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The Ramco Cements Ltd

RAMCOCEM

NSE

₹787.35-2.24%19 Oct 2026 at 3:52 PM

Reports

Cement

The Ramco Cements Ltd

RAMCOCEM

NSE

₹787.35

-2.24%

19 Oct 2026 at 3:52 PM

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Cement

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

The Ramco Cements Ltd is India’s fifth-largest cement maker and the most popular brand in the South, but it no longer thinks of itself as just a cement company - it calls itself a “complete cement solutions provider”. It began in 1961 with a single 200-tonne-per-day plant in Tamil Nadu and has spent six decades growing into a multi-location manufacturer with an integrated chain from limestone mines to customer sites. The recurring idea that explains its choices is “Right Product for Right Application” - instead of selling one generic powder, it designs specific cements and construction chemicals for specific jobs, whether that is a nuclear power plant, a coastal bridge, or a bathroom tile.

Business segments

Two engines, one value chain - a cement core that mines, makes and moves the heavy stuff, and a construction-chemicals layer that rides the same distribution network to sell higher-margin finishing products.

1. Cement: the heavy backbone

A regional powerhouse that turns limestone into over 20 application-specific cements, sold through a deeply entrenched network of dealers and influencers across South and East India.

Mines its own limestone - the company holds long-life reserves in South India and keeps adding to them through auctions and land purchases, which gives it control over its biggest input cost and supply.
Makes cement where the market is - five integrated plants (where clinker is made) sit near limestone deposits, while six grinding units and a packing plant are placed closer to customers and sources of fly ash, so freight costs stay within a tight radius.
Sells a solution, not a sack - the portfolio spans products like Ramco Supercrete for crack-free concrete, Ramco Supercoast for sulphate-heavy marine environments, and Ramco Super Fast for precast blocks, earning Rs.200-300 more per tonne than ordinary grades. Premium products reached 26% of sales volume in FY25, up from 18% four years earlier.
Owns the last-mile relationship - 69% of sales go through a network of over 9,700 dealers and 24,000 sub-dealers, with nearly a third of customers dealing exclusively with the company across generations. A dedicated team of civil engineers (the MACE division) provides on-site technical support and testing, locking in loyalty with contractors and masons.
Expands without overpaying - the company added roughly 12 million tonnes of cement capacity over a decade largely through internal cash flows, and it routinely squeezes extra output from existing plants via in-house de-bottlenecking, such as the 2-million-tonne grinding addition at Ariyalur completed in early 2026.

2. Construction chemicals: the lighter layer on top

A fast-growing portfolio of dry-mix products - tile adhesives, waterproofing, plasters, putty - that piggybacks on the cement distribution network and turns the company into a one-stop shop for the building site.

Uses the same dealer shelf - the division leverages the existing 9,700-plus dealer network rather than building a separate sales channel, which is how it reached Rs.210 crores in revenue in FY25.
Capacity is being built out steadily - five dry-mix plants are now operational, with the latest at Haridaspur in Odisha commissioned in mid-2025 to serve Eastern markets, taking total installed capacity to roughly 5 lakh tonnes per annum.

Captive power and green energy

The company generates a large and rising share of its own electricity from waste heat, wind, and thermal plants, insulating itself from grid-price swings and cutting its carbon footprint at the same time.

Waste heat runs the mills - 53 MW of waste-heat recovery systems capture hot exhaust from the kilns and convert it into electricity, with more capacity being added alongside each new production line.
Wind farms are a legacy advantage - the company was an early adopter of wind energy in India and now operates 166 MW of windmills across seven sites in Tamil Nadu and Karnataka, with all the power consumed captively to lower the overall power bill.
Green power is nearing half the mix - in the third quarter of FY26, 47% of total power came from wind and waste-heat combined, up from 39% a year earlier, which helps explain why its carbon footprint of 578 kg CO2 per tonne of cement sits well below national averages.

Group structure and partners

A clean, non-material subsidiary structure is being simplified further, while a programme of non-core asset sales has raised over a thousand crores to reduce debt.

