The Ramco Cements Limited

BSE

RAMCOCEM

Stock

Yield per half year: +15.7%
Dividend yield: 0.2173%
Sector: Materials

Reporting The Ramco Cements Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹			167.23						251.89	251.89	209.56	22.73
Revenue, bln ₹	39.67	44.24	51.48	53.75	52.76	59.8	80.52	93.76	85.18	93.76	74.40	10.05
Net profit, bln ₹	6.63	5.64	5.11	6.04	7.84	8.81	3.15	3.6	2.73	3.6	5.23	-19.02
EV, bln ₹			180.96	141.29	256	220.34	222.04	239.49	257.04	239.49	238.98	0.08
EBIT, bln ₹	9.43	8.38	7.54	8.41	12.11	9	6.91			6.91	8.79	-1.73
EBITDA, bln ₹		11.42	10.67	11.81	15.82	13.02	12.18			12.18	12.70	2.68
OIBDA ₹				14.19	20.12	13.1	15.84				15.81	2.79
Book value, bln ₹	37.95	41.05	45.37	50.01	57.32	66.19	68.61	72.38	74.42	72.38	67.78	5.36
FCF, bln ₹		6.28	-4.14	-11.72	1.25	-6.82	-3.54	-0.1701	3.75	-0.1701	-1.1060	24.57
Operating Cash Flow, bln ₹	11.17	11.24	7.93	7.48	18.92	11.35	14.12	19.06	13.99	19.06	15.49	-5.86
Operating profit, bln ₹	9.36	8.3	7.46	8.43	12.14	8.89	6.8	9.18	5.37	9.18	8.48	-15.05
Operating expenses, bln ₹	30.31	35.93	44.02	45.32	40.62	50.91	73.73	84.58	79.81	84.58	65.93	14.46
CAPEX, bln ₹	3.07	4.96	12.07	19.2	17.67	18.17	17.66	19.23	10.24	19.23	16.59	-10.34

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Capitalization, bln ₹				174.9																						174.90	0.00
Revenue, bln ₹																19.91	25.59	22.47	23.41	21.11	26.51	20.94	20.44	19.83	23.97	22.34	-1.99
Net profit, bln ₹																0.5156	1.51	0.7441	0.7202	0.8448	1.29	0.3716	0.257	1.82	0.2741	0.8025	-26.64
EV, bln ₹									256		269.16		220.34		216.63		215.66		264.63		239.49		255.61		257.04	246.49	3.57
EBIT, bln ₹		3.7	2.24	1.25	1.87	1.78	4.55	4.04							0.6573	1.47	2.82									2.71	-9.12
EBITDA, bln ₹									4.51	3.72	4.07	2.35	2.88	3.09	1.95	2.92	4.23	3.51								3.14	2.58
Book value, bln ₹							53.75		57.32		64.27		66.19		66.63		68.61		70.33		72.38		72.39		74.42	71.63	1.64
Operating Cash Flow, bln ₹	7.93		1.56		7.48																					5.66	-1.93
Operating profit, bln ₹																1.47	2.71	1.94	2.43	2.17	2.66	1.52	1.45	1.04	1.36	1.61	-12.56
Operating expenses, bln ₹																18.44	22.88	20.53	20.98	18.94	23.84	19.41	19	18.79	22.61	20.73	-1.05
CAPEX, bln ₹	12.07		8.31		19.2																					13.19	16.73

