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Swing Capital

Ramco Industries Ltd

NSE: RAMCOIND BSE: 532369IT / Software

Part of the Chennai-based Ramco Group; Ramco Industries Ltd. is engaged in the manufacture of Fiber Cement (FC) sheets and Calcium Silicate Boards (CSBs). Company is also engaged in the spinning of cotton yarn; sale of surplus electricity generated from its windmills and computer software.

₹268
52W: ₹231 — ₹398
PE 23.6 · Book ₹153 · +75% vs book
Market Cap₹2,323 Cr
Stock P/E23.6Price to Earnings
ROCE9.03%Return on Capital
ROE7.28%Return on Equity
Div. Yield0.35%Face Value ₹1

Strengths

  • +Company has reduced debt.

Weaknesses

  • −The company has delivered a poor sales growth of 10.9% over past five years.
  • −Company has a low return on equity of 7.13% over last 3 years.
  • −Earnings include an other income of Rs.51.1 Cr.
  • −Dividend payout has been low at 9.89% of profits over last 3 years

Shareholding Pattern

Promoters54.79%
FIIs0.82%
DIIs3.35%
Public41.06%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.81%54.81%54.81%54.81%54.81%54.79%▼0.054.79%54.79%
FIIs0.98%0.96%▼0.01.42%▲0.50.81%▼0.61.12%▲0.31.26%▲0.10.82%▼0.40.82%
DIIs4.18%4.18%4.18%4.19%▲0.03.85%▼0.33.51%▼0.33.25%▼0.33.35%▲0.1
Public40.03%40.04%▲0.039.59%▼0.440.18%▲0.640.2%▲0.040.44%▲0.241.16%▲0.741.06%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales264270311493281272341459273305
Expenses247251289447258253316408247281
Operating Profit17192246231925512625
OPM %6%7%7%9%8%7%7%11%10%8%
Net Profit1612528341313333617
EPS ₹1.841.440.553.183.971.491.553.754.141.91

AI Insights

Revenue Trend

TTM revenue at ₹1,378Cr, down 0.6% YoY. OPM at 9%.

Debt Position

Borrowings at ₹174Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹12Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 3.35% (-0.15pp change). FIIs: 0.82% (+0.09pp change). Promoters hold 54.79%.

Margin & Efficiency

ROCE improving from 2% (Mar 2014) to 9% (Mar 2025). Working capital days: 78.

Valuation

PE 23.6x with 9.03% ROCE. Price is 75% above book value of ₹153. Dividend yield: 0.35%.

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