Ramky Infrastructure Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Revenue from Construction Activities: 100.0%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has delivered good profit growth of 149.6% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 28.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.5%
- Latest quarter profit grew 28.6% YoY, showing strong momentum
- Company generates healthy free cash flow
- Working capital cycle has improved - days down from 103 to 85
CONS
- A large part of profit comes from other income (34.4% of PBT)
- Operating margins have contracted to 17.1% from 29.4%
- Growth is decelerating - 3Y profit CAGR (30.8%) trails the 5Y trend (149.6%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3990.00 | 33.09 | 548970.57 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 208.35 | 48.29 | 43441.39 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.05 | 21.19 | 24079.78 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.30 | 24.43 | 23310.54 | 1.35 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1245.95 | 35.58 | 21403.87 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 280.10 | 20.08 | 15742.81 | 1.79 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 975.70 | 26.32 | 11347.35 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 119.20 | 21.41 | 11210.95 | 1.59 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 416.85 | 20.04 | 11096.55 | 1.32 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 285.25 | 72.50 | 10491.06 | 0.70 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| WELENT | 706.30 | 31.99 | 9776.17 | 0.42 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| RAMKY | 343.20 | 10.06 | 2374.87 | 0.29 | 38.80 | -49.64 | 471.23 | 24.26 | 17.97 | 6.12 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 532 | 534 | 419 | 548 | 550 | 503 | 430 | 486 | 354 | 445 | 453 | 427 | 451 | |
| 388 | 378 | 343 | 440 | 435 | 382 | 334 | 482 | 295 | 374 | 392 | 460 | 442 | |
| Operating Profit | 144 | 156 | 76 | 108 | 115 | 121 | 96 | 4 | 59 | 71 | 61 | 280 | 31 |
| OPM % | 27.05% | 29.21% | 18.20% | 19.75% | 20.91% | 24.12% | 22.30% | 0.91% | 16.73% | 16.00% | 13.42% | 65.47% | 6.96% |
| Other Income | 22 | 29 | 21 | 31 | 26 | 30 | 28 | 40 | 41 | 46 | 42 | 51 | 81 |
| Interest | 17 | 18 | 19 | 14 | 12 | 13 | 14 | 24 | 16 | 11 | 12 | 16 | 13 |
| Depreciation | 8 | 9 | 9 | 9 | 9 | 9 | 10 | 9 | 9 | 10 | 10 | 10 | 9 |
| 142 | 158 | 70 | 116 | 120 | 130 | 100 | 11 | 75 | 96 | 81 | 149 | 90 | |
| Tax % | 24.83% | 23.34% | 31.23% | 27.12% | 28.01% | 24.86% | 28.34% | 24.45% | 25.51% | 29.18% | 29.35% | -3.22% | 20.94% |
| Net Profit | 106 | 121 | 48 | 84 | 86 | 97 | 72 | 9 | 56 | 68 | 57 | 154 | 71 |
| 15 | 18 | 7 | 12 | 12 | 14 | 10 | 1 | 8 | 10 | 8 | 22 | 1 | |
| Equity Capital | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 | 69 |
| 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 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,828 | 1,525 | 1,346 | 1,477 | 1,254 | 912 | 1,298 | 1,474 | 2,033 | 1,969 | 1,776 | |
| 1,910 | 1,425 | 1,378 | 1,403 | 1,216 | 854 | 1,152 | 1,172 | 1,549 | 1,632 | 1,667 | |
| Operating Profit | 316 | 346 | 288 | 213 | 127 | 155 | 381 | 399 | 588 | 461 | — |
