What Rain Industries Lt does

Rain Industries Limited is a Hyderabad-headquartered, publicly listed Indian conglomerate (NSE/BSE: RAIN) operating three business segments — Carbon (calcined petroleum coke and coal tar pitch via subsidiary Rain Carbon Inc.), Advanced Materials (resins, engineered pitch, specialty chemicals) and Cement (Priya Cement brand via Rain Cements Limited). The Carbon segment is the world's largest coal tar distiller and a leading global producer of calcined petroleum coke, with 2.4 MTPA of CPC capacity and 1.3–1.5 MTPA of tar distillation capacity; products are essential inputs for aluminum smelting (carbon anodes), steel (blast furnace reducing agents), graphite electrodes, refractories and titanium dioxide. The Advanced Materials segment converts coal tar and petrochemical streams into hydrocarbon resins (including CARBORES, PETRORES, NOVARES), phthalic anhydride, and chemical intermediates for coatings, tire, ink and battery customers. The Cement segment operates two plants in southern India with 4.0 MTPA capacity under the Priya Cement brand.

Manufacturing spans 15 production sites across 7 countries (India, United States, Canada, Belgium, Germany, Poland, Russia) on 3 continents, supported by 135 MW of waste-heat recovery power, dedicated port terminals, and an installed workforce of over 2,400 professionals. The company runs an enterprise field-sales motion selling B2B into global industrial customers in aluminum, steel, specialty chemicals, construction and emerging EV battery materials, with revenue negotiated contract-by-contract. Recent strategic moves include the FY2025 revenue inflection to INR 169.46 billion (+10.22% YoY), adjusted EBITDA of INR 22.75 billion (+51.9% YoY), and re-entry into profit in Q1 FY2026 alongside new product platforms (NOVARES LCM500, Stabilgro/Stabilsoil, CSPG for lithium-ion batteries) and partnerships with Green Graphite Technologies and Northern Graphite for EV battery anode materials.

Name

Rain Industries Lt

Legal name

Rain Industries Limited

Website

https://rain-industries.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Rain Industries Limited is an Indian-listed vertically integrated conglomerate producing calcined petroleum coke, coal tar pitch, specialty resins, and cement across 15 sites in 7 countries, supplying aluminum smelters, steel makers, specialty chemical converters, and emerging EV battery material customers globally.

Ownership category

akta.pro rank

Product category

Industrial Carbon Materials

NAICS

Petroleum and Coal Products Manufacturing (324), Chemical Manufacturing (325), Cyclic Crude, Intermediate, and Gum and Wood Chemical Manufacturing (325194)

SIC

Industrial Organic Chemicals (2860), Cement, Hydraulic (3241), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Specialty Carbon & Pitch Products (Petroleum Pitch, Carbon Binders for Anodes) (EUALAKAK)

akta.pro secondary industry

Carbon Black & Coker Products Feedstocks (Petroleum Coke, Carbon Black oils) (EUALAHAI)

Keywords

• Calcined petroleum coke
• Coal tar pitch
• Carbon products manufacturing
• Specialty carbon materials
• Industrial carbon chemicals

Headquarters

HQ city

Hyderabad

HQ country

India

HQ region

Asia

Offices16 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Carbon Products: Manufacturing and sale of calcined petroleum coke (CPC), coal tar pitch (CTP), green petroleum coke (GPC) and derivatives of coal tar distillation including carbon black oil, creosote oil, naphthalene oil, and other aromatic oils. Primary revenue driver representing approximately 70% of consolidated revenue.
2. Advanced Materials: Sale of advanced materials including hydrocarbon resins (coal tar-based and petrochemical-based), phenolics, CARBORES® engineered products, PETRORES® specialty products, phthalic anhydride, and chemical intermediates (benzene, toluene, xylene). Contributes over 25% of consolidated turnover.
3. Cement: Production and sale of ordinary portland cement (OPC) and portland pozzolana cement (PPC) under the Priya Cement brand. Contributes approximately 9% of consolidated turnover. Two cement plants with combined production capacity of 4.0 million tons per annum.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Rain Industries manufactures and globally sells calcined petroleum coke (CPC) and coal tar pitch (CTP) for the aluminum, steel, and graphite electrode industries; advanced carbon-based specialty materials such as hydrocarbon resins, CARBORES, PETRORES, phthalic anhydride, and chemical intermediates; and Ordinary Portland Cement and Portland Pozzolana Cement under the Priya Cement brand. The company is the world's largest coal tar distiller and a leading global CPC producer, with manufacturing facilities in seven countries across three continents and a total installed CPC capacity of 2.4 million tons per year.

