NSE: RAMCOIND · BSE: 532369
RAMCO INDUSTRIES LIMITED
Manufactures and sells building products — the dominant line — which contributed Rs 1,208.93 crore or 82.7% of segment revenue in FY26. Cotton yarn textiles added Rs 193.46 crore (13.2% of segment revenue), while windmill-based power generation contributed Rs 20.13 crore (1.4%). Per the company's FY26 Business Responsibility and Sustainability Report, building products account for 83.75% of standalone turnover and cotton yarn 13.40%. Windmills delivered Rs 11.94 crore of EBIT on Rs 20.13 crore of revenue, while building products generated Rs 78.35 crore of EBIT and textiles Rs 2.41 crore. Materials are the largest cost item at 51% of revenue, followed by other operating expenses at 23.1% and employee costs at 9.2%. Consolidated revenue stood at Rs 1,792.22 crore with an EBITDA margin of 14.24%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Building Products (83%), Textiles (13%), Unallocated (3%), Windmills (1%). Diversified manufacturer across construction materials, cotton yarn and wind power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,457 | 1,458 | 1,501 | 1,659 | 1,792 |
| EBITDA (ex other income) | 222 | 155 | 156 | 179 | 240 |
| margin % | 15.3 | 10.6 | 10.4 | 10.8 | 13.4 |
| Owners' profit | 303 | 123 | 106 | 0 | 0 |
| EPS, as reported (₹) | 36.27 | 14.65 | 12.67 | 20.89 | 35.36 |
| ROE % · ROCE % | 8.1 · 5.2 | 3.2 · 3.6 | 2.6 · 3.2 | 4.3 · 3.6 | 6.8 · 4.7 |
| Debt / equity (x) | 0.06 | 0.08 | 0.06 | 0.06 | 0.04 |
| Cash from operations | 88 | (43) | 135 | 132 | 201 |
| Capex | (68) | (63) | (34) | (29) | (51) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 353 | 344 | 419 | 527 | 365 | 389 | 502 | 614 |
| Profit before tax | 33 | 27 | 35 | 57 | 43 | 36 | 64 | 106 |
| Net profit | 17 | 89 | 36 | 66 | 41 | 112 | 88 | 87 |
| EPS (₹) | 2.02 | 10.27 | 4.12 | 7.58 | 4.73 | 12.94 | 10.12 | 10.00 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| BUILDING PRODUCTS | 1,588 | 86.3 |
| TEXTILES | 192 | 10.5 |
| WINDMILLS | 20 | 1.1 |
| UNALLOCATED | 39 | 2.1 |
| Total, before eliminations | 1,840 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED ◆ | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 27.1 | 3 of 17 | 88% |
| P/B | 0.6 | 1.5 | 3 of 20 | 90% |
| ROCE | 4.3 | 2.8 | 9 of 22 | 62% |
| ROE | 6.8 | 2.5 | 8 of 20 | 63% |
| Debt / Equity | 0.0 | 0.1 | 7 of 20 | 68% |
| EBITDA margin | 19.2 | 16.7 | 6 of 16 | 67% |
| Revenue growth | 16.5 | 14.0 | 9 of 18 | 53% |
| Profit growth | 31.9 | 83.2 | 13 of 19 | 33% |
| Market cap | 2504 | 49 | 1 of 22 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Ramco Industries board meeting and extended trading window closure | compliance | minimal | — | — |
| 26 Oct 2026 · Board to review September 2026 quarterly and half-year results | results | low | — | — |
| 8 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate for Q2 FY26 filed | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 16 Sept 2026 · 61st AGM: All 4 resolutions passed; Dividend of Rs.1.25/share declared | board shareholder meetings | low | — | — |
| 21 Aug 2026 · 61st AGM voting results: 4 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 61st AGM proceedings: dividend of Rs 1.25 per share approved | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Ramco Industries Q1 FY26: Revenue up 15.5% YoY, Profit up 73% YoY | compliance | minimal | — | — |
| 10 Aug 2026 · Ramco Industries Q1 FY27 Results: Revenue up 34%, PAT more than doubles YoY | results | high | — | — |
| 29 Jul 2026 · Notice published for 61st AGM on 20 August 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.