Ramky Infrastructure Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹341.80Fairly Valued by 2.95%vs CMP ₹332.00

P/E (12.3) × ROE (11.1%) × BV (₹312.00) × DY (0.30%)

₹462.85Undervalued by 39.41%vs CMP ₹332.00

MoS: +28.3% (Adequate)Confidence: 48/100 (Moderate)Models: 5 Under, 3 Fair, 1 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹535.87	23%	Under (+61.4%)
Graham Number	Earnings	₹476.18	17%	Under (+43.4%)
Earnings Power	Earnings	₹445.76	11%	Under (+34.3%)
DCF	Cash Flow	₹719.23	11%	Under (+116.6%)
Net Asset Value	Assets	₹312.35	7%	Fair (-5.9%)
EV/EBITDA	Enterprise	₹361.91	9%	Fair (+9%)
Earnings Yield	Earnings	₹323.00	7%	Fair (-2.7%)
ROCE Capital	Returns	₹387.79	7%	Under (+16.8%)
Revenue Multiple	Revenue	₹295.45	6%	Over (-11%)
Consensus (9 models)		₹462.85	100%	Undervalued

Key Drivers: EPS CAGR 56.8% lifts DCF — verify sustainability.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 56.8%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 14 September 2026, 2:19 pm +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹2,045.00 Cr, versus ₹2,161.00 Cr in Mar 2024 (-5.4% year on year). Net profit for Mar 2025 was ₹210.00 Cr, versus ₹321.00 Cr in Mar 2024 (-34.6% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹373.00 Cr against net profit of ₹210.00 Cr. Cash flow covered 1.78 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹591.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Ramky Infrastructure Ltd scores 70/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health76/100 · Strong

ROCE 13.7% GoodROE 11.1% AverageD/E 0.29 Low debtInterest Coverage 4.2x AdequateProfitable 5/5 available years Reported history

Smart Money60/100 · Moderate

FII holding up 0.62% (6mo) Slight increasePromoter holding at 69.8% Stable

Earnings Quality100/100 · Strong

CFO/NP ratio: 1.99x Cash-backed earningsOPM expanding (17% → 20%) ImprovingWorking capital: -62 days (improving) Efficient

Quarterly Momentum15/100 · Weak

Revenue (4Q): -14% YoY DecliningProfit (4Q): -16% YoY DecliningOPM: 16.0% (down 4.0% YoY) Margin pressure

Industry Rank90/100 · Strong

P/E 12.3 vs industry 23.0 Lower P/EROCE 13.7% vs industry 5.0% Above peersROE 11.1% vs industry 7.1% Above peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 14, 2026, 2:19 pm

Market Cap	2,298 Cr.
Current Price	332
Intrinsic Value	₹462.85
High / Low	706/327
Stock P/E	12.3
Book Value	312
Dividend Yield	0.30 %
ROCE	13.7 %
ROE	11.1 %
Face Value	10.0
PEG Ratio	0.22

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Ramky Infrastructure Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Ramky Infrastructure Ltd	2,298 Cr.	332	706/327	12.3	312	0.30 %	13.7 %	11.1 %	10.0
Simplex Infrastructures Ltd	2,018 Cr.	255	330/136	44.6	123	0.00 %	2.40 %	5.26 %	2.00
Patel Engineering Ltd	2,640 Cr.	26.6	41.3/22.0	6.73	44.8	0.00 %	13.3 %	8.95 %	1.00
SPML Infra Ltd – a Multi-sector Infrastructure Player	1,456 Cr.	172	288/151	17.1	120	0.00 %	6.76 %	8.69 %	2.00
PSP Projects Ltd	3,355 Cr.	846	1,143/569	49.9	318	0.00 %	7.53 %	4.29 %	10.0
Industry Average	5,719.94 Cr	150.82		39.14	90.53	0.06%	5.87%	8.93%	5.85

All Competitor Stocks of Ramky Infrastructure Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	417	576	557	582	441	581	569	527	459	489	379	472	489
Expenses	328	481	400	401	364	486	453	399	369	487	303	389	413
Operating Profit	89	96	157	181	77	96	116	129	90	2	76	83	76
OPM %	21%	17%	28%	31%	17%	16%	20%	24%	20%	0%	20%	18%	16%
Other Income	52	1,319	37	41	40	43	36	36	40	55	61	57	62
Interest	95	89	40	46	45	28	29	30	26	35	22	18	18
Depreciation	11	11	11	12	12	13	12	13	13	13	14	15	15
Profit before tax	34	1,314	143	164	59	97	111	122	90	8	101	108	105
Tax %	67%	18%	26%	26%	37%	41%	36%	32%	34%	140%	24%	30%	26%
Net Profit	11	1,078	105	121	38	58	71	83	60	-3	77	76	78
EPS in Rs	0.98	155.65	14.64	16.28	5.27	8.29	9.77	11.30	8.15	-0.67	10.75	10.87	11.35

