Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Sep - Copy of notice to shareholders published in Newspapers is attached.
Source: Bse
The Ramco Cements Limited (RAMCOCEM)
Small CapMaterials stocks · Small cap · NSE
The Ramco Cements Limited is an Indian cement manufacturer. The company reported its 3QFY26/9MFY26 performance, highlighting growth in construction chemicals and premium products, alongside challenges from increased raw material costs and sequential price drops.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:49 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -5.7% / mo · RSI oversold · MACD − · near 52W low · sector -3.8pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 24
Sector 3M: -9.5% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RAMCOCEMD candles · FIT view-19.8%Latest close ₹775.45 on 2026-10-21
Bar
-2.5%
RSI
29
MACD hist
-3.73
52W pos
0%
2026-10-21O ₹795.60H ₹798.15L ₹774.00C ₹775.45Vol 2.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RAMCOCEMNifty CommoditiesNifty 500
- RAMCOCEM
- -15.5%
- Nifty 500
- -6.5%
- Nifty Commodities
- -10.2%
- Vs Nifty 500
- -9.0 pp
Chart stats
21 Oct 2026- From 52W high
- -36.2%
- 52W range position
- 0%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.64x
- Avg traded value
- ₹13.9 Cr
- 20D price channel
- ₹774 - ₹889.9
₹1,214.5
₹774 - ₹1,214.5
₹22.1
Latest completed session
20-session average
21.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.6% · PAT -63.5% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model-3243.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -64% YoY · margin compression · Rev +10% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,273 Cr | +9.6% | -12.9% |
| EBITDA | ₹306 Cr | -23.1% | -17.5% |
| Operating margin | 13.0% | -600 bps | -100 bps |
| PAT | ₹31 Cr | -63.5% | -79.5% |
| PAT margin | 1.4% | -274 bps | -443 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 100.00
- P/B
- 2.35
- EV/EBITDA
- 10.97
- Market Cap
- 19071.00Cr
Profitability
- ROE
- 0.38%
- ROCE
- 6.13%
- ROA
- 3.88%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- -48.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- -54.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 3.28×
- Altman Z
- 3.02
- Book Value
- 343.00
Cash Flow
- FCF Yield
- 6.68%
- FCF Positive Y
- 7/5
- OCF
- 1611.00 Cr
- EPS TTM
- 27.29
Shareholding
- Promoter Hold
- 42.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,273-12.9% vs prev
Net Profit
₹ CrLatest: 31.0-79.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 29. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
20
RS percentile
Stage 4 Downtrend
1M return
-12.4%
3M return
-15.5%
6M return
-19.1%
1Y return
-26.7%
RS 1D
+2
RS 20D
-12
Sector rank
#18
Industry rank
-
Stage evidence
- Price is 14.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 81-0.59%
RS vs Nifty 50081
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth5/25
Quality0/20
Balance Sheet5/15
Cash Flow9/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 6.7%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Fair-value margin of safety is negative at -3243.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
100.0
PB
2.4
EV/EBITDA
11.0
ROE
0.4%
ROCE
6.1%
FCF Yield
6.7%
Debt/Equity
0.5
MoS
-3243.5%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-3243.5%
Previous: -3294.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹458.92
-69.0% MoS
Growth-justified P/E
0.8
Growth-justified Value
₹23.2
-3243.5% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
STARCEMENT
Micro
Star Cement Limited
Construction & Engineering
match 95
56
18.3
13.2%
+41%
FAIR VALUE
ORIENTCEM
Micro
Orient Cement Limited
Construction & Engineering
match 91
78
10.8
17.3%
+64%
DEEP VALUE
SHREECEM
Large
SHREE CEMENT LIMITED
Construction & Engineering
match 86
27
49.4
7.5%
-926%
OVERVALUED
AFCONS
Small
Afcons Infrastructure Limited
Construction & Engineering
match 82
18
44.0
5.6%
-124%
OVERVALUED
IRCON
Small
Ircon International Limited
Construction & Engineering
match 79
17
19.2
8.2%
-33%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-16T16:24:03.021Z
Management commentary snapshot
3QFY26 Revenue up 7% YoY, PAT up 19% YoY, but EBITDA/ton declined 25% QoQ due to new mineral tax and higher fuel costs. Construction chemicals volume grew 79% YoY.
Profitability is under pressure from new taxes and higher fuel costs, leading to a sharp sequential decline in EBITDA/ton. While capacity expansion is underway and non-core asset sales are on track, sustained price drops and competitive intensity pose risks to margin recovery.
Current business mix
Standalone Revenue by Product (3QFY26)
Latest issuer-disclosed distribution across 3 reported categories.
