Ramco Cements has received credit rating reaffirmation and new assignment from ICRA Limited, as communicated to stock exchanges on December 19, 2025. The rating agency has maintained its stable outlook on the company's debt instruments while expanding the scope of rated securities.

Credit Rating Details

ICRA Limited has taken comprehensive rating actions on Ramco Cements' debt instruments, affecting both existing and proposed non-convertible debentures.

ICRA has reaffirmed the AA+(Stable) rating on ₹1,300.00 crores of existing Non-convertible Debentures (NCDs) and assigned the same rating to a new ₹500.00 crores debenture for Ramco Cements. This action has increased the total size of rated instruments from ₹1,300.00 crores to ₹1,800.00 crores.

Regulatory Compliance and Communication

The company has fulfilled its disclosure obligations under SEBI regulations by informing both National Stock Exchange of India Limited and BSE Limited about the rating developments. The communication was made pursuant to Regulation 30 and Regulation 51(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rating Validity and Conditions

ICRA Limited has specified that the assigned ratings remain valid throughout the life of the instruments until withdrawn. However, the rating agency reserves the right to review and revise the ratings based on new information or changing circumstances that could impact the company's creditworthiness.

Key conditions outlined by ICRA include:

• Immediate notification of any defaults or delays in repayment
• Information sharing about developments affecting debt servicing capability
• Prior notice of any changes in instrument terms and conditions
• Updates on borrowing limit breaches

Enhanced Payment Security Measures

In line with SEBI Circular dated November 18, 2024, ICRA has encouraged the use of penny-drop verification services provided by banks. This measure aims to prevent payment failures when disbursing principal and interest to investors or debenture holders, ensuring successful remittance and avoiding transaction failures through efficient bank account verification.

Ramco Cements ' construction chemicals brand HardWorker has achieved significant recognition at the ET Brand Equity Shark Awards 2025-South Chapter, winning two Gold awards for its marketing campaigns. The awards ceremony celebrated the brand's culturally relevant and insight-driven communication approach.

Award-Winning Campaign Categories

The HardWorker brand secured recognition in two distinct categories:

The twin Gold awards recognize HardWorker's communication excellence across television and digital media platforms, honored under the Campaign Brilliance categories.

Brand Philosophy and Market Approach

The recognition underscores how the HardWorker campaigns engaged audiences through brand communication rooted in real-world construction challenges. The brand's approach focuses on simplifying complex on-site decisions and presenting product usage and performance in a relatable language for the construction ecosystem.

A.V. Dharmakrishnan, Chief Executive Officer of Ramco Cements, emphasized the company's approach: "At Ramco, our focus has always been on understanding the real problems faced on site and delivering the right product for the right application—an approach we were among the first to champion in the cement industry. This thinking is built into how we operate, shaping the way we manufacture, innovate, and engage with the construction ecosystem."

Strategic Brand Vision

Balaji K. Moorthy, Executive Director-Marketing, highlighted the brand's core insight: "HardWorker was created on a simple but powerful insight—that the real heroes of construction are the people who put in relentless effort every single day. These awards validate not just our creative direction but also the authenticity of the brand's voice."

The HardWorker brand aims to lead the construction chemicals category by setting clear benchmarks for performance, durability, and delivering long-term value to customers. The brand represents an extension of Ramco's philosophy of understanding real construction challenges.

About ET Brand Equity Shark Awards

The ET Brand Equity Shark Awards-South Chapter celebrates marketing excellence across Tamil Nadu, Karnataka, Kerala, Andhra Pradesh, and Telangana. The awards program features:

• Over 80 award categories
• Evaluation by a panel of CMOs, brand leaders, and creative experts
• Assessment criteria including creativity, cultural relevance, strategic insight, and measurable impact
• Recognition of campaigns that demonstrate authentic brand voice and cultural grounding

The winning campaigns for HardWorker EcoPlaster and HardWorker TileFix films showcase the brand's commitment to championing real craftsmanship and bringing solutions that aim to empower the construction community.