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Ramco Industries Limited (RAMCOIND)

₹299.10 +1.98% last close, 16 Oct

📊 NSE: RAMCOIND 🏢 Cement Products 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Ramco Industries' revenue was ₹502 Cr (+18.7% year on year, +28.1% on the previous quarter), and net profit ₹88.0 Cr (+207.8% year on year); the operating margin was 12.9%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹502	+18.7%	+28.1%
Operating profit	₹65.0	+47.7%	+38.3%
Net profit	₹88.0	+207.8%	+305.7%
EPS (₹)	10.09	+144.9%	-22.0%
Operating margin	12.9%	—	—

Full quarterly financials → Results calendar →

RAMCOIND delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 50.84% of the RAMCOIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.32%. That is close to its usual level.

50.84%Delivery, 16 Oct

49.32%Own 20-session average

1.2×Volume vs its average

₹299.10NSE close · +1.98%

Delivery in the last 5 sessions: 47.9% · 47.3% · 39.6% · 47.3% · 50.8%

Delivery across the market →

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

Ramco Industries Submits 61st AGM Minutes; ₹1.25/Share Dividend Approved

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Sep 2026, 04:09 PM

Ramco Industries Limited has submitted the minutes and voting results of its 61st Annual General Meeting held on August 20, 2026. Shareholders approved all four ordinary resolutions, including the adoption of FY26 financial statements and a dividend declaration of ₹1.25 per share. Shri P.R. Venketrama Raja was reappointed as a director retiring by rotation with 99.23% votes in favor. Additionally, cost auditor remuneration of ₹3,00,000 for FY27 was ratified.

AGM held on August 20, 2026, attended by 57 members holding 4,03,38,413 shares via VC
Approval of dividend of ₹1.25 per share for the financial year ended March 31, 2026
Reappointment of Shri P.R. Venketrama Raja approved with 99.23% favorable votes
Cost auditor remuneration ratified at ₹3,00,000 (excluding taxes/expenses) for FY27

💡 Track the upcoming Q2 FY27 earnings and progress on the planned 58,000 MTPA Calcium Silicate Board expansion at Maksi, Madhya Pradesh.

Ramco Industries AGM Approves Rs 1.25 Dividend and Financials with Full Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 05:06 PM

Ramco Industries Limited announced the voting results and Scrutinizer's Report for its 61st Annual General Meeting held on August 20, 2026. All four resolutions presented were approved by shareholders with overwhelming majorities (>99.2%). Approved items include the adoption of FY2025-26 audited financial statements, payment of a dividend of Rs 1.25 per share, re-appointment of Director Shri P.R. Venketrama Raja, and cost auditor remuneration of Rs 3,00,000.

All 4 ordinary resolutions transacted at the 61st AGM passed with requisite majority
Declaration of dividend of Rs 1.25 per share approved with 99.99997% votes in favour
Adoption of FY2025-26 standalone and consolidated financial statements approved with 99.9998% support
Cost auditor remuneration of Rs 3,00,000 for FY2026-27 ratified

💡 Track payout timeline for the Rs 1.25 per share dividend and monitor operational progress on the upcoming 58,000 MTPA Calcium Silicate Board capacity expansion.

Ramco Industries Concludes 61st AGM; Approves ₹1.25 Per Share Dividend for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 05:27 PM

Ramco Industries Limited conducted its 61st Annual General Meeting on August 20, 2026, via Video Conferencing with 57 members attending. Shareholders transacted ordinary business, including the adoption of FY26 financial statements and approval of a dividend of ₹1.25 per equity share. Additionally, the reappointment of Director Shri P.R. Venketrama Raja and the ratification of ₹3,00,000 remuneration for cost auditors were approved.

Approved dividend of ₹1.25 per share for FY 2025-26 for eligible shareholders as of August 13, 2026
Adopted audited standalone and consolidated financial statements for the financial year ended March 31, 2026
Approved reappointment of Shri P.R. Venketrama Raja as a Director liable to retire by rotation
Ratified ₹3,00,000 remuneration (plus GST and expenses) for Cost Auditors M/s. N. Sivashankaran & Co. for FY27

💡 Track the formal disclosure of final voting results scrutinizer report and upcoming operational updates regarding the ₹185 Cr CSB plant expansion in Maksi, MP.