Cement95.0%
Construction Chemicals4.2%
Other Income0.8%
Growth engines
Construction Chemicals Business
Volume grew 79% YoY in 3QFY26 and 77% YoY in 9MFY26, with increased brand promotion spend.
Premium Products Share
Share of premium products in the East market increased to 29% in 3QFY26 from 26% in 3QFY25.
Capacity Expansion
Company plans to achieve ~31 MTPA cement capacity by Mar-27 through debottlenecking and brownfield expansion.
Capacity and execution
Ariyalur Debottlenecking
2.00 MTPA cement capacity expected by Feb-26.
Ramasamy Raja Nagar Debottlenecking
0.62 MTPA clinker and 1.00 MTPA cement capacity expected by Mar-26.
Jayanthipuram Debottlenecking
1.01 MTPA clinker and 0.70 MTPA cement capacity expected by Jun-26.
Kolimigundla Line II Brownfield Expansion
3.15 MTPA clinker, 3.00 MTPA cement, and 15 MW WHRS expected before Mar-27.
Tailwinds
Strong GDP Growth Projection
India's real GDP growth for FY27 projected at 6.8% to 7.2%, bolstering rural incomes and urban demand.
Government Capex Focus
FY27 Budget allocation for capex is `12.2 lac crores, up ~9%, with key focus on infrastructure.
Green Power Adoption
47% of total power in 3QFY26 met from green power, driven by record high wind power generation, reducing power cost.
City Economic Regions (CER) Scheme
Budget focus on Tier II and Tier III cities and temple towns through CER expects to drive sustained cement demand.
Headwinds
Cement Price Drop
Trade prices dropped by 8% in East and 9% in South from exit price of Sep-25.
Increased Raw Material Tax
Levy of mineral bearing land tax at `160 per ton of limestone in TN, impacting raw material cost by ~`47 Crores in 3QFY26.
Higher Fuel Costs
Power and fuel cost up by `27/Ton YoY and `59/Ton QoQ due to increase in fuel price and 4% rupee depreciation.
Risk radar
Cement Price Sustainability
Sustainability of cement prices amid rising pace of capacity additions/consolidation and regional competitive intensity.
Input Cost Volatility
INR-USD movement and energy commodity price movements remain sensitive for input cost and margins.
Geopolitical & Weather Risks
Geopolitical tensions, global trade tariff issues, and weather-related uncertainties pose downside risks to demand and costs.
Infrastructure Spending Delays
Execution delays in government-led infrastructure spending.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and seasonal trends in the cement business. QoQ comparison is vital for tracking sequential momentum, price changes, cost fluctuations, and the immediate impact of operational factors.
Sector KPIs management disclosed
Cement Sales Volume
3QFY26 sales volume was 44.33 Lac Tons, up 3.6% YoY and 0.75% QoQ.
Cement Capacity Utilization
3QFY26 utilization was 73%, down from 75% in 3QFY25 but up from 71% in 2QFY26.
EBITDA per Ton
3QFY26 EBITDA per ton was `651, down 2.2% YoY and 24.8% QoQ.
Raw Material Cost per Ton
3QFY26 raw material cost per ton was `1,012, up 4.4% YoY and 1.7% QoQ, impacted by `160/ton mineral bearing land tax in TN.
Management forward view
Capacity Target
Company plans to achieve cement capacity of ~31 MTPA by Mar-27.
Capex Reduction
FY26 capex estimated at `1,100 Crores, a reduction of `100 Crores from earlier estimate.
Non-Core Asset Monetization
Monetized `1,017 Crores from non-core assets against a `1,000 Crores target, with plans to dispose ~`200 Crores more soon.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA per Ton | `651/T (3QFY26) | Recovery from sequential decline and sustained impact of new mineral tax. |
| Cement Trade Prices | 8-9% drop from Sep-25 exit prices | Stabilization or recovery in regional trade prices. |
| Capacity Utilization | 73% (3QFY26) | Ramp-up and efficient utilization of new and debottlenecked capacities. |
| Net Debt Reduction | 2.84x Net Debt/EBITDA (Dec-25) | Further reduction through asset monetization and cash generation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 68th percentile within Materials. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
71 docs text-extracted · 16 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Materials: 68th pctile, median 70 · Small: 75th pctile, median 66
Evidence depth
Financial-only
71 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.7%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 6.1%.
- ▸ROE is low at 0.4%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching The Ramco Cements Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Sep - Hard Worker won three Kyoorius Design Awards 2026 and crossed ₹350 crore sales in 12 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Sep - Pandalgudi mine restoration gets Advanced Certification from The Global Biodiversity Standard, first in Peninsular India.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Copy of notice to shareholders published in newspapers is attached
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.