The Ramco Cements Limited (RAMCOCEM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-211.6%

-₹843.53

vs ₹755.60 price

Levered DCF

-₹444.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.13×	78.16×	53.64×	54.99×	19.92×	29.49×	19.73×	33.84×
P/B	2.69×	2.86×	2.67×	2.52×	2.65×	4×	2.34×	3.74×
P/S	2.41×	2.5×	2.06×	2.12×	2.92×	4.33×	2.17×	3.29×
EV / EBITDA	19.57×	20.74×	15.33×	18.11×	16.41×	16.54×	12.68×	17.61×
Gross margin	41.3%	53.2%	52.6%	49.2%	60.1%	66.8%	62.4%	61.4%
Operating margin	7.7%	22.4%	24.3%	22.3%	30.4%	38.4%	30.8%	29.7%
Net margin	7.7%	3.2%	3.8%	3.9%	14.7%	14.8%	11.2%	9.9%
Current ratio	0.54×	0.52×	0.57×	0.61×	0.61×	0.6×	0.67×	0.67×
Debt / equity	0.48×	0.63×	0.68×	0.66×	0.6×	0.54×	0.61×	0.36×
Interest coverage	1.66×	4.21×	5.49×	7.57×	16.69×	23.78×	23.23×	29.89×
Dividend yield	0.2%	0.3%	0.2%	0.4%	0.0%	0.3%	1.3%	0.5%
Payout ratio	6.8%	21.7%	13.1%	22.6%	0.0%	9.0%	25.9%	16.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.6%	3.7%	5.0%	4.6%	13.3%	13.7%	12.1%	11.3%
Return on invested capital	4.2%	12.1%	12.1%	10.4%	16.0%	13.7%	14.1%	15.4%
Return on assets	4.2%	1.7%	2.2%	2.2%	6.7%	6.8%	6.0%	6.2%
Free cash flow yield	1.0%	1.8%	-0.1%	-2.0%	-3.9%	0.5%	-10.0%	-2.4%
Earnings yield	3.2%	1.3%	1.9%	1.8%	5.0%	3.4%	5.2%	3.0%
Enterprise value	₹253.9B	₹257.7B	₹241.4B	₹216.7B	₹213.6B	₹259.2B	₹146.9B	₹185.6B
Net debt / EBITDA	2.81×	3.59×	3.07×	3.65×	2.92×	1.92×	2.56×	1.5×
Cash conversion cycle (days)	21	38	37	43	75	75	91	100