The Ramco Cements Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2016 • Cement: 98.4% • Windmill Power: 1.6%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.25x)
- Stock looks reasonably valued - P/E of 32.0 is below its historical median
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Company has a low return on equity of 6.7% over last 3 years
- Company has a low return on capital employed of 8.9%
- Company has delivered a poor profit growth of -1.8% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (8.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 10996.00 | 37.95 | 324029.22 | 2.18 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 391.00 | 22.20 | 97156.35 | 0.51 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 22588.80 | 50.00 | 81502.08 | 0.66 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4841.40 | 39.56 | 37408.65 | 0.41 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1749.20 | 35.17 | 32809.04 | 0.51 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1246.15 | 12.26 | 23401.11 | 0.60 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 866.40 | 31.75 | 20472.37 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 118.80 | 21.30 | 16196.78 | 0.42 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 330.20 | 30.56 | 11793.30 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 346.30 | 116.03 | 10731.74 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 195.35 | 21.36 | 7895.66 | 0.51 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| BIRLACORPN | 825.30 | 11.48 | 6355.25 | 1.51 | 115.73 | -3.21 | 2646.45 | 7.83 | 10.88 | 12.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,241 | 2,329 | 2,106 | 2,673 | 2,088 | 2,038 | 1,977 | 2,392 | 2,070 | 2,235 | 2,101 | 2,606 | 2,269 | |
| 1,900 | 1,931 | 1,711 | 2,256 | 1,769 | 1,726 | 1,697 | 2,071 | 1,672 | 1,848 | 1,821 | 2,233 | 2,247 | |
| Operating Profit | 341 | 399 | 395 | 417 | 319 | 312 | 279 | 321 | 398 | 387 | 281 | 373 | 22 |
| OPM % | 15.24% | 17.11% | 18.77% | 15.60% | 15.30% | 15.31% | 14.14% | 13.42% | 19.21% | 17.31% | 13.36% | 14.31% | 0.96% |
| 8 | 13 | 7 | 14 | 8 | 11 | 340 | 24 | 6 | 7 | 497 | 86 | -5 | |
| Interest | 93 | 117 | 102 | 104 | 113 | 120 | 113 | 113 | 105 | 111 | 108 | 95 | 96 |
| Depreciation | 148 | 157 | 166 | 165 | 167 | 169 | 174 | 182 | 183 | 182 | 184 | 187 | 190 |
| Profit before Tax | 108 | 138 | 135 | 162 | 48 | 35 | 333 | 49 | 116 | 100 | 486 | 177 | 42 |
| Tax % | 26.98% | 26.68% | 30.81% | 25.19% | 26.29% | 26.85% | 2.41% | 37.09% | 26.15% | 25.87% | 20.33% | 17.24% | 23.32% |
| Net Profit | 79 | 101 | 93 | 121 | 36 | 26 | 325 | 31 | 86 | 74 | 387 | 146 | 32 |
| 3.34 | 4.28 | 3.95 | 5.13 | 1.50 | 1.08 | 13.76 | 1.31 | 3.64 | 3.14 | 16.36 | 6.19 | 1.35 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,950 | 4,406 | 5,146 | 5,368 | 5,268 | 5,980 | 8,135 | 9,350 | 8,495 | 9,013 | 9,211 | |
| 2,754 | 3,306 | 4,109 | 4,231 | 3,720 | 4,696 | 6,953 | 7,797 | 7,262 | 7,583 | 8,149 | |
| Operating Profit | 1,195 | 1,100 | 1,038 | 1,138 | 1,548 | 1,284 | 1,183 | 1,553 | 1,233 | 1,430 | 1,062 |
| OPM % | 30.26% | 24.97% | 20.16% | 21.20% | 29.39% | 21.48% | 14.54% | 16.61% | 14.52% | 15.86% | 11.53% |
| 44 | 37 | 28 | 37 | 35 | 31 | 37 | 42 | 384 | 607 | 585 | |
| Interest | 104 | 60 | 52 | 73 | 88 | 113 | 241 | 416 | 460 | 421 | 410 |
| Depreciation | 284 | 292 | 299 | 315 | 355 | 401 | 504 | 636 | 691 | 736 | 743 |
| Profit before Tax | 850 | 785 | 716 | 787 | 1,140 | 801 | 474 | 543 | 466 | 879 | 804 |
