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Last Updated: April 2, 2026, 3:48 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500260 | NSE: RAMCOCEM

The Ramco Cements Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹475.19Overvalued by 49.66%vs CMP ₹944.00

P/E (118.0) × ROE (1.6%) × BV (₹322.00) × DY (0.21%)

₹385.37Overvalued by 59.18%vs CMP ₹944.00
MoS: -145% (Negative)Confidence: 65/100 (Moderate)Models: All 8: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹435.6126%Over (-53.9%)
Graham NumberEarnings₹420.9718%Over (-55.4%)
DCFCash Flow₹42.3915%Over (-95.5%)
Net Asset ValueAssets₹322.328%Over (-65.9%)
EV/EBITDAEnterprise₹615.7110%Over (-34.8%)
Earnings YieldEarnings₹244.608%Over (-74.1%)
ROCE CapitalReturns₹591.668%Over (-37.3%)
Revenue MultipleRevenue₹539.566%Over (-42.8%)
Consensus (8 models)₹385.37100%Overvalued
Key Drivers: P/E of 118 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | ROE 1.6% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -8.3%

*Investments are subject to market risks

Investment Snapshot

52
The Ramco Cements Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 4.8% WeakROE 1.6% WeakD/E 0.54 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.69% (6mo) Slight increaseDII holding down 1.99% MF sellingPromoter holding at 42.6% Stable
Earnings Quality60/100 · Moderate
OPM stable around 16% SteadyWorking capital: -98 days (improving) Efficient
Quarterly Momentum58/100 · Moderate
Revenue (4Q): 0% YoY FlatProfit (4Q): +14% YoY Positive
Industry Rank45/100 · Moderate
P/E 118.0 vs industry 274.7 Cheaper than peersROCE 4.8% vs industry 8.9% Below peersROE 1.6% vs industry 85.5% Below peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

The Ramco Cements Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
60/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 118.0 vs Ind 274.7 | ROCE 4.8% | ROE 1.6% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.54x | IntCov 0.0x | Current 0.60x | Borrow/Reserve 0.62x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹417 Cr | CFO/NP N/A
Ownership Accumulation
-50
Distribution
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.17 pp | DII -0.33 pp | Prom 0.00 pp
Business Momentum
+100
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -6.0% | Q NP +423.0% | Q OPM -4.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-59.2%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.62xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.17 ppLatest FII% minus previous FII%
DII Change-0.33 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-1,809Latest shareholder count minus previous count
Quarterly Sales Change-6.0%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+423.0%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-4.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:48 am

Market Cap 22,294 Cr.
Current Price 944
Intrinsic Value₹385.37
High / Low 1,214/860
Stock P/E118
Book Value 322
Dividend Yield0.21 %
ROCE4.83 %
ROE1.56 %
Face Value 1.00
PEG Ratio-14.17

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

View Share Price Target for The Ramco Cements Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
The Ramco Cements Ltd 22,294 Cr. 944 1,214/860118 3220.21 %4.83 %1.56 % 1.00
ACC Ltd 24,936 Cr. 1,328 2,123/1,2509.91 1,0610.56 %17.4 %13.2 % 10.0
The India Cements Ltd 11,070 Cr. 357 490/253 3250.00 %5.49 %8.83 % 10.0
Dalmia Bharat Ltd 33,874 Cr. 1,806 2,496/1,70028.3 9430.50 %5.58 %4.15 % 2.00
Star Cement Ltd 8,319 Cr. 206 309/19722.3 74.40.97 %8.39 %6.05 % 1.00
Industry Average34,326.20 Cr1,677.64274.74574.270.69%8.92%85.54%7.13

All Competitor Stocks of The Ramco Cements Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,0092,5702,2412,3292,1062,6732,0882,0381,9772,3922,0702,2352,101
Expenses 1,7242,1571,9001,9311,7112,2561,7691,7261,6972,0711,6721,8481,821
Operating Profit 285413341399395417319312279321398387281
OPM % 14%16%15%17%19%16%15%15%14%13%19%17%13%
Other Income 9128137148113402467497
Interest 617793117102104113120113113105111108
Depreciation 136141148157166165167169174182183182184
Profit before tax 97207108138135162483533349116100486
Tax % 31%26%27%27%31%25%26%27%2%37%26%26%20%
Net Profit 6715279101931213626325318674387
EPS in Rs 2.856.453.344.293.955.141.501.0813.771.313.643.1416.37

