The Ramco Cements Limited (RAMCOCEM)

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The Ramco Cements Limited (RAMCOCEM) · mywealthgrid

About

Ramco Cements is a cement & cement products manufacturer with a ₹21,437 Cr market capitalisation and quarterly revenues in the ₹2,100–2,600 Cr range. The company operates at an average operating margin of 15.9% but has experienced severe earnings volatility, with quarterly net profit ranging from ₹31 Cr to ₹387 Cr.

Face value: ₹1

Market cap

₹19,633 Cr

P/E

30.4×

P/B

2.4×

Dividend yield

0.3%

ROE

ROCE

6.1%

Debt / equity

0.48

OPM

15.9%

EPS (TTM)

₹27.3

Book value

₹342.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility is extreme: net profit fell from ₹386.91 Cr (Dec 2025) to ₹31.24 Cr (Jun 2026), and EPS collapsed from ₹16.36 to ₹1.32 in six months — verify whether this reflects cyclical weakness, one-off charges, or operational deterioration.

Return on equity of 8.9% is low relative to a PE of 33.24, indicating valuation risk if profitability does not improve or capital efficiency does not strengthen.

Operating margin compressed from 17.33% (Sep 2025) to 13.48% (Jun 2026) over nine months — verify cost structure sustainability and pricing ability.

Stock down 20.2% over 12 months; verify whether this reflects industry headwinds or company-specific deterioration.

Generated analysis · source review pending

Growth drivers

Quarterly revenue stable at ₹2,100–2,600 Cr range; verify whether capacity expansions or market-share gains are planned.

Consistent dividend payouts (annual events 2022–2026) indicate cash generation; verify trends and capital allocation between distributions and growth investment.

Operating margin base of 15.9% offers room for recovery if input-cost pressures ease; verify exposure to raw materials and fuel pricing.

Cement sector depends on construction and infrastructure cycles; verify regional demand, competitor capacity, and Ramco's positioning.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹830.9-1.6%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 5.9% (3-yr avg)
−Profit declined 2.3% a year over the last 5 years
−Weak interest coverage of 1.8×
−Low dividend payout of 9.2% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

42/100

Business quality: 28
Growth: 41
Valuation: 57

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,604	4,582	4,585	5,162	5,389	5,291	6,004	8,157	9,376	8,518	9,029
COGS	594	670	751	847	874	865	890	1,343	1,719	1,725	1,920
Gross profit	3,010	3,912	3,834	4,315	4,516	4,426	5,113	6,814	7,657	6,794	7,109
	1,946	2,704	2,722	3,271	3,367	2,848	3,834	5,656	6,130	5,560	5,666
	1,064	1,208	1,113	1,044	1,148	1,578	1,279	1,158	1,528	1,234	1,443
OPM %	29.5%	26.4%	24.3%	20.2%	21.3%	29.8%	21.3%	14.2%	16.3%	14.5%	16%
Depreciation	269	286	294	300	317	357	402	506	646	695	740
Interest	182	105	60	51	72	88	112	241	416	459	419
	90	40	33	25	34	30	28	33	39	241	595
Profit before tax	703	—	792	718	793	1,164	793	445	505	321	878
Tax	145	203	231	211	188	380	-89	130	148	51	179
Tax %	20.6%	—	29.2%	29.3%	23.7%	32.6%	-11.3%	29.2%	29.4%	16%	20.4%
	558	664	566	511	605	784	882	315	356	270	699
PAT margin %	15.5%	14.5%	12.3%	9.9%	11.2%	14.8%	14.7%	3.9%	3.8%	3.2%	7.7%
EPS (₹)	—	—	—	22	26	34	39	13.8	15.8	11.5	29.6
EPS adjusted (₹)	23.5	27.9	24	21.7	—	33.2	37.3	13.3	15.2	11.5	29.6
	—	—	—	13.6%	9.6%	8.8%	7.7%	14.5%	15.9%	17.3%	8.5%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	24	24	24	24	24	24	24	24	24	24
Reserves	2,696	3,772	4,089	4,513	5,708	6,595	6,837	7,214	7,418	8,070
Minority interest	—	—	—	—	6	7	7	4	0	0
	2,226	1,146	1,001	1,431	3,102	3,930	4,487	4,917	4,652	3,852
	1,994	2,130	2,055	2,236	2,615	2,603	3,239	4,114	4,235	4,690
Total equity & liabilities	6,940	7,071	7,169	8,204	11,455	13,159	14,595	16,273	16,330	16,636
	4,968	5,065	5,179	5,238	6,833	7,642	10,066	11,926	12,140	12,730
CWIP	258	97	150	831	2,325	2,992	1,927	1,329	1,353	922
Investments	168	184	212	232	452	427	402	447	294	248
	1,546	1,724	1,628	1,903	1,844	2,097	2,201	2,571	2,543	2,736
Total assets	6,940	7,071	7,169	8,204	11,455	13,159	14,595	16,273	16,330	16,636