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹		0.8334	0.8866	0.5795	0.6393	1.08	1.46	1.38	0.9579	1.73	0.9579	1.32	9.88
Short-Term Investments ₹		0.3247	0.2746	0.3194	0.2764	0.2911	0.3007	2.49	0.2795	1.46	0.2795	0.9643	38.06
Accounts Receivable ₹		6.22	5.07	6.05	5.28	3.75	3.51	4.65	8.56	7.3	8.56	5.55	14.25
Total Current Assets ₹		14.22	12.99	13.81	15.76	14.59	17.07	18.87	22.5	22.38	22.5	19.08	8.93
Net assets, bln ₹	50.85	50.98	52.78	60.14	76.61	91.02	105.68	18.87			17.07	70.46	-20.69
Assets, bln ₹		70.71	71.58	82.04	101.33	114.55	131.59	145.95	162.73	163.3	162.73	143.62	7.35
Short-Term Debt ₹		6.35	5.83	7.29	8	9.39	10.73	8.65	9.9	12.73	9.9	10.28	6.28
Long-Term Debt ₹		5.11	4.19	7.01	18.32	21.63	28.57	36.22	39.27	33.79	39.27	31.90	9.33
Liabilities, bln ₹		32.73	30.5	36.62	51.26	57.17	65.33	77.27	90.31	88.87	90.31	75.79	9.22
Net debt, bln ₹			10.32	15.79	29.6	29.94	37.84	43.5	48.21	44.8	48.21	40.86	8.39
Debt, bln ₹		11.46	10.01	14.31	26.32	31.02	39.3	44.87	49.17	46.52	49.17	42.18	8.44
Interest Income ₹	1.7	0.2291	0.1265	0.0796	0.1185	0.0917	0.1132	0.1018				0.1010	5.04
Interest Expense, bln ₹				0.4887	0.6617	0.8179	0.9616	2.41	4.16	4.59	4.16	2.59	41.20
Net interest income, bln ₹		-0.8251	-0.4781	-0.4456	-0.6154	-0.7894	-1.02	-2.41	0.1363		0.1018	-0.9397	-173.97
Cost of production, bln ₹		14.98	17.98	22.67	23.08	20.06	27.27	40.05	42.69	37.94	42.69	33.60	13.59
Inventory ₹		5.77	5.61	5.61	6.47	5.99	8.34	8.84	9.83	10.16	9.83	8.63	11.15

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹						0.1968	1.08	0.443		1.46		0.4952		1.38		0.8202		0.9579		1.02		1.73	1.18	4.62
Short-Term Investments ₹						1.7	0.2911	1.67		0.3007		1.72		2.49		1.41		0.2795		1.47		1.46	1.42	-10.13
Accounts Receivable ₹						4.7	3.76	4.11		3.51		4.9		7.15		4.75		8.56		5.79		7.3	6.71	0.42
Total Current Assets ₹						15.06	14.59	15.22		17.07		18.62		18.87		20.18		22.5		23.15		22.38	21.42	3.47
Net assets, bln ₹			66.64		76.61		14.59	15.22		17.07		113.24		18.87									35.80	5.28
Assets, bln ₹						105.68	114.55	122.47		131.59		140.15		145.95		156.56		162.73		164.96		163.3	158.70	2.27
Short-Term Debt ₹					8		9.39	13.81		10.73		16.7		8.65		11.14		9.9		14.25		12.73	11.33	8.03
Long-Term Debt ₹						17.5	21.63	21.81		28.57		31.51		36.22		39.3		39.27		37.79		33.79	37.27	-1.38
Liabilities, bln ₹						51.86	57.17	58.13		65.33		73.45		77.27		86.16		90.31		92.54		88.87	87.03	2.84
Net debt, bln ₹						23.33	29.94	35.18		37.84		47.72		43.5		49.62		48.21		51.02		44.8	47.43	0.59
Debt, bln ₹			21.63		26.32							48.21		44.87		50.44		49.17		52.04		46.52	48.61	0.72
Interest Income ₹	0.1306	0.1386	0.1503	0.2164	0.2161																		0.1704	10.60
Interest Expense, bln ₹													0.6084	0.7715	0.9339	1.17	1.02	0.145	1.13	1.2	1.13	1.13	0.9470	50.78
Net interest income, bln ₹								-0.294	-0.2528	-0.227	-0.4748	-0.5505	-0.6084	-0.7715	-0.9339	-1.17	-1.02						-0.9008	10.89
Cost of production, bln ₹													9.8	13	10.82	4.42	8.81	18.39	9.29	4.02	8.71	10.94	10.27	-9.87
Inventory ₹						6.52	5.99	6.64		8.34		9.6		8.84		10.59		9.83		12.11		10.16	10.31	2.82

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	23.46		24	22.23	26.31	33.4	37.3	13.31	15.23	11.54	15.23	22.16	-19.15
Share price		785.8	639.35	754.6	796.15	1004.75	700	1020.05	965.7	1066	1066	951.30	1.19
Number of shares, mln				227.78	235.58	235.89	236.29	236.29	236.29	236.29	236.29	236.21	0.03
FCF/share				-18.19	-49.75	5.31	-28.85	-14.99	-0.7199	15.86	-0.7199	-4.6780	24.46

