# The Ramco Cements (RAMCOCEM) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/ramcocem

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹814.05
- Change: +0.30%
- As of: 2026-11-06
- 1D return: +0.30%
- 5D return: +13.12%
- 1M return: -0.47%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

RAMCOCEM is exhibiting a sharp, short-term bullish reversal on the daily chart, trading at ₹814.05 as of 2026-11-06. This move follows three consecutive days of upward anomalies, including a high-severity gap up on 5 November and extreme participation volume on 3 November. The daily trend is established (ADX 37.69) with price holding above the 20-period EMA, SMA, and Supertrend, indicating immediate momentum. However, this short-term bounce contrasts with a broader bearish structure; the stock remains below its 50-period and 200-period SMAs on the daily, weekly, and monthly timeframes. The monthly Supertrend is still bearish, and the stock sits near the lower end of its 252-day range (+20.4%). While the daily setup shows strength, the wider context suggests the rally may face resistance from longer-term moving averages. Key levels to monitor include immediate support at ₹805.52 and resistance at ₹826.98.

- Daily Trend: Bullish and established (ADX 37.69); price is above the 20-period EMA, SMA, and Supertrend.
- Broader Context: Bearish across weekly and monthly horizons; price remains below 50-period and 200-period SMAs on daily charts.
- Range Position: Trading near the upper end of the 20-day range (+88.4%) but near the lower end of the 252-day range (+20.4%).
- Key Levels: Immediate support at ₹805.52 (-1.05%); first resistance at ₹826.98 (+1.59%).

- Inside Bar
- Doji
- Bullish Engulfing Reversal

### News Context

Ramco Cements reported Q2FY27 results on November 5, 2026, revealing a divergence between top-line growth and bottom-line profitability. Net profit declined 9% year-on-year to ₹71 crore, primarily due to a 4.1 percentage point compression in EBITDA margins. This margin pressure was driven by higher imported fuel and packing costs linked to geopolitical disruptions in West Asia. Despite these cost headwinds, the company achieved operational resilience, with revenue rising 10% to ₹2,463 crore and cement sales volume increasing 8% to 4.74 million tonnes. Volume growth was supported by expansion in the construction chemicals segment and capacity additions at Kolimigundala.

- Net profit fell 9% YoY to ₹71 crore for Q2FY27, while revenue grew 10% to ₹2,463 crore.
- EBITDA margins compressed by 4.1 percentage points due to elevated imported fuel and packing costs associated with West Asia geopolitical events.
- Cement sales volume increased 8% to 4.74 million tonnes, aided by construction chemicals growth and Kolimigundala capacity expansion.

- [Ramco Cements Q2 Results: Net profit falls 9% as West Asia war pushes up fuel and packing costs](https://www.cnbctv18.com/market/stocks/ramco-cements-share-price-q2-results-net-profit-falls-9-as-west-asia-war-pushes-up-fuel-and-packing-costs-20028282.htm)

### What Changed

The Ramco Cements Limited reported its unaudited financial results for the quarter and six months ended September 30, 2026, on November 5, 2026. The company recorded standalone total income of ₹4,742.02 Crores and a net profit after tax of ₹93.69 Crores for the half-year period. Statutory auditors issued unmodified limited review opinions on both standalone and consolidated results.

Operational highlights include an 8% year-on-year increase in cement sales volume to 4.74 million tonnes and a 10% rise in revenue to ₹2,463 crore for the second quarter (Q2FY27). However, net profit for Q2 declined by 9% to ₹71 crore. This contraction was driven by a 4.1 percentage point compression in EBITDA margins, attributed to higher imported fuel and packing costs linked to geopolitical disruptions in West Asia. The company also recognized ₹20.30 Crores in exceptional items related to past service costs from new Labour Codes and completed the formal closure of its Sri Lanka branch operations without material loss. Additionally, the firm continues to dispute a Mineral Bearing Land Tax of ₹8.61 Crores levied by the Government of Tamil Nadu.

On the debt front, the company notified record dates for the redemption of two commercial papers: ISIN INE331A14OQ1 maturing on November 27, 2026, with a record date of November 26, 2026, and ISIN INE331A14OR9 maturing on November 30, 2026, with a record date of November 27, 2026.

