The Ramco Cements Ltd logo

The Ramco Cements Ltd

RAMCOCEM NSE

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]

AI Verdict: HOLD Confidence: 4%

Ramco Cements trades at a PE of 30x with a weak 3-year ROE of just 3%, and 41% of analysts recommend selling. While TTM profit growth of 148% signals a cyclical recovery, the stock has delivered negative 3-year CAGR of -2% and carries a low interest coverage ratio, making the risk-reward unattractive at current valuations.

Key Fundamentals

SmallcapCementConstruction
Market Cap
₹21,995 Cr
Volatility
Moderate
P/E Ratio
31.08
EBITDA
₹1,436 Cr
Return on Equity
5.43%
Debt to Equity
0.65
Book Value
₹342.52
EPS
₹13.66
52W High
₹1,214.5
52W Low
₹838.3

Technical Indicators

Key Insights

Weaknesses

6
  • Stock is trading at 2.67 times its book value
  • 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 3.25% over last 3 years.
  • Earnings include an other income of Rs.595 Cr.
  • Dividend payout has been low at 14.1% of profits over last 3 years

Growth Rate

Revenue Growth
5.48% ↗
Net Income Growth
206.86% ↗
Cash Flow Change
-26.31% ↘
ROE
-33.70% ↗
ROCE
-16.71% ↗
EBITDA Margin (Avg.)
0.27% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

Ramco Cements trades at a PE of 30x with a weak 3-year ROE of just 3%, and 41% of analysts recommend selling. While TTM profit growth of 148% signals a cyclical recovery, the stock has delivered negative 3-year CAGR of -2% and carries a low interest coverage ratio, making the risk-reward unattractive at current valuations.

Bull Case 7
  • TTM compounded profit growth of 148% indicates a strong earnings recovery from a cyclical trough
  • 10-year compounded sales CAGR of 10% demonstrates consistent long-term revenue growth in a structural demand story
  • Market cap of Rs.20,850 Cr provides adequate liquidity and institutional participation for a mid-large cap cement player
  • TTM sales growth of 6% shows revenue momentum is returning after a sluggish 3-year sales CAGR of just 3%
  • 10-year stock CAGR of 5% shows the company has created some long-term shareholder value despite recent underperformance
  • 5-year compounded sales growth of 11% reflects capacity additions translating into top-line expansion
  • 20.69% of analysts still maintain a Buy rating, suggesting some upside potential from current levels
Bear Case 8
  • 3-year ROE of only 3% is well below the cost of equity, indicating poor capital allocation and return generation
  • 41.38% of analysts recommend Sell with only 20.69% on Buy — a heavily negative consensus skew across 29 ratings
  • Stock has delivered negative 1-year return of -13% and negative 3-year CAGR of -2%, destroying shareholder value
  • Earnings include other income of Rs.595 Cr, meaning core operating profit quality is overstated
  • PE ratio of 30x is expensive for a commodity company generating just 3% ROE, implying overvaluation on fundamentals
  • Dividend payout of only 14.1% over the last 3 years offers minimal income support with yield at just 0.28%
  • Company has low interest coverage ratio, indicating elevated debt servicing risk in a rising rate environment
  • 5-year compounded profit CAGR of -20% shows sustained earnings deterioration over a medium-term horizon

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 2
  • CENVAT credit appeal won Jun 13

    Ramco Cements was allowed Rs.2.13 crores in CENVAT credit appeal. Only Rs.0.20 crores remains disputed.

  • Excise duty dispute settled Jun 4

    Rs.1.60 crores excise duty dispute on bagged cement dropped by Original Authority via order dated June 3, 2026.

Neutral 2
  • Senior management list approved Jun 20

    Board approved the list of senior management personnel on May 22, 2026, in compliance with SEBI regulations.

  • Amalgamation petition filed Jun 20

    Ramco Windfarms Ltd filed second motion petition for amalgamation with Ramco Cements. NCLT numbered the petition on June 17, 2026.

