The Ramco Cements Ltd(RAMCOCEM)

NSE: RAMCOCEMBSE: 500260

₹ 740.7-2.90%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 17,502 crWebsite: ramcocements.inUpdated: 24 Oct 2026

About

The Ramco Cements Limited manufactures cement and construction chemicals, operating integrated plants primarily in South India with exports to Maldives and Myanmar. The company reported revenue of ₹9,028.76 cr in FY26 and sold 18.81 MnT of cement that year. It is expanding capacity toward ~31 MTPA by FY27 through debottlenecking and brownfield expansion.^[1]

Business segments

Cement is the primary segment; Construction Chemicals is the second segment, with standalone CC revenue of ₹349 cr in FY26 vs ₹210 cr in FY25, up 66% YoY.^[2]
Construction Chemicals revenue grew 10% YoY to ₹86 cr in Q1 FY27, with the 'Hard Worker' brand covering a 20-product range targeting ₹2,000 cr revenue in 4 - 5 years.^[3]

Operations and capacity

As of September 2026, Jayanthipuram works (NTR District, Andhra Pradesh) clinkerisation capacity increased from 4.61 MTPA to 5.62 MTPA and cement grinding from 3.65 MTPA to 4.38 MTPA via debottlenecking.^[4]
Total cement capacity target is ~31 MTPA by FY27, including brownfield expansion at Kolimigundla and debottlenecking of existing integrated units.^[3]
Green power met 37% of total power in Q1 FY27 (up from 31% in Q1 FY26) and 40% for full-year FY26 (up from 36% in FY25), driven by wind generation.^[3]
Two subsidiaries as of FY25: Ramco Windfarms Limited (71.50%) and Ramco Industrial and Technology Services Limited (94.11%).^[5]

Key operating numbers

Cement sales volume: 53.89 lac tons in Q1 FY27, up 12% YoY; full-year FY26 volume was 18.81 MnT, up 2% YoY.^[3]
Capacity utilisation: 70% in Q1 FY27 (up from 68% in Q1 FY26); FY26 full year was 74%, down from 77% in FY25.^[3]
EBITDA/tonne: ₹681/T in Q1 FY27, down from ₹981/T in Q1 FY26; FY26 full year was ₹788/T, up from ₹690/T in FY25.^[3]
Power and fuel cost per tonne: ₹1,222/T in Q1 FY27, up ₹104/T YoY and ₹254/T QoQ, driven by West Asia conflict disrupting pet coke and coal supply and ~11% rupee depreciation YoY.^[3]
Logistics cost per tonne: ₹1,076/T in Q1 FY27, up 2% YoY.^[3]
Construction Chemicals volumes: 1.35 lac tons in Q1 FY27 (down 17% YoY); FY26 full year was 5.86 lac tons, up from 3.26 lac tons in FY25.^[3]

Volume mix and premium products

South region accounted for 73% of Q1 FY27 cement volumes (down from 79% in Q1 FY26); East region rose to 27% from 21% YoY.^[3]
Premium product share in South was 28% in Q1 FY27 (vs 29% in Q1 FY26); East premium mix was 23% (vs 22% YoY).^[3]
B2C volumes grew while B2B volumes declined YoY in both South and South East zones in Q4 FY26.^[2]

Customers and distribution

Cement is sold primarily in domestic markets, with exports to Maldives and Myanmar through direct and merchant exports (FY25).^[5]

Expansion and capex

Kolimigundla brownfield expansion: Kiln Line-2 (3.15 MTPA clinker, 3.0 MTPA cement) and 15 MW WHRS to be commissioned in FY27.^[3]
Karnataka greenfield project: 60% of mining lands and 13% of factory lands acquired as of Q1 FY27; land acquisition ongoing.^[3]
FY27 total capex estimated at ₹800 cr.^[3]

Recent developments

Tamil Nadu mineral bearing land tax of ₹160/ton of limestone from April 2025 cost ~₹39 cr in Q1 FY27 and ~₹150 cr in FY26.^[3]
Non-core asset monetisation: ₹1,098 cr realised cumulatively over two years to March 2026; ₹24 cr realised in Q1 FY27 from ~₹150 cr of remaining identified assets.^[3]
FY26 annual report: Geeyes & Co. appointed cost auditors for FY27 at a remuneration of Rs. 7,50,000.^[6]

Market Cap

₹17,502 Cr

High / Low

₹1,214 / 733

Stock P/E

27.1

Price / Book

2.2

Book Value

₹343

EPS

₹29.6

No. of Shares

23.63 Cr

ROCE

6.2%

ROE

9.0%

OPM

8.1%

Debt / Equity

0.48

Sales

₹9,029 Cr

Net Profit

₹699 Cr

Promoter holding

42.6%

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