- H1 FY27 Net Profit: Standalone net profit after tax stood at ₹93.69 Crores on total income of ₹4,742.02 Crores; Q2 net profit fell 9% YoY to ₹71 crore due to margin pressure.
- Margin Compression: EBITDA margins contracted by 4.1 percentage points in Q2 as imported fuel and packing costs rose amid West Asia geopolitical disruptions.
- Volume Growth: Cement sales volume increased 8% to 4.74 million tonnes in Q2, supported by growth in construction chemicals and capacity expansion at Kolimigundala.
- Corporate Actions & Liabilities: Closure of Sri Lanka branch completed without material loss; ₹20.30 Crores recognized for Labour Code past service costs; dispute ongoing over ₹8.61 Crores Tamil Nadu land tax.

- [Ramco Cements Q2 Results: Net profit falls 9% as West Asia war pushes up fuel and packing costs](https://www.cnbctv18.com/market/stocks/ramco-cements-share-price-q2-results-net-profit-falls-9-as-west-asia-war-pushes-up-fuel-and-packing-costs-20028282.htm)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- [The Ramco Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026180841_results30092026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753850_05112026061241_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753851_05112026061247_WEB.xml)

### Official Filings

Ramco Cements reported its Unaudited Standalone and Consolidated Financial Results for the quarter and six months ended September 30, 2026 (Q2FY27), on November 5, 2026. The Board approved these results, which received unmodified limited review opinions from statutory auditors. For the half-year, standalone total income was ₹4,742.02 Crores with a net profit after tax of ₹93.69 Crores. Operational metrics showed cement sales volume growth of 6% year-on-year to 44.80 Lac Tons, while construction chemicals sales surged 38% to 1.35 Lac Tons. However, profitability faced headwinds from a 36% year-on-year increase in power and fuel costs per ton. The company also recognized exceptional items, including ₹20.30 Crores for past service costs related to new Labour Codes and ₹5 Crores from non-core asset sales in Q2FY27. Additionally, Ramco Cements announced capacity expansion, raising total cement capacity to 27.17 MTPA following debottlenecking at Jayanthipuram, with plans to reach approximately 31 MTPA by March 2027 via Line-2 commissioning at Kolimigundla. On the regulatory front, the company continues to dispute a Mineral Bearing Land Tax levy of ₹8.61 Crores by the Government of Tamil Nadu, with quarterly estimates suggesting a potential impact of ~₹33 Crores. Routine administrative updates included record date notifications for two maturing commercial papers and the appointment of Mr. K Venkatesh as Internal Auditor effective November 5, 2026.

- Financial Performance: Half-year standalone net profit after tax stood at ₹93.69 Crores on total income of ₹4,742.02 Crores; Q2FY27 saw cement sales volume rise 6% YoY to 44.80 Lac Tons, but power and fuel costs per ton increased 36% YoY.
- Capacity Expansion: Total cement capacity increased to 27.17 MTPA post-debottlenecking at Jayanthipuram, with further expansion to ~31 MTPA targeted by March 2027 through Line-2 at Kolimigundla.
- Regulatory Dispute: The company is disputing a Mineral Bearing Land Tax levy by the Government of Tamil Nadu, currently quantified at ₹8.61 Crores, with quarterly exposure estimated at ~₹33 Crores.
- Governance & Debt: Record dates were set for redemption of two commercial papers maturing in late November 2026, and Mr. K Venkatesh was appointed Internal Auditor effective November 5, 2026.

- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- [The Ramco Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026180841_results30092026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753850_05112026061241_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753851_05112026061247_WEB.xml)
- [The Ramco Cements Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "PRESS RELEASE ON STANDALONE UN-AUDITED RESULTS FOR Q2FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026182552_pressrelease30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange about General Updates - Investor Presentation for the quarter ended 30th September 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026183742_invupdate30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange regarding Appointment of Mr K Venkatesh as Internal Auditor of the company w.e.f. November 05, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026190346_apptofintaud.pdf)
- [THE RAMCO CEMENTS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_289_WebXMLFile_20261105_190520620.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026102500_ltrsesbm051126.pdf)

### Fundamentals

The Ramco Cements is demonstrating a clear trajectory of earnings recovery and balance-sheet deleveraging in FY2026. Year-on-year, sales grew to ₹9,029 crore (from ₹8,518 crore in FY2025), while operating profit expanded to ₹1,437 crore from ₹1,234 crore. Net profit surged significantly to ₹699 crore, up from ₹270 crore, driven by both operational improvements and a sharp rise in other income to ₹595 crore. This profitability rebound is reflected in EPS, which rose to ₹29.57 from ₹11.54.

Financial health has strengthened materially. Borrowings declined steadily from ₹4,936 crore in Mar 2024 to ₹3,871 crore in Mar 2026, supported by robust cash flow from operations (₹1,611 crore) and negative financing cash flows (-₹1,257 crore), indicating active debt repayment. The Cash Conversion Cycle improved dramatically to -0.0 days in Mar 2026, down from 48 days the prior year, signaling efficient working capital management. However, Return on Capital Employed (ROCE) remains modest at 6%, and long-term compounded profit growth has been negative over the last five years (-20%).

In the most recent quarters (Q1-Q2 FY2026-27), sequential trends remain positive: net profit increased from ₹31.2 crore to ₹40.5 crore, and finance costs decreased slightly from ₹95.6 crore to ₹92.9 crore. Shareholding patterns show stable promoter holding (~42.5%) and slight DII/FII fluctuations.

- Earnings Recovery: FY2026 net profit jumped to ₹699 crore (from ₹270 crore in FY2025) with EPS rising to ₹29.57; TTM sales stand at ₹9,228 crore.
- Deleveraging Trend: Borrowings fell to ₹3,871 crore (Mar 2026) from ₹4,936 crore (Mar 2024); CFO was ₹1,611 crore against financing outflows of -₹1,257 crore.
- Working Capital Efficiency: Cash Conversion Cycle improved to -0.0 days (Mar 2026) from 48 days (Mar 2025), though ROCE remains low at 6%.
- Sequential Momentum: Q2 FY2026-27 net profit increased sequentially to ₹40.5 crore from ₹31.2 crore in Q1, with finance costs declining to ₹92.9 crore.

### Bull Case

Despite a challenging Q2FY27 where net profit fell 9% to ₹71 crore due to elevated fuel and packing costs, The Ramco Cements demonstrated operational resilience with revenue growth of 10% to ₹2,463 crore and cement sales volume increasing 8% to 4.74 million tonnes. This top-line expansion was supported by strong performance in the construction chemicals segment and capacity expansion at Kolimigundala. Technically, while the monthly trend remains bearish, the daily Supertrend has flipped bullish as of November 6, 2026, with the Plus DI (27.72) significantly exceeding the Minus DI (18.07), suggesting short-term momentum may be shifting despite the broader downtrend.

- Revenue grew 10% YoY to ₹2,463 crore in Q2FY27, driven by an 8% volume increase to 4.74 million tonnes and strength in construction chemicals.
- Daily technical indicators show a bullish Supertrend direction and a Plus DI of 27.72 versus a Minus DI of 18.07, indicating potential short-term momentum recovery.
- The stock is trading near support at ₹814.05, with immediate resistance at ₹826.98 (1.59% above), offering a defined range for near-term price action.

- [Ramco Cements Q2 Results: Net profit falls 9% as West Asia war pushes up fuel and packing costs](https://www.cnbctv18.com/market/stocks/ramco-cements-share-price-q2-results-net-profit-falls-9-as-west-asia-war-pushes-up-fuel-and-packing-costs-20028282.htm)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- [The Ramco Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026180841_results30092026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753850_05112026061241_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753851_05112026061247_WEB.xml)
- [The Ramco Cements Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "PRESS RELEASE ON STANDALONE UN-AUDITED RESULTS FOR Q2FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026182552_pressrelease30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange about General Updates - Investor Presentation for the quarter ended 30th September 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026183742_invupdate30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange regarding Appointment of Mr K Venkatesh as Internal Auditor of the company w.e.f. November 05, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026190346_apptofintaud.pdf)
- [THE RAMCO CEMENTS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_289_WebXMLFile_20261105_190520620.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026102500_ltrsesbm051126.pdf)

