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The Ramco Cements Q2 FY27 results: net profit down 48.6% to ₹38.18 crore, revenue up 10.0%
The Ramco Cements Limited reported standalone revenue of ₹2,458 crore for Q2 FY27, up 10.0% from a year earlier, but a net profit of ₹38.18 crore against ₹74.31 crore in Q2 FY26. EBITDA fell to ₹322.98 crore and the margin narrowed to 13.1% from 17.3%, while profit was higher than the ₹31.86 crore reported in Q1 FY27. The results were approved by the board on 5 November 2026.
Key points
- Standalone Q2 FY27 revenue was ₹2,458 crore, up 10.0% from ₹2,235 crore in Q2 FY26 and 8.3% from ₹2,269 crore in Q1 FY27.
- Net profit was ₹38.18 crore, down 48.6% from ₹74.31 crore a year earlier but up 19.8% from ₹31.86 crore in the previous quarter.
- EBITDA was ₹322.98 crore, down 16.5% year on year, and the EBITDA margin fell to 13.1% from 17.3%.
- Basic EPS was ₹1.61, against ₹3.14 in Q2 FY26 and ₹1.35 in Q1 FY27.
- H1 FY27 revenue rose 9.8% to ₹4,727.25 crore, while profit before tax fell 56.8% to ₹93.69 crore.
How did The Ramco Cements perform in Q2 FY27?
The Ramco Cements reported standalone revenue of ₹2,458 crore for the September 2026 quarter, up 10.0% from ₹2,235 crore in Q2 FY26 and up 8.3% from ₹2,269 crore in Q1 FY27. Total income was ₹2,465.84 crore, up 10.0% from ₹2,241.89 crore a year earlier and 8.3% from ₹2,276.18 crore in the previous quarter. The board also filed consolidated results for the quarter and six months ended 30.09.2026, while the figures here are standalone.
Profit moved the other way. EBITDA was ₹322.98 crore, down 16.5% from ₹386.91 crore in Q2 FY26, and the margin narrowed 4.2 percentage points to 13.1% from 17.3%. Against Q1 FY27, EBITDA rose 5.1% from ₹307.17 crore, with the margin down 0.4 percentage points from 13.5%. Profit before tax was ₹52.14 crore, down 48.0% from ₹100.24 crore a year earlier and up 25.5% from ₹41.55 crore in the previous quarter. Net profit was ₹38.18 crore, against ₹74.31 crore and ₹31.86 crore, and basic EPS was ₹1.61, against ₹3.14 and ₹1.35.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,458 | 2,269 | 2,235 | +10.0% | +8.3% |
| Other income | 7.56 | 7.21 | 7.05 | +7.2% | +4.9% |
| Total expenses | 2,418 | 2,247 | 2,142 | +12.9% | +7.6% |
| EBITDA | 322.98 | 307.17 | 386.91 | −16.5% | +5.1% |
| EBITDA margin | 13.1% | 13.5% | 17.3% | −4.2 pp | −0.4 pp |
| Profit before tax | 52.14 | 41.55 | 100.24 | −48.0% | +25.5% |
| Tax | 13.96 | 9.69 | 25.93 | −46.2% | +44.1% |
| Net profit | 38.18 | 31.86 | 74.31 | −48.6% | +19.8% |
| EPS (₹) | 1.61 | 1.35 | 3.14 | −48.7% | +19.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in The Ramco Cements' costs and profit?
The main cost pressure came from other expenses, which rose 26.3% to ₹1,523 crore from ₹1,206 crore in Q2 FY26, an increase of ₹317.24 crore. Cost of materials was up 3.8% to ₹469.45 crore, employee cost was up 5.8% to ₹153.15 crore, and depreciation was up 4.3% to ₹190.27 crore. Finance costs fell 16.6% to ₹92.93 crore. Total expenses rose 12.9% to ₹2,418 crore from ₹2,142 crore, and the filing does not state a reason for the rise in other expenses.
Other income was ₹7.56 crore, up from ₹7.05 crore a year earlier and ₹7.21 crore in the previous quarter. The company reported an exceptional gain of ₹4.80 crore, against no exceptional item in Q2 FY26 and a ₹12.62 crore gain in Q1 FY27. Profit before exceptional items and tax was ₹47.34 crore, against ₹28.93 crore in Q1 FY27 and ₹100.24 crore in Q2 FY26. Tax was ₹13.96 crore, down 46.2% from ₹25.93 crore a year earlier but up 44.1% from ₹9.69 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 469.45 | 452.42 | +17.03 | +3.8% |
| Employee cost | 153.15 | 144.82 | +8.33 | +5.8% |
| Finance costs | 92.93 | 111.38 | −18.45 | −16.6% |
| Depreciation | 190.27 | 182.34 | +7.93 | +4.3% |
| Other expenses | 1,523 | 1,206 | +317.24 | +26.3% |
| Total expenses | 2,418 | 2,142 | +276.85 | +12.9% |
| Other income | 7.56 | 7.05 | +0.51 | +7.2% |
| Tax | 13.96 | 25.93 | −11.97 | −46.2% |
| Exceptional items | +4.80 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, standalone revenue was ₹4,727.25 crore, up 9.8% from ₹4,304.97 crore in H1 FY26, and total income was ₹4,742.02 crore against ₹4,318.50 crore. The first-half EPS was ₹2.96, compared with ₹6.78 a year earlier.