	2019Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS		4.61	0.1303	2.18	6.38	3.26	3.05	3.58	5.46	1.09	1.16			2.87	-17.58
Share price		702.1	726.91	699.75	715.06	834.93	890.67	994.18			851.85	1062.9	1066.6	973.24	3.67
Number of shares, mln	227.78													227.78	0.00

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %		17.46	13.73	11.26	12.08	13.67	14.27	4.67	5.11	3.71	5.11	13.89	8.29	-22.96
ROA, %		9.37	7.88	6.23	5.96	6.84	7.16	2.27	2.33	1.67	2.33	8.15	4.05	-24.57
ROIC, %	13.98	14.84	12.43	9.74	9.61	9.62	8.98	3.19	3.45		3.45	13.61	6.97	-18.53
ROS, %		16.7	12.74	9.92	11.24	14.85	14.74	3.91	3.84	3.84	3.84	8.99	8.24	-23.70
ROCE, %		24.84	20.41	16.6	16.8	21.1	8.67	6		9.54	9.54	11.64	12.42	-10.70
EBIT margin					15.65	22.95	15.04	8.58		7.37	7.37	7.75	13.92	-13.98
EBITDA margin			25.82	20.72	21.97	29.98	21.77	15.13		13	13	18.54	20.37	-9.96
Net margin		16.7	12.74	9.92	11.24	14.85	14.74	3.91	3.84	3.2	3.84	9.27	8.11	-26.43
Operational efficiency, %		23.6	18.77	14.49	15.68	23.01	14.87	8.44	9.79	9.79	9.79	12.28	13.18	-15.71
FCF yield, %				-2.48						1.49	-0.0675		-0.4950	-177.51

	2019Q3	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %			4.53	3.77	8.03		1.79		0.0462		2.73		1.27		2.21		0.4153		0.3825			13.89	1.40	-32.50
ROA, %			2.3	1.89	4.21		0.9011		0.022		2.07		0.4762		0.8083		0.1569		0.167			8.15	0.7357	-39.56
ROIC, %	3.69	3.92																				13.61	3.80	3.07
ROS, %												3.31	3.08	4	4.87	1.77	1.26	9.2	1.14	3.85	3.84	8.99	3.86	24.97
ROCE, %	4.65	3.74	8.45						0.9854		2.59									9.54	9.54	11.64	6.22	2.46
EBIT margin																				7.39	7.37	7.75	7.38	-0.14
EBITDA margin					28.01	15.25	16.17	17.68	11.1	14.66	16.52	15.61								13.03	13	18.54	14.56	-2.37
Net margin										2.59	5.9	3.31	3.08	4	4.87	1.77	1.26	9.2	1.14			9.27	3.65	-25.20
Operational efficiency, %												8.62	10.37	10.27	10.05	7.28	7.07	5.26	5.68	9.84	9.79	12.28	7.53	6.73

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E			32.74	18.49	28.85	20.7	56.77	53.14	77.85	53.14	43.39	47.46	21.96
P/BV			3.69	2.23	3.94	2.75	2.6	2.64	2.85	2.64	5.17	2.96	-6.27
P/S			3.25	2.08	4.29	3.05	2.22	2.04	2.49	2.04	3.90	2.82	-10.31
P/FCF			-40.36				-58.88	-1225.34	-1480.81	-1480.81	3.77	-701.3475	146.11
E/P			0.0305				0.0151	0.0173	0.0143	0.0143	0.05	0.0193	-17.25
EV/EBIT				16.79	21.15	24.49	32.15	34.68	34.68	34.68	13.72	29.43	10.40
EV/EBITDA			16.96	11.96	16.18	16.93	18.22			17.7	14.27	16.05	1.44
EV/S			3.51	3.91	5.09	3.68	2.76	2.55	2.55	2.55	3.86	3.33	-12.91
EV/FCF			-43.67	-17.95	214.04	-32.32	-62.67	-1407.93	-1407.93	-1407.93	0.24	-539.3620	-245.75
Debt/EBITDA		0.8768	1.34	2.23	1.96	3.02	3.68	4.04	4.04	4.04	1.68	3.35	15.56
Netdebt/Ebitda		0.9035	1.48	2.51	1.89	2.91	3.57	3.96	3.96	3.96	1.50	3.26	15.94
Debt/Ratio	0.162	0.1399	0.1744	0.2598	0.2708	0.2987	0.3075	0.3022	0.3022	0.3022	0.14	0.2963	2.22
Debt/Equity	0.3018	0.2439	0.3153	0.5263	0.5412	0.5938	0.654	0.6793	1.25	1.25	0.84	0.7437	18.23
Debt/Net Income	1.73	1.78	2.8	4.36	3.96	4.46	14.27	13.66	13.66	13.66	2.88	10.00	28.10
PEG									-5.63	-5.63	-3.84	-5.6300	0.00
Beta							1.39	-2.29	0.4641	0.4641	1.29	-0.1453	-30.63
Altman Index			5.88				2.77	2.59	3	3	6.27	3.56	-15.48

