Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Ramco Cements Limited
NSE: RAMCOCEMBasic MaterialsBuilding Materials
- Last close
- ₹739.40
- Day change
- −₹23.95 (−3.14%)vs
- Market cap
- ₹19,031 crIndian rupees
- Research updated
- 1 report
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About Ramco Cements
Ramco Cements Limited is a prominent entity in the materials sector, chiefly engaged in the production and sale of cement and cement-related products. As one of India's leading cement manufacturers, Ramco Cements plays a critical role in infrastructure development across the nation. The company's extensive product portfolio includes Ordinary Portland Cement, Portland Pozzolana Cement, and various other blended cements, catering to diverse construction requirements. Ramco Cements operates numerous manufacturing plants, strategically located to ensure efficient distribution across key markets in India. These facilities are equipped with state-of-the-art technology to enhance production efficiency and environmental sustainability. The firm emphasizes innovation, consistently working on improving product quality and performance, thereby influencing the broader construction industry. Ramco Cements serves a wide range of sectors including residential, commercial, industrial, and public infrastructure projects, positioning itself as a vital contributor to national growth and development. In the financial market, Ramco Cements Limited is recognized for its solid market presence and its role as a significant player in the Indian equities market, making it an essential component of portfolio strategies focusing on the industrial and materials sectors.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: RAMCOCEM
- Next results
- Employees
- 3,890
- Headquarters
- Chennai, India
- ISIN
- INE331A01037
- Website
- ramcocements.in
Public research · Report of
Business model & financial foundation
Ramco Cements (NSE: RAMCOCEM), Cement and construction chemicals: revenue of ₹9,029 crore in FY26 (+6.0% on FY25), an EBITDA margin of 15.9%, net profit of ₹698.7 crore and net debt of ₹3,664 crore.
- Revenue, FY26 (₹ crore)
- 9,029
- consolidated
- Revenue growth, FY26
- +6.0%
- on FY25
- EBITDA margin, FY26
- 15.9%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 698.7
- to owners
- Return on equity, FY26
- 9.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,664
- Company consolidated net debt excluding leases
- Market capitalisation (₹ crore)
- 20,396
- at the close of 16 Oct 2026
Company profile
Ramco Cements is a South India-centric cement maker (27.17 MTPA grinding, 16.95 MTPA clinker installed at 29 Sep 2026) with plants in Tamil Nadu, Andhra Pradesh, Karnataka, Odisha and West Bengal, selling about 73% of volume in the South and 27% in the East in Q1 FY27. It also makes construction chemicals and dry-mix products and runs captive wind and thermal power. FY26 consolidated revenue was INR 9,029 crore.
| Item | Value |
|---|---|
| Legal name | The Ramco Cements Limited (formerly Madras Cements Limited) |
| Exchange and ticker | NSE: RAMCOCEM; BSE: 500260 |
| ISIN | INE331A01037 |
| CIN | L26941TN1957PLC003566 |
| Sector | Basic Materials |
| Industry | Cement and construction chemicals |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | SRSV & Associates and Ramakrishna Raja and Co. (joint statutory auditors) (since 2017) |
| Market capitalisation | ₹20,396 crore (16 Oct 2026) |
| Shares outstanding | 23.64 crore shares (FY26) |
| Price | ₹786.9 (close, 16 Oct 2026) |
| 52-week range | ₹785.0 - ₹1,215 (to 16 Oct 2026) |
| Website | https://www.ramcocements.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ramco Windfarms Limited | 100% | Wind power generation; remaining stake acquired 21 Aug 2025, amalgamation proposed |
| Ramco Industrial and Technology Services Limited | 94.11% | Manpower, transport (ceased 1 Dec 2025) and IT services |
| Ramco Systems Limited (associate) | 15.98% | Enterprise software; equity-accounted associate |
| Madurai Trans Carrier Limited (associate) | 29.86% | Air charter; equity-accounted associate |
| Ramco Industries Limited (associate) | 0.1% | Fibre cement building products; associate through cross-holdings |
| Rajapalayam Mills Limited (associate) | 0.46% | Cotton yarn; associate through cross-holdings; promoter-group holder of Ramco shares |
Ramco group (P.R. Venketrama Raja family) cross-holdings: Rajapalayam Mills and Ramco Industries are promoter-group shareholders of Ramco Cements and its associates.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 42.56% | 42.56% | 42.55% | 42.56% |
| Promoter holding pledged | 1.46% | 1.46% | 1.46% | 1.46% |
| Foreign institutions | 8.15% | 7.98% | 8.04% | 7.52% |
| Domestic institutions | 28.49% | 28.14% | 28.92% | 29.50% |
| of which mutual funds | 17.03% | 18.12% | 19.04% | 20.31% |
| Retail | 12.42% | 12.92% | 12.51% | 12.70% |
| Other | 8.40% | 8.41% | 7.99% | 7.73% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ramco makes cement and construction chemicals, vertically integrating limestone, clinker, grinding and captive power. Freight constrains competition geographically. It sells predominantly into the South and increasingly East (Q1FY27 73/27% volume). Consolidated accounts include Ramco Windfarms and RITSL plus equity-accounted cross-held Ramco group associates. Issuer operations volume is effectively parent cement; group revenue per cement tonne includes chemicals and power and is explicitly NOT pure cement realisation. One statutory operating segment.
