The Ramco Cements Limited (RAMCOCEM)
₹739.40 -3.14% last close, 23 Oct
Q2 FY27 results
📅 Next results: 05 Nov 2026 (board meeting)The Ramco Cements Limited's board meets on 5 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Ramco Cements' revenue was ₹2,273 Cr (+9.6% year on year, -12.9% on the previous quarter), and net profit ₹31.2 Cr (-63.3% year on year); the operating margin was 13.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,273 | +9.6% | -12.9% |
| Operating profit | ₹306 | -23.0% | -17.4% |
| Net profit | ₹31.2 | -63.3% | -79.3% |
| EPS (₹) | 1.32 | -63.3% | -79.3% |
| Operating margin | 13.5% | — | — |
RAMCOCEM delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 59.64% of the RAMCOCEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.5%. That is close to its usual level.
Delivery in the last 5 sessions: 55.1% · 48.8% · 66.4% · 51.1% · 59.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Ramco Cements Limited announced that its Internal Auditor, Mr. P. Sridar, retired from the services of the company effective 21st October 2026. This administrative update follows compliance disclosure requirements under Regulation 30 of SEBI LODR. The change is routine, and the company has not yet named a replacement internal auditor in the filing. There is no financial or operational impact on the company's Rs 9,228 Cr TTM revenue base.
- Internal Auditor Mr. P. Sridar retired from the company on 21st October 2026
- Filing submitted under Regulation 30 of SEBI LODR on 22 October 2026
- No immediate replacement announced in the filing
The Ramco Cements Limited submitted a routine compliance filing on October 5, 2026, pursuant to Regulations 6(1) and 7(1) of SEBI LODR. The company confirmed that it maintains an in-house registry for handling its equity shares and commercial papers. Debentures issued by the company continue to be managed externally by Cameo Corporate Services Limited. This is a purely administrative disclosure with no impact on operations, earnings, or cash flows.
- Confirmed compliance under Regulation 6(1) and Regulation 7(1) of SEBI LODR.
- Company acts as the in-house registry for handling Equity Shares.
- Commercial Papers are also handled through the in-house registry.
- Debentures continue to be serviced by Cameo Corporate Services Limited.
The Ramco Cements Limited has commissioned debottlenecking activities at its Jayanthipuram facility in Andhra Pradesh on September 29, 2026. Clinkerisation capacity increased by 1.01 MTPA to 5.62 MTPA, while cement grinding capacity grew by 0.73 MTPA to 4.38 MTPA. Following this addition, the company's total aggregate capacity reached 16.95 MTPA for clinkerisation and 27.17 MTPA for cement grinding. In FY26, the Jayanthipuram plant operated at 84% utilization for clinker and 57% for cement.
- Clinkerisation capacity at Jayanthipuram expanded from 4.61 MTPA to 5.62 MTPA (+1.01 MTPA)
- Cement grinding capacity increased from 3.65 MTPA to 4.38 MTPA (+0.73 MTPA)
- Aggregate company clinkerisation capacity reaches 16.95 MTPA and grinding capacity reaches 27.17 MTPA
- Existing FY26 capacity utilisation was 84% for clinker and 57% for cement at the facility
The Ramco Cements announced that its construction chemicals brand 'Hard Worker' won three honours at the Kyoorius Design Awards 2026, including the Grand Prix Grey Elephant. Crucially, the release noted that the brand crossed ₹350 crore in sales within its first 12 months of launch. This sales figure represents approximately 3.8% of the company's TTM revenue of ₹9,228 crore. The performance highlights traction in non-cement diversification, an area management targeted to enhance revenue streams.
- Hard Worker construction chemicals brand crossed ₹350 crore in sales within its first 12 months
- Brand sales of ₹350 crore represent ~3.8% of Ramco Cements' TTM revenue of ₹9,228 crore
- Brand won three honours at Kyoorius Design Awards 2026, including the Grand Prix Grey Elephant
- Product line originally launched in 2025
The Ramco Cements Limited has announced the cancellation of an upcoming investor meeting previously scheduled for September 11, 2026. The meeting was originally planned with Motilal AMC at the company's Corporate Office in Chennai, organized by 360 ONE Capital Market Private Limited. This update follows the initial intimation letter dated August 31, 2026. The filing is administrative in nature with no financial or operational impact.