Last Updated: March 3, 2026, 3:10 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:16 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,402	1,644	2,048	1,719	1,578	1,749	1,387	1,056	1,459	1,705	2,161	2,045	1,829
Expenses	2,620	1,802	2,118	1,601	1,567	1,572	1,432	954	1,253	1,367	1,649	1,708	1,592
Operating Profit	-219	-158	-69	118	11	177	-45	103	205	338	512	336	236
OPM %	-9%	-10%	-3%	7%	1%	10%	-3%	10%	14%	20%	24%	16%	13%
Other Income	35	52	503	391	525	253	169	185	322	1,456	158	166	235
Interest	380	515	397	399	369	378	341	325	373	363	158	120	93
Depreciation	69	92	66	59	55	48	45	32	31	42	48	51	56
Profit before tax	-633	-712	-29	50	111	3	-263	-70	123	1,389	463	331	322
Tax %	-33%	-32%	22%	68%	41%	102%	1%	-128%	67%	17%	31%	36%
Net Profit	-408	-483	-45	-12	33	-0	-266	19	40	1,153	321	210	227
EPS in Rs	-72.53	-84.44	-8.16	-1.06	5.00	2.51	-28.62	2.83	3.41	164.83	44.48	28.54	32.30
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-18.38%	90.68%	73.33%	375.00%	-100.00%	107.14%	110.53%	2782.50%	-72.16%	-34.58%
Change in YoY Net Profit Growth (%)	0.00%	109.07%	-17.35%	301.67%	-475.00%	207.14%	3.38%	2671.97%	-2854.66%	37.58%

Ramky Infrastructure Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	2%
5 Years:	8%
3 Years:	12%
TTM:	-15%

Compounded Profit Growth
10 Years:	9%
5 Years:	25%
3 Years:	104%
TTM:	-25%

Stock Price CAGR
10 Years:	36%
5 Years:	78%
3 Years:	36%
1 Year:	-22%

Return on Equity
10 Years:	6%
5 Years:	13%
3 Years:	14%
Last Year:	11%

Last Updated: September 5, 2025, 12:55 pm

Balance Sheet

Last Updated: July 16, 2026, 1:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	57	57	57	57	60	69	69	69	69	69	69	69
Reserves	745	299	293	352	389	251	271	207	1,342	1,643	1,835	2,093
Borrowings	3,671	3,221	3,095	2,970	2,721	2,470	2,303	2,124	1,650	834	570	591
Other Liabilities	2,062	1,798	2,130	1,616	1,446	1,517	1,734	2,153	1,579	1,709	1,706	1,370
Total Liabilities	6,535	5,374	5,576	4,996	4,616	4,308	4,377	4,552	4,641	4,256	4,181	4,124
Fixed Assets	1,315	354	303	298	280	239	202	265	329	217	206	186
CWIP	11	4	4	16	0	1	28	28	61	0	0	1
Investments	105	198	170	138	6	6	7	7	7	0	0	0
Other Assets	5,104	4,819	5,098	4,545	4,330	4,062	4,141	4,252	4,244	4,039	3,975	3,937
Total Assets	6,535	5,374	5,576	4,996	4,616	4,308	4,377	4,552	4,641	4,256	4,181	4,124

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	149	-160	350	421	404	263	222	278	2,611	370	373	-262
Cash from Investing Activity +	29	75	78	-21	106	30	1	-85	-215	-72	-11	413
Cash from Financing Activity +	-158	110	-491	-421	-477	-195	-227	-327	-1,650	-1,011	-380	-69
Net Cash Flow	20	25	-63	-21	33	98	-3	-135	745	-712	-18	82
Free Cash Flow	150	-160	410	358	390	259	185	184	2,477	262	229	3
CFO/OP	-87%	211%	297%	3,487%	227%	-565%	171%	128%	768%	87%	125%	-79%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	150.00	-160.00	410.00	358.00	390.00	259.00	185.00	184.00	2,477.00	262.00	229.00	3.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	151	217	180	253	218	126	96	115	111	81	70	67
Inventory Days		3,248	1,174
Days Payable		3,493	1,482
Cash Conversion Cycle	151	-28	-128	253	218	126	96	115	111	81	70	67
Working Capital Days	20	-153	28	-56	-31	-47	-134	-164	-409	-249	2	-62
ROCE %	-6%	-4%	9%	11%	14%	11%	3%	9%	19%	16%	21%	17%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%
FIIs	0.60%	0.56%	0.61%	0.30%	0.46%	0.74%	1.22%	1.48%	1.30%	1.24%	1.85%	1.92%
DIIs	0.38%	0.43%	0.48%	0.48%	0.68%	0.51%	0.61%	0.70%	0.79%	0.79%	0.91%	0.91%
Public	29.23%	29.21%	29.10%	29.40%	29.06%	28.93%	28.35%	28.01%	28.10%	28.18%	27.44%	27.37%
No. of Shareholders	16,366	16,984	20,751	23,839	24,037	23,881	23,251	23,241	23,162	22,278	23,216	23,063