Profit after tax for the first half fell to ₹70.04 crore from ₹160.32 crore in H1 FY26, a decline of 56.3%, as profit before tax dropped 56.8% to ₹93.69 crore from ₹216.71 crore. In the filing, profit before exceptional items and tax for the half year was ₹76.27 crore, against ₹216.71 crore a year earlier, and exceptional items were ₹17.42 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,727 | 4,305 | +9.8% |
| Profit before tax | 93.69 | 216.71 | −56.8% |
| Net profit | 70.04 | 160.32 | −56.3% |
| EPS (₹) | 2.96 | 6.78 | −56.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹16,622.30 crore on 30 September 2026, against ₹16,680.52 crore at 31 March 2026. Total equity was ₹8,153.28 crore, up from ₹8,142.37 crore, while borrowings were ₹3,963.14 crore, up from ₹3,852.05 crore. Cash and cash equivalents fell to ₹41.77 crore from ₹187.81 crore. Inventories rose to ₹1,130.39 crore from ₹1,028.08 crore, trade receivables were ₹774.27 crore against ₹791.94 crore, and trade payables were ₹1,284.78 crore against ₹1,199.03 crore.
Cash flow from operating activities in H1 FY27 was ₹271.96 crore, against ₹645.66 crore in H1 FY26. Net cash used in investing activities was ₹333.07 crore compared with ₹546.71 crore, and net cash used in financing activities was ₹105.28 crore compared with ₹202.93 crore. Purchase of property, plant and equipment, intangible assets and investment properties was ₹372.57 crore in H1 FY27, against ₹600.61 crore a year earlier. The filing shows a net decrease in cash and cash equivalents of ₹29.11 crore during the half year.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 16,622 | 16,681 |
| Total equity | 8,153 | 8,142 |
| Borrowings | 3,963 | 3,852 |
| Cash and equivalents | 41.77 | 187.81 |
| Inventories | 1,130 | 1,028 |
| Trade receivables | 774.27 | 791.94 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 271.96 | 645.66 |
| Cash from investing | −333.07 | −546.71 |
| Cash from financing | −105.28 | −202.93 |
| Capital expenditure | 372.57 | 600.61 |
Source: Company's results filing (XBRL).
How has The Ramco Cements done over the last 8 quarters?
Revenue has risen year on year in each of the last five quarters. In the latest run, quarterly revenue moved from ₹2,268.97 crore in Q1 FY27 to ₹2,458.28 crore in Q2 FY27, against ₹2,234.84 crore in Q2 FY26. The highest quarterly revenue in the series was ₹2,606.14 crore in Q4 FY26, and the lowest was ₹1,976.57 crore in Q3 FY25.
Profit has been uneven, and the margin has narrowed. Net profit ranged from ₹30.99 crore in Q4 FY25 to ₹386.91 crore in Q3 FY26, and was ₹38.18 crore in Q2 FY27, up from ₹31.86 crore in Q1 FY27. The EBITDA margin peaked at 19.2% in Q1 FY26 and bottomed at 13.1% in Q2 FY27, the latest quarter in the series.
How did other Cement & Cement Products companies do?
Twenty other Cement & Cement Products companies had filed results for this quarter by 5 November 2026. Their median revenue growth was 12.2%, compared with 10.0% revenue growth for The Ramco Cements. Of those companies, 11 grew faster than The Ramco Cements and 9 grew more slowly. Nine of the 20 companies reported higher profit.
| The Ramco Cements revenue growth (YoY) | +10.0% |
|---|---|
| Median of 20 other Cement & Cement Products companies | +12.2% |
| Companies with slower revenue growth than The Ramco Cements | 9 of 20 |
| Companies with faster revenue growth than The Ramco Cements | 11 of 20 |
| Companies whose net profit rose | 9 of 20 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The Ramco Cements' revenue in Q2 FY27?
Revenue from operations was ₹2,458 crore, up 10.0% from ₹2,235 crore in Q2 FY26 (standalone).
Did The Ramco Cements make a profit in Q2 FY27?
Yes. Net profit was ₹38.18 crore, against a net profit of ₹74.31 crore in Q2 FY26.
What was The Ramco Cements' EPS in Q2 FY27?
Basic earnings per share were ₹1.61, against ₹3.14 in Q2 FY26.
When did The Ramco Cements announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Financial Results For The Quarter Ended 30Th September 2026 (BSE, 5 November 2026) · PDF
- Financial Results For The Quarter Ended 30Th September 2026 (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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