Interim report
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THE RAMCO CEMENTS LIMITEDRAMCO 9 February 2026 Symbol : RAMCOCEM Scrip Code : 500260 Dear Sirs, Sub: The Board Meeting commenced at 3.41 PM and concluded at 5.27 PM. Kindly take the same on record. Thanking you, Encl: as above Registered Office: ‘Ramamandiram’, Rajapalayam - 626 117. Tamil Nadu. BSE Limited, Floor 25, "P.J.Towers", Dalal Street, Mumbai -400 001. As required under Regulation 33(2)(c) of LODR, we also enclose copies of the Limited Review Reports given by the Auditors on the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended 31.12.2025. The Auditors have expressed an unmodified opinion. Yours faithfully, For THE RAMCO CEMENTS LIMITED, National Stock Exchange of India Limited, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. Outcome of the Board Meeting - Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended 31.12.2025 & Limited Review Reports of the Auditors thereon. Corporate Office: Auras Corporate Centre, V Floor, 98-A, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600 004, India. Tel: +91 44 2847 8666 Fax: +91 44 2847 8676 Website: www.ramcocements.in Corporate Identity Number: L26941TN1957PLC003566 As required under Regulation 33(3)(a) and (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [LODR], we enclose the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended 31.12.2025, as approved by the Board of Directors at their meeting held today (09.02.2026). K.SELVANAYAGAM SECRETARY
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RAMCO DECEMBER 2025 S.No Particulars 1 Total Income 2,119.10 2,241.89 1,987.83 6,437.60 6,134.20 8,539.10 2 Total Expenses 2,112.52 2,141.65 1,983.48 6,214.31 6,046.72 8,413.19 3 Profit before exceptional items and tax (1 > 2) 6.58 100.24 4.35 223.29 87.48 125.91 4 Exceptional Items (Refer Note No.3 & 4) 479.05 329.00 479.05 329.00 339.83 5 Profit before tax (3 + 4) 485.63 100.24 333.35 702.34 416.48 465.74 6 32.40 0.95 33.35 66.32 24.98 121.76 98.72 25.93 8.03 155.11 30.08 7 Net Profit after tax (5 ■ 6) 386.91 74.31 325.32 547.23 386.40 417.39 8 Other Comprehensive Income, net of tax (Refer Note No.8) 0.44 (1.33) 14.45 4.89 13.75 (8.62) Total Comprehensive Income after tax for the period (7 + 8)9 387.35 72.98 339.77 552.12 400.15 408.77 10 Paid-up Equity Share Capital 23.63 23.63 23.63 23.63 23.63 23.63 Other Equity11 7,974.94 7,461.51 7,470.13 12 16.36 3.14 13.76 23.14 16.34 17.65 2 Expenses (a) (i) Cost of Materials Consumed (ii) Inter unit clinker transfer - Freight & handling (b) Change in Inventories of Finished goods and Work in progress (c) Employee Benefits Expenses (d) Finance Costs (e) Depreciation and amortisation Expenses (f) Transportation & Handling (g) Power and Fuel (h) Other Expenditure Income (a) Revenue from Operations (b) Other Income Basic & Diluted Earnings per share of Re.1/- each (in Rs.p) (Not Annualized) THE RAMCO CEMENTS LIMITED Regd.Office: "Ramamandiram", Rajapaiayam -626 117. Corporate Office: 98-A, Dr.Radhakrishnan Salai, Chennai 600 004. CIN :L26941TN1957PLC003566; Website : www.ramcocements.in 357.69 106.37 (15.50) 135.04 108.00 183.89 481.53 498.99 256.51 2,101.46 17.64 2,234.84 7.05 364.15 88.27 44.74 144.82 111.38 182.34 475.05 467.87 263.03 1,976.57 11.26 335.37 87.67 (15.45) 131.60 112.51 173.83 466.03 463.24 228.68 (4.38) 0.22 12.19 6,406.43 31.17 1,082.45 268.80 (46.73) 421.84 324.12 549.14 1,384.09 1,469.88 760.72 6,103.15 31.05 990.85 268.77 (87.04) 404.26 345.43 509.09 1,386.97 1,532.97 695.42 0.27 29.81 8,495.10 44.00 1,377.95 390.81 (47.04) 527.80 458.76 691.18 1,952.02 2,077.72 983.99 0.28 50.99 (2.92) 48.35 aj b Tax Expenses - Current Tax - Current Tax adjustments of earlier years - Deferred Tax ■ Deferred Tax adjustments of earlier years Total Tax Expenses Un-Audited 31-12-2025 Quarter Ended Un-Audited 30-09-2025 Un-Audited 31-12-2024 Nine Months Ended Un-Audited 31-12-2024 Un-Audited 31-12-2025 Rs. In Crores Year Ended Audited 31-03-2025 STANDALONE UN-AUDITED STATEMENT OF PROFIT AND LOSS FOR THE QUARTER AND NINE MONTHS ENDED 31st J?1*1 ’US