84% Profit Growth in Q1 FY27; Standalone Revenue Rises 14.6% to ₹531.38 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 12:15 PM

Ramco Industries reported a strong start to FY2027 with standalone revenue growing 14.6% YoY to ₹531.38 Cr. Net profit surged 83.9% YoY to ₹59.92 Cr, significantly aided by an exceptional gain of ₹8.78 Cr from a land sale. Operational efficiency improved as operating margins expanded to 13.2% from 11.2% in the year-ago period. The core Building Products segment remains the primary driver, contributing ₹465.02 Cr to the top line.

Standalone revenue from operations increased to ₹531.38 Cr from ₹463.57 Cr in Q1 FY26
Net profit for the quarter reached ₹59.92 Cr, up from ₹32.58 Cr in the previous year's corresponding quarter
Operating margin improved by 200 basis points to 13.2% compared to 11.2% in Q1 FY26
Building Products segment revenue grew 13.4% YoY to ₹465.02 Cr
Exceptional gain of ₹8.78 Cr recorded during the quarter from the sale of land

💡 Monitor the execution of the ₹185 Cr Calcium Silicate Board expansion in Madhya Pradesh, which is expected to commence operations in H2 FY2027 and diversify the product mix.

Rs 1.25 Dividend Recommended; Ramco Industries to Hold 61st AGM on August 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 04:28 PM

Ramco Industries has initiated the dispatch of physical notices for its 61st Annual General Meeting (AGM) scheduled for August 20, 2026. The communication provides access to the FY 2025-26 Annual Report for shareholders without registered email addresses. A dividend of Rs 1.25 per share (125% on Re 1 face value) has been recommended, which represents a yield of approximately 0.38% at the current price of Rs 332.1. The company maintains a strong financial profile with a TTM revenue of Rs 1,786 Cr and a very low debt-to-equity ratio of 0.04.

Recommended dividend of Rs 1.25 per share for the financial year 2025-26.
61st Annual General Meeting scheduled for August 20, 2026, via Video Conferencing.
TTM Revenue stands at Rs 1,786 Cr with an Operating Profit Margin of 13.0%.
Company is trading at a Price-to-Book (P/B) ratio of 0.4, with a net worth of Rs 4,522 Cr.
Planned expansion of 58,000 MTPA for Fibre Cement Boards in Madhya Pradesh expected in H2 FY2027.

💡 Shareholders should ensure their KYC and bank details are updated by the AGM date to facilitate the dividend credit; monitor the AGM for updates on the Maksi plant expansion.

₹1.25 Dividend Recommended; 61st AGM Scheduled for August 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 04:25 PM

Ramco Industries has scheduled its 61st Annual General Meeting (AGM) for August 20, 2026, via video conferencing. The Board has recommended a dividend of ₹1.25 per equity share of ₹1 each for FY 2025-26, which will be paid from the AGM date onwards if approved. The company has commenced dispatching physical letters to shareholders without registered emails, providing digital access to the FY26 Annual Report. This filing is a procedural update regarding shareholder communication and meeting logistics.

61st Annual General Meeting scheduled for August 20, 2026, at 11:30 AM
Dividend of ₹1.25 per share recommended for the financial year 2025-26
Physical communication dispatched on July 27, 2026, to shareholders with unregistered emails
Email registration cutoff for electronic delivery was July 17, 2026
Dividend payment to commence from August 20, 2026, subject to shareholder approval

💡 Shareholders should review the Annual Report 2025-26 via the provided link and ensure KYC/bank details are updated for dividend credit.

Board Meeting on August 10, 2026, to Consider Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 28 Jul 2026, 12:56 PM

Ramco Industries Limited has scheduled a Board Meeting for August 10, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This is a standard regulatory requirement under SEBI (LODR) Regulations. In line with insider trading norms, the trading window for designated persons will remain closed until August 12, 2026. Investors should look for the actual earnings release on the meeting date to assess the company's operational performance.

Board meeting scheduled for August 10, 2026, to review Q1 results.
Financial results pertain to the quarter ended June 30, 2026.
Trading window for designated persons is closed until August 12, 2026.
The meeting will consider both standalone and consolidated financial statements.

💡 Monitor the official earnings release on August 10, 2026, to evaluate the company's revenue growth and margin performance in the building products segment.