Wind subsidiary being folded in - Ramco Windfarms Limited, which owns 39.8 MW of wind capacity and already supplies all its power to the parent, became wholly owned in 2025 and is now being merged into Ramco Cements, eliminating a minority interest.
IT and transport arm stays small - Ramco Industrial and Technology Services Limited provides software and manpower services, earning Rs.57 crores in FY25, but neither subsidiary is considered material to the group.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹18,667Cr

Close Price

₹790.00

Industry

Cement

Price To Earnings

28.96

Price To Sales

2.02

Revenue

₹9,228Cr

Rev Gr TTM

Revenue Growth TTM

8.58%

PAT Gr TTM

PAT Growth TTM

100.94%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,341	2,111	2,678	2,094	2,044	1,983	2,397	2,074	2,239	2,106	2,610	2,273
Growth YoY Revenue Growth YoY%	30.5	4.9	4.1	-6.8	-12.7	-6.0	-10.5	-0.9	9.5	6.2	8.9	9.6
Expenses ExpensesCr	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 Operating ProfitCr	406	397	419	320	314	279	319	398	388	280	371	306
OPM OPM%	17.3	18.8	15.6	15.3	15.4	14.1	13.3	19.2	17.3	13.3	14.2	13.5
Other Income Other IncomeCr	12	7	14	8	10	199	23	6	7	496	86	19
Interest Expense Interest ExpenseCr	117	102	104	113	120	113	113	105	111	108	95	96
Depreciation DepreciationCr	163	180	154	168	170	175	183	184	183	185	188	190
PBT PBTCr	138	121	175	48	34	191	46	115	100	483	173	40
Tax TaxCr	37	37	45	13	9	8	21	30	24	98	27	9
PAT PATCr	101	84	130	35	25	183	25	84	76	385	147	31
Growth YoY PAT Growth YoY%	725.3	28.0	-13.8	-55.8	-74.9	118.1	-80.9	143.0	199.4	110.1	491.0	-63.3
NPM NPM%	4.3	4.0	4.9	1.7	1.2	9.2	1.0	4.1	3.4	18.3	5.6	1.4
EPS EPS₹	3.1	3.7	5.7	1.6	1.1	7.6	1.2	3.6	3.3	16.3	6.4	1.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,341	2,111	2,678	2,094	2,044	1,983	2,397	2,074	2,239	2,106	2,610	2,273
Growth YoY Revenue Growth YoY%	30.5	4.9	4.1	-6.8	-12.7	-6.0	-10.5	-0.9	9.5	6.2	8.9	9.6
Expenses ExpensesCr	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 Operating ProfitCr	406	397	419	320	314	279	319	398	388	280	371	306
OPM OPM%	17.3	18.8	15.6	15.3	15.4	14.1	13.3	19.2	17.3	13.3	14.2	13.5
Other Income Other IncomeCr	12	7	14	8	10	199	23	6	7	496	86	19
Interest Expense Interest ExpenseCr	117	102	104	113	120	113	113	105	111	108	95	96
Depreciation DepreciationCr	163	180	154	168	170	175	183	184	183	185	188	190
PBT PBTCr	138	121	175	48	34	191	46	115	100	483	173	40
Tax TaxCr	37	37	45	13	9	8	21	30	24	98	27	9
PAT PATCr	101	84	130	35	25	183	25	84	76	385	147	31
Growth YoY PAT Growth YoY%	725.3	28.0	-13.8	-55.8	-74.9	118.1	-80.9	143.0	199.4	110.1	491.0	-63.3
NPM NPM%	4.3	4.0	4.9	1.7	1.2	9.2	1.0	4.1	3.4	18.3	5.6	1.4
EPS EPS₹	3.1	3.7	5.7	1.6	1.1	7.6	1.2	3.6	3.3	16.3	6.4	1.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3,582	3,967	4,425	5,162	5,389	5,291	6,004	8,157	9,376	8,518	9,029	9,228
