Rain Industries: When Leverage Creates Asymmetry (And Why Creditors Can't Touch the Crown Jewels)

Dissecting Rain's Two-Tier Debt Stack: $191M Recourse vs $853M Ringfenced

“The odds change as our position in the cycles changes.” — Howard Marks

I have a significant position in Rain Industries limited with average price between 125-130 Rs/share INR, and actively accumulating towards 15% allocation in the portfolio.

This is a simple cyclical commodity business, with a complex operations and debt structure and therefore, comple…