Rain Industries Limited — Credit Ratings, 24-07-2025: Credit Rating

Rain Industries' credit rating has been reaffirmed at 'IND A' with a Stable outlook by India Ratings. This stability is attributed to increased Green Petroleum Coke (GPC) import quotas, expected to boost carbon segment utilization to 85-90% and improve overall profitability. While 2024 saw a higher net leverage of 5.43x, it's projected to normalize below 4.0x in 2025, supported by stronger operating profits. Return on Capital Employed (ROCE) is expected to stabilize at 7-8%. The company's adequate liquidity, with cash of approximately INR 1,033.2 Cr as of March 2025, and a standalone term loan of INR 170 Cr due in November 2025, helps maintain financial flexibility. This reaffirmation indicates stable borrowing costs and maintained investor confidence.