Ramky Infrastructure Ltd

₹ 449 0.55%

24 Mar - close price

ramkyinfrastructure.com BSE: 533262 NSE: RAMKY

About

Ramky Infrastructure Limited is a flagship company of the Ramky Group. The Co is engaged in the business of construction, infrastructure development and management. ^[1]

Key Points

Business Segments
Construction Business (72% in FY24 vs ~64% in FY23): ^[1] The Co. operates the EPC business in the water and wastewater, irrigation, industrial construction, transportation, building construction, and power and distribution sectors. ^[2]

Website BSE NSE

Market Cap ₹ 3,109 Cr.
Current Price ₹ 449
High / Low ₹ 706 / 374
Stock P/E 16.4
Book Value ₹ 238
Dividend Yield 0.00 %
ROCE 23.2 %
ROE 19.0 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 151% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.6%

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of 9.45% over past five years.
Promoters have pledged 25.7% of their holding.
Earnings include an other income of Rs.170 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

Part of BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	391	441	532	534	419	548	550	503	430	486	354	445	453
	307	350	388	378	343	440	435	382	334	481	295	374	392
Operating Profit	84	91	144	156	76	108	115	121	96	5	59	71	61
OPM %	21%	21%	27%	29%	18%	20%	21%	24%	22%	1%	17%	16%	13%
	29	13	22	29	21	31	26	30	28	40	41	46	42
Interest	18	19	17	18	19	14	12	13	14	23	16	11	12
Depreciation	7	7	8	9	9	9	9	9	10	9	9	10	10
Profit before tax	88	77	142	158	70	116	120	130	100	12	75	96	81
Tax %	24%	38%	25%	23%	31%	27%	28%	25%	28%	22%	26%	29%	29%
	67	48	106	121	48	84	86	97	72	10	56	68	57
EPS in Rs	9.67	6.97	15.38	17.56	6.92	12.20	12.49	14.07	10.38	1.38	8.03	9.82	8.23
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,755	1,080	1,828	1,525	1,346	1,477	1,254	912	1,298	1,474	2,033	1,969	1,738
	2,160	1,436	1,906	1,425	1,376	1,339	1,216	854	1,152	1,172	1,549	1,632	1,542
Operating Profit	-405	-357	-77	99	-30	138	38	58	146	302	484	337	196
OPM %	-23%	-33%	-4%	7%	-2%	9%	3%	6%	11%	20%	24%	17%	11%
	22	25	394	246	317	75	89	97	235	97	104	124	170
Interest	195	271	243	204	145	132	90	75	96	72	68	62	63
Depreciation	46	64	52	47	40	34	26	18	18	27	34	37	39
Profit before tax	-623	-666	21	95	103	47	11	61	267	301	486	362	263
Tax %	-31%	-33%	27%	40%	37%	12%	75%	12%	56%	29%	26%	27%
	-432	-445	15	57	65	41	3	54	118	214	360	265	190
EPS in Rs	-75.55	-77.88	2.69	10.00	11.36	6.89	0.40	7.80	17.11	30.99	52.06	38.32	27.46
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	9%
3 Years:	15%
TTM:	-14%

Compounded Profit Growth
10 Years:	10%
5 Years:	151%
3 Years:	31%
TTM:	-44%

Stock Price CAGR
10 Years:	20%
5 Years:	42%
3 Years:	16%
1 Year:	-10%

Return on Equity
10 Years:	20%
5 Years:	23%
3 Years:	26%
Last Year:	19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	57	57	57	57	57	60	69	69	69	69	69	69	69
Reserves	538	151	167	224	320	378	443	497	617	831	1,190	1,454	1,579
	1,408	1,565	1,644	1,334	993	982	747	647	599	594	446	420	427
	1,764	1,693	1,519	1,647	1,209	939	978	927	847	899	1,181	1,159	1,229
Total Liabilities	3,767	3,467	3,387	3,262	2,579	2,359	2,237	2,140	2,132	2,393	2,887	3,102	3,304
	377	263	211	165	122	86	61	48	74	144	176	165	160
CWIP	7	5	0	0	0	0	0	0	13	3	0	0	0
Investments	419	404	459	487	513	386	389	397	405	413	408	450	442
	2,964	2,794	2,716	2,609	1,944	1,887	1,786	1,696	1,640	1,834	2,303	2,487	2,702
Total Assets	3,767	3,467	3,387	3,262	2,579	2,359	2,237	2,140	2,132	2,393	2,887	3,102	3,304

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-48	170	105	348	441	26	73	214	228	204	341	119
	-22	33	65	87	35	115	66	-30	-67	-135	-113	-29
	85	-234	-132	-494	-495	-133	-137	-190	-158	-77	-217	-73
Net Cash Flow	15	-31	38	-59	-19	8	1	-6	3	-7	10	16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	196	221	169	245	175	97	107	126	119	130	116	107
Inventory Days		2,413	741
Days Payable		2,982	1,313
Cash Conversion Cycle	196	-349	-404	245	175	97	107	126	119	130	116	107
Working Capital Days	-95	-335	-36	-120	-48	-53	-28	-56	-6	34	87	60
ROCE %	-21%	-20%	15%	14%	17%	17%	7%	11%	29%	26%	35%	23%

Insights

In beta

Mar 2015

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Mar 2023

Mar 2024

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Order Book
INR Crore

Order Book Composition - EPC
INR Crore

Order Book Composition - O&M
INR Crore

Order Book to Revenue Visibility
Multiple (x)

Projects Completed
Number

Industrial Projects Completed
Number

JNPC Vizag - Green Belt
Acres

JNPC Vizag - Industrial Area
Acres

JNPC Vizag - SEZ Area
Acres

Segmental Order Book - Buildings
INR Crore

Segmental Order Book - Industrial
INR Crore

Segmental Order Book - Urban Solutions & Others
INR Crore

Segmental Order Book - Water & Waste Water
INR Crore

Water & Waste Water Projects Completed
Number

Shareholding Pattern

Numbers in percentages

12 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	69.83%	69.83%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%	69.81%
	0.07%	0.07%	0.60%	0.56%	0.61%	0.30%	0.46%	0.74%	1.22%	1.48%	1.30%	1.24%
	0.13%	0.13%	0.38%	0.43%	0.48%	0.48%	0.68%	0.51%	0.61%	0.70%	0.79%	0.79%
	29.97%	29.97%	29.23%	29.21%	29.10%	29.40%	29.06%	28.93%	28.35%	28.01%	28.10%	28.18%
No. of Shareholders	16,758	16,085	16,366	16,984	20,751	23,839	24,037	23,881	23,251	23,241	23,162	22,278

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	67.76%	67.76%	68.46%	69.83%	69.83%	69.83%	69.83%	69.81%	69.81%	69.81%
	0.00%	0.33%	0.08%	0.00%	0.00%	0.14%	0.07%	0.61%	1.22%	1.24%
	4.45%	1.46%	1.35%	0.47%	0.13%	0.12%	0.13%	0.48%	0.61%	0.79%
	27.79%	30.45%	30.11%	29.70%	30.04%	29.91%	29.97%	29.10%	28.35%	28.18%
No. of Shareholders	18,335	22,333	20,736	20,864	18,891	19,498	16,758	20,751	23,251	22,278

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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