- Meeting originally scheduled for September 11, 2026 stands cancelled
- Meeting was arranged with Motilal AMC via 360 ONE Capital Market Private Limited
- Follows initial intimation submitted on August 31, 2026
The Ramco Cements Limited announced that its ecological restoration project at the limestone mine in Pandalgudi, Tamil Nadu, has received Advanced Certification from The Global Biodiversity Standard (TGBS). The restoration encompasses over 500 acres of worked-out mines, with 234 acres assessed and certified under the standard. Initiated in 2018 with Auroville Botanical Gardens, the project has planted over 430,000 native trees and captured an estimated 10,000 tonnes of CO2. The announcement carries positive ESG and brand value but has no immediate direct impact on financial revenue or profitability.
- Advanced Certification received from The Global Biodiversity Standard for a 234-acre assessed site within a 500-acre project area
- Over 430,000 native trees and shrubs planted across 150 species since plantation began in 2019
- Estimated 10,000 tonnes of carbon dioxide captured over the past 7 years
- Full restoration work expected to be completed by 2027
The Ramco Cements Limited has submitted the minutes of its 68th Annual General Meeting held on August 20, 2026. Shareholders approved all four ordinary resolutions with requisite majority, including the adoption of FY26 financial statements and declaration of a Rs 2.50 per share dividend. Additionally, the reappointment of Shri P.R. Venketrama Raja as Director was approved with 97.16% votes in favor, and cost auditor remuneration of Rs 7.50 lakh for FY27 was ratified.
- Declared and approved dividend of Rs 2.50 per share for the financial year ended March 31, 2026
- Adoption of standalone and consolidated FY26 audited financial statements passed with 100% majority of votes polled
- Reappointment of Shri P.R. Venketrama Raja as Director retiring by rotation approved with 97.16% votes in favour
- Ratification of Rs 7,50,000 remuneration (exclusive of GST/expenses) to Cost Auditors M/s Geeyes & Co. for FY27
The Ramco Cements Limited has scheduled a one-on-one investor meeting with Motilal AMC on September 11, 2026. The meeting will take place at the company's Corporate Office in Chennai and is organized by 360 ONE Capital Market Private Limited. The company clarified that no new material information outside of prior stock exchange disclosures will be shared, and therefore no transcript or audio recording will be filed.
- One-on-one investor meeting scheduled for September 11, 2026
- Meeting participant is Motilal AMC, organized by 360 ONE Capital Market Private Limited
- Meeting venue is the Corporate Office in Chennai
- No unpublished price sensitive information to be shared; no transcripts will be filed
The Ramco Cements Limited announced that following the enactment of the MMDR Amendment Act, 2026, it is no longer required to pay the Mineral Bearing Land Tax of ₹160 per tonne of limestone in Tamil Nadu effective 22 August 2026. The company paid ₹171.78 crore towards this tax in FY26 and ₹79.07 crore in FY27 to date. The cessation will directly reduce operating costs, with annual savings of ~₹172 crore representing roughly 26.6% of TTM PAT (₹645 crore), significantly aiding cash flows and operating margins.
- Exemption from ₹160 per tonne limestone Mineral Bearing Land Tax in Tamil Nadu effective 22 August 2026.
- Company paid ₹171.78 crore in FY26 and ₹79.07 crore in FY27 (till date) under this levy.
- Annual savings of ~₹172 crore represent ~1.9% of TTM revenue (₹9,228 crore) and ~26.6% of TTM PAT (₹645 crore).
- Direct positive impact on operating profit margins (OPM) and free cash flow generation.
