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Ramco Cements

RAMCOCEM NSE

Key Fundamentals

SmallcapCementConstruction
Market Cap
₹19,587 Cr
Volatility
Moderate
P/E Ratio
30.45
EBITDA
₹1,477 Cr
Return on Equity
8.55%
Debt to Equity
0.48
Book Value
₹342.52
EPS
₹13.66
52W High
₹1,214.5
52W Low
₹822.05

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

5
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.3% over past five years.
  • Company has a low return on equity of 1.93% over last 3 years.
  • Earnings include an other income of Rs.608 Cr.
  • Dividend payout has been low at 14.1% of profits over last 3 years

Growth Rate

Revenue Growth
5.97% higher than 3Y
Net Income Growth
158% higher than 3Y
Cash Flow Change
15.18% higher than 3Y
ROE
138% higher than 3Y
ROCE
62.65% higher than 3Y
EBITDA Margin (Avg.)
9.48% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

The Ramco Cements has a market capitalisation of about Rs.20,497 Cr and trades at a P/E of 31.9 and a P/B of 2.55. Trailing twelve-month sales grew 9% and profit grew 38%, but reported earnings include Rs.608 Cr of other income, and 3-year return on equity is only about 2% (0% last year). The stock has returned -13% over 1 year and -2% a year over 3 and 5 years, which reflects compressed profitability after a period of expansion. Interest coverage is low.

Bull Case 6
  • Profit is recovering: TTM profit grew 38% after a long decline (3-year profit CAGR of -54%), which may signal an earnings upturn from a low base.
  • Revenue growth has been steady over the long run, with a 10-year sales CAGR of 10% and a 5-year sales CAGR of 11%. This points to capacity additions and market share gains over time.
  • Top-line momentum is holding up, with TTM sales growth of 9%, ahead of the 3-year sales CAGR of 3%.
  • The 10-year average ROE of 8% suggests the business has earned much higher returns than the recent 2% (3-year). If utilisation of the expanded capacity improves, returns could move back toward historical levels.
  • The share price has fallen 13% over the past year and delivered a -2% CAGR over 3 and 5 years. Part of the earnings weakness may already be priced in compared with earlier valuations.
  • With a market cap of about Rs.20,497 Cr, the company is an established mid-to-large player in Indian cement. It is exposed to infrastructure and housing demand, and its 10-year stock CAGR is 4%.
Bear Case 8
  • Return on equity is very low: 1.93% over the last 3 years, 5% over 5 years and 0% last year. This is well below a typical cost of equity.
  • Earnings quality is a concern. Other income of Rs.608 Cr makes up a large share of the earnings implied by a P/E of 31.9 on a Rs.20,497 Cr market cap. Core operating profit may therefore be much weaker than headline profit.
  • Low interest coverage points to significant debt servicing pressure relative to operating earnings, which is a balance-sheet risk if cement prices or volumes weaken.
  • Long-term profit trends are sharply negative, with compounded profit growth of -54% over 3 years, -48% over 5 years and -25% over 10 years.
  • Valuation looks demanding compared with returns: a P/E of 31.9 and a P/B of 2.55 (about 2.53x book value) against an ROE near 0-2%.
  • Recent sales growth has slowed, with a 3-year sales CAGR of only 3% compared with 11% over 5 years.
  • Shareholder payouts are limited: the dividend yield is 0.29% and dividend payout has averaged 14.1% of profits over the last 3 years.
  • Long-term shareholder returns have been weak, with a stock CAGR of -2% over both 3 and 5 years and -13% over the past year.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 3
  • Low-cost Jayanthipuram capacity expansion Sep 30

    Jayanthipuram clinker capacity rose to 5.62 MTPA and cement grinding capacity to 4.38 MTPA, bringing total clinkerisation capacity to 16.95 MTPA. The gain came from de-bottlenecking, which cost far less than a greenfield plant and should help capital efficiency.

  • Hard Worker crosses ₹350 crore Sep 19

    Construction chemicals brand Hard Worker passed ₹350 crore in sales in its first year. It also won three Kyoorius Design Awards 2026 honours, including the Grand Prix, which supports Ramco's diversification beyond cement.