| Tax % | 23.63% | 29.18% | 29.30% | 23.64% | 33.22% | -11.41% | 27.48% | 27.32% | 10.38% | 21.11% | 20.49% |
| Net Profit | 649 | 556 | 506 | 601 | 761 | 893 | 344 | 395 | 417 | 694 | 639 |
| EPS | 27.00 | 23.00 | 21.00 | 25.00 | 32.00 | 38.00 | 14.52 | 16.72 | 17.66 | 29.35 | — |
| Dividend Payout % | 11.00% | 12.72% | 13.97% | 9.80% | 9.30% | 7.94% | 13.76% | 14.96% | 11.32% | 8.52% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 11%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 2%
- 5 Years:
- -2%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- 4%
- 5 Years:
- -4%
- 3 Years:
- -1%
- 1 Year:
- -16%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 8%
- 3 Years:
- 7%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 3,718 | 4,019 | 4,437 | 4,873 | 5,583 | 6,501 | 6,770 | 7,120 | 7,470 | 8,119 | |
| 1,195 | 1,065 | 1,526 | 2,687 | 2,573 | 3,401 | 4,492 | 4,476 | 3,665 | 3,329 | |
| Trade Payables | 256 | 267 | 257 | 341 | 363 | 484 | 637 | 991 | 935 | 1,199 |
| 1,816 | 1,923 | 2,053 | 2,257 | 3,045 | 2,800 | 2,616 | 3,600 | 4,300 | 4,052 | |
| Total Liabilities | 7,009 | 7,297 | 8,296 | 10,182 | 11,589 | 13,210 | 14,539 | 16,210 | 16,394 | 16,723 |
| 4,942 | 5,061 | 5,121 | 5,788 | 6,721 | 7,531 | 9,956 | 11,827 | 12,046 | 12,640 | |
| Capital Work in Progress | 97 | 150 | 831 | 1,814 | 2,325 | 2,992 | 1,825 | 1,227 | 1,217 | 874 |
| 148 | 159 | 175 | 189 | 201 | 201 | 202 | 223 | 135 | 104 | |
| 575 | 560 | 560 | 645 | 598 | 833 | 882 | 982 | 1,015 | 1,028 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 852 | 722 | 792 | |
| Cash & Bank | 118 | 119 | 93 | 91 | 142 | 176 | 169 | 135 | 207 | 227 |
| 1,127 | 1,248 | 1,517 | 1,654 | 1,602 | 1,476 | 1,505 | 964 | 1,051 | 1,058 | |
| Total Assets | 7,009 | 7,297 | 8,296 | 10,182 | 11,589 | 13,210 | 14,539 | 16,210 | 16,394 | 16,723 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,295 | 1,284 | 949 | 878 | 2,093 | 1,287 | 1,437 | 1,887 | 1,402 | 1,611 | |
| Cash from Investing | -276 | -483 | -1,191 | -1,932 | -1,771 | -1,810 | -1,687 | -1,900 | -545 | -337 |
| Cash from Financing | -659 | -787 | 643 | 1,213 | -64 | 715 | 274 | -28 | -782 | -1,257 |
| 171 | -157 | 242 | 20 | 50 | 34 | -7 | -41 | 75 | 17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - The Ramco Cements Limited has informed the Exchange about Cancellation of Investor Meet
2026-09-10 - The Ramco Cements Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "Press Release on our Company's Pandalgudi mine restoration earns international biodiversity recognition".
2026-09-03 - The Ramco Cements Limited has informed the Exchange with copy of minutes of Annual General Meeting held on August 20, 2026
2026-08-31 - The Ramco Cements Limited has informed the Exchange about Schedule of meet
2026-08-28 - The Ramco Cements Limited has informed the Exchange about Copy of notice to shareholders published in newspapers is attached
2026-08-24 - The Ramco Cements Limited has informed the Exchange about General Updates - Intimation regarding cessation of Mineral Bearing Land Tax
2026-08-21 - The Ramco Cements Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 20, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-20 - The Ramco Cements Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 20, 2026
2026-08-12 - The Ramco Cements Limited has informed the Exchange about Update on Schedule of meet
News
Recent coverage and analyst commentary for RAMCOCEM
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The Ramco Cements Ltd.
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