Growth Revenue Growth%	-2.0	10.8	11.5	16.7	4.4	-1.8	13.5	35.9	14.9	-9.2	6.0	8.6
Expenses ExpensesCr	2,505	2,778	3,312	4,118	4,242	3,734	4,714	6,972	7,812	7,286	7,593	7,883
Operating Profit Operating ProfitCr	1,076	1,189	1,113	1,044	1,147	1,557	1,290	1,186	1,565	1,233	1,436	1,345
OPM OPM%	30.1	30.0	25.1	20.2	21.3	29.4	21.5	14.5	16.7	14.5	15.9	14.6
Other Income Other IncomeCr	75	39	33	25	34	30	28	33	39	241	595	608
Interest Expense Interest ExpenseCr	184	105	60	51	72	88	112	241	416	459	419	410
Depreciation DepreciationCr	305	267	294	300	317	357	402	506	646	695	740	746
PBT PBTCr	663	857	792	718	792	1,144	803	472	542	319	871	797
Tax TaxCr	132	203	231	211	188	380	-89	130	148	51	179	158
PAT PATCr	531	654	561	507	604	764	893	342	394	268	692	639
Growth PAT Growth%	118.0	23.1	-14.3	-9.5	19.1	26.3	16.9	-61.7	15.1	-31.9	158.1	100.9
NPM NPM%	14.8	16.5	12.7	9.8	11.2	14.4	14.9	4.2	4.2	3.1	7.7	6.9
EPS EPS₹	24.0	29.0	25.0	22.0	26.0	34.0	38.6	13.8	15.8	11.5	29.6	27.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3,582	3,967	4,425	5,162	5,389	5,291	6,004	8,157	9,376	8,518	9,029	9,228
Growth Revenue Growth%	-2.0	10.8	11.5	16.7	4.4	-1.8	13.5	35.9	14.9	-9.2	6.0	8.6
Expenses ExpensesCr	2,505	2,778	3,312	4,118	4,242	3,734	4,714	6,972	7,812	7,286	7,593	7,883
Operating Profit Operating ProfitCr	1,076	1,189	1,113	1,044	1,147	1,557	1,290	1,186	1,565	1,233	1,436	1,345
OPM OPM%	30.1	30.0	25.1	20.2	21.3	29.4	21.5	14.5	16.7	14.5	15.9	14.6
Other Income Other IncomeCr	75	39	33	25	34	30	28	33	39	241	595	608
Interest Expense Interest ExpenseCr	184	105	60	51	72	88	112	241	416	459	419	410
Depreciation DepreciationCr	305	267	294	300	317	357	402	506	646	695	740	746
PBT PBTCr	663	857	792	718	792	1,144	803	472	542	319	871	797
Tax TaxCr	132	203	231	211	188	380	-89	130	148	51	179	158
PAT PATCr	531	654	561	507	604	764	893	342	394	268	692	639
Growth PAT Growth%	118.0	23.1	-14.3	-9.5	19.1	26.3	16.9	-61.7	15.1	-31.9	158.1	100.9
NPM NPM%	14.8	16.5	12.7	9.8	11.2	14.4	14.9	4.2	4.2	3.1	7.7	6.9
EPS EPS₹	24.0	29.0	25.0	22.0	26.0	34.0	38.6	13.8	15.8	11.5	29.6	27.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	24	24	24	24	24	24	24	24	24	24	24
Reserves ReservesCr	3,109	3,772	4,089	4,513	4,978	5,708	6,595	6,837	7,214	7,418	8,070
Current Liabilities Current LiabilitiesCr	2,033	2,025	1,824	2,068	2,336	2,419	2,783	3,088	3,971	4,313	4,392
Non Current Liabilities Non Current LiabilitiesCr	1,777	1,248	1,229	1,595	2,789	3,298	3,750	4,639	5,060	4,574	4,149
Total Liabilities Total LiabilitiesCr	6,944	7,071	7,169	8,204	10,133	11,455	13,159	14,595	16,273	16,330	16,636
Current Assets Current AssetsCr	1,334	1,422	1,299	1,381	1,576	1,459	1,707	1,887	2,250	2,238	2,387
Non Current Assets Non Current AssetsCr	5,610	5,649	5,871	6,823	8,557	9,996	11,451	12,708	14,023	14,091	14,248
Total Assets Total AssetsCr	6,944	7,071	7,169	8,204	10,133	11,455	13,159	14,595	16,273	16,330	16,636