Shareholding Pattern Chart

No. of Shareholders

Ramky Infrastructure Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Motilal Oswal Nifty Microcap 250 Index Fund	22,977	0.29	1.67	22,977	2025-04-22 15:56:54	0%
Groww Nifty Total Market Index Fund	62	0.01	0	62	2025-04-22 17:25:22	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	28.54	44.48	164.83	3.41	2.83
Diluted EPS (Rs.)	28.54	44.48	164.83	3.41	2.83
Cash EPS (Rs.)	37.79	53.39	172.61	10.33	7.44
Book Value[Excl.RevalReserv]/Share (Rs.)	275.20	269.35	223.73	57.88	52.40
Book Value[Incl.RevalReserv]/Share (Rs.)	275.20	269.35	223.73	57.88	52.40
Revenue From Operations / Share (Rs.)	295.46	312.22	246.41	210.79	152.65
PBDIT / Share (Rs.)	72.57	96.86	72.18	76.20	41.51
PBIT / Share (Rs.)	65.20	89.87	66.14	71.65	36.88
PBT / Share (Rs.)	47.85	66.97	200.75	17.71	-10.06
Net Profit / Share (Rs.)	30.42	46.40	166.57	5.78	2.81
NP After MI And SOA / Share (Rs.)	28.54	44.48	164.82	3.41	2.83
PBDIT Margin (%)	24.56	31.02	29.29	36.14	27.19
PBIT Margin (%)	22.06	28.78	26.84	33.99	24.16
PBT Margin (%)	16.19	21.44	81.47	8.40	-6.58
Net Profit Margin (%)	10.29	14.86	67.59	2.74	1.84
NP After MI And SOA Margin (%)	9.65	14.24	66.88	1.61	1.85
Return on Networth / Equity (%)	10.37	17.97	80.79	8.55	5.75
Return on Capital Employeed (%)	18.92	23.43	21.90	51.03	11.70
Return On Assets (%)	4.71	7.22	24.52	0.51	0.44
Long Term Debt / Equity (X)	0.06	0.33	0.26	1.40	4.68
Total Debt / Equity (X)	0.29	0.48	1.17	7.69	5.63
Asset Turnover Ratio (%)	0.48	0.48	0.42	0.39	0.28
Current Ratio (X)	1.19	1.36	0.88	0.63	0.89
Quick Ratio (X)	1.12	1.29	0.81	0.58	0.83
Inventory Turnover Ratio (X)	18.00	0.00	0.00	0.00	0.00
Dividend Payout Ratio (NP) (%)	2.23	1.43	0.00	0.00	0.00
Dividend Payout Ratio (CP) (%)	1.77	1.23	0.00	0.00	0.00
Earning Retention Ratio (%)	97.77	98.57	0.00	0.00	0.00
Cash Earning Retention Ratio (%)	98.23	98.77	0.00	0.00	0.00
Interest Coverage Ratio (X)	4.18	4.23	1.38	1.41	0.88
Interest Coverage Ratio (Post Tax) (X)	2.75	3.03	0.60	1.11	1.06
Enterprise Value (Cr.)	3675.97	4197.18	2943.20	3149.41	2220.45
EV / Net Operating Revenue (X)	1.80	1.94	1.73	2.16	2.10
EV / EBITDA (X)	7.32	6.26	5.89	5.97	7.73
MarketCap / Net Operating Revenue (X)	1.52	1.56	1.18	0.83	0.51
Retention Ratios (%)	97.76	98.56	0.00	0.00	0.00
Price / BV (X)	1.63	1.96	1.43	4.44	1.59
Price / Net Operating Revenue (X)	1.52	1.56	1.18	0.83	0.51
EarningsYield	0.06	0.09	0.56	0.01	0.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Ramky Infrastructure Ltd and is it undervalued?

Ramky Infrastructure Ltd: the stored intrinsic value estimate is ₹462.85, compared with a stored share price of ₹332.00. The model value is 39.4% above that quote. The model classifies this as undervalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Ramky Infrastructure Ltd?

The stored share price is ₹332.00. Price-data record updated: 14 September 2026, 2:19 pm +05:30. This is not a live quote. The stored 52-week high / low is 706/327; this is a rolling range, not a financial-year range.

How have Ramky Infrastructure Ltd's revenue and profit changed?

Does Ramky Infrastructure Ltd's profit convert into cash?

What should I check in Ramky Infrastructure Ltd's balance sheet?

Reported borrowings were ₹591.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Ramky Infrastructure Ltd's P/E with other stocks?

The stored P/E is 12.30. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Ramky Infrastructure Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.