Ramky Infrastructure Limited (RAMKY.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

+171.1%

₹890.14

vs ₹328.35 price

Levered DCF

₹784.08

After debt service

Piotroski score

5 / 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	10.85×	16.07×	12.43×	1.77×	51.69×	27.39×	-0.72×	41.41×
P/B	1.36×	1.67×	2.24×	1.43×	4.42×	1.58×	0.45×	1.39×
P/S	1.59×	1.55×	1.77×	1.18×	0.84×	0.51×	0.1×	0.36×
EV / EBITDA	14.7×	7.32×	6.83×	1.6×	6.24×	9.24×	20.58×	7.74×
Gross margin	19.7%	22.5%	27.8%	23.1%	81.9%	85.5%	77.2%	31.4%
Operating margin	9.4%	14.0%	21.8%	17.6%	27.7%	13.9%	1.2%	22.4%
Net margin	14.7%	9.7%	14.2%	66.9%	1.6%	1.9%	-14.3%	0.9%
Current ratio	1.57×	1.38×	1.36×	0.88×	0.63×	0.9×	0.87×	0.98×
Debt / equity	0.27×	0.3×	0.49×	1.17×	7.69×	6.78×	7.7×	6.07×
Interest coverage	2.36×	2.38×	2.97×	0.83×	1.08×	0.45×	0.05×	1.03×
Dividend yield	0.0%	0.1%	0.1%	0.2%	0.4%	0.0%	0.0%	0.4%
Payout ratio	0.0%	2.2%	1.4%	0.4%	18.7%	0.0%	0.0%	16.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.5%	10.4%	18.0%	80.8%	8.6%	5.8%	-61.8%	3.4%
Return on invested capital	4.6%	5.9%	11.2%	7.4%	4.9%	-1.4%	0.5%	-0.2%
Return on assets	6.6%	4.7%	7.2%	24.5%	0.5%	0.4%	-4.6%	0.3%
Free cash flow yield	-11.9%	7.2%	6.8%	122.5%	14.8%	33.8%	180.3%	62.8%
Earnings yield	9.2%	6.2%	8.0%	56.5%	1.9%	3.6%	-138.8%	2.4%
Enterprise value	₹33.8B	₹36.8B	₹45.8B	₹28.7B	₹32.9B	₹26.5B	₹24.2B	₹32.5B
Net debt / EBITDA	1.92×	1×	1.12×	0.48×	3.93×	7.37×	19.37×	6.26×
Cash conversion cycle (days)	167	-62	53	115	-112	-540	-124	162