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	83.6%	83.8%	83.6%	85.2%	83.5%	81.7%	79.8%	78.7%
EBITDA margin %	20.2%	21.3%	29.4%	21.5%	14.5%	16.7%	14.5%	15.9%
EBIT margin %	14.4%	15.4%	22.7%	14.8%	8.3%	9.8%	6.3%	7.7%
PAT margin %	9.9%	11.2%	14.8%	14.7%	3.9%	3.8%	3.2%	7.7%
Working capital
Receivable days	35	—	26	21	21	33	31	32
Inventory days	242	—	253	342	240	209	215	196
Payable days	108	—	154	201	174	211	199	228
NWC days	169	—	125	162	87	31	48	-0
Leverage
Current ratio	0.67	—	0.6	0.61	0.61	0.57	0.52	0.54
Debt to EBITDA	1.37	—	1.99	3.05	3.79	3.14	3.77	2.68
Debt to equity	0.32	—	0.54	0.59	0.65	0.68	0.63	0.48
Interest coverage	15	12	14.1	8.1	3	2.3	1.3	1.8
Asset turnover	0.63	—	0.46	0.46	0.56	0.58	0.52	0.54
Return ratios
Return on assets %	6.2%	—	6.8%	6.7%	2.2%	2.2%	1.7%	4.2%
Return on capital employed %	13.4%	—	13.6%	9.4%	6.5%	8%	4.8%	6.1%
Return on equity %	11.3%	—	13.7%	13.3%	4.6%	4.9%	3.6%	8.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	42.11%	42.11%	42.29%	42.29%	42.29%	42.75%	42.56%	42.56%	42.56%	42.56%	42.56%	42.56%
	7.85%	7.94%	7.43%	7.38%	6.61%	6.88%	7.29%	8.43%	8.15%	7.98%	8.04%	7.52%
	33.36%	32.92%	32.23%	31.13%	30.86%	30.9%	30.14%	27.86%	28.49%	28.14%	28.92%	29.5%
	0%	0%	0%	0%	0%	0%	0%	0%	3.39%	3.39%	3.39%	3.39%
	16.68%	17.03%	18.05%	19.2%	20.24%	19.47%	20.01%	21.15%	17.41%	17.93%	17.09%	17.03%
No. of shareholders	—	—	—	—	—	—	—	—	57,838	56,029	52,680	53,616

Promoter holding up 0.45 percentage points since Sep 2023.

27 deals · 7 Feb 2022 – 23 May 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 May 2025	NIPPON INDIA MUTUAL FUND	Bulk	NSE	Buy	19,50,000	₹1,005.03	₹195.98 Cr
19 Jan 2024	RAJAPALAYAM MILLS LTD	Block	BSE	Buy	1,57,000	₹957.65	₹15.04 Cr
19 Jan 2024	NALINA RAMALAKSHMI	Block	BSE	Sell	1,57,000	₹957.65	₹15.04 Cr
29 May 2023	SHARADHA DEEPA	Block	BSE	Buy	2,83,000	₹880.00	₹24.90 Cr
29 May 2023	RAJAPALAYAM MILLS LTD	Block	BSE	Sell	2,83,000	₹880.00	₹24.90 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,24,229	₹703.90	₹22.82 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,24,229	₹703.90	₹22.82 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	41,753	₹703.90	₹2.94 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	41,753	₹703.90	₹2.94 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,23,917	₹697.75	₹22.60 Cr

1–10 of 27

1 / 3

Mr. FAROOQUI FAYAZUDDIN MOHAMMEDNon-Executive - Independent Director-Chairperson
Mr. PUSAPADI RAMASUBRAMANIA RAJA VENKETRAMA RAJAExecutive Director-MD
A V DharmakrishnanChief Executive Officer
Mr. MAYURAM SWAMINATHAN KRISHNANNon-Executive - Independent Director
S VaithiyanathanChief Financial Officer
Mr. CHINNIKRISHNAN RANGANATHANNon-Executive - Independent Director
Mr. AJAY BHASKAR BALIGANon-Executive - Independent Director
Mr. RAMACHANDHRAN DINESHNon-Executive - Non Independent Director
Mrs. SOUNDARA KUMARNon-Executive - Independent Director
K SelvanayagamCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

