Buy The Ramco Cements; target of Rs 803: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research repor on The Ramco Cements

In Q1FY2021, Ramco cement fared better than expectations on all front. The steep rise in cement prices coupled with lower power & fuel cost helped post better than expected net earnings. Ramco’s capacity expansion plan of Rs. 3,500 crore is in progress although with slight delay led by COVID. Standalone D/E ratio is expected to reduce from 0.6x in FY2020 to 0.4x in FY2022E despite capacity expansions. We expect Ramco to benefit from the expected improvement in cement demand from Q3FY2021 onwards and a favourable cement pricing scenario in the key South Indian market.

Outlook

We maintain our Buy rating on The Ramco Cements (Ramco) with a revised PT of Rs. 803,factoring in upward revision in estimates for FY2021-FY2022.

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