Ramco Industries Announces ₹1.25 Dividend; 61st AGM Scheduled for August 20, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 27 Jul 2026, 05:08 PM

Ramco Industries has issued a notice for its 61st Annual General Meeting (AGM) to be held on August 20, 2026. The company has proposed a dividend of ₹1.25 per share for FY26, representing a yield of approximately 0.37% at the current price of ₹334.1. Key agenda items include the adoption of audited financial statements, the re-appointment of Director Shri P R Venketrama Raja, and the ratification of cost auditor fees. The record date for dividend eligibility is set for August 13, 2026.

Proposed dividend of ₹1.25 per share for the financial year ended March 31, 2026
AGM scheduled for August 20, 2026, at 11:30 AM via Video Conferencing
Record date for dividend and e-voting eligibility is August 13, 2026
Ratification of ₹3,00,000 remuneration for Cost Auditors M/s. N. Sivashankaran & Co. for FY27
Shri P R Venketrama Raja, holding 1,45,08,424 shares (~29% of equity), seeks re-appointment

💡 Investors should note the record date of August 13, 2026, for dividend eligibility and monitor the progress of the 58,000 MTPA Maksi plant expansion expected in H2 FY2027.

41,000 shares dematerialized in Q1 FY27; routine SEBI compliance filing

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 02:54 PM

Ramco Industries has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended June 30, 2026. The filing confirms that 41,000 shares were converted from physical to electronic form during the period. Specifically, 40,000 shares were processed through NSDL and 1,000 shares through CDSL. No rematerialization requests were received during the quarter, and all processed physical certificates were mutilated and cancelled as per regulatory requirements.

Total of 41,000 shares dematerialized during the quarter ended June 30, 2026
40,000 shares processed via NSDL for a single shareholder (Samdha Deepa)
1,000 shares processed via CDSL for a joint holding (Ramila Ben Dhirubhai Patel & Rajendrabhai Narsinhbhai Patel)
Zero (0) requests for rematerialization were reported during the three-month period
Confirmation provided by Registrar and Share Transfer Agent, Cameo Corporate Services Limited

💡 This is a routine administrative filing. Investors should focus on the upcoming H2 FY2027 timeline for the 58,000 MTPA capacity expansion at the Maksi plant for material business updates.

99.99% Shareholder Approval for Re-appointment of Independent Director Ajay Bhaskar Baliga

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Jul 2026, 05:41 PM

Ramco Industries shareholders have approved the re-appointment of Shri Ajay Bhaskar Baliga as a Non-Executive Independent Director via postal ballot. The special resolution received overwhelming support with 99.9992% of valid votes cast in favor. Baliga's second term will span five years, effective from July 27, 2026, to July 26, 2031. This ensures continuity in the board's independent oversight as the company executes its Rs 185 Cr expansion strategy.

99.9992% of valid votes (5,84,85,043 votes) were cast in favor of the re-appointment
The new term for Shri Ajay Bhaskar Baliga is for 5 consecutive years, ending July 26, 2031
A total of 145 valid ballots representing 5,84,85,495 votes were processed during the e-voting period
Only 452 votes (0.0008%) were cast against the resolution by 10 shareholders
The voting process concluded on July 5, 2026, with the scrutinizer report submitted on July 6, 2026

💡 Investors should focus on the board's oversight of the upcoming 58,000 MTPA capacity expansion at the Maksi plant, which is expected to commence operations in H2 FY2027.

Ramco Industries re-appoints Ajay Bhaskar Baliga as Independent Director for 5-year term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Jul 2026, 05:39 PM

Shareholders of Ramco Industries have approved the re-appointment of Shri Ajay Bhaskar Baliga as a Non-Executive Independent Director through a special resolution passed via postal ballot. The new five-year term will be effective from July 27, 2026, to July 26, 2031. Baliga, 67, brings over 40 years of experience in global supply solutions and manufacturing, having previously served as Global Supply Director for Diageo PLC. This move ensures board continuity as the company executes its ₹185 Cr expansion in the Calcium Silicate Board segment.

Re-appointment for a second term of 5 consecutive years starting July 27, 2026
Approval secured via Special Resolution through Postal Ballot on July 5, 2026
Director brings over 40 years of experience in the Alcobev and global supply chain sectors
Shri Baliga also serves on the boards of E.I.D. - Parry (India) Limited and The Ramco Cements Limited

💡 Investors should focus on the company's execution of its ₹185 Cr expansion in Madhya Pradesh, as this management continuity supports the existing strategic roadmap.