13.42%

of the company's equity

All mutual funds

20.31%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 11 fund houses

		Shares
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	77 L	677.25	1.2%	3.259%	—
SMALL CAP FUND	Nippon India Mutual Fund	50.77 L	446.54	0.54%	2.148%	-0
Large and Midcap Fund	SBI Mutual Fund	47 L	413.39	0.98%	1.989%	-0
SMALL CAP FUND	Tata Mutual Fund	32 L	281.46	2.15%	1.354%	+6.68 L
Contra Fund	SBI Mutual Fund	21.07 L	185.31	0.39%	0.892%	-0
LARGE & MID CAP FUND	Tata Mutual Fund	16 L	140.73	1.83%	0.677%	+1.9 L
Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)	SBI Mutual Fund	15.65 L	137.67	1.77%	0.662%	+1,207
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	13.06 L	114.9	0.78%	0.553%	-0

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

27

Dividend dividend13 Aug 2026 · ex-date₹2.5
Final dividend6 Aug 2025 · ex-date₹2
Dividend dividend9 Aug 2024 · ex-date₹2.5
Dividend dividend3 Aug 2023 · ex-date₹2
Dividend dividend2 Aug 2022 · ex-date₹3
Interim dividend22 Mar 2021 · ex-date₹3
Interim dividend11 Mar 2020 · ex-date₹2.5
Dividend dividend31 Jul 2019 · ex-date₹3
Dividend dividend26 Jul 2018 · ex-date₹3
Dividend dividend27 Jul 2017 · ex-date₹3
Interim dividend18 Mar 2016 · ex-date₹3
Dividend dividend29 Jul 2015 · ex-date₹1.5
Dividend dividend18 Jul 2014 · ex-date₹1
Final dividend19 Jul 2013 · ex-date₹1
Interim dividend15 Feb 2013 · ex-date₹1
Interim dividend9 Nov 2012 · ex-date₹1
Final dividend26 Jul 2012 · ex-date₹0.5
Interim dividend27 Mar 2012 · ex-date₹2
Dividend dividend2 Aug 2011 · ex-date₹1.25
Final dividend23 Jul 2010 · ex-date₹0.5
Interim dividend30 Oct 2009 · ex-date₹1.5
Final dividend28 Jul 2009 · ex-date₹1
Interim dividend4 Feb 2009 · ex-date₹1
Dividend dividend1 Aug 2008 · ex-date₹20
Interim dividend5 Feb 2008 · ex-date₹10
Interim dividend26 Oct 2007 · ex-date₹10
Final dividend18 Jul 2007 · ex-date₹10

