Arthneeti

The Ramco Cements Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Smallcap 250 · Nifty Housing · Nifty MidSmallcap 400 · Nifty 500 · Nifty Total Market

₹819.70-1.40% today
Market cap
₹19,369 Cr
P/E
101.61
ROE
0.38%
PEG
-1.86
Price to sales
2.08
Debt to equity
0.48
52W high / low
₹1,205 / ₹720
Sales growth (5Y)
11.28%
EBITDA margin
14.57%
Net profit margin
0.33%
Promoter holding
42.55%
Sales (last year)
₹9,228 Cr

Ramco Cements Ltd is engaged in manufacture of cement, Ready Mix Concrete (RMC) and Dry mortar products. It primarily caters to the domestic market of India.[1]

Guidance scorecard · Q2 FY27 call

What The Ramco Cement's management guided
and where it ranks in Cement & Cement Products

Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ3 FY24 call

10–20%
  • Volume growth target is around 19-20 million tons for FY2025, up from 17.5 million tons in FY2024.
  • The company expects a 2 to 2.5 million ton increase in volume next year.
  • Debottlenecking initiatives can add an incremental 0.5 to 1 million tons of grinding capacity.
  • Capacity additions through Kurnool Line-2 and other projects planned, aiming to reach 22 million tons capacity.
  • Net debt expected to peak at Rs. 5,000 Crores, with capex largely funded by internal accruals.
  • Capex guidance for FY2025 is approximately Rs. 1,700 Crores, including Rs. 750 Crores for Kurnool Line-2.

2 more points from The Ramco Cement's call on revenue

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Full Q3 FY24 analysis

MarginsQ3 FY24 call

Flat

See what The Ramco Cement said on margins — free account, 30 seconds.

Full Q3 FY24 analysis

CapexQ3 FY24 call

Planned
  • FY2024 Capex revised to Rs.2,000 Crores due to de-bottlenecking and accelerated land acquisition for Bommanahalli project.
  • FY2025 Capex guidance set at Rs.1,700 Crores, primarily funded through internal accruals.
  • Major projects include Kurnool Line-2 expansion: doubling clinker capacity to 6.3 MTPA and cement capacity to 3 MTPA by FY2026, at Rs.1,250 Crores.
  • Additional capex includes railway siding, WHRS (Waste Heat Recovery System) expansion, grinding plant expansion in Odisha.
  • Ongoing land acquisition for Bommanahalli project (~3,000 acres needed), with incremental spend on land acquisition above previous estimates.
  • Maintenance capex expected at Rs.200-250 Crores per annum going forward.

2 more points from The Ramco Cement's call on capex

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Full Q3 FY24 analysis

FundraisingQ3 FY24 call

Planned

See what The Ramco Cement said on fundraising — free account, 30 seconds.

Full Q3 FY24 analysis

Order bookQ3 FY24 call

  • Cement volume growth is strong with 10% growth in Q3 and 25% growth in 9MFY24.
  • Ongoing capacity expansions including doubling clinker capacity at Kolimigundla (to 19 MTPA by FY2026) and cement capacity expansion with a large capex plan.
  • Management highlights growth in most markets except West Bengal, indicating expanding demand/orders.

2 more points from The Ramco Cement's call on the order book

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Full Q3 FY24 analysis
Full Cement & Cement Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Cement & Cement Products
on management's own guidance

  1. J K CementsGood growth
    2
  2. Strong growth
    1
  3. ACCGood growth
    3
See all potential multibaggersWhere does The Ramco Cement rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

The Ramco Cements latest results (Sep 2026)

Revenue

₹2,463 Cr

+10% YoY

Net profit

₹40 Cr

-49% YoY

Operating margin

13%

EPS

₹1.71

What management said on the call →

The Ramco Cements shareholding (Sep 2026)

Promoters

42.55%

unchanged QoQ

FIIs

7.18%

−0.34 pp QoQ

DIIs

30.06%

+0.56 pp QoQ

Public

16.81%

−0.23 pp QoQ

Full shareholding pattern →Dividend history →

Peers

Cement & Cement Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹2.18L Cr38.1
2J K Cements20–40%Flat₹40,347 Cr40.8
3ACC20–40%Flat₹23,420 Cr25.5
420–40%Flat₹2,609 Cr13.3
510–20%Up 2%+₹1,289 Cr—
610–20%Flat₹3.68L Cr41.4

Sign up free to see every company in the sector ranking and track The Ramco Cement.

