Ramco is a leading cement manufacturer with primary operations spread across South and East India. The company produces 13 types of cement for different uses and 8 construction chemicals. Recent capacity expansion includes 2 MTPA added at Ariyalur and Kolimigundla cement increased to 3 MTPA, targeting FY27 capacities of 31.14 MTPA cement.
Cyborg Score Rationale
Q3FY26 sales volume rose 5% YoY and prices up 1% YoY, showing growth momentum. However, limestone tax raised raw material costs by ₹47 Cr in Q3, and EBITDA margin declined to 13.4% from 14.2% YoY, indicating margin pressure. Recent analyst downgrades and high valuation concerns suggest cautious sentiment.
Top Insights
Company delivered poor sales growth of 9.59% over past five years
Boosted Ariyalur grinding capacity to 5.5 MTPA and Kolimigundla expansion raised cement capacity to 3 MTPA; FY27 targets 31.14 MTPA
Q3 EBITDA remains steady at 2.8B rupees YOY but EBITDA margin declined to 13.4% from 14.2% YoY
Limestone tax raised raw material costs by ₹115 Cr in 9MFY26
Named Competitors
Cement — Major Indian cement producer
Cement — Integrated cement manufacturer
Cement — India's largest cement producer
Recent Developments
(Feb 2026) 2 MTPA added at Ariyalur; Kolimigundla cement increased to 3 MTPA; FY27 capacities announced
(Feb 2026) ESG rating improved from 63 (FY2024) to 64 (FY2025) by NSE Sustainability Ratings
(Q3FY26) Sales volume rose 5% YoY; prices up 1% YoY
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