99.99% Approval for Re-appointment of Independent Director Ajay Bhaskar Baliga

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Jul 2026, 05:38 PM

Shareholders of Ramco Industries have approved the re-appointment of Shri Ajay Bhaskar Baliga as a Non-Executive Independent Director via postal ballot. The resolution received overwhelming support, with 99.9992% of valid votes cast in favor. The new term is for five years, effective from July 27, 2026, to July 25, 2031. This ensures continuity in the board's independent oversight as the company pursues its Rs 185 Cr expansion in Madhya Pradesh.

99.9992% of valid votes (5,84,85,043 votes) were cast in favor of the re-appointment
The re-appointment is for a second term of 5 consecutive years starting July 27, 2026
Only 452 votes (0.0008%) were cast against the resolution
Notice was sent to 27,652 members electronically out of a total of 29,524 members
The voting process was conducted from June 6, 2026, to July 5, 2026

💡 Investors should focus on the execution of the company's Rs 185 Cr expansion in the Calcium Silicate Board (CSB) segment, which is expected to commence operations in H2 FY2027.

Trading Window Closure from July 1, 2026, for Q1 FY2026-27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 12:57 PM

Ramco Industries Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the exchanges. The specific date for the board meeting to approve these results has not yet been announced.

Trading window closure begins on July 1, 2026
Applies to financial results for the quarter ending June 30, 2026
Window to remain closed until 48 hours after the results declaration
Covers both Standalone and Consolidated financial statements

💡 Investors should watch for the upcoming announcement of the Board Meeting date, which will determine when the Q1 FY2026-27 earnings will be released.

Ramco Industries to Re-appoint Ajay Bhaskar Baliga as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Jun 2026, 01:29 PM

Ramco Industries Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of Shri Ajay Bhaskar Baliga as a Non-Executive Independent Director. The proposed second term is for five consecutive years, effective from July 27, 2026, to July 26, 2031. Voting will be conducted exclusively through a remote e-voting process via CDSL. This move aims to maintain board continuity and independent oversight for the upcoming five-year period.

Proposed re-appointment of Shri Ajay Bhaskar Baliga as Independent Director for a second 5-year term.
The new term is scheduled to run from July 27, 2026, to July 26, 2031.
Remote e-voting period is set from June 6, 2026 (9:00 AM) to July 5, 2026 (5:00 PM).
The cut-off date for determining shareholder voting eligibility is May 29, 2026.
The appointment is being sought through a Special Resolution as per SEBI LODR regulations.

💡 Shareholders are advised to review the director's credentials and cast their votes during the e-voting window ending July 5, 2026. This is a routine governance matter with no immediate impact on stock valuation.

Ramco Industries FY26 Net Profit Rises 26% to ₹111 Cr; Recommends ₹1.25 Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 02:34 PM

Ramco Industries reported a steady growth in standalone revenue for FY26, reaching ₹1,443.50 crore compared to ₹1,402.40 crore in the previous year. The standalone net profit saw a significant jump of approximately 26%, rising from ₹88.36 crore to ₹111.26 crore. The Board has recommended a dividend of ₹1.25 per share, reflecting a 125% payout on the face value of ₹1. Building products remain the primary revenue driver, contributing ₹1,208.93 crore to the total top line.

Standalone Net Profit increased by 25.9% YoY to ₹111.26 crore for the full year ended March 2026.
Revenue from operations grew to ₹1,443.50 crore in FY26 from ₹1,402.40 crore in FY25.
Recommended a dividend of ₹1.25 per equity share of face value ₹1 each.
Building Products segment revenue stood at ₹1,208.93 crore, while Textiles contributed ₹193.46 crore.
Exceptional gain of ₹8.09 crore recorded due to investment sales and reversal of entry tax provisions.

💡 Investors should note the strong profit growth and consistent dividend payout as signs of financial stability. The stock remains a key play in the building materials sector with a dominant revenue contribution from that segment.

View All RAMCOIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 10.5% YoY to INR 1,663 Cr in FY2025. The building products segment remains the primary revenue driver, while the textile segment faces pressure with subdued demand and drop in realisations. H1 FY2026 revenue was flat at INR 892 Cr compared to INR 893 Cr in H1 FY2025.

Geographic Revenue Split

India operations contribute approximately 79.5% of revenue, while Sri Lankan subsidiaries (Sri Ramco Lanka and Sri Ramco Roofings Lanka) contributed INR 182.71 Cr in H1 FY2026, representing ~20.5% of consolidated revenue.

