RAMCOCEM · Construction Materials
The Ramco Cements Ltd. reported revenue of ₹2,106 cr for October to December 2025, +6.2% on the year and −5.9% on the quarter. Over the last four quarters revenue comes to ₹8,816 cr, +0.2% on the four before.
Operating profit (EBITDA) was ₹280 cr, a margin of 13.3%, −77 bps on the year and −404 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.3% to 19.2%). Operating costs grew +7.2%, faster than revenue at +6.2%, so operating profit grew less than sales.
Net profit was ₹386 cr, +112.1% on the year and +395.6% on the quarter, with earnings per share of ₹16.32. The tax rate was 20% against an average of 27% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹575 cr, +53.7% on the four before.
Cement is read per tonne: realisation against power, fuel and freight. The statements give totals; the per-tonne view needs volumes from the filing. The quarterly statements do not carry volumes, realisation and cost per tonne; those come with the filing read.
On earnings per share of ₹24.35 over the last four quarters, the stock at ₹807.50 trades at 33.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q2 FY26 |
|---|---|
| Sales volume (mt) | 4.4 |
| Utilisation | 71% |
| EBITDA per tonne (₹) | 866 |
| Power and fuel per tonne (₹) | 1,029 |
| Freight per tonne (₹) | 1,044 |
| Green power share | 48% |
Read using the Cement framework (named in the filing read). Primary valuation lens: EV per tonne of capacity.
Read more closely in this sector: Capacity announced against commissioned on time · Capitalised interest · Realisation against peers.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,111 cr | ₹2,678 cr | ₹2,094 cr | ₹2,044 cr | ₹1,983 cr | ₹2,397 cr | ₹2,074 cr | ₹2,239 cr | ₹2,106 cr | ₹2,610 cr | ₹2,273 cr | ₹2,463 cr |
| YoY | — | — | −7% | −13% | −6% | −10% | −1% | +10% | +6% | +9% | +10% | +10% |
| EBITDA margin | 18.8% | 15.6% | 15.3% | 15.4% | 14.1% | 13.3% | 19.2% | 17.3% | 13.3% | 14.2% | 13.5% | 13.3% |
| Other income, % of PBT | 6% | 8% | 17% | 29% | 104% | 50% | 5% | 7% | 103% | 50% | 17% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | ₹12.6 cr | ₹4.8 cr |
| Tax rate | 31% | 26% | 27% | 27% | 4% | 46% | 27% | 24% | 20% | 15% | 23% | 27% |
| Net profit | ₹82.0 cr | ₹129 cr | ₹37.0 cr | ₹26.0 cr | ₹182 cr | ₹26.0 cr | ₹85.0 cr | ₹77.9 cr | ₹386 cr | ₹151 cr | ₹31.2 cr | ₹40.5 cr |
| YoY | — | — | −50% | −64% | +122% | −80% | +130% | +200% | +112% | +481% | −63% | −48% |
| Core profit YoY | — | — | −60% | −81% | −107% | −86% | +173% | +289% | — | +278% | −81% | −54% |
| EPS | ₹3.58 | ₹5.46 | ₹1.57 | ₹1.09 | ₹7.72 | ₹1.16 | ₹3.60 | ₹3.27 | ₹16.32 | ₹6.38 | ₹1.32 | ₹1.71 |
| Flags | · | · | ✓ | ✓ | 4 | 1 | ✓ | ✓ | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
The Ramco Cements Ltd. reported revenue of ₹2,106 cr (+6.2% on the year) and net profit of ₹386 cr (+112.1% on the year) for October to December 2025.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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