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Page 2 Particulars 505.62 505.62 (26.57) (26.57) 479.05 329.00 329.00 339.83 Particulars 50.59 50.59 50.59 50.59 50.59 50.59 (a) Debt-Equity Ratio (In Times) (b) Debt Service Coverage Ratio (In Times) (c) Interest Service Coverage Ratio (In Times) (d) Capital Redemption Reserve (Rs.in Crores) (e) Net worth (Rs.in Crores) (f) Net Profit After Tax (Rs. in Crores) (g) Basic Earnings per Share (In Rs.p) Not Annualized (h) Diluted Earnings per Share (In Rs.p) Not Annualized (i) Current Ratio (In Times) (j) Long Term Debt to Working Capital (In Times) (k) Bad Debts to Account Receivable Ratio (In %) (l) Current Liability Ratio (In %) (m) Total Debts to Total Assets (In %) (n) Debtors Turnover Ratio (In Days), Annualized (o) Inventory Turnover Ratio (In Days), Annualized (p) Operating Margin (%) (q) Net Profit Margin (%) (r) Asset cover ratio for Secured NCDs (In Times)_____ (s) Debenture Redemption Reserve (Rs.in Crores) (t) Securities Premium (Rs.in Crores) The Company created and maintains security in respect of Secured Non-Convertible Debentures by Pari-Passu first charge by way of hypothecation on the movable fixed assets of the Company (both present and future), excluding vehicles, for all series of NCDs issued by the Company. 7) The formulae for computation of ratios are given below: (a) Debt Equity Ratio = Total Borrowings / Total Equity (b) Debt Service Coverage Ratio = (Profit before Interest and Depreciation but after current tax) / (Principal Debt Repayment excluding prepayments + Gross Interest) (c) Interest Service Coverage Ratio = Profit before Interest and Depreciation but after current tax / Gross Interest (d) Current Ratio = Total Current Assets / (Total Current Liabilities - Security deposits payable on demand - Current maturities of Long term debt) (e) Long Term Debt to Working Capital = (Long Term Debt + Current maturities of Long Term Debt) / (Total Current Assets - (Total Current Liabilities - Security deposits payable on demand - Current maturities of Long term debt)) (f) Bad Debts to Account Receivable Ratio = Bad debts written off / Average Trade receivables (g) Current Liability Ratio = (Total Current Liabilities - Security deposits payable on demand - Current maturities of Long term debt) / Total Liabilities (h) Total Debts to Assets = (Long Term Borrowings + Short Term Borrowings) / Total Assets (i) Debtors Turnover Ratio = 365 Days / (Revenue from Sale of Products / Average Trade Receivables), Annualized (j) Inventory Turnover Ratio = 365 Days / (Revenue from Sale of Products / Average Inventories), Annualized (k) Operating Margin = Profit before exceptional items, interest, depreciation and tax / Total Income (l) Net Profit Margin = Net Profit After Tax / Total Income (m) Asset cover ratio for Secured Non-Convertible Debentures = Assets pledged for Secured NCDs / Outstanding Secured Debt (including accrued interest) 25% 25% 35 47 U% 18% 2.53 23% 29% 32 51 15% 16% 2.11 23% 29% 31 49 15% 6% 2.11 (a) Profit on sale of investments (b) Profit on sale of surplus lands (c) Impact on account of Social Security Code, 2025 due to Past Service Cost [Refer Note No.3]____________________ Total Un-Audited 31-12-2025 Quarter Ended Un-Audited 30-09-2025 _________ 0.61 _________ 1.18 _________ 3.24 _________ 1.63 7,611.22 ________ 74.31 _________ 3.14 _________ 3.14 _________ 1.11 ________ 18.42 _______ 0.01% _________23% _________28% 29 __________ 44 18% __________3% 2.25 Quarter Ended Un-Audited 30-09-2025 Un-Audited 31-12-2024 _______ 0.62 ________1.69 _______ 4.81 ________1.63 7,485.14 325.32 ______ 13.76 13.76 _______ 1.10 22.16 Un-Audited 31-12-2024 290.12 38.88 Nine Months Ended Un-Audited 31-12-2025 _______ 0.52 _______ 0.91 _______ 2.91 ________1.63 7,998.57 547.23 ______ 23.14 ______ 23.14 _______ 1.13 ______ 13.07 0.01% _______ 25% _______ 25% _________ 34 _________ 46 _______ 17% ________ 9% 2.53 Nine Months Ended Un-Audited 31-12-2025 Un-Audited 31-12-2024 290.12 38.88 Rs. in Crores Year Ended Audited 31-03-2025 290.12 49.71 Year Ended Audited 31-03-2025 ________0.62 ________1.29 ________3.04 ________ 1.63 7,493.76 417.39 _______17.65 _______17.65 ________1.05 39.51 0.01% ________24% ________28% _________ 34 _________ 43 ________15% 5% 2.22 479.05 5) The Competition Commission of India (CCl) vide its order dated 31-08-2016 had imposed a penalty of Rs.258.63 Crores on the company towards alleged cartelisation. Our appeal alongwith the appeals of other cement companies had been dismissed by NCLAT vide its order dated 25-07-2018. Against the order, the company appealed to the Hon'able Supreme Court, which by its order dated 05-10-2018 admitted the appeal and directed to continue the interim order passed by NCLAT. Accordingly the company re-deposited Rs.25.86 Crores being 10% of the penalty.The Company backed by legal opinion, believes that it has a good case and hence no provision is made. 6) The disclosures as per Regulation 52(4), 54(2) & (3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as below: Un-Audited 31-12-2025 _______ 0.52 _______ 0.84 _______ 2.24 1.63 7,998.57 386.91 ______ 16.36 ______ 16.36 _______ 1.13 13.07 Un-Audited 31-12-2024 ________0.62 ________1.43 ________3.18 ________1.63 7,485.14 386.40 _______16.34 _______16.34 1.10 22.16 . Notes: 1) The above un-audited financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of regulations 33 & 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). The said financial results were reviewed by the Audit Committee and approved by the Board of Directors at their Meetings held on 09-02-2026. The Statutory Auditors have carried out limited review of the above results and expressed an unmodified audit opinion. 