Last Updated: March 3, 2026, 2:14 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,6843,6453,5733,9504,4065,1465,3685,2685,9808,1359,3508,4958,798
Expenses 3,1202,9312,5012,7543,3054,1094,2313,7204,6956,9537,7977,2627,412
Operating Profit 5647141,0721,1951,1011,0381,1381,5481,2851,1831,5531,2331,386
OPM % 15%20%30%30%25%20%21%29%21%15%17%15%16%
Other Income 8687884436283735303742384534
Interest 18919518210460527388113241416460437
Depreciation 306250305284292299315355401504636691731
Profit before tax 1543566738507857167871,140801474543466752
Tax % 11%32%19%24%29%29%24%33%-11%27%27%10%
Net Profit 138242542649556506601761893344395417578
EPS in Rs 5.7910.1822.7727.2723.5921.4725.5232.2637.7814.5416.7217.6624.46
Dividend Payout % 17%15%13%11%13%14%10%9%8%14%15%11%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)75.36%123.97%19.74%-14.33%-8.99%18.77%26.62%17.35%-61.48%14.83%5.57%
Change in YoY Net Profit Growth (%)0.00%48.60%-104.23%-34.07%5.34%27.77%7.85%-9.28%-78.82%76.30%-9.26%

The Ramco Cements Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:10%
3 Years:12%
TTM:-8%
Compounded Profit Growth
10 Years:-7%
5 Years:-28%
3 Years:-50%
TTM:-59%
Stock Price CAGR
10 Years:13%
5 Years:9%
3 Years:13%
1 Year:29%
Return on Equity
10 Years:10%
5 Years:8%
3 Years:4%
Last Year:2%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:06 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 24242424242424242424242424
Reserves 2,4582,6213,0703,7184,0194,4374,8955,6036,5016,7707,1207,4707,588
Borrowings 2,9102,7122,1241,4251,1131,6193,0323,1103,9504,5074,9364,6754,699
Other Liabilities 1,4761,6451,6771,8431,9382,0292,0962,6092,5813,2164,0884,2064,310
Total Liabilities 6,8697,0026,8947,0097,0938,10810,04711,34613,05614,51716,16816,37416,620
Fixed Assets 4,6414,8764,9015,1835,2985,3766,0276,9577,75210,17412,04312,33812,858
CWIP 3542631471201758531,8402,3553,0341,9871,3781,3861,067
Investments 283356372148159175189201201202223135104
Other Assets 1,5901,5081,4751,5571,4611,7051,9911,8332,0692,1532,5242,5152,591
Total Assets 6,8697,0026,8947,0097,0938,10810,04711,34613,05614,51716,16816,37416,620

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 4799561,0851,1051,1137907401,8851,1291,4051,8871,402
Cash from Investing Activity + -541-482-263-276-483-1,191-1,932-1,771-1,810-1,687-1,900-545
Cash from Financing Activity + 53-457-943-659-7876431,213-64715274-28-782
Net Cash Flow -1017-121171-157242205034-7-4175
Free Cash Flow -78518808801619-411-1,179120-680-358-27461
CFO/OP 92%144%115%108%117%91%77%135%100%121%124%115%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow562.00712.00-1.000.000.000.00-2.00-2.00-2.00-3.00-3.00-3.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 303848513735362621213331
Inventory Days 363279340313272241270252342240209215
Days Payable 93123133139130111143153198173211198
Cash Conversion Cycle 300194256225179165163125165873148
Working Capital Days -50-37-80-67-53-54-58-77-76-61-72-98
ROCE %6%10%16%18%16%14%12%15%10%7%8%5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 42.29%42.11%42.11%42.11%42.29%42.29%42.29%42.75%42.55%42.55%42.55%42.55%
FIIs 7.55%7.95%7.85%7.94%7.43%7.38%6.61%6.88%7.29%8.43%8.15%7.98%
DIIs 32.46%32.44%33.37%32.92%32.24%31.14%30.87%30.89%30.14%27.85%28.48%28.15%
Government 3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%3.39%
Public 14.31%14.11%13.29%13.64%14.66%15.81%16.85%16.10%16.64%17.77%17.42%17.94%
No. of Shareholders 54,63847,89747,10546,99356,32776,16576,44763,10162,36056,97257,83856,029

