Ramco Industries Limited (RAMCOIND.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

+78.7%

₹526.50

vs ₹294.60 price

Levered DCF

₹264.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 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	6.61×	11.18×	16.87×	8.36×	5.81×	7.69×	5.63×	10.37×
P/B	0.45×	0.48×	0.44×	0.27×	0.47×	0.62×	0.3×	0.59×
P/S	1.13×	1.22×	1.19×	0.71×	1.21×	1.77×	0.98×	1.73×
EV / EBITDA	8.68×	11.44×	11.84×	7.6×	8.19×	10.31×	7.77×	12.82×
Gross margin	34.0%	21.1%	31.9%	33.3%	38.2%	37.8%	36.6%	35.7%
Operating margin	11.3%	9.0%	8.6%	9.3%	15.0%	14.1%	7.6%	9.6%
Net margin	17.1%	11.0%	7.1%	8.5%	20.8%	23.1%	17.4%	16.7%
Current ratio	2.55×	2.1×	1.85×	1.65×	1.49×	1.53×	1.35×	1.43×
Debt / equity	0.04×	0.06×	0.06×	0.08×	0.06×	0.04×	0.07×	0.06×
Interest coverage	11.95×	8.75×	5.15×	6.45×	25.34×	17.83×	5.04×	6.55×
Dividend yield	0.4%	0.3%	0.5%	0.8%	0.0%	0.4%	0.9%	0.2%
Payout ratio	2.8%	3.6%	8.2%	7.0%	0.0%	3.1%	5.1%	2.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.8%	4.3%	2.6%	3.2%	8.1%	8.0%	5.3%	5.6%
Return on invested capital	3.5%	2.6%	2.2%	2.9%	4.4%	3.8%	1.4%	2.1%
Return on assets	6.2%	3.8%	2.3%	2.8%	7.1%	7.0%	4.6%	5.0%
Free cash flow yield	8.0%	5.1%	5.3%	-11.7%	0.2%	6.0%	-3.9%	2.2%
Earnings yield	15.1%	8.9%	5.9%	12.0%	17.2%	13.0%	17.8%	9.6%
Enterprise value	₹20.8B	₹22.3B	₹19.8B	₹13.1B	₹19.1B	₹22.5B	₹11.3B	₹19.1B
Net debt / EBITDA	0.24×	1.06×	1.19×	1.58×	0.66×	0.47×	1.22×	0.83×
Cash conversion cycle (days)	204	204	225	233	182	170	203	165