The Ramco Cements Ltd Guidance Report - SOIC x StockScans Report

as of Jul 2026

  1. Construction chemicals - Odisha unit commissioned before June 2025 Missed - At the Q4 FY25 PPT, management guided the Odisha construction chemicals unit would be commissioned before June 2025, with an earlier revision targeting March 2025. The fifth construction chemical plant at Haridaspur, Odisha was commissioned on 16 July 2025, after the June 2025 deadline.
  2. Green power share - 40% in FY24, 45% in FY25 Partial - At the Q2 FY24 call, management guided green power share would reach 40% in FY24 and 45% in FY25, later revised to 42% on an annualized basis in FY25. Green energy was 36% in FY24; FY25 full-year share is not explicitly stated, though 42% was achieved in 9MFY26.
  3. Net debt to EBITDA - 2.50 to 2.75x in FY26 Delivered - At the Q4 FY25 PPT, management guided net debt to EBITDA would come down to 2.50 to 2.75 times in FY26. FY26 full-year EBITDA of ₹1,436 cr and net debt of ₹3,852 cr implies \~2.68x, within the guided range (SQL).
  4. FY2026 capex - ₹1,200 cr (revised to ₹1,100 cr) Missed - At the Q4 FY25 PPT, management estimated FY26 capex at ₹1,200 Crores, later revised to ₹1,100 Crores at the Q3 FY26 PPT. FY26 ended March 2026, and the SQL snapshot confirms full-year FY26 capex was ₹922 Crores, below the revised target.
  5. WHRS 10 MW at RR Nagar - commissioned by Q4 FY25 / July 2025 Partial - At the Q3 FY24 call, management guided a 10 MW WHRS at RR Nagar would be commissioned by March 2025, later pushed to July 2025. Depreciation increased due to commissioning of WHRS at RR Nagar during 9MFY26, with total WHRS capacity reaching 53 MW by Dec-25, up from 43 MW in FY24.
  6. Cement capacity of 30 MTPA by March 2026 Partial - At the Q4 FY25 PPT, management planned to achieve cement capacity of 30 MTPA by March 2026, later revised to \~31 MTPA by Mar-27. As of Dec-25, capacity stood at 24.44 MTPA, with a planned increase to 27.44 MTPA by Mar-26; the final Mar-26 outcome is not confirmed in the cited sources.
  7. Kurnool second line - commissioned in FY2026 Partial - At the Q3 FY24 call, management guided the Kolimigundla second line would double clinker and cement capacity, scheduled for commissioning in FY2026, later revised to before Mar-27 with grinding on track for FY26. As of Q3 FY26, the project is targeted before Mar-27, and no commissioning disclosure exists through Q4 FY26.
  8. Peak net debt - not beyond ₹5,000 cr Missed - At the Q3 FY24 call, management guided peak net debt would not go beyond ₹5,000 Crores. Net debt crossed ₹5,000 cr in Q2 FY25, reaching ₹5,103.46 cr as of September 30, 2024.
  9. FY2025 volume - 1.9 to 2 crore tons Partial - At the Q3 FY24 call, management guided FY2025 volume would be around 1.9 to 2 crore tons. Total sale volume was 18.5 MnT (1.85 crore tons) in FY25, \~2.6% below the lower bound.
  10. Non-core asset monetisation - ₹300-400 cr identified Delivered - At the Q3 FY23 call, management identified ₹300-400 crores of non-core assets for sale, with the target later revised upward to ₹1,000 cr. As of Q3 FY26, the company had disposed non-core assets worth ₹1,017 Crores against the ₹1,000 cr target.
  11. FY2024 capex - ₹700-800 cr (original) Delivered - At the Q2 FY23 call, management agreed to a next-year capex target of around ₹700-800 crores. The guidance was later revised to ₹2,000 crores, and actual FY24 capex reached ₹1,922 Crores, substantially meeting the latest target.
  12. Kurnool project capex - not exceeding ₹3,000 cr Pending - At the Q2 FY23 call, management guided the Kurnool project capex would not exceed ₹3,000 crores. No aggregate final project-cost disclosure exists in our record to verify against the ₹3,000 cr cap.
  13. Minimum ROC of 15-16% post-tax on incremental capex Missed - At the Q2 FY23 call, management guided minimum expected ROC for incremental capex at 15-16% post-tax. ROCE was 5% in FY23, 7% in FY24, 7% in FY25, and 10.80% in FY26, with the threshold not reached on a blended basis in any year.
