Ramco Industries is fundamentally a building-materials company that has spent more than fifty years turning fibre, cement and fly ash into roofing sheets and boards for India’s factories, farms and homes - a business built on the simple idea that construction should use less water and fewer bricks. It was incorporated in 1965 as the second-largest company in the Ramco group, and over time it added a cotton-yarn spinning unit and a set of windmills, but the recurring approach has never changed: locate plants next to cement and power plants to cut raw-material and transport costs, then push the same products deeper into the distribution network while teaching builders how to use them. That formula - a cost-advantaged manufacturing backbone, a widening dealer base, and a technical-services arm that creates demand by specifying products in architects’ drawings - explains everything else the company does. # Business segments Three engines at different stages - a fibre-cement cash cow that is the company’s reason for being, a small cotton-yarn spinner that rides commodity cycles, and a captive wind-power fleet that feeds the grid and the company’s own meters - each built on the same pan-India plant network. ## 1. Building Products: the roofing-and-boards backbone **Fibre-cement sheets and boards, sold through a network that reaches the taluk level, generate roughly four-fifths of the company’s turnover - and the company is one of only four large players that together control about three-quarters of the Indian market.** - **Roofing sheets are the mainstay** - asbestos-cement (AC) roofing sheets alone contributed around 65-70% of overall revenue in fiscal 2022, with demand coming from tiles, ceramics and poultry sheds, and the company also sells a non-asbestos variant called Greencor that has gained market acceptance. - **Boards replace plywood and brick walls** - fibre-cement boards, calcium silicate boards and a high-density board (Hiden, launched in FY24) are marketed as dry-construction alternatives to plywood, MDF and wood-plastic composite, so builders can put up walls, ceilings and cladding without wet mortar. - **A technical-services unit pulls demand through** - Ramco SmartBuild, started in 2017, works with architects, contractors and government project owners to get the company’s boards specified in tender documents and bills of quantities, then provides design support and turnkey installation, which is how the products move from a catalogue to a construction site. - **Ten Indian plants sit next to their raw materials** - the factories are deliberately located near cement plants and thermal power stations so that cement and fly ash can be moved in bulk, cutting both cost and pollution, while piped natural gas and bio-briquettes are used as cleaner fuels. - **A dedicated conversion team hunts for plywood users** - a vertical focused on switching customers from alternative board products delivered 15% of overall board volumes in FY25, and retail sales of non-asbestos boards grew 23% as the company filled gaps in unrepresented areas. ## 2. Cotton Yarn: a compact spinning operation **Sri Ramco Spinners runs a single plant that produces and trades cotton yarn, a B2B business that accounted for less than a fifth of turnover in FY25 and moves with global cotton prices.** - **Yarn sold by the kilogram to other manufacturers** - the division spins cotton fibre into yarn and also trades purchased yarn, with production of about 24 lakh kilograms in FY25, and demand rises when global garment brands shift sourcing from China to India. - **Cotton is the swing factor** - the key input is cotton, including extra-long-staple varieties imported from overseas, and when India’s domestic crop fell to a 14-year low in the 2021-22 season because of unseasonal rain, prices hit an 11-year high, squeezing spinners across the country. - **Automation keeps costs in check** - the division has put in energy-saving measures and automated machinery to reduce both power and manpower costs, which matters because power is one of the two big input bills alongside cotton. ## 3. Wind Power: captive electrons with a grid connection **Fifteen windmills with a combined 16.73 MW capacity generate power that is sold to the grid and also used inside the company, with inter-segment transfers priced at electricity-board tariffs.** - **A small but steady generation fleet** - the windmills produced 253 lakh units in FY25, and the power is both sold externally and fed to the company’s own operations, which means the building-products and textile divisions get a portion of their electricity at regulated rates. - **Revenue is a sliver of the whole** - the wind division contributed just over 1% of entity turnover in FY25, so it functions more as a cost-hedge and a captive source than a standalone profit centre. # Group structure and partners **Ramco Industries sits inside a Tamil Nadu-based group, holds a large unpledged stake in its bigger cement sibling, and runs two building-products subsidiaries in Sri Lanka.** - **A listed company with a cement-company anchor** - the shares trade on the BSE and the National Stock Exchange, and the single largest associate is The Ramco Cements Limited, in which Ramco Industries held about 22% as of FY25, a stake that was worth roughly Rs 4,961 crore (unpledged) in early 2022. - **Two Sri Lankan factories make the same building products** - the wholly-owned Sri Ramco Lanka and the small stake in Sri Ramco Roofings Lanka manufacture fibre-cement sheets and boards for the Sri Lankan market, where the Ramco brand is one of the leading names in AC roofing. - **A web of group associates spans cement, software and logistics** - other associate holdings include Rajapalayam Mills (cotton yarn), Ramco Systems (ERP software, in which the company invested Rs 45 crore via a preferential issue in FY23), Ramco Industrial and Technology Services, and Madurai Trans Carrier (aircraft charter), while a previous stake in logistics platform Lynks Logistics was swapped for compulsory convertible preference shares of Swiggy’s parent in FY24. - **A small venture-capital bet on Indian founders abroad** - in early 2026 the board approved up to US$ 0.65 million for a 5.4% stake in Arc180 Fund I, a US-based seed fund that backs Indian entrepreneurs building for global markets.