Ramco Industries Ltd.

•

ramcoindltd.com / www.ramcohilux.comBSE: 532369NSE: RAMCOIND

Market Cap₹ 2,736 Cr.

Current Price

High / Low₹ 398 / 231

Stock P/E19.7

Book Value₹ 162

Price to Book1.51

Dividend Yield0.40 %

ROCE10.8 %

ROE8.6 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Building Products: 82.7% • Textiles: 13.2% • Others: 2.7%

AI Sector View

AI GENERATED

Construction Materials

Buy

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.

Confidence

69%

View full sector analysis →

PROS

Latest quarter profit grew 84.2% YoY, showing strong momentum
Company comfortably covers its interest (9.3x coverage)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (34.7% of PBT)
Company has a low return on equity of 7.0% over last 3 years
Company has a low return on capital employed of 9.1%
Company has delivered a poor profit growth of 0.1% over past five years
Company has delivered a poor sales growth of 7.6% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ULTRACEMCO	11380.00	39.27	335344.90	2.11	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	402.40	22.85	99989.04	0.50	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	23538.50	52.10	84928.67	0.64	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4974.95	40.65	38440.57	0.40	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1769.70	35.58	33193.55	0.51	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1265.75	12.45	23769.17	0.59	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	863.00	31.62	20392.03	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	123.60	22.16	16851.19	0.40	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	328.15	30.37	11720.08	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	358.25	120.04	11102.07	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	184.30	20.15	7449.05	0.54	73.91	-24.71	942.89	3.39	8.42	20.63
12.	RAMCOIND	315.10	8.36	2736.38	0.40	86.59	31.94	613.81	16.51	4.75	18.33

Detailed Comparison with:

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
	446	256	263	303	493	281	272	345	459	273	305	397	531
	407	247	251	289	447	258	253	320	408	247	281	360	463
Operating Profit	46	17	19	22	46	23	19	25	51	26	25	53	80
OPM %	10.29%	6.62%	7.21%	7.17%	9.30%	8.02%	7.06%	7.19%	11.18%	9.71%	8.07%	13.28%	14.99%
Other Income	1	19	13	2	1	36	13	4	1	34	12	3	2
Interest	6	5	7	6	4	3	4	5	5	4	5	4	3
Depreciation	8	9	9	9	8	8	8	8	8	9	9	9	9
	33	22	16	8	35	47	19	15	39	48	24	35	79
Tax %	19.64%	27.63%	22.85%	43.65%	21.25%	26.35%	31.98%	8.33%	17.27%	24.77%	30.12%	25.17%	24.19%
Net Profit	26	16	12	5	28	34	13	13	33	36	17	26	60
	3	2	1	1	3	4	1	2	4	4	2	3	1
Equity Capital	9	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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
	712	799	898	826	1,003	1,187	1,310	1,299	1,402	1,444	1,507
	639	709	794	753	852	1,016	1,188	1,196	1,290	1,305	1,351
Operating Profit	116	131	138	127	198	198	151	139	165	189	—
OPM %	16	16	15	15	20	17	12	11	12	13	—
Other Income	43	42	34	53	47	28	29	36	53	51	52
Interest	34	22	15	15	9	9	19	25	17	18	16
Depreciation	21	23	25	26	28	29	31	35	33	34	34
	73	99	98	91	160	160	104	80	115	146	186
Tax %	18	27	25	28	31	33	6	25	23	24	25
Net Profit	60	72	73	66	111	107	97	60	88	111	139
EPS	7	8	8	8	13	12	11	7	10	13	—
Dividend Payout %	7	6	6	7	8	8	9	11	10	10	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	7	8	8	8	13	12	11	7	10	13	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 8%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 0%
3 Years:: 5%