Pro shows every company guiding 40%+ revenue growth →Full Cement & Cement Products ranking

The Ramco Cement announcements

All announcements →

Financials of The Ramco Cement

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

The Ramco Cement

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +42.11%42.29%42.29%42.29%42.75%42.55%42.55%42.55%42.55%42.55%42.55%42.55%
FIIs +7.94%7.43%7.38%6.61%6.88%7.29%8.43%8.15%7.98%8.04%7.52%7.18%
DIIs +32.92%32.24%31.14%30.87%30.89%30.14%27.85%28.48%28.15%28.92%29.50%30.06%
Government +3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%
Public +13.64%14.66%15.81%16.85%16.10%16.64%17.77%17.42%17.94%17.10%17.04%16.81%
No. of Shareholders46,99356,32776,16576,44763,10162,36056,97257,83856,02952,68053,61652,404

Pros & Cons

The Ramco Cement

Key positives and risks surfaced from the company insights section.

Pros
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.3% over past five years.
  • Company has a low return on equity of 3.26% over last 3 years.
  • Earnings include an other income of Rs.613 Cr.
  • Dividend payout has been low at 14.1% of profits over last 3 years
Raw Insights
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.3% over past five years.
  • Company has a low return on equity of 3.26% over last 3 years.
  • Earnings include an other income of Rs.613 Cr.
  • Dividend payout has been low at 14.1% of profits over last 3 years

Financials of The Ramco Cement

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +2,3412,1112,6782,0942,0441,9832,3972,0742,2392,1062,6102,2732,463
YoY Sales growth+30%+5%+4%-7%-13%-6%-10%-1%+10%+6%+9%+10%+10%
Expenses +1,9351,7142,2591,7731,7301,7042,0781,6761,8511,8262,2401,9672,136
Operating Profit406397419320314279319398388280371306326
OPM %17%19%16%15%15%14%13%19%17%13%14%13%13%
Other Income +127148101992367496861912
Interest117102104113120113113105111108959693
Depreciation163180154168170175183184183185188190190
Profit before tax1381211754834191461151004831734055
Tax %27%31%26%27%27%4%46%27%24%20%15%23%27%
Net Profit +728212937261822685783861513140
EPS in Rs3.053.585.461.571.097.721.163.603.2716.326.381.321.71

Financials of The Ramco Cement

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,6553,5823,9674,4255,1625,3895,2916,0048,1579,3768,5189,0299,452
Sales growth-1%-2%+11%+12%+17%+4%-2%+13%+36%+15%-9%+6%+9%
Expenses +2,9352,5042,7593,3104,1174,2413,7334,7136,9717,8117,2847,5918,169
Operating Profit7211,0771,2081,1151,0461,1491,5581,2911,1861,5651,2341,4371,283
OPM %20%30%30%25%20%21%29%22%15%17%14%16%14%
Other Income +85754032253430283339241595613
Interest19618410561537388113241416460421392
Depreciation251305286294300317357402506646695740753
Profit before tax3586638577927187921,144803472542319871752
Tax %32%20%24%29%29%24%33%-11%28%27%16%21%
Net Profit +247545664566511605784882315356270699608
EPS in Rs10.3422.9027.8423.9521.6825.6533.2237.3013.3115.2311.5429.5725.73
Dividend Payout %15%13%11%13%14%10%9%8%15%16%17%8%