TL;DR: Ramco Cements had a quiet but mildly positive period, resolving legacy tax disputes worth Rs.3.73 crores in CENVAT credit and excise duty matters. No operational or demand-side headwinds surfaced. The Ramco Windfarms amalgamation is progressing through NCLT, which could consolidate group assets. Overall trend is stable with minor positive momentum from regulatory clarity.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,573
2,247
2,341
2,111
2,678
2,094
2,044
1,983
2,397
2,074
2,239
2,106
2,610
Expenses
2,161
1,903
1,935
1,714
2,259
1,773
1,730
1,704
2,078
1,676
1,851
1,826
2,240
Operating Profit
412
343
406
397
419
320
314
279
319
398
388
280
371
OPM %
16%
15%
17%
19%
16%
15%
15%
14%
13%
19%
17%
13%
14%
Other Income
11
7
12
7
14
8
10
199
23
6
7
496
86
Interest
77
93
117
102
104
113
120
113
113
105
111
108
95
Depreciation
141
150
163
180
154
168
170
175
183
184
183
185
188
PBT
205
108
138
121
175
48
34
191
46
115
100
483
173
Tax %
26%
27%
27%
31%
26%
27%
27%
4%
46%
27%
24%
20%
15%
Net Profit
151
74
72
82
129
37
26
182
26
85
78
386
151
EPS in Rs
6.38
3.15
3.05
3.58
5.46
1.57
1.09
7.72
1.16
3.6
3.27
16.32
6.38
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
2,935
2,504
2,759
3,310
4,117
4,241
3,733
4,713
6,971
7,811
7,284
7,593
Operating Profit
721
1,077
1,208
1,115
1,046
1,149
1,558
1,291
1,186
1,565
1,234
1,436
OPM %
20%
30%
30%
25%
20%
21%
29%
22%
15%
17%
14%
16%
Other Income
85
75
40
32
25
34
30
28
33
39
241
595
Interest
196
184
105
61
53
73
88
113
241
416
460
419
Depreciation
251
305
286
294
300
317
357
402
506
646
695
740
PBT
358
663
857
792
718
792
1,144
803
472
542
319
871
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
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
Div. Payout %
15%
13%
11%
13%
14%
10%
9%
8%
15%
16%
17%
8%
Figures in ₹ Crores

Balance Sheet

  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
4,671
Total Liabilities
7,006
6,944
7,071
7,169
8,203
10,132
11,455
13,157
14,592
16,270
16,329
16,636
Fixed Assets
4,882
5,026
5,211
5,323
5,400
6,049
6,978
7,773
10,195
12,053
12,344
12,986
CWIP
263
147
120
175
853
1,840
2,355
3,034
1,987
1,378
1,386
922
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
2,668
Total Assets
7,006
6,944
7,071
7,169
8,203
10,132
11,455
13,157
14,592
16,270
16,329
16,636
Figures in ₹ Crores

Cash Flow

  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

  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%

Shareholding Pattern

As of Mar 2026
Promoters 42.56%
DIIs 28.92%
Public 12.51%
FIIs 8.04%
Others 4.60%
Government 3.39%
Total 100.02%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
42.54%
42.54%
42.52%
42.47%
42.33%
42.33%
42.30%
42.30%
42.30%
42.11%
42.11%
42.11%
42.29%
42.29%
42.29%
42.75%
42.56%
42.56%
42.56%
42.56%
42.56%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.94%
7.43%
7.38%
6.61%
6.88%
7.29%
8.43%
8.15%
7.98%
8.04%
DIIs
23.23%
22.30%
31.68%
32.29%
32.62%
33.37%
33.70%
32.25%
32.46%
32.40%
33.31%
32.92%
32.23%
31.14%
30.86%
30.90%
30.14%
27.86%
28.49%
28.14%
28.92%
Government
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
3.39%
Public
10.10%
10.07%
10.03%
9.96%
10.20%
10.34%
9.86%
10.89%
10.71%
10.44%
9.74%
10.17%
10.48%
11.57%
12.38%
11.66%
12.41%
12.85%
12.42%
12.92%
12.51%
Others
20.74%
21.70%
12.38%
11.89%
11.47%
10.58%
10.75%
11.18%
11.14%
11.66%
11.44%
3.47%
4.17%
4.24%
4.48%
4.43%
4.22%
4.93%
5.01%
5.02%
4.60%
No. of Shareholders
36,415
40,081
43,409
43,205
51,391
58,783
57,809
59,206
54,638
47,897
47,105
46,993
56,327
76,165
76,447
63,101
62,360
56,972
57,838
56,029
52,680

Documents

1
Concall - Nov 2018 Nov 2018
2
Concall - Feb 2019 Feb 2019
3
Concall - Jul 2021 Jul 2021
4
Concall - Nov 2021 Nov 2021
5
Concall - Aug 2022 Aug 2022

Frequently Asked Questions about The Ramco Cements Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: RAMCOCEM and BSE: 500260. You can view its live share price, financials, and ratios on Tapetide.
Which sector does The Ramco Cements Ltd belong to?
The Ramco Cements Ltd operates in the Commodities sector within the Cement & Cement Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of The Ramco Cements Ltd?
The Ramco Cements Ltd has a market capitalisation of approximately ₹21995.28 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of The Ramco Cements Ltd?
The Price-to-Earnings (PE) ratio of The Ramco Cements Ltd is 31.08. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of The Ramco Cements Ltd?
Over the past 52 weeks, The Ramco Cements Ltd has traded between a low of ₹838.3 and a high of ₹1,214.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does The Ramco Cements Ltd pay dividends?
Yes, The Ramco Cements Ltd has a dividend yield of 0.27%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of The Ramco Cements Ltd?
The Ramco Cements Ltd has a Return on Equity (ROE) of 5.43%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research The Ramco Cements Ltd on Tapetide?
On Tapetide, you can view The Ramco Cements Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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