Ramco Industries financials and balance sheet

NSE: RAMCOINDBSE: 532369Other Construction MaterialsSmall Cap

₹280.20₹6.50 (2.27%)BSE ₹280.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹286.70.

52-week range of traded prices to 23 Oct 2026

₹230.65Low, 30 Mar 2026₹395.50High, 10 Aug 2026

Market cap: ₹2,433 Cr1,065th largest listed
P/E: 7.4
P/B: 0.5
Dividend yield: 0.45%
ROE: 7.5%
ROCE: 4.9%
Debt to equity: 0.04
Volume, NSE: 96,33851.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Ramco Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,792
Materials and goods−981
Employee costs−165
Other expenses−414
Operating profit232
Depreciation−37
Other income+15
One-off items+8.1
Finance costs−18
Profit before tax200
Tax−65
Joint ventures+171
Net profit306

What the company owns

Plant, investments and other assets₹4,107 Cr
Inventory₹631 Cr
Cash and bank₹151 Cr
Receivables₹88 Cr

What pays for it: net worth and liabilities

Net worth₹4,522 Cr
Other liabilities₹257 Cr
Borrowings₹169 Cr
Owed to suppliers₹28 Cr

Ramco Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Ramco Industries segment results by quarter

Revenue by segment

₹1,810 CrTotal

BUILDING PRODUCTS₹1,597 Cr88.2% of total
TEXTILES₹193 Cr10.7% of total
WINDMILLS₹20 Cr1.1% of total

Profit by segment

BUILDING PRODUCTS₹176 Cr92.5% of total
TEXTILES₹2 Cr1.3% of total
WINDMILLS₹12 Cr6.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

BUILDING PRODUCTS
Revenue, ₹ crore
886
848
1,076
1,252
1,252
1,343
1,402
1,597
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
82
71
147
143
113
114
126
176
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
TEXTILES
Revenue, ₹ crore
204
156
255
193
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
−5
3
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
WINDMILLS
Revenue, ₹ crore
16
16
15
14
16
18
17
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11
10
8
8
10
11
9
12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,051	988	1,222	1,469	1,472	1,518	1,674	1,810
Company revenue, as in its results	1,036	974	1,209	1,457	1,458	1,501	1,659	1,792
Revenue	886	848	1,076	1,252	1,252	1,343	1,402	1,597
Revenue growth	–	−4.2%	26.9%	16.3%	0.0%	7.3%	4.4%	13.9%
Profit	82	71	147	143	113	114	126	176
Profit growth	–	−13.6%	106.4%	−2.2%	−21.1%	0.7%	10.8%	39.4%
Margin	9.3%	8.4%	13.6%	11.4%	9.0%	8.5%	9.0%	11.0%
Return on capital	–	11.2%	22.6%	20.0%	12.6%	12.5%	13.5%	17.6%
Assets	–	789	857	903	1,046	1,059	1,112	1,174
Liabilities	–	155	207	187	152	151	177	178
Capital employed	–	634	650	716	894	909	935	996
Revenue	–	–	–	–	204	156	255	193
Revenue growth	–	–	–	–	–	−23.5%	63.2%	−24.1%
Profit	–	–	–	–	6	−5	3	2
Profit growth	–	–	–	–	–	–	–	−28.7%
Margin	–	–	–	–	3.2%	−3.4%	1.3%	1.2%
Return on capital	–	–	–	–	4.7%	−4.7%	2.9%	2.1%
Assets	–	–	–	–	235	230	220	218
Liabilities	–	–	–	–	99	116	102	105
Capital employed	–	–	–	–	136	114	117	112
Revenue	16	16	15	14	16	18	17	20
Revenue growth	–	−4.4%	−6.6%	−4.6%	–	10.5%	−7.4%	19.7%
Profit	11	10	8	8	10	11	9	12
Profit growth	–	−9.4%	−14.1%	−8.2%	–	11.1%	−13.2%	26.9%
Margin	66.4%	62.9%	57.9%	55.7%	59.3%	59.7%	55.9%	59.3%
Return on capital	–	75.2%	72.4%	67.5%	82.8%	132.8%	133.7%	197.7%
Assets	–	15	14	15	16	11	9	8
Liabilities	–	2	2	4	4	2	2	2
Capital employed	–	13	12	11	12	8	7	6
Revenue	149	124	132	203	–	–	–	–
Revenue growth	–	−16.8%	6.1%	54.4%	–	–	–	–
Profit	5	0	3	34	–	–	–	–
Profit growth	–	–	–	880.2%	–	–	–	–
Margin	3.6%	0.0%	2.6%	16.8%	–	–	–	–
Return on capital	–	0.0%	3.2%	24.3%	–	–	–	–
Assets	–	160	165	226	–	–	–	–
Liabilities	–	53	57	85	–	–	–	–
Capital employed	–	106	108	141	–	–	–	–
Revenue	15	16	23	30	16	23	30	39
Profit	0	0	0	0	0	0	0	0
Assets	0	2,749	2,965	3,178	3,168	3,276	3,442	3,577
Liabilities	0	294	251	287	326	246	268	170

