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South India-focused cement manufacturer (Ramco Group), also making ready-mix concrete and dry mortar products.
South India-focused cement manufacturer (Ramco Group), also making ready-mix concrete and dry mortar products.
Sells cement mainly through a dealer network, with prices set region by region, so results turn on its South Indian price levels and fuel costs more than volume alone; it has added plants in the east of India to reduce its dependence on southern demand. The Ramco family's group controls it.
Moat: narrow (scale, brand). Strong South Indian regional market share, but faces competition from national players expanding into the region.
Headquarters: Chennai, India · Founded: 1957 · Employees: 3,890
Size Ramco Cements (RAMCOCEM.NS) is an India Industrials company (Construction Materials) with a market value of $2.05B, the 368th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹817.35 on 6 Nov 2026.
Performance Over six months the shares fell 14.8%, against -16.3% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 12 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +6.1%); the operating margin is 6.5% (peer median 8.8%).
Valuation It trades at 70.1× forward earnings against a peer median of 22.9× (2nd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.8 points below its cost of capital (12.3% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹92.3B | ₹90.0B | ₹85.2B | ₹93.7B | ₹81.4B |
| Revenue growth | — | +6% | -9% | +15% | — |
| Gross profit | ₹37.4B | ₹30.7B | ₹28.6B | ₹33.3B | ₹26.4B |
| EBITDA | ₹13.4B | ₹14.3B | ₹12.6B | ₹16.3B | ₹12.1B |
| Net income | ₹6.45B | ₹6.99B | ₹2.73B | ₹3.60B | ₹3.15B |
| Free cash flow | n/a | ₹2.20B | -₹627M | -₹4.22B | -₹5.80B |
| Capital expenditure | n/a | ₹9.97B | ₹10.2B | ₹19.2B | ₹17.7B |
| Total debt | n/a | ₹38.7B | ₹46.7B | ₹49.4B | ₹45.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ramco Cements RAMCOCEM.NS | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% |
| UltraTech Cement ULTRACEMCO.NS | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% |
| India Cements INDIACEM.NS | $1.14B | -15% | +5% | 5% | 25.6× | n/a |
| Dalmia Bharat DALBHARAT.NS | $2.92B | -26% | +6% | 9% | 31.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RAMCOCEM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | +1.4% | 4th lowest of 12 |
| 6-month return | -14.8% | -16.3% | 5th highest of 12 |
| Distance from 52-week high | -32.7% | -34.9% | 5th highest of 12 |
| Revenue growth (TTM) | +8.6% | +6.1% | 5th highest of 12 |
| Operating margin | 6.5% | 8.8% | 4th lowest of 12 |
| Forward P/E | 70.1× | 22.9× | 2nd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 31.6% | 16.2% | most demanding of 7 |
| Growth delivered (Del g) | +11.2% | +8.3% | 3rd highest of 7 |
| Hurdle (Req g minus delivered) | +20.4 pp | +8.0 pp | most demanding of 7 |
| ROIC minus cost of capital | -6.8 pp | -4.8 pp | 4th lowest of 12 |
| EV / EBITDA | 14.4× | 11.5× | 5th most expensive of 12 |
| Net debt / EBITDA | 2.7× | 2.3× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ramco Cements RAMCOCEM.NS | India | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% | +11.2% |
| JSW Cement JSWCEMENT.NS | India | $1.78B | -1% | +13% | 12% | 32.2× | n/a | n/a |
| ACC ACC.NS | India | $2.46B | -13% | +8% | 4% | 22.9× | n/a | n/a |
| Dalmia Bharat DALBHARAT.NS | India | $2.92B | -26% | +6% | 9% | 31.2× | n/a | n/a |
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| J.K. Cement JKCEMENT.NS | India | $4.28B | -7% | +17% | 11% | 37.7× | n/a | n/a |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |
| Birla BIRLACORPN.NS | India | $673M | -16% | +4% | 9% | 13.8× | 5.7% | +7.6% |
| JK Lakshmi Cement JKLAKSHMI.NS | India | $598M | -32% | +5% | 8% | 13.2× | 14.5% | +7.4% |
| Prism Johnson PRSMJOHNSN.NS | India | $538M | -24% | +1% | 3% | 79.9× | 22.6% | +5.7% |