Product overview

Rain Industries Limited is a vertically integrated conglomerate operating across three business segments: Carbon, Advanced Materials, and Cement. The Carbon segment (through subsidiary Rain Carbon Inc.) is one of the world's largest producers of calcined petroleum coke (CPC), coal tar pitch (CTP), and green petroleum coke, with annual capacity of 2.4 million tons of CPC and 1.5 million tons of tar distillation. The Advanced Materials segment transforms carbon output and petrochemicals into high-value products including hydrocarbon resins (NOVARES brand), engineered products like CARBORES and PETRORES, phthalic anhydride, and chemical intermediates. The Cement segment operates under the Priya Cement brand through Rain Cements Limited, producing Ordinary Portland Cement and Portland Pozzolana Cement with combined capacity of 4.0 million tons per annum. The company also has emerging capabilities in battery materials including coated spherical purified graphite for electric vehicle lithium-ion batteries.

Differentiator

Problem solved

Functional benefit

Brands

• Priya Cement: Brand name for cement products manufactured by Rain Cements Limited (RCL), including ordinary portland cement (OPC) and portland pozzolana cement (PPC)
• Rain Carbon
• Rain Cements
• RÜTGERS
• CARBORES
• NOVARES

Products and services

• Calcined Petroleum Coke (CPC) High-purity carbon material produced by calcining green petroleum coke (a byproduct of oil refining) at high temperatures to remove moisture and volatile matter. Essential raw material for the electrolytic production of primary aluminum, titanium dioxide production, carbon black manufacturing, and graphite electrodes.
• Coal Tar Pitch (CTP) Residue from coal tar distillation used as a binder for aluminum-industry carbon anodes, graphite electrodes, specialty graphite, and refractory materials.
• Green Petroleum Coke (GPC) Generated by delayed distillation of coal during the conversion of crude oil into liquid fuels such as gasoline and jet fuels.
• Hydrocarbon Resins Coal tar-based and petrochemical-based resins sold under the NOVARES brand for use in coatings, rubber tires (including EV tires), adhesives, and printing inks.
• CARBORES Engineered Pitch Proprietary engineered pitch binder combining the advantages of coal tar pitch products and phenolic resins with dramatically reduced concentration of polycyclic aromatic hydrocarbons (PAHs). Used in carbon-containing refractory products and graphite products as a safer, eco-friendly alternative binder.
• PETRORES Specialty Battery Material Engineered specialty product used in lithium-ion batteries and energy storage applications.
• Phthalic Anhydride Chemical intermediate produced from downstream refining of naphthalene and other inputs, used in plasticizers, unsaturated polyester resins, alkyd resins, and various industrial chemical applications.
• Chemical Intermediates (Benzene, Toluene, Xylene) BTX chemical intermediates produced from secondary distillation of crude benzene, serving as critical inputs for several chemicals-based substances in coatings, plastics, and industrial applications.
• Priya Cement (Ordinary Portland Cement - OPC) Ordinary Portland Cement with fast-setting and fast-strength development characteristics marketed under the Priya Cement brand.
• Priya Cement (Portland Pozzolana Cement - PPC) Portland Pozzolana Cement with longer setting time and strength development, marketed under the Priya Cement brand. Eco-friendly with lower heat of hydration, designed for residential buildings, dams, roads, and airport runways.
• NOVARES LCM500 Specialty Resin Specialty resin product introduced in 2024 that combines renewable materials with conventional feedstocks, creating a more sustainable, high-performance product with flexibility for advanced materials applications.
• Stabilgro Agricultural product created from emissions-scrubber byproducts in the United States, turning waste into a resource for farming applications and soil health.
• Stabilsoil Soil stabilization product created from emissions-scrubber byproducts in the United States, converting carbon capture waste into a soil-stabilizing material.
• Coated Spherical Purified Graphite (CSPG) Coated spherical purified graphite for lithium-ion battery anodes used in electric vehicles. Developed through a joint project with Green Graphite Technologies Inc., with claims of 55% lower operating costs and 82% lower carbon footprint than conventional China-produced materials.