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Ramco Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 May	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue from operations	954	959	1,036	974	1,209	1,457	1,458	1,501	1,659	1,792
	837	841	909	871	1,017	1,235	1,306	1,345	1,479	1,560
Materials and goods bought	488	502	540	493	630	747	805	849	956	981
Employee costs	–	–	91	103	114	125	135	133	153	165
Other expenses	–	–	277	275	273	364	366	363	371	414
Operating profit before depreciation	117	118	128	103	193	222	152	156	179	232
Operating margin	12.3%	12.3%	12.3%	10.6%	15.9%	15.3%	10.4%	10.4%	10.8%	12.9%
Materials, % of revenue	–	–	52.1%	50.6%	52.1%	51.2%	55.2%	56.5%	57.6%	54.7%
Employee costs, % of revenue	–	–	8.8%	10.6%	9.4%	8.6%	9.3%	8.9%	9.2%	9.2%
Other expenses, % of revenue	–	–	26.7%	28.2%	22.6%	25.0%	25.1%	24.2%	22.4%	23.1%
Depreciation and amortisation	26	28	29	31	33	33	34	37	36	37
Operating profit after depreciation	91	90	98	72	160	190	118	119	143	195
Other income	11	31	24	41	25	12	22	14	16	15
Finance costs	34	22	15	15	10	9	21	25	17	18
Profit before one-off items and tax	68	99	107	98	175	193	119	109	142	192
One-off items	12	13	0	5	0	0	3	0	0	8
Profit before tax	79	112	107	103	175	193	122	109	142	200
	24	33	33	34	59	66	16	36	48	65
Current tax	–	–	10	24	56	63	30	34	48	63
Deferred tax	–	–	22	11	3	3	−15	2	0	2
Share of profit of joint ventures and associates	–	97	98	101	163	176	16	33	87	171
Net profit	205	176	172	170	279	303	123	106	181	306
Other comprehensive income	–	–	3	−4	11	−2	9	72	−7	−15
Total comprehensive income	–	–	175	166	289	301	131	177	174	291
Net margin	21.5%	18.4%	16.6%	17.4%	23.0%	20.8%	8.4%	7.0%	10.9%	17.1%
Net margin without joint ventures and associates	–	8.2%	7.2%	7.1%	9.6%	8.7%	7.3%	4.9%	5.6%	7.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 27 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 May	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	3,052	3,209	3,484	3,759	3,884	4,061	4,233	4,522
Share capital	9	9	9	9	9	9	9	9
Reserves	3,044	3,201	3,475	3,750	3,875	4,052	4,224	4,513
	157	207	142	224	308	242	256	169
Repayable after a year	26	26	24	15	31	11	75	41
Repayable within a year	132	182	118	209	277	230	180	128
	371	452	445	480	491	443	413	350
Trade payables	48	68	82	71	24	30	44	28
Other financial liabilities	97	101	97	100	83	82	105	99
Other liabilities	21	19	–	42	46	41	37	58
Provisions	73	82	101	57	61	59	16	17
Tax owed	0	–	46	0	0	0	31	19
	83	52	72	83	90	72	137	105
Other financial liabilities	0	2	2	2	2	2	2	2
Deferred tax	56	23	45	65	56	57	59	61
Total assets	3,506	3,713	4,001	4,322	4,465	4,575	4,783	4,977
	2,934	3,103	3,337	3,620	3,654	3,756	3,916	4,083
Plant in use, after depreciation	435	460	468	518	560	563	557	555
Plant being built	5	21	36	19	12	6	5	17
Intangible assets	8	6	4	4	3	2	2	1
Property held to earn rent	1	1	1	1	1	1	1	1
Investments	37	2,602	2,817	45	2	81	78	66
Stakes in joint ventures and associates	2,440	0	0	3,008	3,056	3,091	3,262	3,419
Loans given	0	1	0	10	10	0	0	0
Other financial assets	7	8	7	8	9	10	10	9
Other assets	2	5	4	7	2	2	2	15
	572	611	664	702	811	819	867	894
Inventories	287	357	374	416	601	610	606	631
Trade receivables	95	84	94	93	60	70	100	88
Cash and cash equivalents	64	64	77	71	39	45	52	115
Other bank balances	0	0	0	19	35	42	49	37
Other financial assets	2	2	2	2	2	2	2	2
Tax paid in advance	104	66	81	34	42	34	0	0
Other assets	20	38	36	67	32	17	57	22
Net debt	94	144	65	134	235	155	154	18