2) The company's business operation comprises of single operating segment viz. cement & cement related products. 3) On 21-11-2025, the Central Government notified the Code on Social Security, 2020, the Industrial Relations Code, 2020, the Code on Wages, 2019 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the “Labour Codes”), subsuming various existing labour and industrial laws governing employee benefits during employment and post employment period. The Ministry of Labour & Employment has published draft Central Rules and FAQs to facilitate assessment of the financial impact arising from these regulatory changes. Accordingly, the Company has assessed the financial implications based on an actuarial valuation in accordance with Ind AS 19 Employee Benefits read with FAQ issued by Institute of Chartered Accountants of India (ICAI), which has resulted in an increase in gratuity and compensated absences aggregating to Rs.26.57 Crores due to past service cost, in view of change in the definition of wages as per new labour codes. Since this impact arises from the enactment of new legislation and is non recurring in nature, the Company has recognised the same under “Exceptional Items” in the Statement of Profit and Loss for the quarter and nine months ended 31-12-2025. The Company continue to monitor the finalisation of Central and State Rules and any further clarifications issued by the Government in relation to the Labour Codes and will appropriately give effect to such changes in the books, as and when required. 4) Exceptional items comprises of ■
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Page 3 8) Other Comprehensive Income comprises of items that will not be reclassifed to profit or loss as given below: Particulars 0.44 0.44 (6.62) (1-33) 14.45 4.45 13.75 (2.00) Total 0.44 (1-33) 14.45 4.89 13.75 (8.62) 9) The previous period figures have been re-grouped/re-stated wherever necessary. For THE RA^CO CEMENTS LIMITED i P.R.VENKETRAMA RAJA MANAGING DIRECTOR Chennai 09-02-2026 (a) Remeasurement losses on defined benefit obligations, net of tax_________________________________________________ (b) Gain / (loss) on equity investments through OCI, net of tax Un-Audited 31-12-2025 Un-Audited 31-12-2024 Nine Months Ended Un-Audited 31-12-2025 Un-Audited 31-12-2024 Rs. In Crores Year Ended Audited 31-03-2025 Quarter Ended Un-Audited 30-09-2025 W,. ft
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ParticularsS.No 1 Total Income 2,122.86 2,245.28 1,994.26 6,448.14 6,149.85 8,559.57 2 2,118.79 2,145.45 1,991.71 6,229.37 6,065.27 8,439.67Total Expenses Profit before exceptional items and tax (1 - 2)3 4.07 99.83 2.55 218.77 84.58 119.90 4 Exceptional Items (Refer Note No.5 & 6) 479.00 188.58 479.00 188.58 199.41 Profit before tax (3 + 4) 483.07 99.83 191.135 697.77 273.16 319.31 6 32.56 0.95 33.51 65.40 97.96 7.87 29.84 Net Profit for the period before share of profit of Associates (5 - 6)7 385.11 75.80 183.26 545.32 243.32 268.14 Share of Profit of Associates, net of tax8 0.52 2.08 (1.68) 2.75 0.60 1.43 Profit for the period (7 + 8)9 385.63 77.88 181.58 548.07 243.92 269.57 10 Other Comprehensive Income, net of tax (Refer Note No.10) 0.47 (2.19) 17.27 4.0811 14.67 (9.79) 12 0.47 13 Total Comprehensive Income aftertax for the period (9 + 11) 386.10 75.69 198.85 552.15 258.59 259.78 14 15 Paid up Equity Share Capital 23.63 23.63 23.63 23.63 23.63 23.63 16 Other Equity 7,922.73 7,414.97 7,418.02 ' 10.3717 16.31 3.27 7.62 23.18 11.53 2 Income (a) Revenue from Operations (b) Other Income Expenses (a) (i) Cost of Materials Consumed (ii) Inter unit clinker transfer - Freight & handling (b) Purchase of Stock-in-trade (c) Change in Inventories of Finished goods and Work in progress (d) Employee Benefits Expenses (e) Finance Costs (f) Depreciation and amortisation Expenses (g) Transportation & Handling (h) Power and Fuel (i) Other Expenditure Total Comprehensive Income for the period attributable to - - Equity