Financials of The Ramco Cement

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital24242424242424242424242424
Reserves2,6023,1093,7724,0894,5134,9785,7086,5956,8377,2147,4188,0708,082
Borrowings +2,7342,1411,4371,1211,6373,0323,1103,9504,5074,9364,6753,8713,982
Other Liabilities +1,6461,6701,8381,9362,0292,0992,6132,5893,2244,0954,2134,6644,493
Total Liabilities7,0066,9447,0717,1698,20310,13211,45513,15714,59216,27016,32916,62916,581
Fixed Assets +4,8825,0265,2115,3235,4006,0496,9787,77310,19512,05312,34412,91812,782
CWIP2631471201758531,8402,3553,0341,9871,3781,3869901,113
Investments358327210240259276307297273319906060
Other Assets +1,5031,4441,5291,4321,6921,9671,8142,0542,1382,5192,5092,6612,626
Total Assets7,0066,9447,0717,1698,20310,13211,45513,15714,59216,27016,32916,62916,581

Financials of The Ramco Cement

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +9321,0891,1171,1247937481,8921,1351,4121,8981,3991,611
Cash from Investing Activity +-477-261-280-490-1,202-1,921-1,779-1,816-1,694-1,911-542-338
Cash from Financing Activity +-436-950-665-7936531,194-64715274-28-782-1,257
Net Cash Flow18-122172-159243215035-8-417516
Free Cash Flow492791813630-410-1,171126-676-352-164581,216
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit139%115%108%116%91%77%135%100%122%124%115%115%

Financials of The Ramco Cement

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days384851373536262121333132
Inventory Days280341314273242270253342240209215196
Days Payable123133140130111143154199174211199228
Cash Conversion Cycle195256225179165163125165873148-0
Working Capital Days-37-81-67-53-55-58-76-76-61-72-98-90
ROCE %10%16%18%16%13%12%15%9%6%8%5%6%

Guidance history

How The Ramco Cement's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q3 FY24 call →10–20%FlatPlannedPlanned—
Q4 FY23 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

15out of 100

Momentum score · price trend

15 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,937 stocks
Last 12 months−17.0%32%
Last 6 months−10.5%27%
Last 3 months−9.6%32%

The price is 32% below its all-time high of ₹1,204.9 (9 Feb 2026). Stocks more than 20% below their peak have their score halved, so 30 became 15.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For The Ramco Cement: 0.4 × 32 + 0.4 × 27 + 0.2 × 32 = 30, halved to 15 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

The Ramco Cements: frequently asked questions

What is The Ramco Cements share price today?

The Ramco Cements last traded at ₹819.7, with a market capitalisation of ₹19,369 Cr and a P/E ratio of 101.6.

What were The Ramco Cements's latest quarterly results?

For the quarter ended Sep 2026, The Ramco Cements reported revenue of ₹2,463 Cr (+10% year on year) and net profit of ₹40 Cr, with an operating margin of 13%.

Is The Ramco Cements's profit growing?

Net profit was ₹40 Cr in Sep 2026 against ₹78 Cr in Sep 2025, a change of -49%.

What is The Ramco Cements's EPS?

The Ramco Cements's earnings per share for the quarter ended Sep 2026 was ₹1.71.

What is the promoter holding in The Ramco Cements?

Promoters held 42.55% of The Ramco Cements in Sep 2026 (unchanged versus Jun 2026).

How much do FIIs and DIIs hold in The Ramco Cements?

In Sep 2026, foreign institutional investors held 7.18% and domestic institutions (including mutual funds) held 30.06% of The Ramco Cements.

What is The Ramco Cements's ROE and ROCE?

The Ramco Cements's return on equity is 3.35% and its return on capital employed is 6.13%.

Does The Ramco Cements pay a dividend?

Yes. The Ramco Cements's dividend yield is 0.3% at the current price. The full payout history is on the The Ramco Cements dividends page.

Which sector does The Ramco Cements belong to?

The Ramco Cements is in the Cement & Cement Products sector. Its peer comparison and sector ranking are on this page.

What did The Ramco Cements's management say on the latest earnings call?

Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from The Ramco Cements's management.

How does Arthneeti AI analyse The Ramco Cements?

Arthneeti reads The Ramco Cements's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.

Continue your research

What The Ramco Cement's management said in earlier quarters

Earlier calls (7)

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