The Ramco Cements Limited has submitted the scrutinizer's report and voting results for its 68th Annual General Meeting held on August 20, 2026. All four ordinary resolutions were approved by shareholders with the requisite majority. Key approvals include the adoption of FY26 financial statements, payment of a Rs 2.50 per share dividend, the re-appointment of director Shri P.R. Venketrama Raja, and cost auditor remuneration of Rs 7,50,000.
- Shareholders approved an ordinary dividend of Rs 2.50 per share for FY26 with 99.99% votes in favour
- Adoption of Standalone and Consolidated Audited Financial Statements for FY26 approved with near 100% majority
- Re-appointment of retiring director Shri P.R. Venketrama Raja passed with 97.16% votes in favour
- Ratification of Rs 7,50,000 remuneration for Cost Auditor M/s Geeyes & Co. approved
The Ramco Cements Limited conducted its 68th Annual General Meeting on August 20, 2026, via Video Conferencing with 83 members attending. Shareholders approved all agenda items, including the adoption of FY26 standalone and consolidated financial statements and the declaration of a dividend of Rs 2.50 per share. Additionally, the reappointment of Shri P.R. Venketrama Raja as Director and ratification of Rs 7,50,000 remuneration for cost auditors (M/s Geeyes & Co.) for FY27 were approved.
- Declared and approved dividend of Rs 2.50 per share for FY26 (record date: August 13, 2026)
- Adopted audited financial statements (standalone and consolidated) for the year ended March 31, 2026
- Ratified cost auditor remuneration of Rs 7,50,000 for FY27 to M/s Geeyes & Co.
- Total of 83 members participated in the AGM conducted via Video Conferencing
The Ramco Cements Limited has announced a change in the format of its scheduled investor meeting on August 13, 2026. The meeting, organized by Equirus Securities Private Limited, will now be conducted via video conference instead of a physical meeting at Sofitel, BKC, Mumbai. This is a procedural update following the initial intimation on August 10, 2026. There are no changes to the company's financial guidance or operational status in this specific filing.
- Investor meeting scheduled for 13.08.2026 remains on track.
- Meeting format changed from physical (Sofitel, BKC, Mumbai) to video conference.
- Event is organized by Equirus Securities Private Limited.
- Update follows the previous intimation dated 10th August 2026.
The Ramco Cements Limited has scheduled a series of one-on-one investor meetings on August 13, 2026, in Mumbai. The company will interact with major institutional investors including HDFC MF, ICICI Pru MF, and Motilal Oswal MF. Discussions will be based on the 1QFY27 performance update filed on August 7, 2026, with no unpublished price sensitive information (UPSI) to be shared. This follows a TTM revenue performance of Rs 9,029 Cr and a PAT of Rs 699 Cr.
- One-on-one meetings scheduled for August 13, 2026, at Sofitel, BKC, Mumbai.
- Participation from 5 major institutional entities including HDFC MF, ICICI Pru MF, and Bandhan MF.
- Interaction based on the 1QFY27 Investor Update previously filed on August 7, 2026.
- Company maintains a TTM revenue of Rs 9,029 Cr with an operating profit margin of 15.9%.
- Strategy remains focused on increasing capacity utilization from 56% to 80%.
The Ramco Cements reported a 10% YoY revenue growth to ₹2,276 cr for 1QFY27, supported by a 12% increase in sales volume to 44.80 lac tons. However, profitability was severely hit with PAT falling 63% YoY to ₹32 cr and EBITDA per ton compressing from ₹981 to ₹681. The decline was driven by a 9% YoY rise in power and fuel costs and a new ₹39 cr mineral-bearing land tax in Tamil Nadu. Despite margin pressure, the company is proceeding with its ₹800 cr FY27 capex plan to reach 31 MTPA capacity.
- Sales volume increased 12% YoY to 44.80 Lac Tons, though capacity utilization remains at 70%.
- EBITDA per ton declined 30.5% YoY to ₹681, impacted by a 24% QoQ surge in power and fuel costs.