  • First Peninsular India biodiversity certification Sep 10

    The Pandalgudi mine restoration earned Advanced Certification from The Global Biodiversity Standard. It is the first site in Peninsular India to get this recognition, which strengthens Ramco's ESG credentials.

Neutral 2
  • AGM approves dividend, MD reappointment Sep 3

    Shareholders approved a ₹2.50 per share dividend and the MD's reappointment. Promoters voted 100% in favour of every resolution, so governance continuity looks stable but routine.

  • Sep 11 investor meet cancelled Sep 10

    Ramco cancelled its September 11, 2026 investor meeting with Motilal AMC, organised by 360 ONE Capital Markets and announced in August. No reason was given, and the impact looks limited unless more investor events are cancelled.

TL;DR: Ramco Cements is adding capacity cheaply, with clinker capacity now at 16.95 MTPA after de-bottlenecking at Jayanthipuram. Its Hard Worker construction chemicals brand also reached ₹350 crore in its first year, a strong start. None of these articles raises a major risk, though the cancelled investor meet with no stated reason is a small negative. The trend looks positive, and the next things to watch are higher capacity utilisation, cement pricing in South India and margin recovery in coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,247
2,341
2,111
2,678
2,094
2,044
1,983
2,397
2,074
2,239
2,106
2,610
2,273
Expenses
1,903
1,935
1,714
2,259
1,773
1,730
1,704
2,078
1,676
1,851
1,826
2,240
1,967
Operating Profit
343
406
397
419
320
314
279
319
398
388
280
371
306
OPM %
15%
17%
19%
16%
15%
15%
14%
13%
19%
17%
13%
14%
13%
Other Income
7
12
7
14
8
10
199
23
6
7
496
86
19
Interest
93
117
102
104
113
120
113
113
105
111
108
95
96
Depreciation
150
163
180
154
168
170
175
183
184
183
185
188
190
PBT
108
138
121
175
48
34
191
46
115
100
483
173
40
Tax %
27%
27%
31%
26%
27%
27%
4%
46%
27%
24%
20%
15%
23%
Net Profit
74
72
82
129
37
26
182
26
85
78
386
151
31
EPS in Rs
3.15
3.05
3.58
5.46
1.57
1.09
7.72
1.16
3.6
3.27
16.32
6.38
1.32
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,655
3,582
3,967
4,425
5,162
5,389
5,291
6,004
8,157
9,376
8,518
9,029
9,228
Expenses
2,935
2,504
2,759
3,310
4,117
4,241
3,733
4,713
6,971
7,811
7,284
7,591
7,883
Operating Profit
721
1,077
1,208
1,115
1,046
1,149
1,558
1,291
1,186
1,565
1,234
1,437
1,345
OPM %
20%
30%
30%
25%
20%
21%
29%
22%
15%
17%
14%
16%
15%
Other Income
85
75
40
32
25
34
30
28
33
39
241
595
608
Interest
196
184
105
61
53
73
88
113
241
416
460
421
410
Depreciation
251
305
286
294
300
317
357
402
506
646
695
740
746
PBT
358
663
857
792
718
792
1,144
803
472
542
319
871
797
Tax %
32%
20%
24%
29%
29%
24%
33%
-11%
28%
27%
16%
21%
—
Net Profit
247
545
664
566
511
605
784
882
315
356
270
699
645
EPS in Rs
10.34
22.9
27.84
23.95
21.68
25.65
33.22
37.3
13.31
15.23
11.54
29.57
27.29
Div. Payout %
15%
13%
11%
13%
14%
10%
9%
8%
15%
16%
17%
8%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
24
24
24
24
24
24
24
24
24
24
24
24
Reserves
2,602
3,109
3,772
4,089
4,513
4,978
5,708
6,595
6,837
7,214
7,418
8,070
Borrowings
2,734
2,141
1,437
1,121
1,637
3,032
3,110
3,950
4,507
4,936
4,675
3,871
Other Liabilities
1,646
1,670
1,838
1,936
2,029
2,099
2,613
2,589
3,224
4,095
4,213
4,664
Total Liabilities
7,006
6,944
7,071
7,169
8,203
10,132
11,455
13,157
14,592
16,270
16,329
16,629
Fixed Assets
4,882
5,026
5,211
5,323
5,400
6,049
6,978
7,773
10,195
12,053
12,344
12,918
CWIP
263
147
120
175
853
1,840
2,355
3,034
1,987
1,378
1,386
990
Investments
358
327
210
240
259
276
307
297
273
319
90
60
Other Assets
1,503
1,444
1,529
1,432
1,692
1,967
1,814
2,054
2,138
2,519
2,509
2,661
Total Assets
7,006
6,944
7,071
7,169
8,203
10,132
11,455
13,157
14,592
16,270
16,329
16,629
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
932
1,089
1,117
1,124
793
748
1,892
1,135
1,412
1,898
1,399
1,611
Investing
-477
-261
-280
-490
-1,202
-1,921
-1,779
-1,816
-1,694
-1,911
-542
-338
Financing
-436
-950
-665
-793
653
1,194
-64
715
274
-28
-782
-1,257
Net Cash Flow
18
-122
172
-159
243
21
50
35
-8
-41
75
16
Free Cash Flow
492
791
813
630
-410
-1,171
126
-676
-352
-16
458
1,216
CFO/OP
139
115
108
116
91
77
135
100
122
124
115
115
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
38
48
51
37
35
36
26
21
21
33
31
32
Inventory Days
280
341
314
273
242
270
253
342
240
209
215
196
Days Payable
123
133
140
130
111
143
154
199
174
211
199
228
Cash Conversion Cycle
195
256
225
179
165
163
125
165
87
31
48
0
Working Capital Days
-37
-81
-67
-53
-55
-58
-76
-76
-61
-72
-98
-90
ROCE %
10%
16%
18%
16%
13%
12%
15%
9%
6%
8%
5%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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71 extracted metrics + investor summaries across FY06–FY27.

