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Ramco Cements Q4 Results Review: Dolat Capital Maintains 'Sell', Says High Capex Remains A Concern
Considering ~11% stock price run-up from Q3 FY25 update note and our concern on higher capex, we maintain our ‘Sell’ rating with a revised target price of Rs 915
23 May 2025, 11:35 AM IST 
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Ramco Cements' net debt to remain at Rs 39.9 billion/Rs 36.4 billion in FY26E/FY27E vs Rs 44.4 bn in FY25, post factoring capex of Rs 12 bn/Rs 12 bn for FY26E/FY27E despite cash inflow of Rs 5.4 bn in FY26E against the sale of non-core assets.
(Representative image. Source: Envato)
Ramco Cements added 7.8 mtpa from FY19 to FY25, taking total capacity to 24.4 mtpa (Q4 FY25). The company plans to reach 30 mtpa (brownfield plus de-bottlenecking) by FY26 at existing locations with minimal capex, including 1.5mtpa (with 3.15mtpa clinker and 15MW WHRS) at Kurnool, AP.