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	24	24	24	24	24	24	24	24	24	24	24
Reserves ReservesCr	3,109	3,772	4,089	4,513	4,978	5,708	6,595	6,837	7,214	7,418	8,070
Current Liabilities Current LiabilitiesCr	2,033	2,025	1,824	2,068	2,336	2,419	2,783	3,088	3,971	4,313	4,392
Non Current Liabilities Non Current LiabilitiesCr	1,777	1,248	1,229	1,595	2,789	3,298	3,750	4,639	5,060	4,574	4,149
Total Liabilities Total LiabilitiesCr	6,944	7,071	7,169	8,204	10,133	11,455	13,159	14,595	16,273	16,330	16,636
Current Assets Current AssetsCr	1,334	1,422	1,299	1,381	1,576	1,459	1,707	1,887	2,250	2,238	2,387
Non Current Assets Non Current AssetsCr	5,610	5,649	5,871	6,823	8,557	9,996	11,451	12,708	14,023	14,091	14,248
Total Assets Total AssetsCr	6,944	7,071	7,169	8,204	10,133	11,455	13,159	14,595	16,273	16,330	16,636

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,089	1,117	1,124	793	748	1,892	1,135	1,412	1,898	1,399	1,611
Investing Cash Flow Investing Cash FlowCr	-261	-280	-490	-1,202	-1,921	-1,779	-1,816	-1,694	-1,911	-542	-338
Financing Cash Flow Financing Cash FlowCr	-950	-665	-793	653	1,194	-64	715	274	-28	-782	-1,257
Net Cash Flow Net Cash FlowCr	-122	172	-159	243	21	50	35	-8	-41	75	16
Free Cash Flow Free Cash FlowCr	791	813	630	-410	-1,171	126	-676	-352	-16	458	1,216
CFO To PAT CFO To PAT%	204.9	170.8	200.6	156.2	123.8	247.8	127.1	412.7	482.3	521.7	232.8
CFO To EBITDA CFO To EBITDA%	101.1	93.9	101.0	75.9	65.2	121.5	88.0	119.1	121.3	113.5	112.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,089	1,117	1,124	793	748	1,892	1,135	1,412	1,898	1,399	1,611
Investing Cash Flow Investing Cash FlowCr	-261	-280	-490	-1,202	-1,921	-1,779	-1,816	-1,694	-1,911	-542	-338
Financing Cash Flow Financing Cash FlowCr	-950	-665	-793	653	1,194	-64	715	274	-28	-782	-1,257
Net Cash Flow Net Cash FlowCr	-122	172	-159	243	21	50	35	-8	-41	75	16
Free Cash Flow Free Cash FlowCr	791	813	630	-410	-1,171	126	-676	-352	-16	458	1,216
CFO To PAT CFO To PAT%	204.9	170.8	200.6	156.2	123.8	247.8	127.1	412.7	482.3	521.7	232.8
CFO To EBITDA CFO To EBITDA%	101.1	93.9	101.0	75.9	65.2	121.5	88.0	119.1	121.3	113.5	112.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	9,534	15,938	17,278	17,346	12,118	23,663	18,177	17,854	19,157	21,225	21,939	18,667
Price To Earnings Price To Earnings	18.2	24.1	30.6	34.0	20.1	30.2	20.6	56.8	53.2	77.8	31.4	29.0
Price To Sales Price To Sales	2.7	4.0	3.9	3.4	2.3	4.5	3.0	2.2	2.0	2.5	2.4	2.0
Price To Book Price To Book	3.0	4.2	4.2	3.8	2.4	4.1	2.8	2.6	2.6	2.9	2.7	2.3
EV To EBITDA EV To EBITDA	10.3	14.3	16.3	17.9	13.1	17.1	17.0	18.7	15.3	20.8	17.8	16.9
Profitability Ratios Profitability Ratios