### Bear Case

Ramco Cements faces a challenging operational and market environment as of November 2026. The company reported a 9% year-on-year decline in net profit to ₹71 crore for Q2FY27, driven by a 4.1 percentage point compression in EBITDA margins due to higher imported fuel and packing costs linked to West Asia geopolitical disruptions. While revenue rose 10% to ₹2,463 crore and sales volume increased 8% to 4.74 million tonnes, the margin pressure highlights vulnerability to external cost shocks.

From a market perspective, the stock has underperformed significantly over longer horizons, with a YTD return of -23.1% and a one-year return of -21.2%. The technical setup is mixed but leans cautious on longer timeframes: the monthly and weekly trends are bearish, with the stock currently trading near its immediate support level of ₹814.0. The share price is in a significant drawdown, sitting 32.4% below its recent peak, with a maximum historical drawdown of -40.3%. High annualized volatility of 26.1% indicates elevated risk for investors.

- Q2FY27 net profit fell 9% YoY to ₹71 crore, with EBITDA margins contracting by 4.1 percentage points due to rising fuel and packing costs.
- The stock is down 23.1% year-to-date and 21.2% over the past year, currently trading within a 32.4% drawdown from its peak.
- Monthly and weekly technical trends are bearish, with resistance at ₹826.98 (1.59% above) and support at ₹814.0.
- Annualized volatility stands at 26.1%, reflecting high price fluctuation risk.

- [Ramco Cements Q2 Results: Net profit falls 9% as West Asia war pushes up fuel and packing costs](https://www.cnbctv18.com/market/stocks/ramco-cements-share-price-q2-results-net-profit-falls-9-as-west-asia-war-pushes-up-fuel-and-packing-costs-20028282.htm)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- [The Ramco Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026180841_results30092026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753850_05112026061241_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753851_05112026061247_WEB.xml)
- [The Ramco Cements Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "PRESS RELEASE ON STANDALONE UN-AUDITED RESULTS FOR Q2FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026182552_pressrelease30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange about General Updates - Investor Presentation for the quarter ended 30th September 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026183742_invupdate30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange regarding Appointment of Mr K Venkatesh as Internal Auditor of the company w.e.f. November 05, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026190346_apptofintaud.pdf)
- [THE RAMCO CEMENTS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_289_WebXMLFile_20261105_190520620.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026102500_ltrsesbm051126.pdf)

### FAQs

**How did Ramco Cements perform financially in Q2FY27, and what were the primary drivers?**

For the quarter ended September 30, 2026, Ramco Cements reported a 9% year-on-year decline in net profit to ₹71 crore. Revenue rose 10% to ₹2,463 crore, with cement sales volume increasing 8% to 4.74 million tonnes. The profit contraction was driven by a 4.1 percentage point compression in EBITDA margins, caused by higher imported fuel and packing costs linked to West Asia geopolitical disruptions.

**What are the key financial highlights for the half-year ended September 30, 2026?**

The Board approved unaudited standalone results on November 5, 2026. Standalone total income for the six-month period was Rs. 4,742.02 Crores, with net profit after tax at Rs. 93.69 Crores. The company recognized Rs. 20.30 Crores in exceptional items due to past service costs from new Labour Codes and completed the closure of its Sri Lanka branch without material loss. Statutory auditors issued unmodified limited review opinions.

**What is the current technical trend and price action for RAMCOCEM as of November 6, 2026?**

As of November 6, 2026, the stock closed at ₹814.05. Daily technical indicators show a bullish Supertrend direction with an ADX of 37.69, suggesting strong momentum. However, weekly and monthly trends remain bearish. The stock has declined -21.2% over the past year and is currently -32.4% below its recent peak. Immediate resistance is noted at ₹826.98 (1.59% above), while support lies near ₹814.00.

