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1. At a Glance
Ramco Industries closed the June 2026 quarter with revenue of ₹613.81 Cr and operating profit of ₹105.16 Cr — the first time the operating profit line on this company’s quarterly table has crossed three digits. Net profit came in at ₹86.59 Cr against ₹65.63 Cr a year earlier, up 31.9%. Operating margin printed 17%, the highest reading in the thirteen quarters Screener carries.
Sitting inside that quarter is an exceptional item: ₹8.78 Cr of profit on the sale of land, disclosed as such by the company. A firm that makes roofing sheets for a living also made money by not putting a roof on something.
The board declared the results on 10 August 2026 after a meeting that began at 11.00 a.m. and finished at 12.00 noon — one hour, from gavel to consolidated financials, which is brisk for a company consolidating three subsidiaries and five associates.
Elsewhere on the record: the 61st AGM passed a ₹1.25 per share dividend, a director reappointment and a cost auditor ratification. The Maksi board plant in Madhya Pradesh, approved in November 2025 at ₹180 crore, was re-approved in May 2026 at ₹250 crore. And ICRA reaffirmed [ICRA]AA-(Stable) and [ICRA]A1+ in December 2025 while withdrawing the rating on ₹60 crore of NCDs the company never placed.
Segment revenue for the quarter: Building Products ₹556.29 Cr, Textiles ₹56.67 Cr, Windmills ₹5.43 Cr.
2. Introduction
Ramco Industries Limited is part of the Chennai-based Ramco Group, and has been in the domestic AC roofing business for over 50 years. Per CRISIL’s rating document, it is one of four large players who together hold roughly 75% of that market. ICRA places it among the top two in domestic asbestos-based fibre cement sheets.
The company’s own description is a list that reads like it was assembled by committee across four decades: fibre cement sheets, calcium silicate boards, cotton yarn spinning, surplus electricity from windmills, and computer software. Most companies pick a lane. This one built a roof over all of them.
The physical footprint: 10 manufacturing plants for building products with a combined capacity of 10,00,000 TPA, one cotton yarn spinning unit in Tamil Nadu, and three wind farms across Tamil Nadu, Karnataka and Gujarat — 15 windmills totalling 16.73 MW. A wholly-owned subsidiary, Sri Ramco Lanka (Pvt) Ltd, manufactures and markets FC sheets in Sri Lanka.
The recent record is mostly capex and litigation. In November 2025 the board approved a new Maksi plant for fibre cement boards, 58,000 MT per annum, ₹180 crore, twelve months. In May 2026 the board raised that cost to ₹250 crore. ICRA’s December 2025 note carried the ₹180 crore figure, funded by ₹120–135 crore of debt.
On the litigation side, the West Bengal entry-tax dispute was settled: principal ₹295.37 Lakhs, interest ₹729.23 Lakhs, of which ₹2.21 crore was paid under the Settlement of Disputes Scheme on 29 August 2025 and ₹7.29 crore of interest waived, with Supreme Court withdrawal received on 29 January 2026. An income tax assessment order for AY2017-18 levied a penalty of ₹23,79,146, which the company said it intends to appeal — a sum reported to the rupee, as tax penalties always are, because nobody rounds a fine.
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3. Business Model: WTF Do They Even Do?
They make sheets. Specifically, fibre cement sheets — the corrugated roofing that covers a great deal of rural and semi-urban India — plus calcium silicate boards, insulation boards made of vegetable fibre, straw or wood waste agglomerated with cement and other mineral binders. That last phrase is what happens when a filing has to describe “compressed farm leftovers” without anyone losing composure.
The brand list is Ramco Hilux, Ramco Hicem, Ramco Greencor, Ramco Poweroof, and a high-density fibre cement board called HIDEN launched in FY24. There is also Ramco Smart Build Services, offering design and material consultancy, project execution, site quality assurance, and training in dry construction methods — a company that sells boards has also gone into the business of teaching people how to hold the boards.
Building Products was 87% of revenue in FY24 against 81% in FY20. Textiles was 10%, down from about 15%. Windmill and other, 3%. Per ICRA, asbestos-based products contribute around 70% of total revenues, with the CSB expansion intended to shift that mix.
Textiles means Sri Ramco Spinners, producing cotton yarn in 60s, 30s, 20s and 16s counts. The windmills generated 253 Lakh Units in FY25. Cotton yarn sales volume was 36.65 Lakh Kgs in FY25; fibre cement sheet sales volume, 810,132 MT. The two units of measurement are lakh kilograms and metric tonnes, which tells you everything about the relative gravity of the two businesses without a single percentage.
Distribution ran through 4,502 dealers and distributors in FY25, down from 4,903. Internationally, FY24 brought nine new channel partners in Israel, the
