The Ramco Cements LimitedQ1 FY27 Results & Financial Update
The Ramco Cements Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,273.05 Cr, PAT ₹31.24 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore The Ramco Cements Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended 30 June 2026, The Ramco Cements Limited posted consolidated revenue from operations of Rs. 2,273.05 crores, accompanied by total consolidated income of Rs. 2,279.79 crores.
Profit before tax (PBT) for Q1 FY27 stood at Rs. 40.39 crores after factoring in exceptional items of Rs. 12.62 crores, which comprised profits earned from the sale of surplus lands.
Consolidated net profit after tax (PAT) for the quarter was reported at Rs. 31.24 crores, reflecting an unannualized basic and diluted earnings per share of Rs. 1.32.
On a standalone basis, the company achieved cement sales volume of 4.48 million tons compared to 4.00 million tons in the corresponding period of the previous year, achieving a 12% increase despite demand headwinds from state elections in Tamil Nadu, Kerala, and West Bengal.
Standalone cement capacity utilisation for Q1 FY27 advanced to 70% from 68% in Q1 FY26, while the construction chemicals segment recorded sales volume of 1.35 lakh tons representing a 13% year-on-year growth.
Standalone EBITDA for Q1 FY27 declined by 22% year-on-year to Rs. 314 crores from Rs. 404 crores, driven by higher fuel and packing material costs stemming from West Asia geopolitical disruptions and a 5% drop in product realisation.
Finance costs decreased to Rs. 95.58 crores from Rs. 104.74 crores in the corresponding period last year, benefiting from repo rate adjustments and prior borrowings repayments, whereas depreciation and amortisation expenses edged higher to Rs. 189.84 crores.
During Q1 FY27, the company achieved consolidated revenue from operations of Rs. 2,273.05 crores and total consolidated income of Rs. 2,279.79 crores, alongside a profit after tax (PAT) of Rs. 31.24 crores.
01 · Business model
What does The Ramco Cements do?
The Ramco Cements Limited is a prominent Indian manufacturer of cement and cement-related products, catering primarily to domestic construction and infrastructure demand across southern and eastern markets.
The company's primary revenue engine is cement sale volumes distributed through an extensive dealer network, supplemented by a growing portfolio of allied products including construction chemicals.
Manufacturing infrastructure spans multiple integrated and grinding units supported by captive thermal and green energy sources, including waste heat recovery systems (WHRS) and railway sidings for logistical efficiency.
The operational footprint emphasizes product-application matching and brand equity to navigate competitive pricing dynamics in regional construction materials markets.
02 · Historical context
What shaped the business before this quarter
Over the two-year period leading up to March 2026, the company monetised Rs. 1,098 crores through the sale of non-core assets.
During the previous financial year, the company added Waste Heat Recovery Systems (WHRS) capacity at its RR Nagar plant, lifting green energy usage levels.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,273.05 Cr |
| Total income | ₹2,279.79 Cr |
| Profit before tax | ₹40.39 Cr |
| Profit after tax | ₹31.24 Cr |
| EPS | ₹1.32 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone cement sales volume grew by 12% year-on-year to 4.48 million tons in Q1 FY27, up from 4.00 million tons in Q1 FY26.
The construction chemicals business registered a sales volume of 1.35 lakh tons during Q1 FY27, marking a 13% increase over the 1.20 lakh tons recorded in Q1 FY26.
Cement sale volume grew by 12% YoY to 4.48 million tons during Q1 FY27 compared to 4.00 million tons in Q1 FY26, overcoming regional demand disruptions from elections.
Standalone financial performance experienced a 5% YoY drop in overall realisations, partially offsetting volume gains.
What drove margins
Standalone EBITDA margins contracted to 14% in Q1 FY27 from 19% in Q1 FY26, pressured by a 5% year-on-year decline in product realisation.
Blended fuel consumption per ton for cement stood at $127 (cost per kcal of Rs. 1.85) in Q1 FY27 compared to $126 (cost per kcal of Rs. 1.55) in Q1 FY26, with fuel costs impacted by an 11% rupee depreciation.
A mineral-bearing land tax of Rs. 160 per ton of limestone imposed by Tamil Nadu from April 2025 created a variable cost impact of Rs. 39 crores (equivalent to Rs. 84 per ton of cement) in Q1 FY27.
Green energy usage improved from 31% in Q1 FY26 to 37% in Q1 FY27 due to expanded WHRS capacity at RR Nagar.
Global geopolitical disruptions in West Asia drove domestic diesel prices up by 4% YoY and polymer prices up by 40% YoY, negatively impacting packing and logistics expenses.
WHRS capacity additions helped improve green energy usage to 37% in Q1 FY27 from 31% in Q1 FY26, helping cushion power and fuel cost escalation.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's business operations comprise a single operating segment, specifically cement and cement-related products.
