations. It is a testament to the vigilance, discipline, and care demonstrated daily by our teams, and it continues to set benchmarks within our industry.

We operate in highly complex industrial environments, where the potential for safety incidents is a constant concern. That is why safety is not just a priority; it is a core value embedded into every aspect of our operations. From leadership to frontline teams, we reinforce safety protocols consistently and make it an integral part of every employee’s routine.

Page 4 of 29

During the third quarter, we recorded two incidents at our European facilities. While any incident is one too many, we approach each with transparency and a commitment to learning and improvement. Importantly, our overall safety performance has shown steady progress over the past several years.

This positive trajectory is the result of our proactive safety culture which includes a drive for employees to report any unsafe acts or conditions before they can cause an incident, rigorous training programs, and the collective vigilance of our global teams. We are proud of the strides we have made and remain fully committed to raising the bar even further, ensuring that safety continues to be a defining strength of RAIN.

Slide 4 – Jagan Reddy Nellore:

Moving on to this quarter’s financial highlights on slide 4,

We concluded the third quarter of 2025 broadly in line with our internal expectations. Reported revenue for the quarter stood at 44.76 billion rupees, reflecting a 2 percent sequential increase, primarily driven by

Page 5 of 29

improved volumes across select product lines. Adjusted EBITDA came in at 6.48 billion rupees, up 5 percent from the previous quarter, consistent with our forecasted range.

While these results represent a step forward, we acknowledge that we are still in the process of our previously guided, stepwise progress towards our normalized quarterly earnings levels. Our focus remains on steadily restoring performance to those levels that is reflective of consistent progress and sustained business performance. Compared to the same period last year, these results are more stable and encouraging.

Over the past two years, we have navigated a dynamic and often challenging business environment. Throughout that period, we have rigorously implemented operational efficiencies and remain focused on delivering consistent value to our customers and stakeholders.

During the first nine months of 2025, we made targeted capital investments aggregating to 41 million US dollars, covering essential

Page 6 of 29

maintenance and plant turnaround activities. These investments were deliberately measured, reflecting our commitment to operational resilience and long-term sustainability, while remaining below typical levels given the current environment.

We are also excited to have received permissions to construct and begin investing in a brownfield cement expansion, including our proven, stateof-the art, environmental and green-electricity systems, at our Cement segment’s existing location in Telangana State, which will increase our capacity to produce additional cement at a key time of increasing market demand in South India.

We ended the quarter with a strong liquidity position of 388 million US dollars, and have no major term debt maturities until October 2028, providing us with financial flexibility and stability.

As we entered 2025, our primary objective was to restore normalized operating margins and stabilize overall performance, as mentioned in

Page 7 of 29

previous calls. This third quarter of 2025 reflects our progress toward that goal. However, you may also remember from past calls that our fourth quarter typically presents seasonal challenges, including lower sales volumes due to customer de-stocking and reduced activity in our seasonal product lines such as pavement sealers, creosote and some constructionrelated materials. Despite this, our year-to-date performance shows a healthier and more reliable earnings profile compared to the past two years, giving us confidence as we prepare for the final quarter and begin planning for 2026.

While some macroeconomic pressures appear to be easing, we remain cautious. Geopolitical tensions, trade barriers, inflationary trends, and broader economic uncertainties continue to influence demand and margin dynamics. These factors impacted our performance earlier in the year, and we are hopeful that any improvement in the external environment will help in normalizing our performance.

Page 8 of 29

We remain agile and vigilant, committed to mitigating risks and protecting margins as we move forward.

Slide 5 – Jagan Reddy Nellore:

Turning to slide 5 on segment wise performance compared to second quarter of 2025.

Starting with the Carbon segment, we recorded a volume increase of approximately 9 thousand metric tons, representing a 1.4 percent growth compared to the second quarter. This was primarily driven by higher volumes in Distillation business, while volumes in the Calcination business were slightly lower. The Carbon segment revenue increased by 2.4 percent, largely due to a favorable product mix and favorable foreign exchange rates.