1

Board meeting to consider results7 Aug 2026

1

Bonus 1:11 Oct 2008 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

29 Sept 2026, 5:02 pmCompany Update

Capacity Expansion

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	83.6%	83.8%	83.6%	85.2%	83.5%	81.7%	79.8%	78.7%
EBITDA margin %	20.2%	21.3%	29.4%	21.5%	14.5%	16.7%	14.5%	15.9%
EBIT margin %	14.4%	15.4%	22.7%	14.8%	8.3%	9.8%	6.3%	7.7%
PAT margin %	9.9%	11.2%	14.8%	14.7%	3.9%	3.8%	3.2%	7.7%
Working capital
Receivable days	35	—	26	21	21	33	31	32
Inventory days	242	—	253	342	240	209	215	196
Payable days	108	—	154	201	174	211	199	228
NWC days	169	—	125	162	87	31	48	-0
Leverage
Current ratio	0.67	—	0.6	0.61	0.61	0.57	0.52	0.54
Debt to EBITDA	1.37	—	1.99	3.05	3.79	3.14	3.77	2.68
Debt to equity	0.32	—	0.54	0.59	0.65	0.68	0.63	0.48
Interest coverage	15	12	14.1	8.1	3	2.3	1.3	1.8
Asset turnover	0.63	—	0.46	0.46	0.56	0.58	0.52	0.54
Return ratios
Return on assets %	6.2%	—	6.8%	6.7%	2.2%	2.2%	1.7%	4.2%
Return on capital employed %	13.4%	—	13.6%	9.4%	6.5%	8%	4.8%	6.1%
Return on equity %	11.3%	—	13.7%	13.3%	4.6%	4.9%	3.6%	8.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Ambuja Cements LimitedAMBUJACEMAMBUJACEM	₹90,012 Cr	₹90,065 Cr	₹39,867 Cr	₹6,167 Cr	16.1%	₹4,377 Cr	13.9%	5.3%	8.4%	37
Shree Cement LimitedSHREECEMSHREECEM	₹79,059 Cr	₹80,653 Cr	₹21,896 Cr	₹4,577 Cr	22.1%	₹1,630 Cr	8.4%	10.6%	7.8%	227
Jk Cement LimitedJKCEMENTJKCEMENT	₹38,279 Cr	₹44,353 Cr	₹14,401 Cr	₹2,334 Cr	17.3%	₹946 Cr	7.2%	14.3%	15.1%	71
Dalmia Bharat LimitedDALBHARATDALBHARAT	₹31,556 Cr	₹38,308 Cr	₹15,058 Cr	₹3,005 Cr	20.8%	₹409 Cr	7.8%	7.4%	6.4%	5
Acc LimitedACCACC	₹22,213 Cr	₹22,213 Cr	₹25,369 Cr	₹2,629 Cr	11.4%	₹1,909 Cr	8.2%	10.8%	10.9%	32
The Ramco Cements LimitedRAMCOCEMRAMCOCEM	₹19,633 Cr	₹23,485 Cr	₹9,228 Cr	₹1,345 Cr	15.9%	₹645 Cr	7.7%	6.1%	9%	-0
Jsw Cement LimitedJSWCEMENTJSWCEMENT	₹15,216 Cr	₹19,297 Cr	₹6,849 Cr	₹1,216 Cr	19%	₹760 Cr	-12.3%	10.1%	-11.5%	-140
Nuvoco Vistas Corporation LimitedNUVOCONUVOCO	₹11,505 Cr	₹16,046 Cr	₹11,594 Cr	₹1,907 Cr	16.4%	₹386 Cr	3.2%	7.1%	3.7%	-130
The India Cements LimitedINDIACEMINDIACEM	₹9,147 Cr	₹10,452 Cr	₹4,479 Cr	₹469 Cr	8.8%	₹92 Cr	-1.5%	1.5%	-0.7%	-28
Star Cement LimitedSTARCEMENTSTARCEMENT	₹7,211 Cr	₹7,797 Cr	₹3,807 Cr	₹902 Cr	24.8%	₹370 Cr	10.3%	17%	13%	177
Birla Corporation LimitedBIRLACORPNBIRLACORPN	₹6,383 Cr	₹9,658 Cr	₹9,848 Cr	₹1,450 Cr	15.1%	₹554 Cr	5.8%	8.8%	7.8%	63
Jk Lakshmi Cement LimitedJKLAKSHMIJKLAKSHMI	₹5,915 Cr	₹8,406 Cr	₹6,926 Cr	₹958 Cr	15%	₹370 Cr	6.1%	12.1%	11.2%	57

Date	Category	Subject	Filing
29 Sept 2026, 5:02 pm	Company Update General	Capacity Expansion	PDF
22 Sept 2026, 4:23 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 11:12 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
19 Sept 2026, 11:02 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
10 Sept 2026, 5:19 pm	Company Update General	Cancellation Of Investor Meet	PDF
10 Sept 2026, 10:12 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
3 Sept 2026, 5:26 pm	AGM/EGM AGM	AGM MINUTES	PDF
31 Aug 2026, 3:01 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,089	1,117	1,124	793	748	1,892	1,135	1,412	1,906	1,399	1,611
	-261	-280	-490	-1,202	-1,921	-1,779	-1,816	-1,694	-1,911	-542	-338
	-950	-665	-793	653	1,194	-64	715	274	-28	-782	-1,257
Net cash flow	-122	—	—	243	21	50	35	-8	-33	75	16
Free cash flow	790	—	—	—	748	125	-682	-354	-17	375	614
CFO / Operating profit %	102.3%	92.5%	101.1%	75.9%	65.2%	121.5%	88%	119.1%	121.8%	113.5%	112.2%

The Ramco Cements Limited

About

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Research score

Revenue & net profit

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27

1

1

Announcements

27

1

1

Not in the F&O segment

Announcements

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Compounded sales growth

Compounded profit growth

Return on equity

The Ramco Cements Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends27

Board meetings1

Bonus issues1

Announcements

Dividends27

Board meetings1

Bonus issues1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

27

1

1

27

1

1