Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹22,096Cr
Rev Gr TTM
Revenue Growth TTM
0.19%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RAMCOCEM
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 50.1 | 26.3 | 30.5 | 4.9 | 4.1 | -6.8 | -12.7 | -6.0 | -10.5 | -0.9 | 9.5 | 6.2 |
| 2,161 | 1,903 | 1,935 | 1,714 | 2,259 | 1,773 | 1,730 | 1,704 | 2,078 | 1,676 | 1,851 | 1,826 |
Operating Profit Operating ProfitCr |
| 16.0 | 15.3 | 17.3 | 18.8 | 15.6 | 15.3 | 15.4 | 14.1 | 13.3 | 19.2 | 17.3 | 13.3 |
Other Income Other IncomeCr | 11 | 7 | 12 | 7 | 14 | 8 | 10 | 199 | 23 | 6 | 7 | 496 |
Interest Expense Interest ExpenseCr | 77 | 93 | 117 | 102 | 104 | 113 | 120 | 113 | 113 | 105 | 111 | 108 |
Depreciation DepreciationCr | 141 | 150 | 163 | 180 | 154 | 168 | 170 | 175 | 183 | 184 | 183 | 185 |
| 205 | 108 | 138 | 121 | 175 | 48 | 34 | 191 | 46 | 115 | 100 | 483 |
| 54 | 29 | 37 | 37 | 45 | 13 | 9 | 8 | 21 | 30 | 24 | 98 |
|
Growth YoY PAT Growth YoY% | 22.4 | -30.6 | 725.3 | 28.0 | -13.8 | -55.8 | -74.9 | 118.1 | -80.9 | 143.0 | 199.4 | 110.1 |
| 5.9 | 3.5 | 4.3 | 4.0 | 4.9 | 1.7 | 1.2 | 9.2 | 1.0 | 4.1 | 3.4 | 18.3 |
| 6.6 | 3.3 | 3.1 | 3.7 | 5.7 | 1.6 | 1.1 | 7.6 | 1.2 | 3.6 | 3.3 | 16.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -2.0 | 10.8 | 11.5 | 16.7 | 4.4 | -1.8 | 13.5 | 35.9 | 14.9 | -9.2 | 3.5 |
| 2,935 | 2,505 | 2,778 | 3,312 | 4,118 | 4,242 | 3,734 | 4,714 | 6,972 | 7,812 | 7,286 | 7,431 |
Operating Profit Operating ProfitCr |
| 19.7 | 30.1 | 30.0 | 25.1 | 20.2 | 21.3 | 29.4 | 21.5 | 14.5 | 16.7 | 14.5 | 15.7 |
Other Income Other IncomeCr | 85 | 75 | 39 | 33 | 25 | 34 | 30 | 28 | 33 | 39 | 241 | 532 |
Interest Expense Interest ExpenseCr | 195 | 184 | 105 | 60 | 51 | 72 | 88 | 112 | 241 | 416 | 459 | 437 |
Depreciation DepreciationCr | 251 | 305 | 267 | 294 | 300 | 317 | 357 | 402 | 506 | 646 | 695 | 735 |
| 358 | 663 | 857 | 792 | 718 | 792 | 1,144 | 803 | 472 | 542 | 319 | 744 |
| 115 | 132 | 203 | 231 | 211 | 188 | 380 | -89 | 130 | 148 | 51 | 174 |
|
| | 118.0 | 23.1 | -14.3 | -9.5 | 19.1 | 26.3 | 16.9 | -61.7 | 15.1 | -31.9 | 112.6 |
| 6.7 | 14.8 | 16.5 | 12.7 | 9.8 | 11.2 | 14.4 | 14.9 | 4.2 | 4.2 | 3.1 | 6.5 |
| 10.0 | 24.0 | 29.0 | 25.0 | 22.0 | 26.0 | 34.0 | 38.6 | 13.8 | 15.8 | 11.5 | 24.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 2,602 | 3,109 | 3,772 | 4,089 | 4,513 | 4,978 | 5,708 | 6,595 | 6,837 | 7,214 | 7,418 | 7,537 |
Current Liabilities Current LiabilitiesCr | 1,429 | 2,033 | 2,025 | 1,824 | 2,068 | 2,336 | 2,419 | 2,783 | 3,088 | 3,971 | 4,313 | 4,209 |
Non Current Liabilities Non Current LiabilitiesCr | 2,951 | 1,777 | 1,248 | 1,229 | 1,595 | 2,789 | 3,298 | 3,750 | 4,639 | 5,060 | 4,574 | 4,807 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,118 | 1,334 | 1,422 | 1,299 | 1,381 | 1,576 | 1,459 | 1,707 | 1,887 | 2,250 | 2,238 | 2,355 |
Non Current Assets Non Current AssetsCr | 5,887 | 5,610 | 5,649 | 5,871 | 6,823 | 8,557 | 9,996 | 11,451 | 12,708 | 14,023 | 14,091 | 14,221 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 932 | 1,089 | 1,117 | 1,124 | 793 | 748 | 1,892 | 1,135 | 1,412 | 1,898 | 1,399 |
Investing Cash Flow Investing Cash FlowCr | -477 | -261 | -280 | -490 | -1,202 | -1,921 | -1,779 | -1,816 | -1,694 | -1,911 | -542 |
Financing Cash Flow Financing Cash FlowCr | -436 | -950 | -665 | -793 | 653 | 1,194 | -64 | 715 | 274 | -28 | -782 |
|
Free Cash Flow Free Cash FlowCr | 492 | 791 | 813 | 630 | -410 | -1,171 | 126 | -676 | -352 | -16 | 458 |
| 382.3 | 204.9 | 170.8 | 200.6 | 156.2 | 123.8 | 247.8 | 127.1 | 412.7 | 482.3 | 521.7 |