The slight decline in the Calcination volumes was mainly due to the timing of shipments, and some reduction in the average prices. As noted previously, CPC prices from China surged early in the second quarter,

Page 9 of 29

which allowed us to adjust our pricing temporarily before those prices later normalized. Our global blending strategy in the Calcination business continues to gain traction, particularly with the resumption of USproduced CPC exports to India.

As highlighted in prior quarters, raw material sourcing at competitive prices remains critical to sustaining margins in our Carbon segment. In the calcination business, the ongoing competition for feedstock from battery anode material (or BAM) producers continues to be a significant challenge for the entire global calcination industry. The emergence of BAM Industry as a new and consistent buyer of low to medium sulfur and metal GPC grades introduced a structural change in demand dynamics. Unlike the calcination industry, BAM Industry exhibits less sensitivity to price fluctuations, which has contributed to upward pressure on GPC prices across the board. This has led to supply constraints and forced the calcination industry to pay premiums for materials that were previously more competitively priced.

Page 10 of 29

In our Distillation business, we saw a volume increase of 9 percent and a revenue increase of 13 percent quarter-over-quarter. This rebound was anticipated following a weaker second quarter. The improvement was led by stronger demand for core products such as Coal Tar Pitch (or, CTP) and Carbon Black Oil. However, the distillation business continues to face headwinds from commodity price volatility, elevated energy costs, and the impact of a stronger Euro against US Dollar on our North American operations.

Volume recovery was the key driver this quarter, supported by renewed customer demand. That said, geopolitical uncertainties and the gradual shift toward electric arc furnace steel production over traditional blast furnaces continue to influence coal tar raw material availability and market dynamics.

While global challenges persist, we view them as evolving conditions rather than barriers. Our position as a leading global supplier of carbon products provides us with strategic flexibility. Our Carbon segment’s

Page 11 of 29

team remains engaged with customers and markets, actively working to strengthen the value proposition of both its Calcination and Distillation businesses.

Advanced Materials Segment

The Advanced Materials segment reported a 7 percent increase in volumes, largely driven by seasonal products that typically perform well in the second and third quarters. This seasonal uplift contributed to a 9 percent increase in revenue and a 16 percent increase in EBITDA compared to the second quarter.

Despite the volume and margin improvements, elevated energy costs in Europe during the summer months added pressure to our cost base. Additionally, the segment continues to face pricing and volume challenges in its commodity chemical portfolio, particularly resins.

As you have all likely been following in the news, this is a broader issue affecting European chemical producers, exacerbated by US tariffs, which

Page 12 of 29

have redirected more Asian products into European markets. The region’s

regulatory burden, high energy costs, and labor expenses are already impacting on the competitiveness of many European players. We are monitoring these developments closely and will take necessary steps to safeguard the long-term viability of this segment.

Cement Segment

In our Cement segment, operations in South India were impacted by extended monsoon conditions, leading to lower volumes compared to the second quarter. Realizations were also slightly lower, resulting in a modest decline in revenue for the quarter.

However, with the monsoon season tapering off since October, we anticipate a recovery in volumes during the fourth quarter. Additionally, the reduction in GST rates from 28% to 18%, which became effective on September 22[nd] , 2025, is expected to stimulate demand, particularly in the housing and infrastructure sectors.

Page 13 of 29

Slide 6 – Jagan Reddy Nellore:

Moving on to slide 6, as mentioned earlier, we are pleased to share a few more details about our Board’s recent approval for a brownfield expansion at our Cement segment’s Unit-1 plant in Ramapuram, Telangana. Regulatory approvals for this expansion have been secured. The expansion is designed to align with our low-cost, low-emission benchmarks, and includes plans for a 7-Megawatt Waste Heat Recovery plant, similar to the systems which we use at our existing Cement plants, as well as some of our Carbon and Advanced Materials plants.

