General Updates

RAIN INDUSTRIES LIMITED RIL/SEs/2026 August 12, 2026 The General Manager The Manager Department of Corporate Services Listing Department BSE Limited 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: Rain Industries Limited -Management Commentary on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the second quarter and half year ended June 30, 2026 – 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 Commentary on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the second quarter and half year ended June 30, 2026: Link for Audio – Management Commentary: https://www.rain-industries.com/images/RIL-Q2-2026-Q&A.mp3 Please also find attached herewith the Transcript of Management Commentary on Un-Audited Financial Results of the Company (Standalone, Consolidated and Segment) for the second quarter and half year ended June 30, 2026. This is for your kind information and record. Thanking you, Yours faithfully, for Rain Industries Limited S. Venkat Ramana Reddy Company Secretary Regd. Office: Rain Center Phone : +91 (40) 40401234 34, Srinagar Colony Fax: + 91 (40) 40401214 Hyderabad 500073 Email:secretarial@rain-industires.com Telangana, India Website: www.rain-industries.com CIN:L26942TG1974PLC001693 Sarang Good day ladies and gentlemen. Welcome to the Rain Industries Limited Question and Answer session for the Second quarter of 2026. My name is Saranga Pani, and I serve as General Manager of Corporate Reporting and Investor Relations at Rain Industries Limited. The speakers for today are: Mr. Jagan Reddy Nellore – Managing Director of Rain Industries Ltd. Mr. Gerard Sweeney – Vice Chairman of Rain Carbon Inc.; and Mr. T. Srinivasa Rao – CFO of Rain Industries Limited Following the Earnings Presentation and Management Commentary released on August 6, 2026, we have received a wide range of questions from investors and analysts covering near-term market conditions as well as our medium-to long-term strategic priorities across business segments and balance sheet management. We will try to address these in a structured manner, providing as much clarity as possible while keeping our responses focused and concise. Before we proceed, the management would like to note that during this management discussion, we may make forward-looking statements that include various subjects such as outcomes, trends, targets, and strategic Page 1 of 27 directions. These statements rely on our current projections and are subject to risks and uncertainties that could cause actual results to vary materially from those suggested by these forward-looking statements. There are certain risk factors that could lead to significant deviations from our predictions. With that, we will now start the discussion today with Gerard Sweeney… Sarang: Gerry, could you please share management’s medium-term outlook for the global aluminium industry, impacts from China’s 45 million tonnes per year production cap and is there an LME price which Rain views as supportive to its business? Gerard Sweeney Thanks, Sarang. Let me address that in parts. In the near term, the aluminium market has been influenced by the disruptions arising from the crisis in the Middle East, but it is important to note that primary aluminium pricing was already relatively healthy before the escalation of those events. In the medium term, we believe the market is likely to remain reasonably well supported, as we do not expect a situation of excess supply, particularly given continued demand growth and China’s 45 million tonnes per year production cap. Over the longer term, aluminium demand should continue to benefit from structural Page 2 of 27 trends such as electrification, lightweighting, energy-transition infrastructure, packaging growth and urbanisation. Most of the incremental production growth outside China is expected to come from the Middle East, India and other parts of Asia, which is positive for RAIN because these regions are important growth markets for our carbon products. With respect to LME pricing, a supportive aluminium price is clearly helpful for overall industry sentiment and smelter economics; however, it is not the direct driver of our carbon price negotiations. Carbon represents roughly 15 percent of aluminium production cost, and our pricing is primarily determined by the supply- demand balance for carbon products in each geography, raw material availability, logistics, quality requirements and customer-specific market conditions. Sarang: Thanks, Gerry. Given that Carbon segment volumes were approximately 10 percent lower compared to second quarter of last year, could management quantify the impact that deferred shipments had on volume, revenue, and EBITDA, comment on expected recovery in the third quarter and discuss any incremental volume opportunity RAIN sees from rising demand among non-Chinese smelters? Page 3 of 27 Gerard Sweeney Despite sales volumes being lower in the second quarter, we were encouraged that utilisation in our Carbon segment remained at 69 percent, broadly in line with both the first quarter and the calendar year 2025 average utilisation rate. We expect utilisation to improve toward the end of the year, particularly as we plan to restart one kiln in the U.S. after a year-long outage. The net impact of deferred shipments was approximately 10,000 to 15,000 metric tonnes after considering the puts and takes across our various product groups. Looking into the third quarter, we expect volumes to move back toward more normal levels, subject of course to any shipment or logistics disruptions that may arise. The broader increase in primary aluminium production outside China is supportive for our Carbon segment, and we are actively working with customers to supply the carbon materials required for that growth. Our teams are already evaluating a few targeted, relatively small investments that could increase production where required. These types of investments are attractive because they can help us respond to medium-term market demand without compromising capital discipline, while we continue to assess longer-term capacity requirements in a measured way. Sarang Gerry, as it relates to realisations and margins in the Carbon segment, could you comment on the strong second quarter performance and Page 4 of 27 where that falls between sustainable and opportunistic results? Were there any meaningful mixed results between products in the quarter? Gerard Sweeney I will start with the product-mix part of the question. As mentioned in our Earnings Presentation, there was a product mix impact during the quarter. Sales volumes were lower in Carbon calcination, but this was partly offset by higher carbon black oil sales in Carbon distillation. While this level of product detail used to be visible to investors, it was also visible to the broader market, including competitors. We have therefore moved away from detailed product-level reporting, so I cannot provide more granularity than that. However, the important point is that the quarter benefited from both mix and market conditions, rather than from a single factor alone. Coming back to realisations and margins, we did experience some opportunistic margins during the quarter, but not necessarily from the Carbon segment’s traditional core products in the way one might assume. Those products do not trade directly on oil commodity prices; they are instead influenced by their own market fundamentals, including regional supply-demand balances, raw material availability, logistics and customer requirements. We would therefore not describe the entire second-quarter performance as a new run-rate, but we also do not view it as purely one-off. Some of the opportunist [Showing first 8,000 characters — download PDF for full document]