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Shareholding Pattern

Others4.34%Govt.3.39%Promot.42.56%FIIs7.52%Public12.70%DIIs29.50%As ofJun 2026
3.43% of promoter holding pledged as of Jun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - Feb 2026 Feb 2026
3
Concall - Nov 2025 Nov 2025
4
Concall - Nov 2025 Nov 2025
5
Concall - Aug 2025 Aug 2025

Frequently Asked Questions about Ramco Cements

What does The Ramco Cements Ltd do?
Ramco Cements Ltd is engaged in manufacture of cement, Ready Mix Concrete (RMC) and Dry mortar products. It primarily caters to the domestic market of India.[1]
Where is The Ramco Cements Ltd (RAMCOCEM) listed?
The Ramco Cements Ltd trades as RAMCOCEM on the NSE and under code 500260 on the BSE.
Which sector does The Ramco Cements Ltd belong to?
The Ramco Cements Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of The Ramco Cements Ltd?
The Ramco Cements Ltd has a market capitalisation of ₹19,587 Cr, which places it in the Mid Cap band.
What is the PE ratio of The Ramco Cements Ltd?
The Ramco Cements Ltd trades at a PE ratio of 30.45, on earnings per share of ₹13.66, against a book value of ₹342.52 per share.
What is the 52-week high and low of The Ramco Cements Ltd?
Over the last 52 weeks The Ramco Cements Ltd has traded between ₹822.05 and ₹1,214.5.
Does The Ramco Cements Ltd pay dividends?
The Ramco Cements Ltd has a dividend yield of 0.30%.
What is the Return on Equity (ROE) of The Ramco Cements Ltd?
The Ramco Cements Ltd reported a return on equity of 8.55%. Its debt-to-equity ratio is 0.48.

Company Information

Ramco Cements Ltd is engaged in manufacture of cement, Ready Mix Concrete (RMC) and Dry mortar products. It primarily caters to the domestic market of India.[1]

Website ramcocements.in
CEO Mr. Arrakundal Velayutha Raja Dharmakrishnan A.C.A., B.Com.
Employees 3,767
Listed 1997-04-09
Face Value ₹ 1
Issued Size 23,62,92,380

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