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Swing Capital

The Ramco Cements Ltd

NSE: RAMCOCEM BSE: 500260Cement

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]

₹889
52W: ₹860 — ₹1214
PE 111 · Book ₹322 · +176% vs book
Market Cap₹20,998 Cr
Stock P/E111Price to Earnings
ROCE4.83%Return on Capital
ROE1.56%Return on Equity
Div. Yield0.22%Face Value ₹1

Weaknesses

  • −Stock is trading at 2.77 times its book value
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 9.61% over past five years.
  • −Company has a low return on equity of 4.05% over last 3 years.
  • −Earnings include an other income of Rs.534 Cr.
  • −Dividend payout has been low at 13.4% of profits over last 3 years

Shareholding Pattern

Promoters42.55%
FIIs8.04%
DIIs28.92%
Public17.1%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters42.29%42.29%42.75%▲0.542.55%▼0.242.55%42.55%42.55%42.55%
FIIs7.38%6.61%▼0.86.88%▲0.37.29%▲0.48.43%▲1.18.15%▼0.37.98%▼0.28.04%▲0.1
DIIs31.14%30.87%▼0.330.89%▲0.030.14%▼0.827.85%▼2.328.48%▲0.628.15%▼0.328.92%▲0.8
Public15.81%16.85%▲1.016.1%▼0.816.64%▲0.517.77%▲1.117.42%▼0.317.94%▲0.517.1%▼0.8

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales2,3292,1062,6732,0882,0381,9772,3922,0702,2352,101
Expenses1,9311,7112,2561,7691,7261,6972,0711,6721,8481,821
Operating Profit399395417319312279321398387281
OPM %17%19%16%15%15%14%13%19%17%13%
Net Profit101931213626325318674387
EPS ₹4.293.955.141.51.0813.771.313.643.1416.37

AI Insights

Revenue Trend

TTM revenue at ₹8,798Cr, up 3.6% YoY. OPM at 16%.

Debt Position

Borrowings at ₹4,699Cr. Debt-to-equity ratio: 0.62x. Moderate leverage.

Capex Cycle

CWIP at ₹1,067Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 28.92% (-3.52pp change). FIIs: 8.04% (+0.09pp change). Promoters hold 42.55%.

Margin & Efficiency

ROCE declining from 6% (Mar 2014) to 5% (Mar 2025). Working capital days: -98.

Valuation

PE 111x with 4.83% ROCE. Price is 176% above book value of ₹322. Dividend yield: 0.22%.

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