STOCK PRICE CAGR

10 Years:: 7%
5 Years:: 2%
3 Years:: 20%
1 Year:: 5%

RETURN ON EQUITY

10 Years:: 10%
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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	9	9	9	9	9	9	9	9	9	9
	581	656	727	776	892	998	1,096	1,168	1,245	1,336
	272	130	162	212	118	197	261	222	175	123
Trade Payables	51	35	39	60	67	30	23	27	39	25
	200	244	190	205	250	273	267	234	317	293
Total Liabilities	1,112	1,073	1,126	1,262	1,336	1,507	1,656	1,660	1,785	1,785
ASSETS	-	-	-	-	-	-	-	-	-	-
	396	394	414	438	447	498	536	537	531	529
Capital Work in Progress	2	5	1	19	34	17	11	5	4	14
	241	247	260	281	337	397	400	441	538	525
	305	233	251	317	334	368	556	544	537	534
	0	0	0	0	0	0	0	68	99	89
Cash & Bank	6	6	10	17	8	7	9	12	5	22
	162	189	191	190	176	221	143	52	71	73
Total Assets	1,112	1,073	1,126	1,262	1,336	1,507	1,656	1,660	1,785	1,785
Total Debt	336	213	187	238	152	224	308	242	256	169
Net Working Capital	14	93	83	78	138	152	222	247	292	356
Contingent Liabilities	125	126	92	94	97	48	34	34	32	23
Book Value per Share	68.05	76.64	84.83	90.55	103.98	116.11	127.28	135.50	144.44	154.94
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

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	109	52	10	119	21	-37	87	48	94
Cash from Investing	43	42	-4	-30	-25	-85	-16	16	-48	37
Cash from Financing	-46	-150	-44	27	-103	63	56	-99	-8	-114
	-4	1	4	7	-9	-1	2	3	-8	18
Free Cash Flow	-28	100	23	-51	89	-38	-89	70	27	61
OCF / Net Profit	-0.01	1.51	0.71	0.15	1.07	0.20	-0.38	1.46	0.55	0.85
Cumulative 5-Year FCF	0	0	0	0	133	123	-66	-19	59	31

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
PER SHARE
EPS (₹)	6.91	8.31	8.45	7.56	12.78	12.34	11.21	6.87	10.18	12.82
Book Value (₹)	68.05	76.64	84.83	90.55	103.98	116.11	127.28	135.50	144.44	154.94
Dividend per Share (₹)	0.50	0.50	0.50	0.50	1.00	1.00	1.00	0.75	1.00	1.25
Cash EPS (₹)	9.39	10.98	11.28	10.53	15.97	15.72	14.84	10.84	14.01	16.75
PROFITABILITY
Operating Margin %	14.55%	15.57%	15.09%	15.06%	19.70%	16.70%	11.56%	7.77%	7.91%	9.50%
Net Margin %	7.48%	8.56%	8.02%	7.80%	11.05%	9.01%	7.43%	4.53%	6.23%	7.61%
ROE %	10.75%	11.49%	10.46%	8.62%	13.14%	11.21%	9.22%	5.23%	7.27%	8.56%
ROCE %	11.79%	13.39%	12.57%	10.88%	16.37%	14.78%	9.31%	7.35%	9.03%	10.80%
	5.64%	6.59%	6.66%	5.49%	8.53%	7.52%	6.16%	3.60%	5.13%	6.23%
EFFICIENCY
Debtor Days	32	35	36	37	30	31	24	18	22	23
Inventory Days	125	117	97	123	118	108	129	153	139	134
Payable Days	42	37	30	45	47	30	13	12	15	15
	115	114	103	116	102	108	139	158	146	142
FINANCIAL HEALTH
Debt to Equity (x)	0.57x	0.32x	0.25x	0.30x	0.17x	0.22x	0.28x	0.21x	0.20x	0.13x
Interest Coverage (x)	3.18x	5.58x	7.51x	7.25x	17.90x	19.78x	6.44x	4.25x	7.88x	9.33x
	1.03x	1.29x	1.23x	1.18x	1.38x	1.36x	1.48x	1.60x	1.74x	2.05x
GROWTH
Revenue Growth %	0.66%	12.16%	12.41%	-7.96%	21.37%	18.31%	10.41%	-0.88%	8.00%	2.93%
Operating Profit Growth %	57.29%	12.58%	5.02%	-8.10%	56.09%	0.29%	-23.54%	-8.52%	19.38%	14.51%
Net Profit Growth %	79.65%	20.34%	1.58%	-10.49%	69.09%	-3.47%	-8.98%	-38.76%	48.25%	25.92%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-38.76%	48.26%	25.92%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	29.26x	22.26x	18.24x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.48x	1.57x	1.51x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.37%	0.44%	0.53%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.24x	13.41x	11.49x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.81	54.81	54.81	54.81	54.81	54.79	54.79	54.79	54.83
	0.98	0.96	1.42	0.81	1.12	1.26	0.82	0.82	1.00
	4.18	4.18	4.18	4.19	3.85	3.51	3.25	3.35	3.35
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.03	40.05	39.59	40.19	40.22	40.44	41.15	41.06	40.82