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	190	88	−43	135	132	201
	191	92	−57	119	129	201
	8	−104	−201	−26	−45	−42
Receivables	−10	1	33	−9	−30	12
Inventories	−17	−42	−186	−9	4	−25
Payables	15	−12	−30	6	14	−16
Other working capital	20	−52	−18	−13	−33	−14
Tax paid	−10	−12	−7	−10	−14	−17
Interest paid	10	9	21	25	17	18
Capital spending	60	68	63	34	29	51
Free cash flow	130	20	−106	101	103	150
	−73	−138	−27	−21	−107	−37
Plant and property sold	6	1	0	1	0	1
Interest received	3	3	12	9	8	7
Dividends received	16	0	17	11	13	11
	−104	63	54	−100	−11	−114
Borrowings raised	0	0	96	−37	22	−52
Borrowings repaid	−85	71	−12	−30	−8	−34
Interest paid	−10	−9	−22	−25	−18	−18
Lease payments	0	0	0	0	0	0
Dividends paid	9	0	9	9	7	9
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	14	13	−17	14	14	50

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Ramco Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 May	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Earnings per share	₹31.32	₹21.07	₹20.63	₹20.29	₹33.38	₹36.27	₹14.65	₹12.67	₹20.89	₹35.36
Diluted earnings per share	₹31.32	₹21.07	₹20.63	₹20.29	₹33.38	₹36.27	₹14.65	₹12.67	₹20.89	₹35.36
Dividend per share	₹0.50	₹0.50	₹0.50	₹0.50	₹1.00	₹1.00	₹1.00	₹0.75	₹1.00	₹1.25
Book value per share	–	–	₹365.35	₹384.36	₹417.24	₹450.16	₹464.59	₹486.34	₹487.64	₹522.17
Dividend payout	2.1%	2.5%	2.4%	2.5%	3.0%	2.8%	6.8%	5.9%	4.8%	3.5%
Shareholder yield	–	–	–	–	0.4%	0.0%	0.8%	0.5%	0.3%	0.4%
Market cap at the year end (₹ crore)	2,073	1,993	1,846	990	2,224	1,827	1,075	1,745	1,968	2,030