| Peer | Why the dossier compares them |
|---|---|
| Dalmia Bharat (DALBHARAT) | South and East cement producer; closest regional mix to Ramco |
| UltraTech Cement (ULTRACEMCO) | Market leader and price-setter in South India after India Cements and Kesoram acquisitions |
| India Cements (INDIACEM) | Tamil Nadu and Andhra competitor, now UltraTech subsidiary |
| JK Cement (JKCEMENT) | |
| Nuvoco Vistas (NUVOCO) | East-focused mid-cap with similar leverage and capacity build |
| Sagar Cements (SAGCEM) | Andhra/Telangana producer exposed to the same southern pricing |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,970 | 8,122 | 9,376 | 8,518 | 9,029 |
| Cost of revenue (vendor classification) * | 2,727 | 4,533 | 4,869 | 4,409 | 4,612 |
| Other operating costs (vendor classification) * | 1,492 | 1,939 | 2,373 | 2,307 | 2,369 |
| EBITDA (vendor classification) * | 1,302 | 1,187 | 1,510 | 1,158 | 1,348 |
| Operating EBIT excluding other income and exceptional items | 899.6 | 681.1 | 918.3 | 537.5 | 695.8 |
| Finance costs | 96.2 | 209.1 | 415.5 | 458.8 | 419.4 |
| Profit before tax | 803.4 | 472.0 | 541.7 | 319.3 | 871.1 |
| Total current and deferred tax including prior-year adjustments | -89.4 | 130.0 | 148.1 | 51.2 | 179.1 |
| Profit after tax before associates and minority attribution | 882.0 | 314.8 | 393.5 | 268.1 | 692.0 |
| Reported diluted EPS (₹) | 39.00 | 13.76 | 15.77 | 11.53 | 29.56 |
| Materials, traded purchases and inventory change | 1,719 | 1,725 | 1,920 | ||
| Employee benefits expense | 549.7 | 550.0 | 587.4 | ||
| Power, freight and other operating expenses, net | 5,543 | 5,011 | 5,085 | ||
| Operating EBITDA excluding other income | 1,565 | 1,233 | 1,436 | ||
| EBITDA on company presentation basis including other income | 1,604 | 1,274 | 1,477 | ||
| Other income | 38.9 | 41.2 | 41.5 | ||
| Depreciation and amortisation | 646.3 | 695.1 | 740.2 | ||
| Exceptional items, signed gains positive | 0.00 | 199.4 | 553.2 | ||
| Share of associates profit or loss, net of tax, signed | -37.0 | 1.43 | 6.79 | ||
| Consolidated profit including associates before NCI attribution | 356.5 | 269.6 | 698.8 | ||
| Profit attributable to non-controlling interests, signed | -3.46 | -3.08 | 0.14 | ||
| Profit attributable to equity shareholders of parent | 360.0 | 272.7 | 698.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 6,625 | 6,868 | 7,241 | 7,442 | 8,094 |
| Current and non-current borrowings excluding leases | 3,950 | 4,507 | 4,917 | 4,652 | 3,852 |
| Balance-sheet cash and cash equivalents | 146.2 | 136.7 | 96.9 | 172.6 | 188.3 |
| Trade receivables | 350.7 | 465.1 | 855.7 | 729.6 | 792.7 |
| Inventories | 834.5 | 883.6 | 983.5 | 1,016 | 1,030 |
| Total trade payables including MSME creditors | 485.1 | 638.6 | 993.3 | 939.4 | 1,201 |
| Net property, plant and equipment | 357.8 | 495.9 | 11,532 | 11,754 | 12,383 |
| Capital work in progress excluding intangible development | 3,182 | 2,003 | 1,329 | 1,353 | 921.8 |
| Total assets | 13,159 | 14,595 | 16,273 | 16,330 | 16,636 |
| Current and non-current lease liabilities | 19.7 | 22.5 | 19.1 | ||
| Current liquid investments reported on balance sheet | 0.00 | 0.00 | 0.00 | ||
| Company consolidated net debt excluding leases | 4,820 | 4,480 | 3,664 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 670.9 | 418.7 | 1,898 | 1,399 | 1,611 |
| Free cash flow (vendor definition) * | -681.7 | -354.3 | -17.0 | 374.8 | 614.4 |
| Cash dividends paid including withholding tax; outflow negative | -71.0 | -47.3 | -59.1 | -47.3 | |
| Cash purchases of PPE, intangibles and investment properties | -1,811 | -1,763 | -1,923 | -1,024 | -996.7 |
| Operating cash flow less cash capex | -24.4 | 374.8 | 614.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted-average diluted shares after treasury deduction | 22.86 | 22.86 | 22.82 | 23.64 | 23.64 |
