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Ramco Cements

The Ramco Cements Ltd

RAMCOCEM NSE
₹771.05 +26.05 (+3.50%)
P/E
Not meaningful: last twelve months’ earnings are mostly a one-off item
View as Markdown
MCP
Close 4 Nov 2026 ₹771.05 −262.15 −25.4% 1Y
Start ₹1,033.20

Key Fundamentals

SmallcapCement & Cement ProductsConstruction Materials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.13%
Debt to Equity
0.48
EPS (TTM)
₹27.29
Book Value
₹342.52
Market Cap
—
P/E (TTM)
Not meaningful: last twelve months’ earnings are mostly a one-off item
P/B
2.25
ROE
0.38%
Dividend Yield
0.34%
EBITDA
₹1,477 Cr
52W High
₹1,214.50
52W Low
₹711.30
Day Range
₹743.10 – ₹777.00
Volume
5,81,197

Peer Comparison

Commodities › Construction › Cement › Cement & Cement Products

Ramco Cements peer comparison
UltraTech Cement
₹11,816.0039.56₹3,46,219 Cr4.732.05%11.10%12.70%₹95,572 Cr₹8,834 Cr
Grasim Industries
₹3,138.0037.92₹2,11,790 Cr2.050.32%4.98%8.01%₹1,84,029 Cr₹11,261 Cr
Ambuja Cements
₹375.9521.09₹92,920 Cr1.570.54%8.85%5.61%₹39,867 Cr₹5,222 Cr
Shree Cement
₹24,175.0053.51₹86,846 Cr3.660.63%7.51%10.30%₹21,896 Cr₹1,637 Cr
JK Cement
₹5,076.3041.48₹39,409 Cr5.340.39%15.60%15.10%₹14,401 Cr₹939 Cr
Dalmia Bharat
₹1,407.0028.29₹26,437 Cr1.480.29%6.11%7.59%₹15,058 Cr₹953 Cr
ACC
₹1,185.3011.66₹22,384 Cr1.080.64%10.90%11.20%₹25,442 Cr₹1,908 Cr
Ramco Cements (this company)
₹771.05—₹17,737 Cr2.250.34%0.38%6.13%₹9,228 Cr₹646 Cr
Median 8 companies₹2,272.5037.92₹63,128 Cr2.150.47%8.18%9.16%₹23,669 Cr₹1,773 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
63
Good
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
36
Poor
Sales & profit trajectory 9% weight
Financial Health
28
Poor
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

5
  • 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsNeutral252
Moving AveragesStrong Bearish802

Key readings

RSI (14)
45.20
Neutral
MACD (12,26,9)
−28.25
Bullish
SMA (50)
832.59
Bearish
SMA (200)
939.41
Bearish

As of

Analyst Rating

Based on 29 analysts
TIED34%

9 of 29 analysts rate Buy, 10 Hold, 10 Sell.

As of

BUY
9
31%
HOLD
10
34%
SELL
10
34%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.69%
5Y+11.28%
3Y+3.44%
1Y+6.00%
TTM+8.59%

Net profit

Net profit growth by window
10Y+2.52%
5Y−2.27%
3Y+30.43%
1Y+158.89%
TTM+102.51%

Operating cash flow

Operating cash flow growth by window
10Y+3.99%
5Y−3.16%
3Y+4.49%
1Y+15.15%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−14.15 pp
5Y−13.53 pp
3Y+1.38 pp
1Y+1.43 pp
TTM−0.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,967 Cr
Mar 2018₹4,425 Cr
Mar 2019₹5,162 Cr
Mar 2020₹5,389 Cr
Mar 2021₹5,291 Cr
Mar 2022₹6,004 Cr
Mar 2023₹8,157 Cr
Mar 2024₹9,376 Cr
Mar 2025₹8,518 Cr
Mar 2026₹9,029 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹664 Cr
Mar 2018₹566 Cr
Mar 2019₹511 Cr
Mar 2020₹605 Cr
Mar 2021₹784 Cr
Mar 2022₹882 Cr
Mar 2023₹315 Cr
Mar 2024₹356 Cr
Mar 2025₹270 Cr
Mar 2026₹699 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹287 Cr −11.8% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-04, The Ramco Cements Ltd trades at ₹771.05 with a market cap of ₹17,737 Cr, a trailing P/E of 28.25x, and an ROE of 8.55%. The stock sits roughly 36.5% below its 52-week high of ₹1,214.50, reflecting a period of significant profit decline over multiple years even as TTM earnings have begun to recover.