- A new mineral-bearing land tax in Tamil Nadu resulted in a ₹39 cr cost impact (~₹84 per ton) for the quarter.
- Net debt rose to ₹3,938 cr as of June 2026, up from ₹3,664 cr in March 2026.
- Monetized ₹24 cr of non-core assets in 1QFY27, with approximately ₹126 cr still identified for disposal.
Ramco Cements reported a 10% YoY revenue growth to ₹2,276 cr for Q1 FY27, supported by a 12% increase in sales volume to 4.48 million tons. However, EBITDA fell 22% to ₹314 cr as margins contracted from 19% to 14% due to a 5% drop in realization and higher input costs. Profitability was further hit by a new ₹160/ton limestone tax in Tamil Nadu, costing the company ₹39 cr this quarter. Total debt rose to ₹4,007 cr from ₹3,852 cr in March 2026, while the company maintains an ₹800 cr capex guidance for FY27.
- Sales volume grew 12% YoY to 4.48 million tons, achieving 70% capacity utilization.
- EBITDA per ton dropped 30.6% to ₹681 from ₹981 in the previous year's quarter.
- New Tamil Nadu mineral bearing land tax impact of ₹39 cr, equivalent to ₹84 per ton of cement.
- Net debt increased by ₹155 cr during the quarter to reach ₹4,007 cr.
- Green energy usage improved to 37% from 31% YoY following WHRS capacity additions.
Financial Performance
Revenue Growth by Segment
Total revenue for FY25 was INR 8,539.10 Cr, a 9% decrease from INR 9,392.17 Cr in FY24. Cement and construction chemicals sales volume contributed INR 8,468.40 Cr (-9% YoY), while income from wind power dropped 100% to zero on a separate basis. Q2 FY26 showed a recovery with standalone revenue of INR 2,241.89 Cr, up 9% YoY.
Geographic Revenue Split
Approximately 75% of the company's revenues are derived from the four southern states of India (Tamil Nadu, Andhra Pradesh, Karnataka, and Kerala), indicating a high regional concentration in the South Indian market.
Profitability Margins
Net Profit Margin improved to 5% in FY25 from 4% in FY24. However, Operating Profit Margin (EBITDA/Net Revenue) declined from 17% in FY24 to 15% in FY25 due to pricing pressures. Q2 FY26 saw a significant rebound in Net Profit Margin to 3% compared to 1% in Q2 FY25.
EBITDA Margin
EBITDA margin stood at 15% for FY25, down from 17% in FY24. For Q2 FY26, the EBITDA margin improved to 18% from 16% in Q2 FY25, driven by a 22% YoY increase in EBITDA to INR 393.96 Cr, reflecting better operational efficiency and cost management.
Capital Expenditure
The company incurred INR 1,024.01 Cr in capital expenditure during FY25. Planned capex for fiscal 2025 and 2026 is expected to be approximately INR 1,200 Cr annually, which is lower than the previous three-year average of INR 1,800 Cr, aiming to improve the capital structure.
Credit Rating & Borrowing
The company maintains a strong credit profile with a CRISIL A1+ rating for Commercial Paper and an ICRA AA+ (Stable) rating for Non-Convertible Debentures. Competitive interest rates are enjoyed due to its lineage, though finance costs rose 10% to INR 458.76 Cr in FY25 due to higher debt levels.
Operational Drivers
Raw Materials
Key raw materials include limestone and gypsum; the cost of materials consumed was INR 1,768.76 Cr in FY25, representing 20.7% of total revenue, a 1% increase YoY despite lower production volumes.
Import Sources
Not specifically disclosed in the provided documents, though the company uses forward covers for high-value import transactions, suggesting reliance on international markets for certain fuel or raw material components.
Capacity Expansion
Current integrated cement capacity is 14.7 MTPA across five facilities, with an additional grinding capacity of 8.44 MTPA. WHRS capacity was recently expanded from 43.15 MW to 45.15 MW to reduce reliance on external power.
