The Ramco Cements Limited delivered a resilient financial performance in 2025-26, navigating a year marked by pricing pressure, elevated input costs, and uneven demand across its key markets. Net revenue for the year stood at Rs. 9,055.92 crores compared to Rs. 8,539.10 crores in 2024-25, reflecting a 6% increase. EBITDA rose 16% to Rs. 1,481.56 crores, and Profit After Tax (PAT) surged 66% to Rs. 693.62 crores, aided by exceptional gains from the sale of surplus lands. The Board has proposed a dividend of Rs. 2.50 per share for 2025-26, up from Rs. 2.00 per share in the previous year.

Financial Performance Overview

The following table summarises key financial metrics for 2025-26 versus 2024-25:

Cement prices in South India remained subdued for much of the year, while the introduction of a mineral-bearing land tax of Rs. 160 per tonne on limestone in Tamil Nadu from 4th April 2025 added Rs. 150.48 crores to raw material costs. Despite these headwinds, the Company improved profitability through disciplined cost management, an improved clinker conversion ratio from 1.42x to 1.43x, and a higher share of blended cement in the production mix. The average cement price for 2025-26 increased by approximately 4% over 2024-25, supporting revenue and margin recovery.

Divisional Performance

Cement Division

The Cement Division sold 182.20 lakh tonnes during 2025-26, compared to 181.74 lakh tonnes in the previous year, registering a marginal increase. Revenue from this division, including scrap sales and other operating income, was Rs. 8,663.17 crores (net of applicable taxes), up 5% from Rs. 8,275.43 crores in 2024-25. Total cement capacity stood at 264.40 lakh tonnes as at 31st March 2026, with production of 182.55 lakh tonnes and total sales volume (including construction chemicals) of 188.06 lakh tonnes.

Key operational metrics for the Cement Division are summarised below:

Construction Chemicals Division

The Construction Chemicals Division delivered strong growth under the 'Hard Worker' brand, with sales volume reaching 5.86 lakh tonnes — an 80% increase over the 3.26 lakh tonnes recorded in 2024-25. Revenue from the division was Rs. 349.40 crores (net of applicable taxes), compared to Rs. 210.06 crores in the previous year. The Company commissioned its fifth construction chemicals plant at Haridaspur, Jajpur District, Odisha during the year. The Managing Director has set a revenue target of Rs. 2,000 crores for this business over the next five years.

Wind Farm Division

The Wind Farm Division generated 2,632 lakh units during 2025-26, compared to 2,164 lakh units in 2024-25 — a record high. Of this, 2,552 lakh units were generated from Tamil Nadu wind farms and 80 lakh units from Karnataka. The entire Tamil Nadu generation was adjusted against power consumed at the Company's Tamil Nadu plants. The Company, including its wholly owned subsidiary, registered a record wind power generation of 29.81 crore units during 2025-26, compared to 24.48 crore units in 2024-25.

Capital Expenditure and Capacity Expansion

The Company incurred Rs. 996.65 crores in capital expenditure during 2025-26, directed towards capacity expansion at Kolimigundla, acquisition of mining lands, WHRS capacity expansion at Ramasamy Raja Nagar, and construction chemicals plant commissioning. Key expansion milestones include:

• Ariyalur: Debottlenecking of Line I and Line II increased combined cement grinding capacity from 3.50 MTPA to 5.50 MTPA.
• Kolimigundla Line II: The cement mill was commissioned in July 2025. The clinkerisation capacity of 3.15 MTPA and a 15 MW WHRS are expected to be commissioned in 2026-27. Cement grinding capacity is targeted to increase from 1.50 MTPA to 3.00 MTPA by March 2027.
• Ramasamy Raja Nagar: Ongoing debottlenecking will increase clinkerisation capacity from 2.14 MTPA to 2.76 MTPA and cement grinding capacity from 3.00 MTPA to 4.00 MTPA.
• Jayanthipuram: Debottlenecking will increase clinker capacity from 4.61 MTPA to 5.62 MTPA and cement capacity from 3.65 MTPA to 4.35 MTPA.
• Bommanahalli, Karnataka: The Company became the Successful Bidder for the Bommanahalli Limestone Block. As at 31st March 2026, 966.725 acres of limestone bearing lands and 83.80 acres of factory land were acquired at a cost of Rs. 261.25 crores.

The Company is progressing towards a total cement capacity of 31.14 MTPA by 2026-27.

Balance Sheet and Deleveraging

The Company's balance sheet strengthened materially during the year. Total assets stood at Rs. 16,680.52 crores as at 31st March 2026, compared to Rs. 16,374.10 crores as at 31st March 2025. Net Worth increased to Rs. 8,142.37 crores from Rs. 7,493.76 crores. Total debt declined to Rs. 3,852.05 crores from Rs. 4,652.10 crores, driven by proceeds from the monetisation of non-core assets.

During the year, the Company realised Rs. 638.03 crores from the sale of non-core assets, comprising Rs. 593.39 crores from land sales, Rs. 36.90 crores from the sale of shares held in Swiggy Limited, and Rs. 7.74 crores from other assets. Combined with Rs. 459.79 crores realised in 2024-25, cumulative non-core asset monetisation reached Rs. 1,097.82 crores against a two-year target of Rs. 1,000 crores.

Sustainability and Energy Transition

Green power accounted for 40% of total energy requirements in 2025-26, up from 36% in 2024-25, comprising wind power from 165.79 MW of installed capacity and WHRS with a total installed capacity of 53.15 MW following the commissioning of the 8 MW WHRS at Ramasamy Raja Nagar. The Company maintained a water positive status of 4.5x and achieved a CO₂ intensity of 572 kg per tonne of cementitious material. Scope 1 emissions stood at 10.63 million metric tonnes of CO₂ equivalent and Scope 2 emissions at 0.16 million metric tonnes of CO₂ equivalent for 2025-26.

Total CSR expenditure for 2025-26 was Rs. 9.40 crores, impacting 1.93 lakh+ lives across focus areas including healthcare, education, water conservation, environmental sustainability, and rural development.

Corporate Governance and Shareholding

The Board comprised 7 Directors as at 31st March 2026, with Independent Directors constituting 71.43% of Board strength. Board attendance stood at 91.43%. The Company's market capitalisation as at 31st March 2026 was Rs. 21,939 crores. Promoter and Promoter Group shareholding remained stable at 42.55% of total paid-up capital of Rs. 23.63 crores. The Company holds credit ratings of (ICRA) AA+ (Stable) for long-term borrowings and (ICRA) A1+ for short-term facilities.

The consolidated net profit after tax for 2025-26 was Rs. 698.65 crores, compared to Rs. 272.65 crores in 2024-25, and consolidated total comprehensive income was Rs. 699.17 crores versus Rs. 262.88 crores in the previous year.

Ramco Cements has confirmed it serves as the in-house registry for its equity shares and commercial papers. The company disclosed this compliance with SEBI LODR regulations in a filing submitted to the stock exchanges on July 4, 2026. This move ensures direct control over the registry functions for these specific instruments.

The company clarified that while it manages equity shares and commercial papers internally, its debentures are handled by an external agency. Cameo Corporate Services Limited, based in Chennai, manages the registry for the debentures issued by The Ramco Cements Limited.

Registry Details

The following table outlines the registry responsibilities for different instruments issued by the company:

The confirmation addresses compliance with Regulation 6(1) and 7(1) of the SEBI (Listing Obligations and Disclosure Requirements) regulations. The filing was signed by K. Selvanayagam, Secretary of The Ramco Cements Limited.