shareholders of the Parent - Non-controlling Interest Profit for the period attributable to - - Equity shareholders of the Parent - Non-controlling Interest Other Comprehensive Income for the period attributable to - - Equity shareholders of the Parent - Non-controlling Interest 6,121.13 28.72 THE RAMCO CEMENTS LIMITED Regd.Office: "Ramamandiram", Rajapalayam - 626 117. Corporate Office: 98-A, Dr.Radhakrishnan Salai, Chennai 600 004. CIN :L26941TN1957PLC003566; Website : www.ramcocements.in 2,105.68 17.18 357.69 106.37 1.32 (15.50) 141.16 108.00 184.89 481.51 498.12 255.23 385.59 0.04 386.06 0.04 2,238.74 6.54 77.34 0.54 75.16 0.53 (2.18) (0-01) 1,983.45 10.81 335.37 87.67 1.10 (15.45) 138.16 112.51 174.81 465.99 462.59 228.96 182.38 (0.80) 199.56 (0.7.1) (4.30) 0.22 11.95 17.18 0.09 1,082.45 268.80 1.87 (46.73) 439.48 324.12 552.13 1,384.01 1,461.03 762.21 547.96 0.11 552.02 0.13 4.06 0.02 990.85 268.77 1.70 (87.04) 423.51 345.43 512.02 1,386.87 1,526.18 696.98 245.24 (1.32) 259.83 (1.24) 0.08 0.27 29.49 14.59 0.08 8,518.40 41.17 1,377.95 390.81 2.84 (47.04) 550.04 458.76 695.05 1,951.90 2,069.74 989.62 262.88 (3.10) 272.65 (3.08) (9.77) (0.02) 364.15 88.27 0.16 44.74 151.25 111.38 183.34 475.01 462.67 264.48 6,418.44 29.70 Tax Expenses -Current Tax - Current Tax adjustments of earlier years - Deferred Tax - Deferred Tax adjustments of earlier years Total Tax Expenses 24.40 (1-32) 24.03 120.26 (1.32) 152.45 0.29 50.71 0.17 51.17 CONSOLIDATED UN-AUDITED STATEMENT OF PROFIT AND LOSS FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER 2025 Rs. in Crores Year Ended Audited 31-03-2025 Un-Audited 31-12-2025 Un-Audited 31-12-2024 Nine Months Ended Un-Audited 31-12-2025 Un-Audited 31-12-2024 Quarter Ended Un-Audited 30-09-2025 Basic & Diluted Earnings per share of Re.1A each (In Rs.p) (Not Annualized)_______________________________ ___________________________________________________________________________________ Note: Treasury shares of 1.48 Lacs were deducted from the total number of equity shares for the purpose of computation of Earnings per Share for the quarter ended 31- 12-2025
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Page 2 D 2) Particulars Particulars 149.70 149.70 149.70 505.62 38.88 505.62 38.88 49.71 (26.62) (26.62) 479.00 188.58 188.58 199.41 Particulars 1.18 1.30 1.27 1.18 2.91 7.62 11.53 1.13 13.22 22.16 22.16 35 32 34 44 50 49 43 2.11 2.22 50.59 50.59 50.59 50.59 50.59 50.59 3 3) 4) 7,946.71 385.59 16.31 16.31 18.23 0.01% 23% 28% 30 18% 3% 2.25 23% 29% 7.62 1.10 0.01% 25% 25% 35 46 17% 8% 2.53 15% 4% 11.53 1.05 (a) Debt-Equity Ratio (In Times) (b) Debt Service Coverage Ratio (In Times) (c) Interest Service Coverage Ratio (In Times) (d) Capital Redemption Reserve (Rs.in Crores) (e) Net worth (Rs.in Crores) (f) Net Profit After Tax (Rs. in Crores) (g) Basic Earnings per Share (In Rs.p) Not Annualized (h) Diluted Earnings per Share (In Rs.p) Not Annualized (i) Current Ratio (In Times) (j) Long Term Debt to Working Capital (In Times) (k) Bad Debts to Account Receivable Ratio (In %) (l) Current Liability Ratio (In %) (m) Total Debts to Total Assets (In %)_______________ (n) Debtors Turnover Ratio (In Days), Annualized (o) Inventory Turnover Ratio (In Days), Annualized (p) Operating Margin (%) (q) Net Profit Margin (%)__________________________ (r) Asset cover ratio for Secured NCDs (In Times) (s) Debenture Redemption Reserve (Rs.in Crores) (t) Securities Premium (Rs.in Crores)__________________________________________________________________________________ The Company created and maintains security in respect of Secured Non-Convertible Debentures by Pari-Passu first charge by way of hypothecation on the movable fixed assets of the Company (both present and future), excluding vehicles, for all series of NCDs issued by the Company. 25% 25% 2.23 1.63 47 14% 18% 2.53 3.25 1.63 7,560.60 77.34 3.27 3.27 1.11 7,440.95 182.38 3.72 1.63 15% 9% 2.11 1.63 7,946.71 547.96 23.18 23.18 1.13 13.22 7,440.95 245.24 10.37 10.37 1.10 23% 29% 31 2.83 1.63 2.77 1.63 7,442.14 272.65 39.55 0.01% 24% 28% 15% 3% (a) Profit on sale of investments (after consolidation adjustments)__________________________________________ (b) Profit on sale of surplus lands_________________________ (c) Impact on account of Social Security Code, 2025 due to Past Service Cost [Refer Note No.5]____________________________ Total Un-Audited 31-12-2025 _______ 0.53 0.83 Un-Audited 31-12-2025 2,119.10 485.63 386.91 Quarter Ended Un-Audited 30-09-2025 2,241.89 _______100.24 74.31 Un-Audited 31-12-2024 0.63 Nine Months Ended Un-Audited 31-12-2025 