**Are there any upcoming corporate actions or regulatory matters investors should monitor?**

Ramco Cements notified record dates for the redemption of two commercial papers: ISIN INE331A14OQ1 (record date November 26, 2026) and ISIN INE331A14OR9 (record date November 27, 2026). Additionally, the company continues to dispute a Mineral Bearing Land Tax of Rs. 8.61 Crores levied by the Government of Tamil Nadu.

- [Ramco Cements Q2 Results: Net profit falls 9% as West Asia war pushes up fuel and packing costs](https://www.cnbctv18.com/market/stocks/ramco-cements-share-price-q2-results-net-profit-falls-9-as-west-asia-war-pushes-up-fuel-and-packing-costs-20028282.htm)
- [Record Date Updates |SUBJECT: Record Date Updates](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- [The Ramco Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026180841_results30092026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753850_05112026061241_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753851_05112026061247_WEB.xml)
- [The Ramco Cements Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "PRESS RELEASE ON STANDALONE UN-AUDITED RESULTS FOR Q2FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026182552_pressrelease30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange about General Updates - Investor Presentation for the quarter ended 30th September 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026183742_invupdate30092026.pdf)
- [The Ramco Cements Limited has informed the Exchange regarding Appointment of Mr K Venkatesh as Internal Auditor of the company w.e.f. November 05, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026190346_apptofintaud.pdf)
- [THE RAMCO CEMENTS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_289_WebXMLFile_20261105_190520620.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026102500_ltrsesbm051126.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹805.52
- Risk regime: Higher Price Risk

### Support levels
- 814
- 788.2
- 711.3

### Resistance levels
- 890.5
- 897.2564453125
- 946.3921875

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.30% |
| return_10 | +10.10% |
| return_1m | -4.03% |
| return_1y | -21.21% |
| return_20 | -0.47% |
| return_3m | -13.13% |
| return_5 | +13.12% |
| return_6m | -12.93% |
| return_since_start | -15.73% |
| return_ytd | -23.08% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -40.27% |
| annualized_volatility | +26.10% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# The Ramco Cements Limited Q2 FY2026-27: Revenue up 10%, profit down 48%

Revenue from operations rose 10% year on year to ₹2,463 crore in Q2 FY2026-27, while profit for the period fell 48% to ₹40.5 crore. Profit improved sequentially to ₹55.0 crore before tax, but operating cash flow of ₹273.6 crore was more than offset by investing outflows, leaving free cash flow at negative ₹58.9 crore.

## Revenue and profitability

Revenue from operations increased from ₹2,239 crore in Q2 FY2025-26 and ₹2,273 crore in Q1 FY2026-27 to ₹2,463 crore. Expenses rose 12.8% year on year to ₹2,420 crore and 7.4% quarter on quarter.

Profit before exceptional items and tax was ₹50.2 crore, compared with ₹27.8 crore in Q1 FY2026-27 and ₹99.8 crore in Q2 FY2025-26. Exceptional items were ₹4.8 crore, down from ₹12.6 crore in Q1; there were none in the year-earlier quarter. Profit before tax was ₹55.0 crore, up from ₹40.4 crore sequentially but down 44.9% year on year.

Tax expense was ₹14.7 crore, comprising ₹14.2 crore of deferred tax and ₹53 lakh of current tax. Profit from continuing operations was ₹40.3 crore, versus ₹31.0 crore in Q1 and ₹75.8 crore a year earlier. Total profit for the period was ₹40.5 crore, down from ₹77.9 crore in Q2 FY2025-26. EPS was ₹1.71, compared with ₹1.32 in Q1 and ₹3.27 a year earlier; trailing-twelve-month EPS was ₹25.72.

## Costs and finance

Finance costs eased to ₹92.9 crore from ₹95.6 crore in Q1 FY2026-27 and ₹111.4 crore in Q2 FY2025-26. Depreciation and amortisation expense was ₹190.2 crore, while employee benefit expense was ₹158.6 crore.

## Cash flow and liquidity

Operating cash flow was ₹273.6 crore, against investing cash outflow of ₹332.5 crore, resulting in reported free cash flow of negative ₹58.9 crore. Financing cash flow was an outflow of ₹105.3 crore.