GPM GPM%	61.7	62.2	38.4	33.1	36.1	42.7	34.4	24.8	27.2	25.3	27.0	27.0
OPM OPM%	30.1	30.0	25.1	20.2	21.3	29.4	21.5	14.5	16.7	14.5	15.9	14.6
NPM NPM%	14.8	16.5	12.7	9.8	11.2	14.4	14.9	4.2	4.2	3.1	7.7	6.9
ROCE ROCE%	17.6	19.5	16.6	12.9	10.8	13.9	8.7	6.3	7.9	6.4	10.8	10.8
ROE ROE%	17.0	17.2	13.6	11.2	12.1	13.3	13.5	5.0	5.4	3.6	8.6	8.6
ROA ROA%	7.7	9.3	7.8	6.2	6.0	6.7	6.8	2.3	2.4	1.6	4.2	4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	9,534	15,938	17,278	17,346	12,118	23,663	18,177	17,854	19,157	21,225	21,939	18,667
Price To Earnings Price To Earnings	18.2	24.1	30.6	34.0	20.1	30.2	20.6	56.8	53.2	77.8	31.4	29.0
Price To Sales Price To Sales	2.7	4.0	3.9	3.4	2.3	4.5	3.0	2.2	2.0	2.5	2.4	2.0
Price To Book Price To Book	3.0	4.2	4.2	3.8	2.4	4.1	2.8	2.6	2.6	2.9	2.7	2.3
EV To EBITDA EV To EBITDA	10.3	14.3	16.3	17.9	13.1	17.1	17.0	18.7	15.3	20.8	17.8	16.9
Profitability Ratios Profitability Ratios
GPM GPM%	61.7	62.2	38.4	33.1	36.1	42.7	34.4	24.8	27.2	25.3	27.0	27.0
OPM OPM%	30.1	30.0	25.1	20.2	21.3	29.4	21.5	14.5	16.7	14.5	15.9	14.6
NPM NPM%	14.8	16.5	12.7	9.8	11.2	14.4	14.9	4.2	4.2	3.1	7.7	6.9
ROCE ROCE%	17.6	19.5	16.6	12.9	10.8	13.9	8.7	6.3	7.9	6.4	10.8	10.8
ROE ROE%	17.0	17.2	13.6	11.2	12.1	13.3	13.5	5.0	5.4	3.6	8.6	8.6
ROA ROA%	7.7	9.3	7.8	6.2	6.0	6.7	6.8	2.3	2.4	1.6	4.2	4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	JKCEMENT	DALBHARAT	ACC	RAMCOCEM	JSWCEMENT	NUVOCO	INDIACEM
Market CapitalizationMkt CapCr	37,560	30,224	21,928	18,667	15,747	12,145	9,145
Close PriceClose₹	4,861.00	1,611.40	1,167.70	790.00	115.50	340.05	295.10
IndustryIndustry	Cement	Cement	Cement	Cement	Cement	Cement	Cement
Price To EarningsPE	39.72	32.36	11.49	28.96	20.12	31.46	74.71
Price To SalesPS	2.61	2.01	0.86	2.02	2.30	1.05	2.03
RevenueRevenueCr	14,401	15,058	25,442	9,228	6,849	11,594	4,504
Revenue Growth TTMRev Gr TTM%	15.9%	7.6%	11.6%	8.6%	15.6%	9.4%	5.3%
PAT Growth TTMPAT Gr TTM%	-7.2%	0.4%	-21.1%	100.9%	147.9%	153.8%	835.8%

	JKCEMENT	DALBHARAT	ACC	RAMCOCEM	JSWCEMENT	NUVOCO	INDIACEM
Market CapitalizationMkt CapCr	37,560	30,224	21,928	18,667	15,747	12,145	9,145
Close PriceClose₹	4,861.00	1,611.40	1,167.70	790.00	115.50	340.05	295.10
IndustryIndustry	Cement	Cement	Cement	Cement	Cement	Cement	Cement
Price To EarningsPE	39.72	32.36	11.49	28.96	20.12	31.46	74.71
Price To SalesPS	2.61	2.01	0.86	2.02	2.30	1.05	2.03
RevenueRevenueCr	14,401	15,058	25,442	9,228	6,849	11,594	4,504
Revenue Growth TTMRev Gr TTM%	15.9%	7.6%	11.6%	8.6%	15.6%	9.4%	5.3%
PAT Growth TTMPAT Gr TTM%	-7.2%	0.4%	-21.1%	100.9%	147.9%	153.8%	835.8%

FY2026

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FY2026

Jun 26