Nine Months Ended Un-Audited 31-12-2025 _______ 0.53 0.91 Un-Audited 31-12-2024 Rs. in Crores Year Ended Audited 31-03-2025 Rs. in Crores Year Ended Audited 31-03-2025 8,539.10 465.74 417.39 Un-Audited 31-12-2025 Quarter Ended Un-Audited 30-09-2025 Quarter Ended Un-Audited 30-09-2025 0.62 Un-Audited 31-12-2024 1,987.83 333.35 325.32 Un-Audited 31-12-2024 Nine Months Ended Un-Audited 31-12-2025 6,437.60 702.34 547.23 Un-Audited 31-12-2024 6,134.20 416.48 386.40 Un-Audited 31-12-2024 0.63 Year Ended Audited 31-03-2025 0.63 8) The disclosures as per Regulation 52(4), 54(2) & (3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as below: Total Income______ Net Profit before tax Net Profit after tax The standalone financial results of the company are available on the Bombay Stock Exchange website www.bseindia.com, the National Stock Exchange website www.nseindia.com and on the Company's website www.ramcocements.in 5) On 21-11-2025, the Central Government notified the Code on Social Security, 2020, the Industrial Relations Code, 2020, the Code on Wages, 2019 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the “Labour Codes”), subsuming various existing labour and industrial laws governing employee benefits during employment and post employment period. The Ministry of Labour & Employment has published draft Central Rules and FAQs to facilitate assessment of the financial impact arising from these regulatory changes. Accordingly, .the Group has assessed the financial implications based on an actuarial valuation in accordance with Ind AS 19 Employee Benefits read with FAQ issued by Institute of Chartered Accountants of India (ICAI), which has resulted in an increase in gratuity and compensated absences aggregating to Rs.26.62 Crores due to past service cost, in view of change in the definition of wages as per new labour codes. Since this impact arises from the enactment of new legislation and is non recurring in nature, the Company has recognised the same under “Exceptional Items” in the Statement of Profit and Loss for the quarter and nine months ended 31-12-2025. The Company continue to monitor the finalisation of Central and State Rules and any further clarifications issued by the Government in relation to the Labour Codes and will appropriately give effect to such changes in the books, as and when required. 6) Exceptional items comprises of - 479.00 7) The Competition Commission of India (CCI) vide its order dated 31-08-2016 had imposed a penalty of Rs.258.63 Crores on the company towards alleged cartelisation. Our appeal alongwith the appeals of other cement companies had been dismissed by NCLAT vide its order dated 25-07-2018. Against the order, the company appealed to the Hon'able Supreme Court, which by its order dated 05-10-2018 admitted the appeal and directed to continue the interim order passed by NCLAT. Accordingly the company re-deposited Rs.25.86 Crores being 10% of the penalty.The Company backed by legal opinion, believes that it has a good case and hence no provision is made. Notes: The above un-audited financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of regulations 33 & 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). The said financial results were reviewed by the Audit Committee and approved by the Board of Directors at their Meetings held on 09-02-2026. The Statutory Auditors have carried out limited review of the above results and expressed an unmodified audit opinion. The said financial results include the standalone results of the parent company, The Ramco Cements Limited, its subsidiaries viz. Ramco Windfarms Limited and consolidated result of Ramco Industrial and Technology Services Limited, collectively referred as 'Group' and its Associates viz. Madurai Trans Carrier Limited and consolidated results of Ramco Systems Limited, Ramco Industries Limited and Rajapalayam Mills Limited. The company's business operation comprises of single operating segment viz. cement & cement related products. Key standalone financial information