Cash and cash equivalents on the balance sheet stood at ₹44.5 crore on 30 September 2026, down from ₹188.3 crore on 31 March 2026. Current borrowings rose to ₹1,584.9 crore from ₹1,048.2 crore over the same dates. Trade payables increased to ₹1,286.0 crore from ₹1,200.5 crore, while trade receivables declined to ₹774.7 crore from ₹792.7 crore. Inventories rose to ₹1,131.9 crore from ₹1,029.7 crore.

## Balance sheet and investment

Property, plant and equipment stood at ₹12,178.0 crore on 30 September 2026, compared with ₹12,382.6 crore on 31 March. Capital work in progress increased from ₹921.8 crore to ₹1,112.6 crore over the same period.

## Key Takeaway

Revenue grew, but costs rose faster and year-on-year profit contracted sharply. Sequential earnings improved, while investing outflows exceeded operating cash generation; the lower cash balance and higher current borrowings make liquidity an important counterpoint to the quarter’s recovery.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +42.56%
- FII holding: +7.18%
- DII holding: +30.06%
- Mutual fund holding: +21.66%
- Retail holding: +8.04%
- Promoter pledged: +0.00%

### Major reported shareholders

- RAMCO INDUSTRIES LIMITED — +21.82% (Bodies Corporate)
- RAJAPALAYAM MILLS LIMITED — +13.61% (Bodies Corporate)
- LIFE INSURANCE CORPORATION OF INDIA AND VARIOUS SUB ACCOUNTS — +5.39%
- SBI LARGE & MIDCAP FUND AND VARIOUS SUB ACCOUNTS — +4.33%
- TATA MUTUAL FUND AND VARIOUS SUB ACCOUNTS — +3.45%
- THE GOVERNOR, GOVERNMENT OF TAMIL NADU — +3.39%
- KOTAK FLEXICAP FUND AND SUB ACCOUNT — +3.18%
- HDFC TRUSTEE COMPANY LIMITED AND VARIOUS SUB ACCOUNTS — +2.78%
- NIPPON LIFE INDIA TRUSTEE LTD AND VARIOUS SUB ACCOUNTS — +2.24%
- GOVINDLAL M PARIKH — +1.53%

## Official filings

- 2026-11-06 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_06112026162247_sesnewspaper.pdf)
- 2026-11-05 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- 2026-11-05 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_05112026161709_RECORDDATE05112026.pdf)
- 2026-11-05 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026180841_results30092026.pdf)
- 2026-11-05 — Financial Results Filing: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753850_05112026061241_WEB.xml)
- 2026-11-05 — Financial Results Filing: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753851_05112026061247_WEB.xml)
- 2026-11-05 — Press Release: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026182552_pressrelease30092026.pdf)
- 2026-11-05 — Earnings Presentation: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026183742_invupdate30092026.pdf)
- 2026-11-05 — Management Change: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05112026190346_apptofintaud.pdf)
- 2026-11-05 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_289_WebXMLFile_20261105_190520620.xml)
- 2026-10-24 — Board Meeting Notice: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026102500_ltrsesbm051126.pdf)
- 2026-10-24 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026103011_ltrsesbm051126.pdf)
- 2026-10-24 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_289_WebXMLFile_20261024_103356497.xml)
- 2026-10-24 — Board Meeting Notice: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_289_WebXMLFile_20261024_103356497.xml)
- 2026-10-24 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_289_WebXMLFile_20261024_104915932.xml)
- 2026-10-24 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_24102026110400_aiwards.pdf)
- 2026-10-22 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_22102026164021_CESSOFINTAUD.pdf)
- 2026-10-22 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_289_WebXMLFile_20261022_165109869.xml)
- 2026-10-16 — Shareholding Disclosure: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1739770_16102026024629_WEB.xml)
- 2026-10-05 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_05102026181517_Scan_0079.pdf)
- 2026-10-03 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_03102026150630_COMPLIANCESEP26.pdf)
- 2026-10-03 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/ELANGOVAN_03102026150452_COMPLIANCESEP26.pdf)
- 2026-09-29 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_29092026170947_sesdebot.pdf)
- 2026-09-22 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/RAMCOCEM_22092026162927_ltrsestwcsep26.pdf)
- 2026-09-22 — Generic Announcement: The Ramco Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_289_WebXMLFile_20260922_164140657.xml)

## News and market events

- 2026-11-07 — MONEYCONTROL: **Neutral The Ramco Cements; target of Rs 850: Motilal Oswal** — Motilal Oswal has assigned a 'Neutral' rating to The Ramco Cements, setting a price target of Rs 850 for the stock. This recommendation reflects the brokerage firm's current outlook on the cement company's valuation and performance prospects. — [Source](https://www.moneycontrol.com/news/business/neutral-the-ramco-cements-target-of-rs-850-motilal-oswal-14074417.html)
- 2026-11-06 — BUSINESSTODAY: **BEML, CESC, Ramco Cements, Kansai Nerolac shares: Here are target prices** — Antique Stock Broking updated its ratings and target prices for CESC, BEML, Ramco Cements, and Kansai Nerolac following their Q2 FY27 results. The brokerage lowered CESC's target to Rs 167 due to a profit shortfall in its renewable energy business, while reducing Ramco Cements' target to Rs 890 amid weak EBITDA performance driven by higher fuel costs. Conversely, it maintained 'Buy' ratings with unchanged targets for BEML and Kansai Nerolac, citing strong revenue growth despite margin pressures from raw material inflation and adverse revenue mix. — [Source](https://www.businesstoday.in/markets/stocks/story/beml-cesc-ramco-cements-kansai-nerolac-shares-here-are-target-prices-566214-2026-11-06)
- 2026-11-05 — CNBC-TV18: **Ramco Cements Q2 Results: Net profit falls 9% as West Asia war pushes up fuel and packing costs** — Ramco Cements reported a 9% year-on-year decline in net profit to ₹71 crore for Q2FY27, as higher imported fuel and packing costs linked to West Asia geopolitical disruptions compressed EBITDA margins by 4.1 percentage points. Despite the margin pressure, revenue rose 10% to ₹2,463 crore and cement sales volume increased 8% to 4.74 million tonnes, driven by growth in the construction chemicals segment and capacity expansion at Kolimigundala. — [Source](https://www.cnbctv18.com/market/stocks/ramco-cements-share-price-q2-results-net-profit-falls-9-as-west-asia-war-pushes-up-fuel-and-packing-costs-20028282.htm)
- 2026-09-10 — BUSINESS: **Ramco Cements' Pandalgudi mine restoration receives international recognition** — The ecological restoration of the limestone mine in Pandalgudi, in the Virudhunagar District of Tamil Nadu, carried out by Ramco Cements, has received international recognition. It has been awarded the Advanced Certification by The Global Biodiversity Standard (TGBS)  the first site to be recognised at in Peninsular India. It now stands alongside other certified restoration sites of the world, such as the Jane Goodall Institute and Ecosia's work in Uganda and the restoration project of Kadoorie Farm and Botanic Garden in Hong Kong. — [Source](https://www.business-standard.com/markets/capital-market-news/ramco-cements-pandalgudi-mine-restoration-receives-international-recognition-126091000513_1.html)
- 2026-08-26 — BUSINESS: **Cement shares in focus: Ramco, Dalmia Bharat, Shree, JK, ACC gain up to 5%** — At 12:07 PM on Wednesday, the Nifty Cement index was up 1.3 per cent at 15,057.10, compared to a 0.24 per cent decline in the NSE benchmark Nifty 50. — [Source](https://www.business-standard.com/markets/news/cement-shares-in-focus-ramco-dalmia-bharat-shree-jk-acc-gain-up-to-5-126082600414_1.html)
- 2026-08-25 — Economic Times: **Stocks in news: TCS, ICICI Bank, Hindustan Copper and Piramal Finance** — The Indian equity markets experienced a downturn today, with the Nifty50 index finishing slightly above 24,200. Traders brace for heightened volatility amidst forthcoming US sanctions and the impending expiry of monthly futures and options. Key companies, such as Hindustan Copper and Tata Consultancy Services, are capturing market attention due to notable corporate news. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-tcs-icici-bank-hindustan-copper-and-piramal-finance/articleshow/133475143.cms)
- 2026-08-17 — Mint: **Cement makers face a forgettable H1FY27 as prices weaken and costs rise** — Cement companies enjoyed higher realizations in Q1FY27, but rising fuel and raw material costs squeezed margins, while new capacity could keep pricing under pressure. — [Source](https://www.livemint.com/market/mark-to-market/cement-weak-prices-cost-inflation-means-a-forgettable-first-half-of-fy27-ultratech-shree-ambuja-11786847193200.html)
- 2026-08-10 — CNBC-TV18: **Q1 Results LIVE Updates: Titan, Ola Electric react to earnings; Bharat Forge, Vodafone Idea report today** — Q1 Results LIVE Updates: Bharat Forge Vodafone Idea, Hindustan Copper, Wockhardt, Info Edge, Zee Entertainment, Linde India, ideaForge, Gland Pharma, Bosch, Astra Micro, AstraZeneca Pharma, are among the companies reporting their earnings today. Earnings reactions will come from stocks like Kaynes Tech, PFC, Delhivery and many other stocks. Watch this space for all the LIVE results updates of the first quarter. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-today-vodafone-idea-bharat-forge-pfc-kaynes-sbi-oil-titan-wockhardt-hind-copper-delhivery-ola-share-price-liveblog-19965183.htm)
- 2026-08-10 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: GIFT Nifty trades lower; Delhivery in focus** — Sensex Today | Stock Market LIVE Updates: The Nifty holding 24,500 on the downside could be considered positive as it could indicate the formation of a base and the bulls would want the index to hold on to those levels. On the upside, Monday's closing level of 24,774 and then the 24,800 mark will be key to watch. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-oil-banks-midcaps-bajaj-fin-pfc-kaynes-ola-bharat-forge-share-price-liveblog-19965161.htm)
- 2026-08-07 — The Hindu: **Q1 Results Today Live: Hindalco Q1 PAT zooms, SBI profit rises 10.2%, BEML loss narrows, Titan, Hitachi Energy, PFC, Oil India, Kaynes Tech, Ramco Cements, Afcons Infra, Lemon Tree, Cello to announce Q1 results** — Q1 Results Today, 07th August 2026 Live Updates: Follow Q1FY27 live updates from businessline — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-sbi-titan-hindalco-power-finance-corporation-godrej-consumer-oil-india-nlc-kaynes-tech-ramco-cements-afcons-infra-lemon-tree-cello-hitachi-lic-trent-results-07-august-202/article71313123.ece)

## Business profile

**Strategic vision:** Manufactures and sells cement, concrete, and construction chemicals.

### Business segments
- **Cement Products:** Manufacturing and sale of Ordinary Portland Cements (OPC) and Blended Cements.
- **Ready-Mix Concrete:** Supplies ready-mix concrete for various construction needs.
- **Construction Chemical Products:** Offerings include waterproofing compounds, anchoring grout, micro concrete, bonding agents, plaster and putty, block fix, Tilefix, and Tilegrout.
- **Ancillary Services:** Includes electricity generation and sale, manpower supply, goods transportation, and IT services.

### Competitive strengths
- Legacy of over 60 years in the cement manufacturing industry.
- Widespread network of dealers and sub-dealers across India.
- Engagement in direct and merchant exports to international markets.

## Related stocks

- [ACC Limited (Building Materials)](https://faxioms.com/stocks/acc) — +1.00%
- [Asahi India Glass Limited (Building Materials)](https://faxioms.com/stocks/asahiindia) — +1.11%
- [Carborundum Universal Limited (Building Materials)](https://faxioms.com/stocks/carboruniv) — -4.11%
- [Dalmia Bharat Limited (Building Materials)](https://faxioms.com/stocks/dalbharat) — +0.19%
- [The India Cements Limited (Building Materials)](https://faxioms.com/stocks/indiacem) — +0.66%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/ramcocem
Markdown representation: https://faxioms.com/stocks/ramcocem?render=md