	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E		184.88			104.58	31.96	21.43	138.85	111.84	95.15	54.35	54.18	83.51			43.39	79.81	-5.67
P/BV					3.94	3.64	2.75	2.53	2.51	3.05	2.64	2.83	2.85			5.17	2.78	2.57
P/S		13.74			13.22	7.39	3.69	4.78	3.99	3.23	2.53	2.13	2.25			3.90	2.83	-10.83
P/FCF														-1225.34	-1480.81	3.77	-1353.0750	9.93
E/P		0.0054												0.0173	0.0143	0.05	0.0123	38.35
EV/EBIT														34.68	34.68	13.72	34.68	0.00
EV/EBITDA							16.93	21.09	17.97							14.27	18.66	2.01
EV/S										11.31	9.04	12.5	10.72	2.56	2.55	3.86	7.47	-22.36
EV/FCF														-1407.93	-1407.93	0.24	-1407.9300	0.00
Debt/EBITDA			9.07											4.04	4.04	1.68	5.72	-23.63
Netdebt/Ebitda				5.13	6.64	8.64	13.14	24.52	10.29					3.96	3.96	1.50	11.17	-21.33
Debt/Ratio	0.2305		0.2598					0.344	0.3075	0.3222	0.3022	0.3155	0.2849	0.3022	0.3022	0.14	0.3014	0.00
Debt/Equity	0.449		0.5263					0.7236	0.654	0.7173	0.6793	0.7188	0.6251	1.25	1.25	0.84	0.9046	12.97
Debt/Net Income	12.56		18.4							70.04	38.1	202.48	169.72	13.66	13.66	2.88	87.52	-18.55
PEG														-5.24	-5.63	-3.84	-5.4350	3.65
Beta													1.46	2.38	0.4641	1.29	1.43	-31.75
Altman Index													2.59	2.59	3	6.27	2.73	5.02

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	1.29	0.7075	0.7075	0.7074	1.3	0.6668	0.6611	0.4731	0.5913		0.5913		0.7385	-14.58
Dividend		3	3	3	2.5	3	3	2	2.5	2	2		2.50	-7.79
Dividend yield, %		0.4366	0.4252	0.4086	0.3528	0.3043	0.4028	0.3398	0.2425	0.2173	0.2173	1.37	0.3013	-6.51
Dividends / profit, %		10.68	12.55	13.85	21.47	8.51	7.5	21.02	13.14	21.69	13.14	32.20	14.37	20.58
Dividend coverage ratio						11.85	13.33	6.65	6.09	6.09	6.09	89.85	8.80	-12.47

	2014Q3	2015Q3	2016Q1	2017Q3	2018Q3	2019Q1	2019Q3	2020Q1	2021Q1	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln						0.8528	0.8528	1.56							1.09	22.30
Dividend	1	1.5	3	3	3		3	2.5	3	3	2				2.70	-7.79
Dividend yield, %	0.3277	0.441	0.7871	0.43	0.4471		0.4022	0.3378	0.3284	0.4127	0.2246			1.37	0.3411	-11.00
Dividends / profit, %						51.71	49.51	109.27						32.20	70.16	28.32
Dividend coverage ratio												7.61	6.09	89.85	6.85	-10.54

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	35.72	33.49	30.38	21.93	20.5	12.02	20.5	-18.53
Staff, people				3 507	3 507			0.00

	CAGR 5

	CAGR 5