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Page 3 Particulars 0.44 0.44 (6.75) d-38) 15.83 4.95 15.11 (2.14) 11) The previous period figures have been re-grouped/re-stated wherever necessary For THE RAMCO CEMENTS LIMITED u 9) The formulae for computation of ratios are given below: (a) Debt Equity Ratio = Total Borrowings / Total Equity (b) Debt Service Coverage Ratio = (Profit before Interest and Depreciation but after current tax) / (Principal Debt Repayment excluding prepayments + Gross Interest) (c) Interest Service Coverage Ratio = (Profit before Interest and Depreciation but after current tax) / Gross Interest (d) Current Ratio = Total Current Assets / (Total Current Liabilities - Security deposits payable on demand - Current maturities of Long term debt) (e) Long Term Debt to Working Capital = (Long Term Debt + Current maturities of Long Term Debt) / (Total Current Assets - (Total Current Liabilities - Security deposits payable on demand - Current maturities of Long term debt)) (f) Bad Debts to Account Receivable Ratio = Bad debs written off / Average Trade receivables (g) Current Liability Ratio = (Total Current Liabilities - Security deposits payable on demand - Current maturities of Long term debt) / Total Liabilities (h) Total Debts to Assets = (Long Term Borrowings + Short Term Borrowings) / Total Assets (i) Debtors Turnover Ratio = 365 Days I (Revenue from Sale of Products / Average Trade Receivables), Annualized (j) Inventory Turnover Ratio = 365 Days / (Revenue from Sale of Products / Average Inventories), Annualized (k) Operating Margin = Profit before exceptional items, interest, depreciation and tax / Total Income (l) Net Profit Margin = Net Profit After Tax / Total Income (m) Asset cover ratio for Secured Non-Convertible Debentures = Assets pledged for Secured NCDs / Outstanding Secured Debt (including accrued interest) P.R.VENKETRAMA RAJA MANAGING DIRECTOR Chennai 09-02-2026 (a) Remeasurement losses on defined benefit obligations, net of tax___________________________________________________ (b) Gain I (loss) on equity investments through OCI, net of tax 0.03 0.47 (0-81) (2.19) (1.31) 4.08 (0.44) 14.67 (0.90) (9.79) (c) Share of OCI of Associates, net of tax Total Un-Audited 31-12-2025 1.44 17.27 Nine Months Ended Un-Audited 31-12-2025 Rs. In Crores Year Ended Audited 31-03-2025 10) Other Comprehensive Income comprises of items that will not be reclassifed to profit or loss as given below: Quarter Ended Un-Audited 30-09-2025 Un-Audited 31-12-2024 Un-Audited 31-12-2024
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1. 2. 3. 'A( Independent Auditor’s Review Report on Quarterly and Year to Date Unaudited Standalone Financial Results of The Ramco Cements Limited Pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended We have reviewed the accompanying statement of unaudited standalone financial results of THE RAMCO CEMENTS LIMITED (the “Company”) for the quarter ended 31st December, 2025 and year to date results for the period from 01st April, 2025 to 31st December, 2025 (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). This Statement is the responsibility of the Company’s management and has been approved by the Board of Directors, which has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. To THE BOARD OF DIRECTORS THE RAMCO CEMENTS LIMITED We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. lq(frnjCRprnal 1^' >041sL5j 1 D fShanthm-i'c-t.in 6, Rathm . . * i Nadar -oHa Ip \ Madura.-62S U02 / l^\FRN:OO533:i^/ loll / i/J
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4. Based on our review conducted as above, nothing has come to.our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable Indian Accounting Standards (Ind AS) and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. } 5. The Company has closed the operations of its foreign branch in Sri Lanka in view of its un- yiability, with effect from 27th July 2021. The strike-off application for de-registration of the said branch has been approved by the Registrar of Companies, Colombo vide its communication dated 23rd October 2023. The application for de-activation of taxpayer identification number (TIN) with the Inland Revenue Department is under process. The Branch Auditors in Srilanka has advised that there is no necessity to prepare the audited accounts in respect of the said foreign branch in these circumstances. The Management has assessed that, there is no material impact on the financial statements on account of the winding up of the branch. The interim financial results of the above foreign branch included in the interim standalone unaudited financial results reflect total revenues of Rs. Nil and Rs. Nil, total net profitZ(loss) after tax of Rs. (0.02 Crores) and Rs. 0.00 Crores, total comprehensive income/(loss) of Rs. (0.02 Crores) and Rs. 0.00 Crores for the quarter ended 31st December 2025 and for the period from 01st April 2025 to 31st December 2025 respectively. The financial information of branch located outside India have been prepared in accordance with accounting policies generally accepted in their country and the management has converted this financial information to Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 and other accounting policies generally accepted in India and we have reviewed these conversion adjustments made by the management. Our conclusion in so far as it relates to the amounts and disclosures included in respect of the foreign branch is based solely on the report of the management and the procedures performed by us as stated in para 3 above and reviewed by us. Our conclusion is not modified in respect of this matter. l-o. 6, Rath<r... .{/p |OV * I Nadar Ro3<j \Madura.-6qqi J jl u&X/Rn .oo-njn7^/1