Profitability Margins

PAT margin improved from 4.8% in FY2024 to 5.6% in FY2025. Operating margins are projected to remain stable at 10.5-11.0% for FY2026, driven by healthy performance in the building segment despite textile segment pressure.

EBITDA Margin

Operating profitability remained at ~11% in FY2025. Adjusted debt to EBITDA ratio improved to 1.31 times in FY2025 from 1.44 times in FY2024, reflecting better core profitability relative to debt levels.

Capital Expenditure

Planned capex of INR 185 Cr for a new 58,000 MTPA Fibre Cement Board plant in Maksi, Madhya Pradesh. Total medium-term capex is estimated at INR 200 Cr, funded by INR 135 Cr bank debt and internal accruals.

Credit Rating & Borrowing

Long-term rating reaffirmed at [ICRA]AA- (Stable) and short-term at [ICRA]A1+. NCD coupon rate is 7.6% for INR 100 Cr issuance maturing in Feb 2028. Commercial Paper rated Crisil A1+.

⚙️ Operational Drivers

Raw Materials

Key raw materials are asbestos fibre and cement. Asbestos fibre is a critical input for the FC sheet segment, which is the company's major profit contributor.

Import Sources

India imports 100% of its asbestos requirement. The company sources asbestos from major asbestos-producing nations such as Brazil and Russia.

Capacity Expansion

Planned expansion of 58,000 MTPA for Fibre Cement Boards at the Maksi, Madhya Pradesh plant, expected to commence operations in H2 FY2027.

Raw Material Costs

Margins are highly vulnerable to fluctuations in asbestos fibre and cement prices. The company has limited flexibility to pass on cost hikes due to intense competition in the FC sheet industry.

Manufacturing Efficiency

Average utilization of working capital bank limits was ~30% of drawing power during the 12 months through August 2025, indicating efficient liquidity management.

Logistics & Distribution

The company faces competition from established players with manufacturing units closer to high-growth markets in Northern and Eastern India, impacting distribution efficiency.

📈 Strategic Growth

Expected Growth Rate

10.50%

Growth Strategy

Growth is targeted through the INR 185 Cr expansion in the CSB segment in Madhya Pradesh to capture Northern and Eastern Indian markets. The company is also leveraging its strong financial flexibility from a ~INR 5,000 Cr investment portfolio in listed group companies to fund expansions and strategic share purchases.

Products & Services

Asbestos-based fibre cement (FC) sheets for roofing, Calcium Silicate Boards (CSB), and cotton yarn (textiles).

Brand Portfolio

Ramco Hilux, Ramco Hicem, Ramco Greencot.

New Products/Services

Expansion into the Calcium Silicate Board (CSB) segment with a new 58,000 MTPA plant to diversify the product mix.

Market Expansion

Targeting Northern and Eastern India through the new Maksi (MP) plant to compete with regional players.

Market Share & Ranking

Second-largest company in the Ramco Group after Ramco Cements Ltd.

Strategic Alliances

Part of the Ramco Group; holds a 23.08% stake in Ramco Cements Ltd and 19.07% in Ramco Systems Ltd as of March 2025.

🌍 External Factors

Industry Trends

The AC roofing industry remains the mainstay but faces long-term disruption risks from regulatory bans on asbestos and a consumer shift toward substitute steel products.

Competitive Landscape

Intense competition from established FC sheet manufacturers and substitute products like galvanized steel roofing.

Competitive Moat

Durable competitive advantage derived from exceptional financial flexibility provided by an unpledged INR 5,000 Cr investment portfolio in listed group entities, allowing for low-cost debt access.

Macro Economic Sensitivity

Highly sensitive to rural spending and agricultural income, which drive the demand for AC roofing sheets.

Consumer Behavior

Demand is primarily driven by rural housing and industrial roofing requirements.

Geopolitical Risks

Vulnerable to changes in mining policies or environmental regulations in asbestos-exporting countries.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution control norms and international asbestos mining/usage regulations. India currently imports its entire asbestos requirement under existing trade norms.

Environmental Compliance

Exposed to regulatory risks regarding the manufacture and use of asbestos; any ban would necessitate a complete shift in the business model.

⚠️ Risk Analysis

Key Uncertainties

Potential for a total ban on asbestos usage (High impact), volatility in raw material prices (Moderate impact), and rural demand cyclicality (Moderate impact).