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-21

Shareholders meeting

2026-08-21 - Ramco Industries 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

Shareholders meeting

2026-08-20 - Ramco Industries Limited has informed the Exchange regarding Proceedings of undefined held on August 20, 2026

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Ramco Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-10

Outcome of Board Meeting

2026-08-10 - Ramco Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-29

Copy of Newspaper Publication

2026-07-29 - Ramco Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-28

Updates

2026-07-28 - Ramco Industries Limited has informed the Exchange regarding '61st AGM - updates'. Copy of Communication sent to shareholders, who have registered their e-mail addresses, providing the weblink to access the Company's Annual Report 2025-26,

2026-07-28

Updates

2026-07-28 - Ramco Industries Limited has informed the Exchange regarding '61st AGM - updates'. Copy of Communication sent to shareholders, who have not registered their e-mail addresses, providing the weblink and exact path to access the Company's Annual Report 2025-26,

2026-07-28

Trading Window

2026-07-28 - Ramco Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-07-27

Shareholders meeting

2026-07-27 - Ramco Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 20, 2026

News

Recent coverage and analyst commentary for RAMCOIND

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Free 5nance Account

Name

ULTRACEMCO

11380.00

39.27

335344.90

2.11

2603.72

17.24

24648.20

15.85

13.25

20.35

AMBUJACEM

402.40

22.85

99989.04

0.50

660.00

-31.93

9500.00

-7.67

6.24

16.78

SHREECEM

23538.50

52.10

84928.67

0.64

531.12

-17.48

6233.13

18.03

10.61

20.41

JKCEMENT

4974.95

40.65

38440.57

0.40

274.62

-15.31

4031.72

20.26

14.89

16.07

DALBHARAT

1769.70

35.58

33193.55

0.51

192.00

-51.39

3890.00

6.99

8.15

20.69

ACC

1265.75

12.45

23769.17

0.59

147.00

-60.84

5808.00

-4.59

11.60

7.90

RAMCOCEM

863.00

31.62

20392.03

0.29

31.24

-63.06

2273.05

9.60

10.75

13.49

JSWCEMENT

123.60

22.16

16851.19

0.40

153.43

111.23

1896.41

21.58

-4.21

16.41

NUVOCO

328.15

30.37

11720.08

0.00

159.63

19.88

3128.71

8.91

7.11

18.16

INDIACEM

358.25

120.04

11102.07

0.00

26.85

120.20

1019.42

-0.52

0.30

15.28

STARCEMENT

184.30

20.15

7449.05

0.54

73.91

-24.71

942.89

3.39

8.42

20.63

RAMCOIND

315.10

8.36

2736.38

0.40

86.59

31.94

613.81

16.51

4.75

18.33

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

446

256

263

303

493

281

272

345

459

273

305

397

531

407

247

251

289

447

258

253

320

408

247

281

360

463

Operating Profit

OPM %

10.29%

6.62%

7.21%

7.17%

9.30%

8.02%

7.06%

7.19%

11.18%

9.71%

8.07%

13.28%

14.99%

Other Income

Interest

Depreciation

Tax %

19.64%

27.63%

22.85%

43.65%

21.25%

26.35%

31.98%

8.33%

17.27%

24.77%

30.12%

25.17%

24.19%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

712

799

898

826

1,003

1,187

1,310

1,299

1,402

1,444

1,507

639

709

794

753

852

1,016

1,188

1,196

1,290

1,305

1,351

Operating Profit

116

131

138

127

198

151

139

165

189

—

OPM %

—

Other Income

Interest

Depreciation

160

104

115

146

186

Tax %

Net Profit

111