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6. We draw attention to Note No. 5 to the statement which describes the following matter: Our conclusion on the statement is not modified in respect of these matters. Place: Chennai Dated: 09th February 2026 The Competition Commission of India (CCI) vide its order dated 31-08-2016 had imposed a penalty of Rs. 258.63 Crores on the company towards alleged cartelisation. Our appeal alongwith the appeals of other cement companies had been dismissed by NCLAT vide its order dated 25-07-2018. Against the order, the company appealed to the Hon'able Supreme Court, which by its order dated 05-10-2018 admitted the appeal and directed to continue the interim order passed by NCLAT. Accordingly, the company re-deposited Rs. 25.86 Crores being 10% of the penalty. The Company backed by legal opinion, believes that it has a good case and hence no provision is made. For Ramakrishna Raja And Co Chartered Accountants Firm Registration No.: 00532j| For SRSV & Associates Chartered Accountants Firm Registration No.: 015041S P. Santhanam Partner Membership No.: 018697 UDIN No.: 26018697BVATUC2788 C. Kesavan Partner Membership No.: 227833 UDIN No.: 26227833QJTJLM4532 \kA-rVVr~' r Shanrhin if-tan v / 6, Rathe,;,, ,y *1 Nadar ?>,).,<] )^|| IQ y^adurai f>.’s oo?/
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Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of The Ramco Cements Limited Pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended To THE BOARD OF DIRECTORS THE RAMCO CEMENTS LIMITED 2. This Statement which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013 as amended read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 1. We have reviewed the accompanying Statement of Unaudited Consolidated financial results of THE RAMCO CEMENTS LIMITED (“The Parent”) and its Subsidiaries (The Parent and its subsidiaries together referred to as the “Group”), and its share of net profit/(loss) after tax and total comprehensive income/(loss) of its associates for the quarter ended 31st December 2025 and year to date results for the period from 01st April 2025 to 31st December 2025 (“the Statement”), being submitted by the Parent pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the ‘Listing Regulations’). 1^/ Shanthtn^etan \~ \\ Nadaj RoiwFVj|l Madura. b.'S 002/ <»// R N: OO 5 3 3 3 $/ < //
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4. 5. 6. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing obligations and Disclosure Requirements) regulations, 2015 as amended, to the extent applicable. The Company has closed the operations of its foreign branch in Sri Lanka in view of its un viability, with effect from 27th July 2021. The strike-off application for de-registration of the said branch has been approved by the Registrar of Companies, Colombo vide its communication dated 23rd October, 2023. The application for de-activation of taxpayer identification number (TIN) with the Inland Revenue Department is under process. The Branch Auditors in Srilanka has advised that there is no necessity to prepare the audited accounts in respect of the said foreign branch in these circumstances. The Management has assessed that, there is no material impact on the financial statements on account of the winding up of the branch. The interim financial results of the above foreign branch included in the interim standalone unaudited financial results reflect total revenues of Rs. Nil and Rs. Nil, total net profit/(loss) after tax of Rs. (0.02 Crores) and Rs. 0.00 Crores, total comprehensive income/(loss) of Rs. (0.02 Crores) and Rs. 0.00 Crores for the quarter ended 31st December 2025 and for the period from 01st April 2025 to 31st December 2025 respectively. The financial information of branch located outside India have been prepared Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the consideration of the review reports of the other auditors referred to in paragraph 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. The Statement includes the results of the following Subsidiaries and Associates: Name of the entity Ramco Windfarms Limited Ramco Industrial and Technology Services limited Ramco Industries Limited Ramco Systems Limited Rajapalayam Mills Limited Madurai Trans Carrier Limited Relationship . Subsidiary Subsidiary Associate Associate Associate Associate Shanthm \« 6, Rathn-., M ]Q|j * I Nadar Ruuil * 1^7 j| \.O \ Madurai 6?!. 002/ ^j] R N: 00 n