Quantifiable outcome

• Revenue increased 10.22% to Rs 16,945.83 crore in FY2025
• +5 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Green Graphite Technologies Inc.coreStrategic or Co-development Partner · 1 April 2026Rain Carbon Canada Inc., a wholly owned subsidiary, completed joint project with Green Graphite Technologies Inc. to produce coated spherical purified graphite (CSPG) for lithium-ion battery anodes. Project partly funded by Ontario government through OVIN with CA$682,000 of CA$2.05 million budget. Validation of technoeconomic model enables demonstration plant development in Mississauga, Ontario targeting commercial-scale facility by 2029.
• Northern GraphitecoreStrategic or Co-development Partner · 9 October 2024Rain Carbon and Northern Graphite announced agreement to jointly develop natural graphite battery anode material, combining Rain's processing capabilities with Northern Graphite's natural graphite resources for the growing EV battery market.
• PAO SeverstalcoreStrategic or Co-development Partner · 1 January 2016Joint venture with PAO Severstal to operate coal tar distillation facility with capacity of 0.3 million tons in Cherepovets, Russia. Facility focused on pitch supply to North Atlantic, Russia and Middle East markets.
• German Battery Technology PartnersminorStrategic or Co-development PartnerCollaborations on sodium-ion battery development with partners in Germany as part of strategic initiatives in battery materials.
• Canadian Battery Technology PartnersminorStrategic or Co-development PartnerCollaborations on battery materials development with partners in Canada supporting entry into North American MCMB (Micronized Carbonaceous Micro Spherical Beads) market.
• Ontario Vehicle Innovation Network (OVIN)minorOthersOntario government program providing funding of CA$682,000 of CA$2.05 million budget for CSPG joint project with Green Graphite Technologies Inc.
• United WayminorOthersThrough a matching program with RAIN employees, the company has contributed more than US$1.9 million to United Way over two decades supporting education, health and financial stability initiatives in US communities.

Scale indicators20 records

Recent moves21 records

Expansion highlights6 records

Direct peers

• Oxbow Carbon: One of the world's largest producers and distributors of calcined petroleum coke and a major handler of green petroleum coke — directly comparable to Rain's CPC segment with similar end-customers in aluminum smelting.
• Phillips Carbon Black (RPG Enterprises): Indian carbon black manufacturer using coal tar distillates — comparable product portfolio to Rain's aromatic oils and carbon black oil derivatives, serving similar Indian rubber and tire customers.
• Tokai Carbon: Japanese manufacturer of carbon black, graphite electrodes, fine carbon and smelting-related carbon products — comparable specialty carbon portfolio serving aluminum, steel and battery customers.
• Koppers Holdings: Global producer of coal tar-based products including carbon materials, treated wood and railroad ties — competes with Rain's coal tar distillation business and overlapping specialty derivatives.
• GrafTech International: Leading manufacturer of graphite electrodes using coal tar pitch as a key binder — competes with Rain CTP in the same aluminum/steel supply chain and is a direct downstream customer analogue.
• Birla Carbon (Aditya Birla Group): World's largest producer of carbon black, with significant coal tar feedstock integration — directly competes with Rain in carbon black oil and aromatic chemical derivatives from coal tar distillation.
• Asbury Carbons: US-based processor and marketer of specialty carbon products including calcined petroleum coke, synthetic graphite and carbon black — comparable downstream specialty carbon business to Rain Carbon.
• Mersen: French specialty carbon and graphite producer serving chemicals, electronics and process industries — overlaps with Rain's specialty carbon, engineered pitch and battery materials initiatives.

Regional players

• UltraTech Cement: India's largest cement producer — competes with Rain Cements (Priya Cement) in the South India cement market and provides a regional benchmark for Rain's cement segment performance.

Broad incumbents

• Westlake Corporation: Diversified petrochemicals and building products major producing olefins, vinyls and downstream chemicals — broadly comparable as a large petrochemicals platform with overlapping exposure to hydrocarbon resins, phthalic anhydride and chemical intermediates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rain-industries-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rain Industries Lt