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1. At a Glance
Ramco Industries makes fibre cement roofing sheets for rural and semi-urban roofs across India. Revenue for the three months to June 2026 was ₹613.81 crore.
Operating profit was ₹105.16 crore, the first three-digit reading on the company’s quarterly table. Net profit came in at ₹86.59 crore, up 31.9% on the same quarter a year earlier. The year-earlier figure was ₹65.63 crore. Operating margin printed 17%, the highest across the thirteen quarters Screener carries.
Inside that quarter sits an exceptional item, disclosed as such by the company: ₹8.78 crore of profit on the sale of land. 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, at a meeting that ran from 11.00 a.m. to noon. One hour, for a company consolidating three subsidiaries and five associates.
The 61st annual general meeting passed a dividend of ₹1.25 a share, a director reappointment and a cost auditor ratification. The Maksi board plant in Madhya Pradesh was approved in November 2025 at ₹180 crore. In May 2026 it was re-approved at ₹250 crore.
ICRA, a credit-rating agency, reaffirmed its AA-(Stable) and A1+ ratings in December 2025. It also withdrew the rating on ₹60 crore of non-convertible debentures, a form of company borrowing, that the company never placed.
Segment revenue for the quarter ran Building Products ₹556.29 crore, Textiles ₹56.67 crore and Windmills ₹5.43 crore.
2. Introduction
Ramco Industries Limited belongs to the Chennai-based Ramco Group. It has spent over 50 years in the domestic asbestos cement roofing business.
CRISIL, a credit-rating agency, records four large players holding roughly 75% of that market between them. ICRA, another rating agency, places Ramco among the top two in domestic asbestos-based fibre cement sheets.
The company’s own description of itself reads like four decades of decisions stacked up. Fibre cement sheets, calcium silicate boards and cotton yarn spinning sit on one list together. So do surplus electricity from windmills and computer software. Most companies pick a lane; this one built a roof over several.
The physical footprint is ten building products plants with a combined capacity of 10 lakh tonnes a year. One cotton yarn spinning unit sits in Tamil Nadu. Three wind farms operate across Tamil Nadu, Karnataka and Gujarat. They hold 15 windmills totalling 16.73 MW. A wholly owned subsidiary, Sri Ramco Lanka (Pvt) Ltd, makes and sells fibre cement sheets in Sri Lanka.
The recent record is mostly capital spending and litigation. In November 2025 the board approved a new Maksi plant for fibre cement boards, 58,000 tonnes a year. The cost was put at ₹180 crore, over twelve months. In May 2026 the board raised that figure to ₹250 crore. ICRA’s December 2025 note carried the ₹180 crore figure. The agency put the debt funding behind it at ₹120 to 135 crore.
On the litigation side, the West Bengal entry-tax dispute has been settled. Principal stood at ₹2.95 crore and interest at ₹7.29 crore. The company paid ₹2.21 crore under the Settlement of Disputes Scheme on 29 August 2025. Interest of ₹7.29 crore was waived. Supreme Court withdrawal was received on 29 January 2026.
An income tax assessment order for 2017-18 levied a penalty of ₹23,79,146, stated down to the last rupee. The company has said it intends to appeal.
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3. Business Model: WTF Do They Even Do?
The core product is the fibre cement sheet, the corrugated roofing that covers a great deal of rural and semi-urban India. Alongside it sit calcium silicate boards. Those are insulation boards made from vegetable fibre, straw or wood waste, bound with cement and mineral binders. That is a filing describing compressed farm leftovers without anyone losing composure.
The brands are Ramco Hilux, Ramco Hicem, Ramco Greencor and Ramco Poweroof. A high-density fibre cement board called HIDEN was launched in the year to March 2024. Ramco Smart Build Services sells design and material consultancy, project execution and site quality assurance. It also trains people in dry construction methods. A company that sells boards has gone into teaching people how to hold them.
Building Products made up 87% of revenue in the year to March 2024, against 81% four years before. Textiles was 10%, down from about 15%. Windmills and other made up 3%. ICRA, a credit-rating agency, puts asbestos-based products at around 70% of total revenues. The calcium silicate board expansion is intended to shift that mix.
Textiles means Sri Ramco Spinners, which produces cotton yarn in 60s, 30s, 20s and 16s counts. The windmills generated 253 lakh units of electricity in the year to March 2025. Cotton yarn sales that year came to 36.65
