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The Ramco Cements Ltd

RAMCOCEM
NSE
935.10
0.97%
Last Updated:
30 Apr '26, 4:00 PM
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The Ramco Cements Ltd

RAMCOCEM
NSE
935.10
0.97%
30 Apr '26, 4:00 PM
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
22,096Cr
Close
Close Price
935.10
Industry
Industry
Cement
PE
Price To Earnings
38.42
PS
Price To Sales
2.51
Revenue
Revenue
8,816Cr
Rev Gr TTM
Revenue Growth TTM
0.19%
PAT Gr TTM
PAT Growth TTM
52.71%
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RAMCOCEM
VS

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
2,5732,2472,3412,1112,6782,0942,0441,9832,3972,0742,2392,106
Growth YoY
Revenue Growth YoY%
50.126.330.54.94.1-6.8-12.7-6.0-10.5-0.99.56.2
Expenses
ExpensesCr
2,1611,9031,9351,7142,2591,7731,7301,7042,0781,6761,8511,826
Operating Profit
Operating ProfitCr
412343406397419320314279319398388280
OPM
OPM%
16.015.317.318.815.615.315.414.113.319.217.313.3
Other Income
Other IncomeCr
117127148101992367496
Interest Expense
Interest ExpenseCr
7793117102104113120113113105111108
Depreciation
DepreciationCr
141150163180154168170175183184183185
PBT
PBTCr
205108138121175483419146115100483
Tax
TaxCr
5429373745139821302498
PAT
PATCr
15179101841303525183258476385
Growth YoY
PAT Growth YoY%
22.4-30.6725.328.0-13.8-55.8-74.9118.1-80.9143.0199.4110.1
NPM
NPM%
5.93.54.34.04.91.71.29.21.04.13.418.3
EPS
EPS
6.63.33.13.75.71.61.17.61.23.63.316.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
3,6553,5823,9674,4255,1625,3895,2916,0048,1579,3768,5188,816
Growth
Revenue Growth%
-2.010.811.516.74.4-1.813.535.914.9-9.23.5
Expenses
ExpensesCr
2,9352,5052,7783,3124,1184,2423,7344,7146,9727,8127,2867,431
Operating Profit
Operating ProfitCr
7201,0761,1891,1131,0441,1471,5571,2901,1861,5651,2331,385
OPM
OPM%
19.730.130.025.120.221.329.421.514.516.714.515.7
Other Income
Other IncomeCr
85753933253430283339241532
Interest Expense
Interest ExpenseCr
19518410560517288112241416459437
Depreciation
DepreciationCr
251305267294300317357402506646695735
PBT
PBTCr
3586638577927187921,144803472542319744
Tax
TaxCr
115132203231211188380-8913014851174
PAT
PATCr
244531654561507604764893342394268570
Growth
PAT Growth%
118.023.1-14.3-9.519.126.316.9-61.715.1-31.9112.6
NPM
NPM%
6.714.816.512.79.811.214.414.94.24.23.16.5
EPS
EPS
10.024.029.025.022.026.034.038.613.815.811.524.3

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
242424242424242424242424
Reserves
ReservesCr
2,6023,1093,7724,0894,5134,9785,7086,5956,8377,2147,4187,537
Current Liabilities
Current LiabilitiesCr
1,4292,0332,0251,8242,0682,3362,4192,7833,0883,9714,3134,209
Non Current Liabilities
Non Current LiabilitiesCr
2,9511,7771,2481,2291,5952,7893,2983,7504,6395,0604,5744,807
Total Liabilities
Total LiabilitiesCr
7,0066,9447,0717,1698,20410,13311,45513,15914,59516,27316,33016,576
Current Assets
Current AssetsCr
1,1181,3341,4221,2991,3811,5761,4591,7071,8872,2502,2382,355
Non Current Assets
Non Current AssetsCr
5,8875,6105,6495,8716,8238,5579,99611,45112,70814,02314,09114,221
Total Assets
Total AssetsCr
7,0066,9447,0717,1698,20410,13311,45513,15914,59516,27316,33016,576

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
9321,0891,1171,1247937481,8921,1351,4121,8981,399
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
-436-950-665-7936531,194-64715274-28-782
Net Cash Flow
Net Cash FlowCr
18-122172-159243215035-8-4175
Free Cash Flow
Free Cash FlowCr
492791813630-410-1,171126-676-352-16458
CFO To PAT
CFO To PAT%
382.3204.9170.8200.6156.2123.8247.8127.1412.7482.3521.7
CFO To EBITDA
CFO To EBITDA%
129.4101.193.9101.075.965.2121.588.0119.1121.3113.5

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
7,2479,53415,93817,27817,34612,11823,66318,17717,85419,15721,225
Price To Earnings
Price To Earnings
30.418.224.130.634.020.130.220.656.853.277.8
Price To Sales
Price To Sales
2.02.74.03.93.42.34.53.02.22.02.5
Price To Book
Price To Book
2.83.04.24.23.82.44.12.82.62.62.9
EV To EBITDA
EV To EBITDA
13.210.314.316.317.913.117.117.018.715.320.8
Profitability Ratios
Profitability Ratios
GPM
GPM%
81.483.682.783.083.683.883.685.283.581.779.8
OPM
OPM%
19.730.130.025.120.221.329.421.514.516.714.5
NPM
NPM%
6.714.816.512.79.811.214.414.94.24.23.1
ROCE
ROCE%
11.317.619.516.612.910.813.98.76.37.96.4
ROE
ROE%
9.317.017.213.611.212.113.313.55.05.43.6
ROA
ROA%
3.57.79.37.86.26.06.76.82.32.41.6
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**