| OPM % | 17 | 23 | 21 | 14 | 10 | 17 | 29 | 27 | 29 | 23 | — |
| Other Income | 398 | 246 | 320 | 139 | 89 | 97 | 235 | 97 | 104 | 124 | 220 |
| Interest | 243 | 204 | 145 | 132 | 89 | 75 | 96 | 72 | 68 | 62 | 53 |
| Depreciation | 52 | 47 | 40 | 34 | 26 | 18 | 18 | 27 | 34 | 37 | 38 |
| 21 | 95 | 103 | 47 | 11 | 61 | 267 | 301 | 486 | 362 | 416 | |
| Tax % | 27 | 40 | 37 | 12 | 75 | 12 | 56 | 29 | 26 | 27 | 16 |
| Net Profit | 15 | 57 | 65 | 41 | 3 | 54 | 118 | 214 | 360 | 265 | 351 |
| EPS | 3 | 10 | 10 | 7 | 0 | 8 | 17 | 31 | 52 | 38 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| 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 | 3 | 10 | 11 | 7 | 0 | 8 | 17 | 31 | 52 | 38 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 9%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 150%
- 3 Years:
- 31%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 18%
- 3 Years:
- -13%
- 1 Year:
- -38%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 22%
- 3 Years:
- 26%
- Last Year:
- 19%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 57 | 57 | 57 | 60 | 69 | 69 | 69 | 69 | 69 | 69 |
| 167 | 224 | 290 | 355 | 443 | 497 | 617 | 831 | 1,190 | 1,454 | |
| 628 | 799 | 549 | 438 | 343 | 301 | 270 | 254 | 146 | 380 | |
| Trade Payables | 811 | 813 | 563 | 487 | 503 | 545 | 482 | 495 | 620 | 663 |
| 1,331 | 994 | 799 | 705 | 572 | 424 | 527 | 663 | 850 | 504 | |
| Total Liabilities | 2,994 | 2,887 | 2,258 | 2,044 | 1,930 | 1,835 | 1,965 | 2,312 | 2,876 | 3,069 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 211 | 165 | 122 | 86 | 61 | 48 | 74 | 144 | 176 | 165 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 3 | 0 | 0 |
| 459 | 487 | 513 | 386 | 389 | 397 | 405 | 413 | 408 | 450 | |
| 457 | 387 | 356 | 284 | 62 | 44 | 68 | 76 | 95 | 94 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 649 | 577 | |
| Cash & Bank | 91 | 49 | 28 | 113 | 81 | 84 | 86 | 78 | 91 | 132 |
| 1,774 | 1,799 | 1,239 | 1,175 | 1,336 | 1,263 | 1,319 | 1,600 | 1,457 | 1,652 | |
| Total Assets | 2,994 | 2,887 | 2,258 | 2,044 | 1,930 | 1,835 | 1,965 | 2,312 | 2,876 | 3,069 |
| Total Debt | 1,644 | 1,334 | 993 | 982 | 747 | 647 | 599 | 594 | 446 | 420 |
| Net Working Capital | -90 | -453 | -148 | -103 | -15 | -56 | 64 | 217 | 573 | 457 |
| Contingent Liabilities | 1,576 | 2,795 | 2,856 | 2,766 | 2,929 | 2,696 | 2,643 | 2,493 | 537 | 581 |
| Book Value per Share | 39.15 | 49.20 | 60.66 | 69.26 | 74.02 | 81.80 | 99.13 | 130.04 | 181.96 | 220.13 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 105 | 348 | 441 | 26 | 73 | 214 | 228 | 204 | 341 | 119 | |
| Cash from Investing | 65 | 87 | 35 | 115 | 66 | -30 | -67 | -135 | -113 | -29 |
| Cash from Financing | -132 | -494 | -495 | -133 | -137 | -190 | -158 | -77 | -217 | -73 |
| 38 | -59 | -19 | 8 | 1 | -6 | 3 | -7 | 10 | 16 | |
| Free Cash Flow | 105 | 348 | 441 | 26 | 73 | 214 | 189 | 148 | 341 | 100 |
| OCF / Net Profit | 6.80 | 6.08 | 6.78 | 0.64 | 26.75 | 3.97 | 1.93 | 0.95 | 0.95 | 0.45 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 992 | 1,102 | 943 | 651 | 965 | 991 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.69 | 10.00 | 11.36 | 6.89 | 0.40 | 7.80 | 17.11 | 30.99 | 52.06 | 38.32 |
