NSE: RAMCOCEM · BSE: 500260
THE RAMCO CEMENTS LIMITED
Manufactures cement and construction chemicals, with cement accounting for 94.76% of revenue across 17 plants. In FY26, the company generated revenue of Rs 9,028.76 crore at an EBITDA margin of 22.49%, producing EBITDA of Rs 1,481.56 crore. Operating costs are dominated by other operating expenses at 56.3% of revenue, followed by materials at 21.3%, with capex at 11% reflecting continued investment in plant capacity. The company is also expanding green power usage, with waste heat recovery capacity of 53 MW targeting 68 MW next fiscal year. Net profit was Rs 698.79 crore on total assets of Rs 16,635.59 crore. The business is asset-heavy, exposed to construction-cycle demand, and operates in the cement and cement products industry. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement (95%), Construction chemicals. Asset-heavy, cyclical cement and construction chemicals manufacturer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,004 | 8,157 | 9,376 | 8,518 | 9,029 |
| EBITDA (ex other income) | 1,290 | 1,186 | 1,565 | 1,432 | 1,989 |
| margin % | 21.5 | 14.5 | 16.7 | 16.8 | 22.0 |
| Owners' profit | 881 | 315 | 360 | 273 | 699 |
| EPS, as reported (₹) | 39.00 | 13.76 | 15.77 | 11.53 | 29.56 |
| ROE % · ROCE % | 13.3 · 8.8 | 4.6 · 6.2 | 4.9 · 7.8 | 3.6 · 6.5 | 8.6 · 10.5 |
| Debt / equity (x) | 0.59 | 0.65 | 0.68 | 0.63 | 0.48 |
| Cash from operations | 1,135 | 1,412 | 1,906 | 1,399 | 1,611 |
| Capex | (1,817) | (1,766) | (1,923) | (1,024) | (997) |
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 | 2,044 | 1,983 | 2,397 | 2,074 | 2,239 | 2,106 | 2,610 | 2,273 |
| Profit before tax | 34 | 191 | 46 | 115 | 100 | 483 | 173 | 40 |
| Net profit | 26 | 182 | 26 | 85 | 78 | 386 | 151 | 31 |
| EPS (₹) | 1.12 | 7.62 | 1.16 | 3.60 | 3.27 | 16.31 | 6.38 | 1.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED ◆ | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.9 | 27.7 | 14 of 29 | 54% |
| P/B | 2.1 | 1.3 | 25 of 34 | 27% |
| ROCE | 7.1 | 3.7 | 13 of 37 | 67% |
| ROE | 8.6 | 7.2 | 13 of 34 | 64% |
| Debt / Equity | 0.5 | 0.4 | 18 of 33 | 47% |
| EBITDA margin | 14.3 | 13.1 | 16 of 37 | 58% |
| Revenue growth | 9.6 | 7.8 | 15 of 37 | 61% |
| Profit growth | (63.1) | (24.7) | 31 of 37 | 17% |
| Market cap | 17308 | 1735 | 8 of 38 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Ramco Cements recognised at Global AI Summit and CII National AI Awards | business updates | low | — | — |
| 24 Oct 2026 · Trading window closed until 9 November 2026 ahead of quarterly results | compliance | minimal | — | — |
| 24 Oct 2026 · Board to review September 2026 quarterly and half-year results | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Internal Auditor Mr P Sridar retires from Ramco Cements | management changes | low | — | — |
| 5 Oct 2026 · Ramco Cements files SEBI quarterly demat certificate for Sep 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Compliance: share registry details filed with exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Capacity Expansion at Jayanthipuram Works | capex operations | high | — | — |
| 22 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Newspaper publication of IEPF dividend transfer notice to shareholders | compliance | minimal | — | — |
| 19 Sept 2026 · Hard Worker Brand Wins Three Honours at Kyoorius Design Awards 2026 | general | low | — | — |
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.