CFO To EBITDA CFO To EBITDA% | 129.4 | 101.1 | 93.9 | 101.0 | 75.9 | 65.2 | 121.5 | 88.0 | 119.1 | 121.3 | 113.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 7,247 | 9,534 | 15,938 | 17,278 | 17,346 | 12,118 | 23,663 | 18,177 | 17,854 | 19,157 | 21,225 |
Price To Earnings Price To Earnings | 30.4 | 18.2 | 24.1 | 30.6 | 34.0 | 20.1 | 30.2 | 20.6 | 56.8 | 53.2 | 77.8 |
Price To Sales Price To Sales | 2.0 | 2.7 | 4.0 | 3.9 | 3.4 | 2.3 | 4.5 | 3.0 | 2.2 | 2.0 | 2.5 |
Price To Book Price To Book | 2.8 | 3.0 | 4.2 | 4.2 | 3.8 | 2.4 | 4.1 | 2.8 | 2.6 | 2.6 | 2.9 |
| 13.2 | 10.3 | 14.3 | 16.3 | 17.9 | 13.1 | 17.1 | 17.0 | 18.7 | 15.3 | 20.8 |
Profitability Ratios Profitability Ratios |
| 81.4 | 83.6 | 82.7 | 83.0 | 83.6 | 83.8 | 83.6 | 85.2 | 83.5 | 81.7 | 79.8 |
| 19.7 | 30.1 | 30.0 | 25.1 | 20.2 | 21.3 | 29.4 | 21.5 | 14.5 | 16.7 | 14.5 |
| 6.7 | 14.8 | 16.5 | 12.7 | 9.8 | 11.2 | 14.4 | 14.9 | 4.2 | 4.2 | 3.1 |
| 11.3 | 17.6 | 19.5 | 16.6 | 12.9 | 10.8 | 13.9 | 8.7 | 6.3 | 7.9 | 6.4 |
| 9.3 | 17.0 | 17.2 | 13.6 | 11.2 | 12.1 | 13.3 | 13.5 | 5.0 | 5.4 | 3.6 |
| 3.5 | 7.7 | 9.3 | 7.8 | 6.2 | 6.0 | 6.7 | 6.8 | 2.3 | 2.4 | 1.6 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
The Ramco Cements Limited, headquartered in Chennai, is India’s **fifth-largest cement producer** and the **leading cement brand in South India**, with a strong and growing presence in East India. Established in 1961 with a modest 200 tonnes per day capacity, the company has evolved into a diversified, multi-location manufacturing giant with an integrated value chain spanning mining, clinker production, cement grinding, and construction solutions. Anchored by innovation, sustainability, and a customer-first approach, Ramco Cements is strategically transforming from a traditional cement manufacturer into a **comprehensive ‘Construction Solution Provider’**.
---
### **Strategic Highlights (2025)**
#### **Expansion into Construction Chemicals – "Hard Worker" Brand (Aug 2025)**
- Ramco Cements has rebranded and expanded its **Construction Chemicals division** under the new brand identity **‘Hard Worker’**, launching 20 specialized products including **tile adhesives, waterproofing solutions, bonding agents, and repair mortars**, with another 20 in the pipeline.
- All products are **manufactured in-house**, ensuring consistent quality, sustainability, and control over the supply chain.
- The division generated **₹210 crores in FY25** and has an ambitious **target of ₹2,000 crores in revenue within 4–5 years**, representing a **10x growth**.
- Distribution spans **Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Odisha, and West Bengal** via the existing dealer network.
- Backed by a **nationwide 360-degree marketing campaign** across TV, digital, outdoor, and in-store platforms, the brand aims to achieve high recall and awareness.
#### **Growth Strategy: Diversification & Adjacent Businesses**
- The Construction Chemicals division is now a **key growth driver**, supported by **R&D investments, innovation, and a customer-focused product development model**.
- The company's **“Right Product for Right Application” philosophy** now extends beyond cement into dry mix and specialty chemical solutions.
- The **Building Products business**, including dry mortar and specialty construction materials, is expected to **cross ₹500 crores in annual revenue within two years**.
- New plants commissioned recently (Chennai, Salem, R.R. Nagar, Jayanthipuram, Odisha) each have ~100,000 tons annual capacity, expanding production footprint.
