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Ramco Cements

RAMCOCEM NSE

Key Fundamentals

SmallcapCementConstruction
Market Cap
₹20,342 Cr
Volatility
Moderate
P/E Ratio
31.76
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
₹838.3

Tapetide Score

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

Key Insights

Weaknesses

6
  • Stock is trading at 2.53 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 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Ramco Cements trades at a market cap of ₹20,342 Cr with a P/E of 31.9x and P/B of 2.54x. The company has shown TTM sales growth of 9% and TTM profit growth of 38%, but its 3-year ROE averages just 2% and compounded profit growth over 5 years stands at -48%, indicating a prolonged earnings downturn with recent signs of recovery.

Bull Case 7
  • TTM profit growth of 38% signals a meaningful earnings recovery after years of decline
  • 10-year compounded sales CAGR of 10% demonstrates consistent top-line expansion over a long horizon
  • TTM sales growth of 9% indicates continued revenue momentum in the current period
  • 10-year stock CAGR of 4% shows the company has delivered positive long-term returns despite recent weakness
  • Market cap of ₹20,342 Cr provides reasonable scale and liquidity for an established South Indian cement player
  • 5-year compounded sales growth of 11% reflects the company's ability to grow volumes and realizations through cycles
  • Cement sector benefits from India's ongoing infrastructure spending push, providing structural demand tailwinds for capacity utilization
Bear Case 8
  • 3-year compounded profit decline of -54% reflects severe and sustained margin compression
  • 3-year average ROE of just 2% and last year ROE of 0% indicate very poor capital efficiency
  • Low interest coverage ratio suggests debt servicing is consuming a significant share of operating profits
  • Earnings include other income of ₹608 Cr, meaning core operating profit quality is weaker than headline numbers suggest
  • P/E of 31.9x is elevated relative to the weak underlying profitability and negative 5-year profit CAGR of -48%
  • Dividend payout of only 14.1% of profits over 3 years and yield of 0.29% offer minimal income return to shareholders
  • Stock has declined 16% over the past 1 year, underperforming the broader market significantly
  • 5-year stock CAGR of -4% shows the market has de-rated the company over a meaningful medium-term period

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 4
  • South India cement price hike Aug 25

    Cement prices in South India rose ₹10 per 50 kg bag, directly benefiting Ramco Cements' realizations in its core market.

  • ₹2.50 dividend approved at AGM Aug 20

    Shareholders approved ₹2.50 per share dividend for FY26 at the 68th AGM on August 20, with promoters voting 100% in favor across all resolutions.

  • Global biodiversity certification won Sep 10

    Ramco Cements' Pandalgudi mine restoration earned Advanced Certification from The Global Biodiversity Standard, a first for Peninsular India.

  • Limestone land tax exemption Aug 24

    Ramco Cements is not obligated to pay the ₹160 per limestone mineral bearing land tax, effective August 22. This reduces operational cost burden on mining operations.

Neutral 1
  • Investor meet scheduled then cancelled Sep 10

    A one-on-one investor meeting with Motilal AMC originally set for September 11 at Chennai was cancelled. The event was organized by 360 ONE Capital Markets.

TL;DR: Ramco Cements is seeing a constructive period with no material headwinds. A ₹10/bag price hike in South India supports near-term realizations, while the limestone tax exemption and biodiversity certification strengthen the operating and ESG profile. With steady shareholder returns via the ₹2.50 dividend and a clean regulatory backdrop, the trend leans modestly positive heading into H2 FY27.

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–FY26.

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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 ₹20,342 Cr, which places it in the Large Cap band.
What is the PE ratio of The Ramco Cements Ltd?
The Ramco Cements Ltd trades at a PE ratio of 31.76, 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 ₹838.3 and ₹1,214.5.
Does The Ramco Cements Ltd pay dividends?
The Ramco Cements Ltd has a dividend yield of 0.29%.
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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