| Book Value (₹) | 39.15 | 49.20 | 60.66 | 69.26 | 74.02 | 81.80 | 99.13 | 130.04 | 181.96 | 220.13 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 11.82 | 18.20 | 18.27 | 12.62 | 4.17 | 10.47 | 19.73 | 34.85 | 57.04 | 43.67 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 17.31% | 22.68% | 21.36% | 14.41% | 10.11% | 16.96% | 29.36% | 27.10% | 23.82% | 17.11% |
| Net Margin % | 0.84% | 3.75% | 4.82% | 2.79% | 0.22% | 5.91% | 9.12% | 14.55% | 17.72% | 13.47% |
| ROE % | 7.11% | 22.64% | 20.67% | 10.84% | 0.59% | 10.01% | 18.91% | 27.05% | 33.37% | 19.06% |
| ROCE % | 14.51% | 17.16% | 16.62% | 12.80% | 7.51% | 11.02% | 29.05% | 26.83% | 34.62% | 23.26% |
| 0.51% | 1.95% | 2.52% | 1.92% | 0.14% | 2.87% | 6.23% | 10.03% | 13.89% | 8.92% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 150 | 224 | 226 | 128 | 111 | 137 | 104 | 117 | 105 | 114 |
| Inventory Days | 123 | 101 | 101 | 79 | 50 | 21 | 16 | 18 | 15 | 17 |
| Payable Days | 416 | 752 | 1024 | 667 | 608 | 1328 | 0 | 0 | 0 | 0 |
| -143 | -427 | -697 | -460 | -447 | -1170 | 119 | 135 | 121 | 131 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 7.34x | 4.74x | 2.86x | 2.37x | 1.46x | 1.14x | 0.87x | 0.66x | 0.35x | 0.28x |
| Interest Coverage (x) | 1.09x | 1.47x | 1.71x | 1.36x | 1.12x | 1.81x | 3.77x | 5.20x | 8.11x | 6.82x |
| 0.96x | 0.81x | 0.90x | 0.92x | 0.99x | 0.94x | 1.07x | 1.22x | 1.50x | 1.34x | |
| GROWTH | ||||||||||
| Revenue Growth % | 69.35% | -16.62% | -11.68% | 9.67% | -15.11% | -27.23% | 42.28% | 13.57% | 37.94% | -3.14% |
| Operating Profit Growth % | 195.39% | 9.28% | -16.85% | -26.02% | -40.42% | 22.08% | 146.27% | 4.83% | 47.28% | -21.58% |
| Net Profit Growth % | 103.45% | 272.04% | 13.52% | -36.48% | -93.37% | 1871.86% | 119.40% | 81.19% | 67.96% | -26.38% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 67.96% | -26.38% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.34x | 11.69x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.67x | 2.04x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.32x | 7.34x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-10 - Ramky Infrastructure Limited has informed the Exchange regarding 'Investor Presentation'.
2026-08-10 - Ramky Infrastructure Limited has informed the Exchange about Re-appointment of Mr. Yancharla Rathnakara Nagaraja (DIN: 00009810), as Managing Director of the Company
2026-08-10 - Ramky Infrastructure Limited has informed the Exchange about Re-appointment of Mr. Eshwar Reddy Purmandla (DIN: 01892327), as an Independent Director of the Company
2026-08-10 - Ramky Infrastructure Limited has informed the Exchange about Recommendation of re-appointment of Dr. Anantapuram Guggela Ravindranath Reddy (DIN: 01729114) as Non-Executive Director of the Company whose office is liable to retire by rotation
2026-08-10 - Ramky Infrastructure Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15 - compliance of SDD for quarter ended 30.06.2026
2026-07-15 - Ramky Infrastructure Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-25 - Ramky Infrastructure Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-05-27 - Ramky Infrastructure Limited has informed the Exchange regarding Cessation of Mr Kesava Datta as Company Secretary & Compliance Officer of the company w.e.f. May 27, 2026.
News
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