Geography and market mix
Demand during the quarter experienced localized disruptions across Tamil Nadu, Kerala, and West Bengal due to state assembly elections.
Operations of the unviable Sri Lanka foreign branch remain closed, with the formal strike-off application approved and de-activation of the taxpayer identification number under process.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Cement capacity utilisation for Q1 FY27 was recorded at 70%, compared to 68% in the corresponding quarter of the previous year.
Cement capacity utilisation for Q1 FY27 reached 70%, compared to 68% in Q1 FY26.
The company plans to achieve a total cement capacity of approximately 31 MTPA during FY27 through debottlenecking existing units and brownfield expansion at Kolimigundala.
Projects, capex and execution
The company incurred Rs. 176 crores towards capital expenditure during Q1 FY27, inclusive of maintenance capex.
Brownfield expansion at Kolimigundala, including Kiln Line-2 and a 15 MW WHRS capacity, is scheduled for commissioning during FY27.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Active steps continue for disposing of remaining identified non-core assets valued at approximately Rs. 150 crores, of which Rs. 24 crores was realised during Q1 FY27.
08 · Reported developments
What changed operationally
Standalone cement sales volume grew by 12% year-on-year to 4.48 million tons, reflecting resilient underlying demand.
Interest costs declined year-on-year due to lower interest rates and debt repayments.
Cement sales volume expanded by 12% YoY to 4.48 million tons in Q1 FY27.
Standalone interest costs fell to Rs. 96 crores in Q1 FY27 from Rs. 105 crores in Q1 FY26 due to prior repayments and lower repo rates.
09 · Pressure points & risks
What is not going smoothly
Geopolitical tensions in West Asia pushed up imported pet coke prices (current spot CIF at $139 per ton), domestic diesel prices (up 4% year-on-year), and polymer prices (up 40% year-on-year), impacting packing and freight costs.
Standalone EBITDA declined 22% YoY to Rs. 314 crores due to cost inflation and lower realisations.
Tamil Nadu's mineral bearing land tax created a substantial quarterly cost burden of Rs. 39 crores.
10 · Items worth noticing
The line items that can distort a quick read
The company recorded an exceptional gain of Rs. 12.62 crores during Q1 FY27 arising from the sale of surplus land parcels.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Total debt as at 30 June 2026 stood at Rs. 4,007 crores, compared to Rs. 3,852 crores as at 31 March 2026.
The cost of debt for Q1 FY27 moderated to 7.03% per annum from 7.64% in Q1 FY26, aided by repo rate cuts and prior debt repayments.
12 · Management guidance & targets
What management is targeting from here
Management estimated the total capital expenditure guidance for FY27 at Rs. 800 crores.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
CCI Cartelisation Penalty Litigation
The Competition Commission of India (CCI) imposed a penalty of Rs. 258.63 crores in August 2016 regarding alleged cartelisation. The company's appeal is pending before the Hon'ble Supreme Court under an interim stay, with 10% (Rs. 25.86 crores) deposited; management maintains it has a strong legal case and no provision is necessary.
Reported update
Sri Lanka Branch Closure
The foreign branch in Sri Lanka remains under winding-up proceedings following un-viability, with negligible financial impact.
14 · Key Q&A
The quarter, answered directly
What does The Ramco Cements do?
The Ramco Cements Limited is a prominent Indian manufacturer of cement and cement-related products, catering primarily to domestic construction and infrastructure demand across southern and eastern markets.
What is the clearest takeaway from Q1 FY27?
During the quarter ended 30 June 2026, The Ramco Cements Limited posted consolidated revenue from operations of Rs. 2,273.05 crores, accompanied by total consolidated income of Rs. 2,279.79 crores.
What drove revenue or demand?
Standalone cement sales volume grew by 12% year-on-year to 4.48 million tons in Q1 FY27, up from 4.00 million tons in Q1 FY26.
What mattered most for margins or profitability?
Standalone EBITDA margins contracted to 14% in Q1 FY27 from 19% in Q1 FY26, pressured by a 5% year-on-year decline in product realisation.
What changed operationally beyond the headline numbers?
Cement capacity utilisation for Q1 FY27 was recorded at 70%, compared to 68% in the corresponding quarter of the previous year.
What is management guiding or targeting from here?
Management estimated the total capital expenditure guidance for FY27 at Rs. 800 crores.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Kolimigundala Expansion and WHRS Progress: Monitor the commissioning of the 15 MW Waste Heat Recovery System and Kiln Line-2 at Kolimigundala during FY27.
- 02
Tamil Nadu Land Tax Representation: Track discussions between the state government and cement industry representatives regarding potential reductions in the mineral-bearing land tax levy.
- 03
Non-Core Asset Monetisation: Observe progress on realizing the remaining balance of approximately Rs. 126 crores from identified non-core assets.
- 04
Tamil Nadu Tax Representation: Watch for state government decisions regarding industry representations for a reduction in the limestone mineral bearing land tax.
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