Bull Case 7
  • TTM profit growth has turned positive at 38%, signalling a potential earnings recovery after years of compounded profit decline
  • Compounded sales growth over 10 years stands at 10%, indicating consistent long-term revenue expansion for a cement business
  • TTM revenue growth of 9% shows the top line continues to grow despite broader margin pressures
  • Debt-to-equity ratio of 0.48 is moderate and suggests the balance sheet is not excessively leveraged relative to many capital-intensive peers in the construction materials space
  • The stock is trading at ₹771.05, only about 8.4% above its 52-week low of ₹711.30, which may reflect a significant de-rating from peak valuations
  • 10-year ROE averages 8%, showing the company has historically generated reasonable returns on equity over a full business cycle
  • Price-to-book ratio of 2.25x is relatively restrained for a branded cement company, compared to the trailing P/E of 28.25x, suggesting book value has held up better than earnings
Bear Case 8
  • Compounded profit growth is deeply negative: -25% over 10 years, -48% over 5 years, and -54% over 3 years, reflecting a severe and prolonged earnings erosion
  • 3-year average ROE is just 2%, and last year's ROE was 0%, indicating very poor capital efficiency in recent years despite 8.55% on a TTM basis
  • The company has low interest coverage, pointing to strain in servicing debt obligations from operating profits
  • Earnings quality is a concern as other income of ₹608 Cr forms a significant part of reported profits, flattering the bottom line
  • Dividend payout has been low at 14.1% of profits over the last 3 years, with a current yield of only 0.34%, offering limited income return to shareholders
  • 5-year compounded sales growth of roughly 11% is modest for the cement sector, and the 3-year sales CAGR drops to just 3%, suggesting demand or pricing headwinds
  • Stock price CAGR is negative across 1-year (-24%), 3-year (-7%), and 5-year (-4%) horizons, meaning the stock has destroyed value for holders over most medium-term periods
  • At a P/E of 28.25x with an EPS of ₹27.29, the valuation appears elevated relative to the weak multi-year profit track record, implying the market is pricing in a recovery that is not yet firmly established

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

AI News Digest

7d ago

TL;DR: Ramco Cements is expanding capacity cost-efficiently through de-bottlenecking at Jayanthipuram, lifting total clinkerisation capacity to 16.95 MTPA with minimal capex. No headwinds surfaced in the latest news cycle. The capital-light capacity addition is a modest positive, but with only one recent development to assess, the near-term outlook hinges on demand trends in the southern construction market.

Positives 1
  • Jayanthipuram clinker capacity expanded Sep 30

    Clinker capacity at Jayanthipuram raised to 5.62 MTPA and cement grinding capacity increased to 4.38 MTPA, bringing aggregate clinkerisation capacity to 16.95 MTPA. The de-bottlenecking approach required minimal investment compared to greenfield expansion.

Quarterly Results

₹ Cr
RAMCOCEM quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
RAMCOCEM profit and loss, annual, ₹ crore
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
419
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 (₹)
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%
—

Balance Sheet

₹ Cr
RAMCOCEM balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
RAMCOCEM cash flow, annual, ₹ crore
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/EBITDA
139
115
108
116
91
77
135
100
122
124
115
115

Ratios

RAMCOCEM financial ratios, annual
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

Log in to view Ramco Cements insights

71 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 42.56%
  • DIIs 30.06%
  • Public 12.57%
  • FIIs 7.18%
  • Others 4.24%
  • Government 3.39%

3.59% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Aug 2026
    PPT
  • Concall · May 2026
    PPT
  • Concall · Feb 2026
    PPT
  • Q2 FY26 concall · Nov 2025
    PPT
  • Q1 FY26 concall · Aug 2025
    PPT

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.
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 52-week high and low of The Ramco Cements Ltd?
Over the last 52 weeks The Ramco Cements Ltd has traded between ₹711.3 and ₹1,214.5 as of 4 Nov 2026.
Does The Ramco Cements Ltd pay dividends?
The Ramco Cements Ltd has a dividend yield of 0.34%.
What is the Return on Equity (ROE) of The Ramco Cements Ltd?
The Ramco Cements Ltd reported a return on equity of 0.38%. 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.

Website ramcocements.in
CEO Mr. Arrakundal Velayutha Raja Dharmakrishnan A.C.A., B.Com.
Employees 3,767
Listed 9 Apr 1997
Face Value ₹1

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