With ongoing infrastructure development in Andhra Pradesh and Telangana, and supportive government welfare schemes, we expect demand for cement to strengthen in the coming quarters. Industry forecasts suggest cement demand could grow by 20 percent over the next 2 to 3 years, supported by initiatives like Pradhan Mantri Awas Yojana and declining interest rates, which are expected to boost housing construction.

Page 14 of 29

To manage financial risk, we plan to fund the 7.57 billion rupees project primarily through internal accruals, with minimal reliance on external debt. We are targeting commercial operations to commence in the second half of calendar year 2027.

With initiatives of both captive green power generation (currently generating about 40 percent of our Cement segment’s total electricity requirement) and optimisation of outward freight by concentrating on neighboring markets, we target to achieve improved operating margins.

Slide 7 – Jagan Reddy Nellore:

As many of you may have seen in our recent press release, we are excited to announce a Joint Development Agreement with Northern Graphite of Canada, aimed at pioneering the use of alternative materials for the energy storage market. This collaboration is focused on transforming natural graphite processing by-products into high-performance, battery-grade materials, by integrating upstream feedstock control with advanced downstream processing and electrochemical testing.

Page 15 of 29

Our goal is to maximize yield from graphite mining operations while minimizing waste and carbon footprint, aligning with global sustainability imperatives. We are targeting to bring these next-generation materials to market within two years, leveraging RAIN’s proprietary LIONCOAT® carbon coating technology, developed at our Canadian Technology Innovation Center in Hamilton, Ontario.

The total estimated development cost of 3.1 million Canadian Dollars will be partially funded by a 0.9 million Canadian Dollar grant under the Canada–Germany Collaborative Industrial Research and Development Program, underscoring the strategic importance and international recognition of this initiative.

In parallel, we made a formal entry into the North American Meso-phase Carbon Micro Bead (or, MCMB) sector during the third quarter. This material is a critical component in rechargeable batteries, widely used in defense applications, power tools, and electric mobility solutions. We

Page 16 of 29

launched a targeted marketing campaign and enhanced our presence at key battery trade shows, in collaboration with China Steel Group of Taiwan, demonstrating our intent to be a serious player in this space.

Our R&D efforts are expanding into this market area as well, with active engagement from our partners. We see this as a strategic growth area, aligned with the accelerating global demand for energy storage solutions in the face of raw material limitations.

Beyond these initiatives, we continue to advance our broader innovation agenda, including product development, geographic expansion, and core business reinforcement, as we have discussed with you in our previous investor call. These efforts are designed not only to diversify our portfolio but also to position RAIN at the forefront of the energy transition and advanced materials landscape.

We believe these developments reflect our long-term vision, our technical capabilities, and our commitment to sustainable growth. We are confident

Page 17 of 29

that our strategic investments today will translate into meaningful value creation for our stakeholders in the years ahead.

Now, I will hand over the presentation to Gerry who will provide further updates on the industry and our business on Slide 8…

Gerry….

Slide 8 – Gerard Sweeney:

Thank you, Jagan. Hello, everyone. It is a pleasure to speak with you again.

The outlook for the global aluminum industry remains resilient and promising, even in the face of the recent imposition of US tariffs. Despite the US tariff rate doubling to 50 percent, of late, the London Metal Exchange (or, LME) price has surged to about 2,900 US dollars per metric ton. This price improvement reflects a combination of favorable global factors, including sustained expectations of rising demand for this key metal.

Page 18 of 29

Moreover, LME inventories remain persistently low, further supporting strong pricing dynamics. Industry analysts and publications are forecasting continued momentum, with aluminum prices projected to increase further during 2026. This reinforces our confidence in the longterm fundamentals of the sector and the strategic importance of our position within it.