107

111

139

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

581

656

727

776

892

998

1,096

1,168

1,245

1,336

272

130

162

212

118

197

261

222

175

123

Trade Payables

200

244

190

205

250

273

267

234

317

293

Total Liabilities

1,112

1,073

1,126

1,262

1,336

1,507

1,656

1,660

1,785

ASSETS

396

394

414

438

447

498

536

537

531

529

Capital Work in Progress

241

247

260

281

337

397

400

441

538

525

305

233

251

317

334

368

556

544

537

534

Cash & Bank

162

189

191

190

176

221

143

Total Assets

1,112

1,073

1,126

1,262

1,336

1,507

1,656

1,660

1,785

Total Debt

336

213

187

238

152

224

308

242

256

169

Net Working Capital

138

152

222

247

292

356

Contingent Liabilities

125

126

Book Value per Share

68.05

76.64

84.83

90.55

103.98

116.11

127.28

135.50

144.44

154.94

Face Value

1.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

109

119

-37

Cash from Investing

-4

-30

-25

-85

-16

-48

Cash from Financing

-46

-150

-44

-103

-99

-8

-114

-4

-9

-1

-8

Free Cash Flow

-28

100

-51

-38

-89

OCF / Net Profit

-0.01

1.51

0.71

0.15

1.07

0.20

-0.38

1.46

0.55

0.85

Cumulative 5-Year FCF

133

123

-66

-19

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

6.91

8.31

8.45

7.56

12.78

12.34

11.21

6.87

10.18

12.82

Book Value (₹)

68.05

76.64

84.83

90.55

103.98

116.11

127.28

135.50

144.44

154.94

Dividend per Share (₹)

0.50

1.00

0.75

1.00

1.25

Cash EPS (₹)

9.39

10.98

11.28

10.53

15.97

15.72

14.84

10.84

14.01

16.75

PROFITABILITY

Operating Margin %

14.55%

15.57%

15.09%

15.06%

19.70%

16.70%

11.56%

7.77%

7.91%

9.50%

Net Margin %

7.48%

8.56%

8.02%

7.80%

11.05%

9.01%

7.43%

4.53%

6.23%

7.61%

ROE %

10.75%

11.49%

10.46%

8.62%

13.14%

11.21%

9.22%

5.23%

7.27%

8.56%

ROCE %

11.79%

13.39%

12.57%

10.88%

16.37%

14.78%

9.31%

7.35%

9.03%

10.80%

5.64%

6.59%

6.66%

5.49%

8.53%

7.52%

6.16%

3.60%

5.13%

6.23%

EFFICIENCY

Debtor Days

Inventory Days

125

117

123

118

108

129

153

139

134

Payable Days

115

114

103

116

102

108

139

158

146

142

FINANCIAL HEALTH

Debt to Equity (x)

0.57x

0.32x

0.25x

0.30x

0.17x

0.22x

0.28x

0.21x

0.20x

0.13x

Interest Coverage (x)

3.18x

5.58x

7.51x

7.25x

17.90x

19.78x

6.44x

4.25x

7.88x

9.33x

1.03x

1.29x

1.23x

1.18x

1.38x

1.36x

1.48x

1.60x

1.74x

2.05x

GROWTH

Revenue Growth %

0.66%

12.16%

12.41%

-7.96%

21.37%

18.31%

10.41%

-0.88%

8.00%

2.93%

Operating Profit Growth %

57.29%

12.58%

5.02%

-8.10%

56.09%

0.29%

-23.54%

-8.52%

19.38%

14.51%

Net Profit Growth %

79.65%

20.34%

1.58%

-10.49%

69.09%

-3.47%

-8.98%

-38.76%

48.25%

25.92%

0.00%

-38.76%

48.26%

25.92%

VALUATION

P/E (x)

0.00x

29.26x

22.26x

18.24x

P/B (x)

0.00x

1.48x

1.57x

1.51x

Dividend Yield %

0.00%

0.37%

0.44%

0.53%

0.00x

14.24x

13.41x

11.49x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

54.81

54.79

54.83

0.98

0.96

1.42

0.81

1.12

1.26

0.82

1.00

4.18

4.19

3.85

3.51

3.25

3.35

Government

0.00

40.03

40.05

39.59

40.19

40.22

40.44

41.15

41.06

40.82

Ramco Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

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Ramco Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI