Financials The Ramco Cements Limited

Equities

RAMCOCEM

INE331A01037

Construction Materials

Market Closed - NSE India S.E. Other stock markets 07:49:42 2025-07-11 am EDT			5-day change	1st Jan Change
1,140.60 ^INR	+3.19%		+4.41%	+18.12%

May. 26	Jefferies Adjusts The Ramco Cements' Price Target to INR930 From INR845, Keeps at Hold	MT
May. 22	The Ramco Cements Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2025	CI

Projected Income Statement: The Ramco Cements Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	53,684	52,684	59,800	81,353	93,498	84,951	96,988	107,502
Change	-	-1.86%	13.51%	36.04%	14.93%	-9.14%	14.17%	10.84%
EBITDA ¹	11,366	15,480	12,838	11,820	15,525	12,318	17,973	21,709
Change	-	36.19%	-17.06%	-7.94%	31.35%	-20.66%	45.9%	20.78%
EBIT ¹	8,214	11,927	8,830	6,775	9,167	5,407	10,771	13,990
Change	-	45.21%	-25.96%	-23.27%	35.3%	-41.02%	99.22%	29.89%
Interest Paid ¹	-713.5	-876.2	-1,124	-2,405	-4,155	-4,588	-4,383	-4,168
Earnings before Tax (EBT) ¹	7,872	11,397	8,012	4,737	5,435	4,657	6,814	10,322
Change	-	44.77%	-29.7%	-40.88%	14.73%	-14.3%	46.3%	51.48%
Net income ¹	6,011	7,611	8,927	3,435	3,950	4,174	4,788	7,592
Change	-	26.62%	17.29%	-61.52%	14.97%	5.67%	14.71%	58.56%
Announcement Date	6/19/20	5/24/21	5/23/22	5/18/23	5/22/24	5/22/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	13,839	13,167	12,780	13,899	10,418	12,570	13,391	16,306	12,051	14,931	15,491	17,091	17,725	17,844	20,088	25,697	22,411	23,293	21,061	26,733	20,884	20,823	19,958	26,121	22,290	21,798	22,863	28,860
Change	-	-4.86%	-2.94%	8.76%	-25.04%	20.65%	6.53%	21.77%	-26.09%	23.9%	3.75%	10.33%	3.71%	0.67%	12.58%	27.92%	-12.79%	3.94%	-9.58%	26.93%	-21.88%	-0.29%	-4.15%	30.88%	-14.66%	-2.21%	4.89%	26.23%
EBITDA ¹	3,593	2,952	2,029	2,792	2,600	4,420	3,970	4,490	3,640	3,938	2,309	2,951	3,007	1,838	2,846	4,128	3,415	3,986	3,954	4,171	3,194	2,708	3,187	4,267	4,164	3,796	3,797	6,552
Change	-	-17.84%	-31.28%	37.63%	-6.89%	70.01%	-10.18%	13.1%	-18.93%	8.19%	-41.38%	27.84%	1.87%	-38.86%	54.86%	45.04%	-17.29%	16.73%	-0.81%	5.49%	-23.42%	-15.22%	17.68%	33.88%	-2.4%	-8.83%	0.01%	72.57%
EBIT ¹	-	-	-	-	-	-	-	-	2,684	2,953	1,317	1,876	1,943	-	-	2,722	-	2,412	2,299	2,520	1,527	1,803	1,586	2,463	1,509	1,036	1,936	5,448
Change	-	-	-	-	-	-	-	-	-	10.03%	-55.42%	42.5%	3.56%	-	-	-	-	-	-4.7%	9.65%	-39.41%	18.07%	-12.04%	55.3%	-38.73%	-31.35%	86.87%	181.4%
Charge d'intérêts ¹	-135.2	-147.3	-216.4	-216	-299.3	-265.2	-159.9	-151.8	-243	-294	-252.8	-334.2	-474.8	-550.5	-608.4	-771.5	-933.9	-1,165	-1,019	-1,038	-1,130	-1,070	-1,070	-1,117	-1,133	-1,133	-1,133	-1,033
Earnings before Tax (EBT) ¹	2,782	2,132	1,101	1,857	1,557	3,383	2,977	3,479	2,501	2,738	1,132	1,641	1,537	160.2	972.4	2,067	1,081	1,382	1,350	1,623	481.6	235.8	1,897	1,464	1,600	843.5	843.5	3,750
Change	-	-23.37%	-48.33%	68.64%	-16.17%	117.28%	-12%	16.85%	-28.11%	9.49%	-58.67%	44.99%	-6.34%	-89.58%	506.99%	112.6%	-47.72%	27.84%	-2.31%	20.23%	-70.32%	-51.05%	704.56%	-22.84%	9.33%	-47.28%	0%	344.52%
Net income ¹	1,920	1,682	948	1,462	1,096	2,358	2,014	2,144	1,690	5,171	825.7	1,241	1,123	114.7	673.9	1,524	789.1	1,013	933.8	1,214	355	32.08	391.1	1,035	915.2	595	630.5	2,738
Change	-	-12.41%	-43.62%	54.19%	-25.02%	115.12%	-14.6%	6.46%	-21.17%	206%	-84.03%	50.26%	-9.51%	-89.78%	487.53%	126.16%	-48.23%	28.37%	-7.82%	30%	-70.76%	-90.96%	1,119.18%	164.76%	-11.61%	-34.98%	5.97%	334.34%
Announcement Date	8/7/19	10/30/19	1/29/20	6/19/20	8/14/20	11/2/20	2/3/21	5/24/21	7/27/21	10/25/21	1/24/22	5/23/22	8/1/22	11/9/22	2/7/23	5/18/23	8/7/23	11/9/23	2/8/24	5/22/24	7/25/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: The Ramco Cements Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	25,410	29,599	37,539	43,188	49,721	44,447	41,000	36,907
Change	-	16.49%	26.83%	15.05%	15.13%	-10.61%	-14.58%	-9.98%
Announcement Date	6/19/20	5/24/21	5/23/22	5/18/23	5/22/24	5/22/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: The Ramco Cements Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	19,199	17,663	18,155	17,651	19,224	10,240	10,515	10,164
Change	-	-8%	2.79%	-2.78%	8.91%	-46.73%	-7.56%	-3.33%
Free Cash Flow (FCF) ¹	-11,800	1,185	-6,865	-3,601	-	3,782	7,415	7,924
Change	-	110.04%	-679.21%	47.54%	-	-	26.94%	6.86%
Announcement Date	6/19/20	5/24/21	5/23/22	5/18/23	5/22/24	5/22/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: The Ramco Cements Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	21.17%	29.38%	21.47%	14.53%	16.6%	14.5%	18.53%	20.19%
EBIT Margin (%)	15.3%	22.64%	14.77%	8.33%	9.8%	6.36%	11.11%	13.01%
EBT Margin (%)	14.66%	21.63%	13.4%	5.82%	5.81%	5.48%	7.03%	9.6%
Net margin (%)	11.2%	14.45%	14.93%	4.22%	4.22%	4.91%	4.94%	7.06%
FCF margin (%)	-21.98%	2.25%	-11.48%	-4.43%	-	4.45%	7.64%	7.37%
FCF / Net Income (%)	-196.31%	15.57%	-76.9%	-104.83%	-	90.61%	154.86%	104.37%
Profitability
ROA	6.62%	7.12%	7.32%	2.49%	2.57%	2.57%	4.63%	5.17%
ROE	12.82%	14.43%	14.69%	5.16%	5.67%	5.7%	6.6%	9.03%
Financial Health
Leverage (Debt/EBITDA)	2.24x	1.91x	2.92x	3.65x	3.2x	3.61x	2.28x	1.7x
Debt / Free cash flow	-2.15x	24.97x	-5.47x	-11.99x	-	11.75x	5.53x	4.66x
Capital Intensity
CAPEX / Current Assets (%)	35.76%	33.53%	30.36%	21.7%	20.56%	12.05%	10.84%	9.46%
CAPEX / EBITDA (%)	168.92%	114.1%	141.41%	149.34%	123.82%	83.13%	58.5%	46.82%
CAPEX / FCF (%)	-162.71%	1,490.28%	-264.47%	-490.13%	-	270.75%	141.81%	128.28%
Items per share
Cash flow per share ¹	30.78	79.25	47.78	59.46	80.17	59.34	75.98	83.91
Change	-	157.5%	-39.71%	24.44%	34.84%	-25.99%	5.04%	10.44%
Dividend per Share ¹	2.5	3	3	2	2.5	2	2.547	2.771
Change	-	20%	0%	-33.33%	25%	-20%	6.23%	8.83%
Book Value Per Share ¹	208.8	238.5	276.1	287.5	302.3	317.1	337.5	368
Change	-	14.25%	15.76%	4.12%	5.16%	4.89%	7%	9.05%
EPS ¹	25	32	38	14.52	16.7	17.65	20.29	32.05
Change	-	28%	18.75%	-61.79%	15.01%	5.69%	70.86%	58%
Nbr of stocks (in thousands)	235,577	235,890	236,292	236,292	236,292	236,292	236,292	236,292
Announcement Date	6/19/20	5/24/21	5/23/22	5/18/23	5/22/24	5/22/25	-	-