RAMCOCEMThe Ramco Cements Ltd.
The Ramco Cements Q2 FY27 Results: Consolidated Net Profit ₹71.35 Crore on Total Income of ₹2,470 Crore
- Earnings
- Cement
Reviewed byKeshav SehgalBlacklitt Research
The Ramco Cements (NSE: RAMCOCEM) reported consolidated total income of ₹2,469.80 crore for the quarter ended 30 Sep 2026, with profit attributable to equity shareholders of ₹40.43 crore, it said in a filing on 05 Nov 2026. Standalone total income was ₹2,465.84 crore and standalone net profit ₹38.18 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,469.80 crore, up 10.0% YoY and 8.3% QoQ
- Net profit: Profit attributable to equity shareholders ₹40.43 crore, against ₹77.34 crore a year earlier
- EPS: ₹1.71 basic, against ₹3.27 a year earlier, not annualised
- Finance costs: ₹92.93 crore, down 16.6% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,465.84 crore, up 10.0% YoY and 8.3% QoQ
- Net profit: ₹38.18 crore, down 48.6% YoY from ₹74.31 crore
- EPS: ₹1.61 basic, against ₹3.14 a year earlier, not annualised
- Exceptional items: ₹4.80 crore, profit on sale of surplus lands
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,469.80 | 2,245.28 | +10.0% | 2,279.79 | +8.3% | |
| Revenue from operations | 2,462.75 | 2,238.74 | +10.0% | 2,273.05 | +8.3% |
| Other income | 7.05 | 6.54 | +7.8% | 6.74 | +4.6% |
| 71.35 | 75.80 | -5.9% | 40.33 | +76.9% | |
| Profit before tax | 55.02 | 99.83 | -44.9% | 40.39 | +36.2% |
| Finance costs | 92.93 | 111.38 | -16.6% | 95.58 | -2.8% |
| Depreciation | 190.24 | 183.34 | +3.8% | 189.84 | +0.2% |
| Tax expense | 14.69 | 24.06 | -38.9% | 9.37 | +56.8% |
| Net profit margin | 2.89% | 3.38% | -0.49 pp | 1.77% | +1.12 pp |
| EPS, basic (₹) | 1.71 | 3.27 | -47.7% | 1.32 | +29.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Income grew while profit attributable to shareholders fell. Total income rose 10.0% YoY to ₹2,469.80 crore, but profit attributable to equity shareholders of the parent dropped from ₹77.34 crore to ₹40.43 crore. Profit before tax was ₹55.02 crore against ₹99.83 crore a year earlier, and tax expense of ₹14.69 crore equals 26.7% of that profit before tax.
Finance costs of ₹92.93 crore were 3.8% of total income, down from ₹111.38 crore a year earlier. Other income of ₹7.05 crore was 0.3% of total income. The year-earlier quarter included exceptional profit of ₹17.42 crore from the sale of surplus lands, while this quarter's exceptional item is ₹4.80 crore of the same kind.
The company says it has remitted ₹8.61 crore under protest on the Tamil Nadu mineral bearing land tax for 22 Aug 2026 to 30 Sep 2026 and has not recognised it as an expense. It says the levy is no longer payable under the Mines and Minerals amendment effective 22 Aug 2026, and the matter is pending with the Government of Tamil Nadu.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,465.84 | 2,241.89 | +10.0% | 2,276.18 | +8.3% | |
| Revenue from operations | 2,458.28 | 2,234.84 | +10.0% | 2,268.97 | +8.3% |
| Other income | 7.56 | 7.05 | +7.2% | 7.21 | +4.9% |
| 38.18 | 74.31 | -48.6% | 31.86 | +19.8% | |
| Profit before tax | 52.14 | 100.24 | -48.0% | 41.55 | +25.5% |
| Finance costs | 92.93 | 111.38 | -16.6% | 95.58 | -2.8% |
| Depreciation | 190.27 | 182.34 | +4.3% | 189.87 | +0.2% |
| Tax expense | 13.96 | 25.93 | -46.2% | 9.69 | +44.1% |
| Net profit margin | 1.55% | 3.31% | -1.77 pp | 1.40% | +0.15 pp |
| EPS, basic (₹) | 1.61 | 3.14 | -48.7% | 1.35 | +19.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 10.0% to ₹2,465.84 crore, but net profit fell 48.6% to ₹38.18 crore from ₹74.31 crore. Profit before tax was ₹52.14 crore against ₹100.24 crore, and tax expense of ₹13.96 crore equals 26.8% of that profit before tax.
Other income of ₹7.56 crore equals 14.5% of standalone profit before tax. Standalone finance costs of ₹92.93 crore were 3.8% of total income, against ₹111.38 crore a year earlier. The standalone exceptional item of ₹4.80 crore is the same profit on sale of surplus lands reported on a consolidated basis.
Inference
The auditors issued unmodified limited review conclusions on both the standalone and consolidated results. The filing draws attention to a CCI penalty of ₹258.63 crore imposed on 31 Aug 2016 for alleged cartelisation, of which ₹25.86 crore (10%) was re-deposited; the company, backed by legal opinion, believes it has a good case and has made no provision.
The cash flow statement shows ₹59.13 crore paid as dividend including TDS in the half year to 30 Sep 2026. The filing does not state a dividend declared for the period, its record date or payout, and it gives no reason for the fall in profit or outcome of the representation to the Tamil Nadu government.
Filed with BSE on . Reference: Original filing (PDF)
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