---
### **Production & Operational Infrastructure**
- **Total Cement Manufacturing Capacity**: **24.44 million tonnes per annum (MTPA)**
- **Clinker Capacity**: **16 MTPA**, with plans to expand to **15.5–16 MTPA**
- **Integrated Plants**: 5 (Tamil Nadu, Andhra Pradesh, Karnataka, Odisha, West Bengal)
- **Grinding Units**: 6, strategically located near raw materials and demand centers
- **Other Facilities**: 3 dry mortar plants, 1 ready-mix concrete plant
- **Railway Sidings**: Installed at multiple plants under **Gati Shakti**, including a dedicated line from Budawada mine to Jayanthipuram plant, reducing logistics costs.
#### **Energy & Sustainability**
- **166 MW Wind Farm**: One of the largest corporate-owned wind power capacities in India, wheeling power through the grid to reduce external dependence.
- **Captive Power**:
- Thermal Power: **175 MW**
- Waste Heat Recovery Systems (WHRS): **43 MW**
- Uses **alternative raw materials** (fly ash, slag, phospho-gypsum) constituting **22% of blended cement inputs**, promoting circular economy.
- **Energy Efficiency Initiatives**:
- Installation of **high-efficiency kiln burners** (e.g., Evolution E+ at Alathiyur)
- **Process automation using self-learning software** for optimal blending
- **GPS-enabled fleet tracking** integrated with ERP reduced truck turnaround time by 40–50%
---
### **Technology & Innovation**
- **Ramco Research & Development Centre (RRDC)** in Chennai:
- 41-member team focused on **product innovation, sustainability, and performance optimization**.
- Developed in-house **cost-effective grinding aids**, reducing production costs.
- Conducts microstructure, mineralogical, and chemical analysis for quality assurance.
- **In-House R&D Achievements**:
- Launched **Ramco Supergrade (2003)**, **Super Fast (2014)**, **Supercrete (2019)**, and **Infra Super (2022)** — purpose-built for high-strength, crack resistance, and early setting.
- Pioneered **blended cements** in the late 1990s.
- **Digital Transformation**:
- Centralized Control Center monitors **real-time operations** across all plants.
- **ERP-integrated logistics** with GPS tracking, enabling 24-hour delivery.
- **WhatsApp Business Solution (WBS)** for direct customer engagement, booking MACE services, and support.
---
### **Customer & Market Strategy**
#### **"MACE" – Technical Support Ecosystem**
- **MACE Division** (Masons, Architects, Contractors, Engineers) employs **344+ field engineers** providing **on-site technical support**.
- Delivers engineering solutions, product selection advice, and conducts quality tests (slump, rebound hammer, compressive strength).
- Acts as a bridge between **R&D and real-world application**, feeding customer insights into product development.
- Conducted over **8,300 customer engagement events** in FY23–24.
- Offers **free technical assistance**, especially to rural homebuilders, to promote best practices.
#### **Product Differentiation & Premiumisation**
- Offers **13 application-specific cement variants** (vs. one in 1961), including:
- **Ramco Supercrete**: Zero-crack, high durability, m-sand compatible
- **Ramco Super Steel**: For harsh environments and underground construction
- **Ramco 53 Infra Super**: For metro rails with high slump retention
- **Ramco Super Plaster**: 10% higher coverage, crack-resistant, mortar concentrate
- **"Right Cement for Right Application"** strategy drives **premiumization**:
- Share of premium products in sales mix rose to **25% in FY23** (from 22% in FY22).
- Improved pricing realizations and margin stability.
#### **Distribution Network**
- **9,400+ dealers**, **24,000+ sub-dealers** across South and East India
- Over **50% of dealers have relationships exceeding 5 years**
- **30% of customers are multi-generational, loyal buyers**
- Expanding into **Maharashtra** in the medium term to diversify revenue base (currently 75% from South India)
---
### **Sustainability & ESG**
- **Decarbonization Leadership**:
- Wind energy since **1993**, supporting ~5 million tons of production annually
- WHRS installations reduce carbon emissions and power costs
- Focus on **fuel efficiency, alternative fuels, and limestone conservation**
- **Wet Limestone Beneficiation Plant** (Jun 2023): Improves raw material mix using water-based separation, increasing utilization of low-grade limestone.
- **Optical Sorter at Pandalgudi Mine** (Jan 2021): First in India; saves ₹1,270/ton by replacing imported limestone, improves efficiency.
---
### **Leadership & Governance**
- **Shri P.R. Venketrama Raja**, MD & Promoter:
- Chemical Engineering & MBA (University of Michigan)
- Guiding strategic expansion since 1985
- Expertise in cement technology, IT systems, and industrial planning
- Board member of Ramco Industries, Ramco Systems, Rajapalayam Mills
- **Dinesh**, Independent Director (since Mar 2024):
- Overseas experience with **$2B+ turnover firms**, 25,000 employees
- Led international expansion in **UK, Germany, US, Singapore, Sri Lanka**
- Brings expertise in **supply chain, finance, and business development**