Chairman’s statement
Dear Stakeholders, 2025 marked a period of purposeful progress for RAIN as we navigated a complex global environment, while advancing our long-term strategic priorities. Across industries, supply chains and capital markets, volatility continued to shape the operating landscape. Against this backdrop, our focus remained on ensuring financial stability and positioning the Company to participate even more meaningfully in the global materials ecosystem.
The global economy in 2025 continued to evolve amid volatile commodity cycles and geopolitical developments. Within this environment, the aluminium industry remained a firm anchor for RAIN’s core business. Global aluminium production continued to expand, supported by infrastructure development, automotive electrification, the growing importance of lightweight materials and the increasing use of advanced carbon-based products in modern manufacturing. Aluminium’s growing role in the energy transition is reinforcing its importance as a strategic metal in the global materials space.
Also in 2025, indicators of strong aluminium demand prompted several major smelters to commit to capacity expansions and new smelter construction projects in the US, South Asia and Southeast Asia. In these high-potential regions, RAIN is uniquely positioned to provide smelters with two critical components required to meet their carbon raw material needs: calcined petroleum coke and coal tar pitch. Our business model in these regions is further bolstered by our strong local presence, encompassing raw material sourcing, production sites and a flexible logistics infrastructure.
Supported by tightening inventories and steady consumption, this strong demand helped maintain stable aluminium prices throughout the year. LME threemonth aluminium prices traded above US$3,000 per tonne toward year-end, which, in turn, strengthened demand for carbon-derived products.
At the same time, macroeconomic conditions across several major markets, including North America, Europe and Asia, witnessed persistent inflationary pressures and supply chain recalibrations. While geopolitical developments are still evolving in the Middle East and elsewhere, and targeted sanctions affect global trade flows, our broad global footprint, agile supply chain and stringent compliance frameworks ensured these dynamics had no material impact on our core operations in 2025 and will enable RAIN to maintain a strong position and adapt in global markets.
In response, RAIN’s diversified portfolio across Carbon, Advanced Materials and Cement delivered a resilient performance despite considerable operational complexity.
The industries we serve are inherently cyclical and subject to challenges, but through our diversified portfolio, we remain better equipped to weather those changes more effectively than many of our peers.
During 2025, we advanced several strategic priorities articulated for the year. Besides restoring profitability and optimising leverage, we deepened engagement with high-growth end markets and pursued selective investments. After several years of regulatory challenges for our SEZ Carbon plant in India, developments during 2025 allowed us to finally ramp up utilisation of that site to its originally intended, optimum levels.
Speaking of our financial performance, we witnessed a significant turnaround during 2025. Consolidated revenue for the year stood at ₹169,458 million, while consolidated net profit reached ₹1,178 million, representing a recovery from the net loss reported in the previous year. This improvement reflects disciplined execution across operations even as macroeconomic conditions remained uneven across geographies.
Consolidated EBITDA for the year also improved materially, supported by optimised cost control, stronger realisations in key products and recovery in operational throughput.
Our diversification across three business segments has enabled us to effectively balance risks while mitigating challenges within individual businesses. This year, certain segments and regions faced ongoing pressures, including elevated energy prices and labour costs, as well as increasing competition. However, our ability to strengthen our core alongside the aluminium sector’s upcycle supported overall performance and underpinned the resilience of our business model.
The Carbon segment remained our primary revenue driver. Higher CPC volumes and favourable pricing dynamics, supported by the promising outlook for the global aluminium industry, contributed to a steady performance.
While our Carbon and Advanced Materials segments grew substantially, the Cement segment faced headwinds due to extended monsoon conditions and cyclical softness in regional markets across India, which were only partially offset by optimisation efforts and logistical improvements. Despite these near-term pressures, the long-term outlook for cement remains positive, attributable to continued infrastructure investment and urbanisation across the country.
During the year, the Board undertook several strategic decisions in the interest of our shareholders, with continued emphasis on investment discipline and structural optimisation. These included deferring the proposed brownfield expansion of the Cement segment to assess short-, medium- and long-term demand fundamentals in the region, with a view to initiating the expansion at a more appropriate time.
In our Advanced Materials segment, we made significant strides in specialty carbon products. These comprised our initial foray into energy-storage-linked materials. While still in early stages, these initiatives are in line with our strategy to gradually increase participation in higher-value downstream applications while leveraging our core carbon processing expertise.
Across our businesses, operational discipline remained a priority. Resource efficiency initiatives, optimum raw material utilisation and prudent capital expenditure management helped improve performance.
We also undertook multiple initiatives to augment energy efficiency, including expansions in solar power capacity and energy recovery systems, both of which form part of our approach to gradual decarbonisation and long-term energy security.
Equally important has been our continued thrust on financial stability and cash discipline. During the year, capital expenditure was directed primarily toward maintenance requirements and efficiency improvements. We avoided major acquisitions and unrelated expansion, maintaining a clear focus on strengthening the balance sheet and improving cash generation.
To address the macroeconomic and geopolitical risks highlighted earlier, the Board has closely engaged with the management team to uphold its core mandate of preserving and enhancing shareholder value. As part of this effort, the Board directed the management to undertake a comprehensive review of our operating segments and key processes to identify opportunities for improvement. To support performance improvement in 2025 and beyond, the Board also led structured governance reviews, overseeing risk mitigation, regulatory compliance and operational resilience. Additionally, we strengthened internal risk monitoring frameworks and continued aligning our disclosures with evolving stakeholder expectations around sustainability, governance and transparency in global markets.
As we look to the year ahead, our focus remains on disciplined execution and continued fiscal strengthening. The progress achieved during 2025 has provided RAIN with a more stable operating base. However, sustaining this progress will require continued operational discipline across all three businesses.
More broadly, as the intersection of materials science and industrial decarbonisation accelerates, our foundational expertise in carbon processing enables us to support both traditional aluminium smelting and nextgeneration energy systems. Combined with our ability to offer complementary products through a differentiated geographic footprint and flexible logistics capabilities, this positions RAIN to capture the upside from these macro trends. As we move forward, our focus will remain on transforming with purpose: driving innovation in materials, strengthening our core businesses and building a resilient enterprise that creates long-term value for all stakeholders.
I would like to acknowledge the dedication and perseverance of our teams across geographies whose efforts ensured operational continuity under demanding conditions. I also extend my sincere thanks to our customers, suppliers, partners and other stakeholders for their trust and support.
Warm regards,
Mr. Brian Jude McNamara
Chairman