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7. We did not review the interim unaudited financial results of Two Subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs. 13.06 Crores and Rs. 45.52 Crores, total net profit/(loss) after tax of Rs. (1.79 Crores) and Rs. (1.75 Crores), total comprehensive income/(loss) of Rs. (1.80 Crores) and Rs. (1.37 Crores) for the quarter ended 31st December 2025 and for the period from 01st April 2025 to 31st December 2025 respectively as considered in the respective consolidated unaudited financial results. These interim financial results of the two subsidiaries have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of those two subsidiaries, is based solely on the reports of the management and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 8. These consolidated interim unaudited financial results also include the Group’s share of net profit after tax of Rs. 0.51 Crores and Rs. 2.68 Crores and total comprehensive income of Rs. 0.55 Crores and Rs. 1.35 Crores for the quarter ended 31st December 2025 and for the period from 01st April 2025 to 31st December 2025 respectively, as considered in the consolidated unaudited financial results in respect of One associate, has been reviewed by other auditor whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of that associate is based solely on the reports of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of these matters. in accordance with accounting policies generally accepted in their country and the management has converted this financial information to Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 and other accounting policies generally accepted in India and we have reviewed these conversion adjustments made by the management. Our conclusion in so far as it relates to the amounts and disclosures included in respect of the foreign branch is based solely on the report of the management and the procedures performed by us as stated in para 3 above and reviewed by us. Our conclusion is not modified in respect of this matter. We did not review the interim unaudited financial results of Three associates included in the consolidated unaudited financial results, whose interim financial statements reflect the Group’s share of net profit after tax of Rs. 0.01 Crores and Rs. 0.07 Crores and total comprehensive income of Rs. 0.00 Crores and Rs. 0.09 Crores for the quarter ended 31st December 2025 and for lp)j★ jl JS| 6, Rathm.i' * I Nadar Hojrj “ (o yMadurai-G.’5 'X)? 7 I^L\FRN:OOS33^5/.
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9. We draw attention to Note No. 7 to the Statement which describes the following matter: Our conclusion on the statement is not modified in respect of these matters. w- Place: Chennai Dated: 09th February 2026 the period from 01st April 2025 to 31st December 2025 respectively. These interim financial results have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these associates, is based solely on the reports of the management and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. The Competition Commission of India (CCI) vide its order dated 31-08-2016 had imposed a penalty of Rs. 258.63 Crores on the company towards alleged cartelisation. Our appeal alongwith the appeals of other cement companies had been dismissed by NCLAT vide its order dated 25- 07-2018. Against the order, the company appealed to the Hon'able Supreme Court, which by its order dated 05-10-2018 admitted the appeal and directed to continue the interim order passed by NCLAT. Accordingly, the company re-deposited Rs. 25.86 Crores being 10% of the penalty. The Company backed by legal opinion, believes that it has a good case and hence no provision is made. For Ramakrishna Raja And Co Chartered Accountants Firm Registration No.: 005 C. Kesavan Partner Membership No.: 227833 UDIN No.: 26227833GVFZRF8036 For SRSV & Associates Chartered Accountants Firm Registration No.: 015041S a\\ ChernalV’ W, \cN01504jte P' Santhanam Partner Membership No.: 018697 UDIN No.: 26018697DOVJWT4450 1Di^EhShanthin-i.f!.in ’J j 6, Rathin.- • • y |C5| ‘ *1 Nadar 1^11 \Madurai 002/ ■•0053'13S / <'// ^OACCO^