| Issued subscribed and fully paid-up shares | 23.63 | 23.63 | 23.63 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,044 | 1,983 | 2,397 | 2,074 | 2,239 | 2,106 | 2,610 | 2,273 |
| Cost of revenue (vendor classification) * | 401.6 | 871.3 | 1,094 | 859.4 | 948.0 | 1,208 | 1,026 | |
| Other operating costs (vendor classification) * | 1,186 | 695.0 | 857.7 | 670.0 | 736.7 | 883.8 | 783.6 | |
| EBITDA (vendor classification) * | 323.9 | 289.9 | 331.7 | 403.5 | 297.0 | 382.4 | 313.2 | |
| Operating EBIT excluding other income and exceptional items | 144.6 | 104.3 | 136.2 | 213.6 | 204.7 | 94.9 | 182.6 | 116.6 |
| Finance costs | 119.9 | 112.5 | 113.3 | 104.7 | 111.4 | 108.0 | 95.2 | 95.6 |
| Profit before tax | 34.5 | 191.1 | 46.2 | 114.9 | 99.8 | 483.1 | 173.3 | 40.4 |
| Total current and deferred tax including prior-year adjustments | 9.17 | 7.87 | 21.3 | 30.5 | 24.0 | 98.0 | 26.7 | 9.37 |
| Profit after tax before associates and minority attribution | 25.3 | 183.3 | 24.8 | 84.4 | 75.8 | 385.1 | 146.7 | 31.0 |
| Reported diluted EPS, not annualised (₹) | 1.12 | 7.62 | 1.16 | 3.60 | 3.27 | 16.31 | 6.38 | 1.32 |
| Materials, traded purchases and inventory change | 401.6 | 408.7 | 550.3 | 359.2 | 497.3 | 449.9 | 613.5 | 415.8 |
| Employee benefits expense | 142.9 | 138.2 | 126.5 | 147.1 | 151.3 | 141.2 | 148.0 | 157.5 |
| Power, freight and other operating expenses, net | 1,186 | 1,158 | 1,401 | 1,170 | 1,202 | 1,235 | 1,478 | 1,393 |
| Operating EBITDA excluding other income | 314.1 | 279.1 | 319.2 | 397.5 | 388.0 | 279.8 | 370.7 | 306.5 |
| EBITDA on company presentation basis including other income | 323.9 | 289.9 | 331.7 | 403.5 | 394.6 | 297.0 | 382.4 | 313.2 |
| Other income | 9.81 | 10.8 | 12.5 | 5.98 | 6.54 | 17.2 | 11.8 | 6.74 |
| Depreciation and amortisation | 169.5 | 174.8 | 183.0 | 183.9 | 183.3 | 184.9 | 188.0 | 189.8 |
| Exceptional items, signed gains positive | 0.00 | 188.6 | 10.8 | 0.00 | 0.00 | 479.0 | 74.2 | 12.6 |
| Share of associates profit or loss, net of tax, signed | 0.45 | -1.68 | 0.83 | 0.15 | 2.08 | 0.52 | 4.04 | 0.22 |
| Consolidated profit including associates before NCI attribution | 25.8 | 181.6 | 25.7 | 84.6 | 77.9 | 385.6 | 150.7 | 31.2 |
| Profit attributable to non-controlling interests, signed | 0.07 | -0.80 | -1.76 | -0.47 | 0.54 | 0.04 | 0.03 | 0.01 |
| Profit attributable to equity shareholders of parent | 25.7 | 182.4 | 27.4 | 85.0 | 77.3 | 385.6 | 150.7 | 31.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.5% | 36.1% | 15.4% | -9.2% | 6.0% |
| EBITDA margin | 16.7% | 14.5% | 15.9% | ||
| Net margin | 3.8% | 3.2% | 7.7% | ||
| Return on equity | 5.1% | 3.7% | 9.0% | ||
| Return on capital employed | 9.3% | 6.2% | 7.8% | 4.4% | 5.8% |
| Return on assets | 2.3% | 1.7% | 4.2% | ||
| Net debt (₹ crore) | 4,820 | 4,480 | 3,664 | ||
| Net debt / EBITDA | 3.08x | 3.63x | 2.55x | ||
| Interest cover | 9.36x | 3.26x | 2.21x | 1.17x | 1.66x |
| Asset turnover | 0.49x | 0.59x | 0.61x | 0.52x | 0.55x |
| Receivable days | 21 | 21 | 33 | 31 | 32 |
| Inventory days (on revenue) | 51 | 40 | 38 | 44 | 42 |
| Payable days (on revenue) | 30 | 29 | 39 | 40 | 49 |
| Cash conversion | 5.27x | 5.13x | 2.31x | ||
| Capex intensity | 30.3% | 21.7% | 20.5% | 12.0% | 11.0% |
| Free cash flow (₹ crore) | -1,140 | -1,345 | -24.4 | 374.8 | 614.4 |
| Dividend payout | 13.1% | 21.7% | 6.8% | ||
| EPS, diluted (₹) | 39.00 | 13.76 | 15.77 | 11.53 | 29.56 |
| Book value per share (₹) | 289.8 | 300.5 | 317.4 | 314.8 | 342.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company consolidated net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Ramco Cements
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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