Ratios

Consolidated, years to March.Ramco Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 May	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue growth	5.0%	–	–	−6.0%	24.2%	20.5%	0.0%	3.0%	10.5%	8.1%
Operating profit growth	37.1%	0.5%	8.5%	−19.3%	87.1%	15.3%	−31.7%	2.9%	14.7%	29.5%
Net profit growth	13.4%	−14.0%	−2.1%	−1.6%	64.4%	8.6%	−59.5%	−13.7%	71.1%	69.3%
Earnings per share growth	–	−32.7%	−2.1%	−1.6%	64.5%	8.7%	−59.6%	−13.5%	64.9%	69.3%
	–	–	5.6%	5.4%	8.3%	8.4%	3.2%	2.7%	4.4%	7.0%
	–	–	–	−0.2 pts	2.9 pts	0.0 pts	−5.2 pts	−0.5 pts	1.7 pts	2.6 pts
From the net margin	–	–	–	0.3 pts	1.8 pts	−0.8 pts	−5.0 pts	−0.5 pts	1.5 pts	2.5 pts
From asset turnover	–	–	–	−0.5 pts	1.2 pts	0.9 pts	−0.2 pts	0.0 pts	0.3 pts	0.2 pts
From borrowing	–	–	–	0.0 pts	0.0 pts	0.0 pts	0.0 pts	0.0 pts	0.0 pts	−0.1 pts
Return on capital employed	–	–	3.1%	2.1%	4.4%	4.8%	2.8%	2.8%	3.2%	4.2%
Cash conversion	–	–	–	–	68.2%	29.1%	−35.3%	127.4%	73.1%	65.6%
Interest cover	2.7	4.1	6.5	4.9	16.8	21.9	5.6	4.8	8.4	11.1
Debt to equity	–	–	0.05	0.06	0.04	0.06	0.08	0.06	0.06	0.04
Receivable days	–	–	33	31	28	23	15	17	22	18
Inventory days	–	–	194	264	217	203	273	262	232	235
Payable days	–	–	33	50	48	35	11	13	17	11
Cash conversion cycle, days	–	–	194	246	197	192	277	267	237	242
Working capital days	–	–	95	104	79	85	131	126	117	106
Asset turnover	–	–	0.30	0.27	0.31	0.35	0.33	0.33	0.35	0.37
Assets per rupee of net worth	–	–	1.15	1.15	1.15	1.15	1.15	1.14	1.13	1.11
Sales per rupee of plant	–	–	2.38	2.12	2.58	2.81	2.60	2.67	2.98	3.23
Capital spending to depreciation	–	–	–	–	1.83	2.08	1.85	0.92	0.80	1.36
Plant being built, % of plant in use	–	–	1.1%	4.5%	7.7%	3.8%	2.2%	1.0%	0.8%	3.0%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.3%
Cash from operations against operating profit: 86.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.0%	8.2%	7.1%
Profit growth, yearly rate	5.4%	1.9%	35.7%
Return on equity, average	–	5.1%	4.7%
Return on capital employed, average	–	3.5%	3.4%
Operating margin, average	12.3%	12.0%	11.4%
Net margin, average	16.1%	12.8%	11.7%
Asset turnover, average	–	0.35	0.35
Cash conversion cycle, days, average	–	243	248
Interest cover, average	8.7	10.4	8.1
Debt to equity, average	–	0.06	0.05

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	513	468	201
Cash from investing	−331	−166	−37
Cash from financing	−108	−224	−114
Capital spending	244	114	51
Dividends paid	33	24	9
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	155	72	34

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	2	6	6	8
Altman Z-scorePublished threshold 1.81	–	–	4.05	2.76	4.22	3.64	2.80	3.72	3.95	4.58
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.27	19.35	−2.64	−2.35	−2.10	−2.59
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.18	8.48	4.40	−0.17	3.33	2.93
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.33	0.34	0.55	0.79
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−5.23	−12.20	−21.59	−35.14	12.25	33.28	−20.25
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	33.30	−23.16	−7.29	36.82	−3.96	−13.21	1.34
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.21	1.06	−1.09	−1.82	−1.57	0.39	−1.95
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.37	0.90	0.23	0.16	0.14	0.16	0.46
Effective tax ratePublished threshold 17.16 per cent	30.38	29.64	30.49	33.30	33.79	34.30	12.77	32.75	33.95	32.32
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	27.95	6.71	23.81	24.07	23.73

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
4 Dec 2025	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AA-Review, Re-affirm	Stable	100
4 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		305
4 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loanLong-term scale	[ICRA]AA-Review, Re-affirm	Stable	10
4 Dec 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsShort-term scale	[ICRA]A1+Review, Re-affirm		185
4 Dec 2025	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AA-Review, Re-affirmReaffirmed and Withdrawn	Stable	60
1 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.