Looking ahead, smelting expansions in India and Indonesia, which are well-located relative to Rain’s operations, are driving the start-up of new capacity in 2025 and 2026. Further, several additional smelter projects across various regions outside China are scheduled to commence operations in 2026 including capacity restarts in the United States, reinforcing industry growth potential.

Overall, the aluminum sector appears well-positioned for continued expansion, supported by stable pricing and a resurgence in demand.

Page 19 of 29

Importantly, the relief on petroleum coke import restrictions in India combined with our additional CPC production capacity and global blending strategy, will enable us to continue to meet growing Carbon market needs while enhancing our global competitiveness.

Looking ahead, the global economic outlook continues to improve. The removal of persistent concerns surrounding tariffs and ongoing geopolitical tensions are unleashing more optimism globally. While the world continues to be unpredictable, the prevailing business sentiment is cautiously optimistic, a welcome shift from the uncertainty that has characterized recent quarters, and even years.

Tariffs continue to have no material impact on our business. Encouragingly, global trade conflicts seem to be showing signs of resolution. This trend, while still fragile, offers a measure of reassurance. In this environment, our strategic focus remains firmly on enhancing

Page 20 of 29

efficiency, strengthening competitiveness, and building resilience across

all markets we operate in.

Slide 9 – Gerard Sweeney:

Referring to slide 9, which highlights key commodity price trends and our

business performance during the third quarter of 2025, most prices have retreated due to low global oil prices.

Natural Gas prices in Europe fell from last winter’s highs during the last few quarters but remained high versus pre-conflict levels.

With that, I will now turn the presentation to Srinivas, who will take you through the consolidated financial performance of RAIN on Slide 10.

Srinivas, over to you.

Slide 10 – Srinivasa Rao:

Thank you, Gerry, and Hello everyone.

Page 21 of 29

Turning to Slide 10, Consolidated net revenue was 44.35 billion Rupees during the third quarter, an increase of 5.29 billion Rupees compared to the third quarter of 2024. The increase was primarily due to an increase

of 4.87 billion Rupees in the Carbon segment and an increase of 0.46 billion Rupees in the Advanced Materials segment, which was offset by a 0.04 billion Rupees decrease in the Cement segment.

Consolidated, adjusted EBITDA for the third quarter was 6.48 billion Rupees, reflecting an increase of 3.56 billion Rupees compared to the third quarter of 2024. This increase was driven by a 3.02 billion Rupees increase in the Carbon segment, a 0.33 billion Rupees increase in the Advanced Materials segment, and a 0.21 billion Rupees increase in the Cement segment.

Slide 11 – Srinivasa Rao:

Moving to Slide 11, our Carbon segment reported revenue of 32.68 billion Rupees during current quarter, an increase of 4.87 billion Rupees or 17.5 percent, primarily driven by higher volumes in the Distillation business.

Page 22 of 29

These were mainly Coal Tar Pitch and Carbon Black Oil due to improved demand, coupled with higher realisations in the segment’s Calcination business compared to the third quarter of last year.

Further, revenue in this segment increased due to an appreciation of Euro and US Dollar against the Indian Rupee by 10.9 percent and 4.2 percent, respectively.

The Adjusted EBITDA for the Carbon segment increased by 3.02 billion Rupees or 127.6 percent compared to the third quarter of the previous year. This was primarily driven by increased volumes in its Distillation business and margins in its Calcination business due to re-setting of CPC prices. These were coupled with the appreciation of Euro and US Dollar against the Indian Rupee by about 10.9 percent and 4.2 percent, respectively.

Slide 12 – Srinivasa Rao:

Page 23 of 29

Moving on to slide 12, our Advanced Materials segment revenue was 8.91

billion Rupees, an increase of 0.46 billion Rupees or 5.4 percent compared to the third quarter of 2024.

During the current quarter, the increase in volumes was primarily driven by this segment’s engineered products and its naphthalene derivates. This is coupled with the appreciation of the Euro against the Indian Rupee by about 10.9 percent.