Shareholding Pattern Chart

No. of Shareholders

The Ramco Cements Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Flexicap Fund 7,700,000 1.53 869.95N/AN/AN/A
Nippon India Small Cap Fund 5,076,860 0.85 573.584,721,3142026-01-26 03:42:577.53%
HDFC Flexi Cap Fund 3,964,281 0.45 447.883,877,8842025-12-15 00:20:162.23%
SBI Large & Midcap Fund 2,900,000 0.85 327.641,939,2282026-03-24 02:14:4449.54%
HSBC Value Fund 2,324,433 1.78 262.611,775,3422026-02-23 00:22:0630.93%
SBI Contra Fund 2,106,875 0.48 238.032,106,8752025-04-22 15:56:520%
HDFC Hybrid Equity Fund 1,600,000 0.76 180.771,494,6882026-01-26 02:18:517.05%
Franklin India Small Cap Fund 1,306,390 1.14 147.6N/AN/AN/A
Tata Small Cap Fund 1,255,923 1.32 141.89N/AN/AN/A
Canara Robeco Small Cap Fund 1,156,767 1.02 130.69N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 11.5315.7714.0039.0034.00
Diluted EPS (Rs.) 11.5315.7714.0039.0034.00
Cash EPS (Rs.) 40.7644.0135.8954.8147.48
Book Value[Excl.RevalReserv]/Share (Rs.) 314.92306.45290.65280.38243.24
Book Value[Incl.RevalReserv]/Share (Rs.) 314.92306.45290.65280.38243.24
Revenue From Operations / Share (Rs.) 360.49396.80345.21254.07224.29
PBDIT / Share (Rs.) 53.9067.8651.5655.7867.30
PBIT / Share (Rs.) 24.4940.5130.1538.7652.19
PBT / Share (Rs.) 13.5122.9219.9734.0048.47
Net Profit / Share (Rs.) 11.3516.6514.4737.7832.37
NP After MI And SOA / Share (Rs.) 11.5415.2313.3137.3033.22
PBDIT Margin (%) 14.9517.1014.9321.9530.00
PBIT Margin (%) 6.7910.208.7315.2523.26
PBT Margin (%) 3.745.775.7813.3821.61
Net Profit Margin (%) 3.144.194.1914.8714.43
NP After MI And SOA Margin (%) 3.203.833.8514.6814.81
Return on Networth / Equity (%) 3.664.974.5813.3113.67
Return on Capital Employeed (%) 4.817.786.198.8213.62
Return On Assets (%) 1.662.212.156.696.84
Long Term Debt / Equity (X) 0.450.540.520.430.37
Total Debt / Equity (X) 0.620.670.650.590.54
Asset Turnover Ratio (%) 0.520.600.580.480.49
Current Ratio (X) 0.510.560.610.610.60
Quick Ratio (X) 0.280.310.320.310.35
Inventory Turnover Ratio (X) 8.521.871.581.251.32
Dividend Payout Ratio (NP) (%) 21.6813.1422.560.009.03
Dividend Payout Ratio (CP) (%) 6.114.708.640.006.21
Earning Retention Ratio (%) 78.3286.8677.440.0090.97
Cash Earning Retention Ratio (%) 93.8995.3091.360.0093.79
Interest Coverage Ratio (X) 2.783.865.0711.7318.12
Interest Coverage Ratio (Post Tax) (X) 1.151.952.428.949.71
Enterprise Value (Cr.) 25669.0923941.5222178.9221935.6226628.51
EV / Net Operating Revenue (X) 3.012.552.723.655.03
EV / EBITDA (X) 20.1514.9318.2016.6416.77
MarketCap / Net Operating Revenue (X) 2.492.042.193.034.47
Retention Ratios (%) 78.3186.8577.430.0090.96
Price / BV (X) 2.852.652.602.754.13
Price / Net Operating Revenue (X) 2.492.042.193.034.47
EarningsYield 0.010.010.010.040.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

The Ramco Cements Ltd. is a Public Limited Listed company incorporated on 03/07/1957 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L26941TN1957PLC003566 and registration number is 003566. Currently Company is involved in the business activities of Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement. Company's Total Operating Revenue is Rs. 8495.10 Cr. and Equity Capital is Rs. 23.63 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
CementRamamandiram, Rajapalayam Tamil Nadu 626117Contact not found
Management
NamePosition Held
Mr. M F FarooquiChairman
Mr. P R Venketrama RajaManaging Director
Dr. M S KrishnanIndependent Director
Mr. C K RanganathanIndependent Director
Mr. Ajay Bhaskar BaligaIndependent Director
Mr. R DineshNon Exe.Non Ind.Director
Mrs. Soundara KumarIndependent Director

FAQ

What is the intrinsic value of The Ramco Cements Ltd and is it undervalued?

As of 05 April 2026, The Ramco Cements Ltd's intrinsic value is ₹385.37, which is 59.18% lower than the current market price of ₹944.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.56 %), book value (₹322), dividend yield (0.21 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of The Ramco Cements Ltd?

The Ramco Cements Ltd is trading at ₹944.00 as of 05 April 2026, with a FY2026-2027 high of ₹1,214 and low of ₹860. The stock is currently near its 52-week low. Market cap stands at ₹22,294 Cr..

How does The Ramco Cements Ltd's P/E ratio compare to its industry?

The Ramco Cements Ltd has a P/E ratio of 118, which is below the industry average of 274.74. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is The Ramco Cements Ltd financially healthy?

Key indicators for The Ramco Cements Ltd: ROCE of 4.83 % is on the lower side compared to the industry average of 8.92%; ROE of 1.56 % is below ideal levels (industry average: 85.54%). Dividend yield is 0.21 %.

Is The Ramco Cements Ltd profitable and how is the profit trend?

The Ramco Cements Ltd reported a net profit of ₹417 Cr in Mar 2025 on revenue of ₹8,495 Cr. Compared to ₹893 Cr in Mar 2022, the net profit shows a declining trend.

Does The Ramco Cements Ltd pay dividends?

The Ramco Cements Ltd has a dividend yield of 0.21 % at the current price of ₹944.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in The Ramco Cements Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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