  14. FY2024 volume growth - \~23% Delivered - At the Q2 FY23 call, management guided \~23% volume growth for FY24, later revised to \~18%+ and then 1.75 crore tons. Total sale volume was 18.4 MnT in FY24 with 22% YoY growth, exceeding the latest guided \~18%+.
  15. R.R. Nagar modernisation (Line III) - commissioned before March 2023 Delivered - At the Q2 FY23 call, management guided the R.R. Nagar plant modernisation would be commissioned before March 2023. RRN Line III with clinker capacity of 1.04 MTPA and cement capacity of 1 MTPA was commissioned in March 2023.
  16. Odisha grinding capacity expansion (0.9 MTPA) - commissioned within 9-12 months Partial - At the Q2 FY23 call, management guided the Odisha grinding expansion would be commissioned within nine to 12 months from November 2022, later revised to March 2024. Haridaspur plant capacity doubled to 1.8 MTPA with commissioning of Line 2 in FY2023-24.
  17. Net debt to EBITDA - maintain at 2x Missed - At the Q1 FY23 call, management guided net debt to EBITDA comfort level at 2x, later widened to 2-2.5x and then 2.50-2.75x in FY26. Net debt/EBITDA stood at 3.57x in FY23, 3.02x in FY24, 3.51x in FY25, and 2.84x as of Q3 FY26, never reaching 2x.
  18. Dry mix products - revenue potential ₹80-100 cr per plant, EBITDA margin 20-30% Pending - At the Q1 FY23 call, management guided dry mix products revenue potential of ₹80-100 Crores per plant at full capacity with EBITDA margins of 20-30%. Construction Chemical business contributed ₹210 crores in FY25, but no per-plant revenue or segment EBITDA margin is disclosed in our record.
  19. No further investment in Link Logistics Pending - At the Q4 FY22 call, management stated no further investment would be made in Link Logistics, and the stake would be sold if any investor came in. No disclosure of further investment in or sale of Link Logistics is in our record through Q3 FY26.
  20. Karnataka grinding unit (\~1 MTPA) - up and running by FY2024 Missed - At the Q4 FY22 call, management guided a \~1 MTPA Karnataka grinding unit would be up and running by FY2024. By Q2 FY24, the timeline was revised to "2025-2026, we may start," citing 2-3 years needed for land acquisition and clearances. As of Q3 FY26, 59% of mining lands and 13% of factory lands have been acquired, with no unit commissioned.
  21. Premium product share to 30% in FY2023 Missed - At the Q4 FY22 call, management guided premium product share would increase to 30% in FY2023, later revised to 30-35% over two to three years. Share of premium products was 25% in FY2023, missing the explicit FY2023 target.
  22. Debt reduction of ₹500 cr in FY2023 Partial - At the Q4 FY22 call, management proposed to reduce debt by about ₹500 Crores in FY2023, later implying a smaller reduction to \~₹4,700 crores by March 2023. Net debt as on 31-03-2023 was ₹4,351.45 Crores, a reduction of \~₹421 Crores from March 2022, below the ₹500 cr target.
  23. Balance 6.1 MW WHRS and 18 MW TPP at Kurnool - commissioned March 2023 Partial - At the Q4 FY22 call, management stated the balance 6.1 MW WHRS and 18 MW TPP at Kurnool would be commissioned in March 2023, with TPP later revised to June 2024. 8 MW WHRS total was commissioned at Kurnool in FY23, while the 18 MW TPP commenced commercial production in September 2024.
  24. Kurnool cement grinding facility and 6 MW WHRS - commissioned June/July 2022 Partial - At the Q4 FY22 call, management stated the Kurnool cement grinding facility and 6 MW WHRS would be commissioned in June or July 2022, later revised to September 2022. The greenfield cement plant commenced commercial production in September 2022, and WHRS capacity of 8 MW was commissioned during FY2022-23.
  25. FY2023 volume growth - minimum 12% to 15% Delivered - At the Q4 FY22 call, management guided volume growth of minimum 12% to 15% in FY2023, later raised to \~30%. FY2023 sales volume was 1.49 crore tons, a 35% growth over FY2022, exceeding the \~30% target.