Adjusted EBITDA increased by 0.33 billion Rupees compared to the third quarter of 2024, due to higher volumes and increase in margins coupled with appreciation of the Euro against the Indian Rupee.

Slide 13 – Srinivasa Rao:

Moving on to slide 13, we can look at our Cement segment, which experienced a 1.3 percent decrease in revenue in the third quarter of 2025 compared to the same period in 2024, attributable to lower volumes due to extended monsoon. However, the Adjusted EBITDA for our Cement

Page 24 of 29

segment increased to 195 million Rupees during third quarter of 2025 compared to negative 7 million Rupees for the same period in 2024, due to lower operational costs in the current quarter compared to last year.

Slide 14 – Srinivasa Rao:

Moving on to the next slide on debt, slide 14.

The third quarter concluded with a gross debt of 996 million US dollars, which included working capital debt of 164 million US dollars.

Our net debt stood at 801 million US dollars, and, with an LTM EBITDA of 243 million US dollars, our net debt to EBITDA ratio was 3.29x. This improvement is primarily driven by the improved performance of the company over the last two quarters.

Coming to the cash flows, as discussed during the first quarter of 2025, our working capital requirements increased significantly, due to higher raw material import requirements of both of our Carbon calcination plants in India and due to the increased market prices of those raw materials.

Page 25 of 29

We are seeing a moderate release in terms of pricing during the last two quarters of 2025 and we expect the quantity levels will continue to meet the additional requirement pertaining to SEZ facility. We expect further release in terms of pricing by the end of the year.

Investing activities outflow of 1.06 billion Rupees represents 3.52 billion Rupees spent on the maintenance capital expenditure offset by 2.46 billion Rupees net maturities of term deposits and interest received on deposits. Financing activities’ outflow of 10.79 billion Rupees represents repayment of long-term debt and interest expense and other borrowing payments, offset by increased working capital borrowings made during the nine months of 2025.

I will now pass over the presentation to Mr. Jagan for his Closing Remarks.

Page 26 of 29

Closing Remarks – Jagan Reddy Nellore:

Thank you, Srinivas.

Following a prolonged period of underperformance, largely influenced by global market headwinds, we are beginning to observe early signs of recovery. The third quarter of 2025 represents another incremental step forward in our earnings trajectory. While we are encouraged by this progress, we remain mindful that market conditions continue to be volatile, and it may take time before we see sustained stability across our operating environment.

As we have consistently communicated over the past year, our strategy is centered on a stepwise recovery, with a focus on disciplined execution, cost control, and targeted investments. Our objective remains to return to normalized earnings levels, and we are cautiously optimistic about the momentum we have built so far.

Page 27 of 29

Within our Carbon segment, we are still undergoing transformational changes, particularly in our global calcination business. A key priority continues to be the secure and cost-effective sourcing of raw materials, especially Green Petroleum Coke. The growing demand from battery anode manufacturers for our raw material has intensified competition for these inputs, and we are actively working to strengthen our supply chain and ensure long-term access to quality feedstock.

In our Carbon segment’s Distillation business, the focus has remained on operational cost efficiencies to help offset volume pressures. I am pleased to note that these efforts are progressing in the right direction, and we expect further gains in efficiency as we continue to optimize our processes. However, we remain cautious given the broader market uncertainties.

We continue to monitor the cost of capital closely. Our approach to refinancing high-cost debt remains cautious and strategic. We will act

Page 28 of 29

when market conditions are favorable, ensuring any refinancing aligns with our broader goal of optimizing capital structure and efficiency.

Despite the evolving and sometimes unpredictable landscape, we believe that RAIN is strategically positioned to navigate these challenges. Our approach remains measured, and we are committed to making decisions that support long-term value creation rather than short-term gains.

We appreciate the continued support of our shareholders and stakeholders. We look forward to sharing further updates on our progress and strategic initiatives in the next quarterly presentation.

Page 29 of 29