Raw Material Costs
Raw material costs represented 20.7% of revenue in FY25. The company manages these costs through strategic procurement and by increasing the use of captive resources like wind power and WHRS.
Manufacturing Efficiency
Capacity utilization is estimated to reach 80% in fiscal 2025, a significant improvement from the 56% average seen over the past decade, which will help amortize fixed costs over larger volumes.
Logistics & Distribution
Transportation and handling costs accounted for 22.8% of total revenue in FY25, reflecting the high weight-to-value ratio of cement and the importance of efficient distribution in the southern region.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth will be achieved by increasing capacity utilization from 56% to 80%, monetizing INR 1,000 Cr of non-core assets (INR 459.79 Cr already achieved) to reduce debt, and expanding the construction chemicals business. The company is also focusing on reducing interest costs by repaying borrowings from asset sale proceeds.
Products & Services
The company sells cement bags, construction chemicals, and generates wind power through its subsidiaries and captive plants.
Brand Portfolio
Ramco Cements, Ramco Supergrade, Ramco Supercrete.
New Products/Services
Expansion into construction chemicals is expected to diversify revenue streams, though specific contribution percentages for new launches are not disclosed.
Market Expansion
Focusing on strengthening its 75% revenue share in South India while utilizing grinding capacities in East India to capture regional demand growth.
Market Share & Ranking
The company is a leading player in South India, though specific national market share percentage is not provided.
Strategic Alliances
Maintains strategic associate relationships with Ramco Industries Limited (15.40% stake), Ramco Systems Limited (15.30%), and Rajapalayam Mills Limited (0.46%).
External Factors
Industry Trends
The industry is seeing a shift toward captive power (WHRS) and green energy to combat rising grid costs. Demand outlook remains healthy, supporting a move toward 80% capacity utilization for major players like RAMCOCEM.
Competitive Landscape
Operates in a highly competitive cement market, particularly in South India, where pricing pressure from larger national players and regional peers affects margins.
Competitive Moat
Moat is built on a 80-year lineage, strong brand recognition in South India, and a high degree of backward integration through captive power and limestone reserves. Sustainability is supported by reducing debt through non-core asset sales.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and interest rates; a 10% increase in finance costs was noted in FY25, impacting PBT which fell 77% before exceptional items.
Consumer Behavior
Increasing demand for specialized construction chemicals alongside traditional cement, prompting the company to expand its product portfolio.
Geopolitical Risks
Exposure to global fuel price volatility (coal/petcoke) which impacts the power and fuel cost component (24% of revenue).
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act 2013 and SEBI LODR regulations. The company maintains internal financial controls and risk management policies as per Section 134.
Environmental Compliance
The company is investing in Waste Heat Recovery Systems (WHRS) to comply with environmental goals and reduce carbon footprint, expanding capacity to 45.15 MW.
Taxation Policy Impact
Effective tax expense for FY25 was INR 48.35 Cr, a 67% decrease from FY24, following the drop in Profit Before Tax.
Legal Contingencies
The Income Tax Department has filed an appeal in the Madras High Court against an ITAT order for AY 2011-12 regarding revenue expenditure treated as capital expenditure, involving a disputed tax value of INR 7.35 Cr.
Risk Analysis
Key Uncertainties
Cement price volatility is the primary uncertainty, which caused a 20% drop in EBITDA in FY25. High debt-funded capex is a monitorable risk that could constrain the financial profile.
Geographic Concentration Risk
High concentration risk with 75% of revenue coming from South India, making the company vulnerable to regional economic downturns or monsoon impacts in those states.
Third Party Dependencies
Dependency on the Ramco Group for certain services; 22.05% of promoter shares (9.38% of overall shareholding) are pledged as of March 31, 2025.
Technology Obsolescence Risk
The company manages IT risks through a certified IT system and policy to protect business information and ensure robustness against cyber threats.
Credit & Counterparty Risk
Debtors turnover ratio increased from 26 to 34 days, indicating a slight weakening in receivables management and potential credit risk from customers.
