Ramco Industries Limited (532369) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Ramco Industries Limited ₹188, price ₹303, upside -37.9%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹117.57 – ₹390.70 · fair‑value band ₹116.21 – ₹271.41 · the ₹302.60 price screens above the ₹188.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Ramco Industries Limited engages in the building product, textile, and power generation businesses in India. It offers fiber cement roofing sheets and calcium silicate boards; and various accessories and metal framing products.
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Ramco Industries Limited engages in the building product, textile, and power generation businesses in India. It offers fiber cement roofing sheets and calcium silicate boards; and various accessories and metal framing products. The company also provides design and material consultancy, project execution, site quality assurance, and dry construction methods training services; and invests in securities. In addition, it operates 15 wind mills with an installed capacity of 16.73 MW in Tirunelveli and Coimbatore Districts of Tamil Nadu; Chitradurga and Hassan Districts in Karnataka; and Kutch District in Gujarat. Ramco Industries Limited was incorporated in 1965 and is headquartered in Chennai, India.
Stock analysis
Ramco Industries Limited (532369) currently trades at ₹302.60, while our model-based Fair Value estimate is ₹188.02, 37.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹327.23 per share, and 6 of the 26 models we run sit above the ₹302.60 price.
Bear case: the Economic Profit group reads lowest at ₹98.23, and 20 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹116.21 (bear) to ₹271.41 (bull), the price of ₹302.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Industrial Goods sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ramco Industries Limited reported revenue of ₹16.6B in FY2025 versus ₹12.1B in FY2021, a compound +8.2%/yr. Reported net income was ₹1.8B in FY2025, compounding −10.2%/yr from FY2021.
Key figures
Market cap ₹26.3B (≈ $273M) · P/E ratio 8.5 · P/S ratio 0.93 · EPS (TTM) ₹23.77 · Dividend yield 0.3% · Net margin 10.9% · Return on equity 6.1% · Return on assets (EBIT) 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrial Goods peers we cover trades at −37% fair-value upside, at −38%, 532369 screens richer than that median.
Fair Value models
Bear ₹116.21Fair Value ₹188.02Bull ₹271.41
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹22.77 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
Start year 2020 (pandemic). Over 10 years: +6.4% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+8.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.7%
Dividend (yield on the price)0.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 9%
Compare Ramco Industries Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “General Building Materials” was too small, so the broader sector is used.)Materials · 3394 stocks
Beats the sector median on 9/13 measures
Overall it ranks above its sector peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−0.9% · Above median
Profitability
Return on equity (TTM)6.1% · Above median
Return on assets1.9% · Below median
Net margin (TTM)19.9% · Top 25%
Operating margin (TTM)11.0% · Above median
Growth and dividend
Revenue growth18.5% · Above median
Dividend yield (TTM)0.3% · Bottom 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Materials median · lower = cheaper
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Is Ramco Industries Limited (532369) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹188.02 versus a price of ₹302.60, about −38% upside (overvalued).
What is the fair value of 532369?
Our model-based fair value for Ramco Industries Limited is ₹188.02 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹302.60.
What is the quality score of 532369?
Ramco Industries Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ramco Industries Limited (532369)?
Our model-based price target is the fair value of ₹188.02 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹116.21, optimistic scenario ₹271.41. It is a calculation from audited fundamentals, not an analyst target.
What is the Ramco Industries Limited stock forecast for 2026?
Our models put fair value at ₹188.02, about −38% upside versus a price of ₹302.60 (overvalued). Cautious scenario ₹116.21, optimistic scenario ₹271.41. The calculation is refreshed regularly with new filings.
What is the revenue of Ramco Industries Limited (532369)?
Ramco Industries Limited reported trailing-twelve-month revenue of about ₹10.0B (latest available figure, as of Sep 24, 2026).
Does Ramco Industries Limited pay a dividend?
Ramco Industries Limited currently shows a dividend yield of about 0.33% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Ramco Industries Limited (532369)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ramco Industries Limited it is ₹188.02 per share (as of Sep 24, 2026), against a price of ₹302.60. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Ramco Industries Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532369 trades above its calculated fair value: price ₹302.60, fair value ₹188.02, a gap of about −38% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532369?
No. The price is what the market pays today (₹302.60); the fair value is what the company's own numbers justify (₹188.02). For Ramco Industries Limited the two are ₹114.58 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ramco Industries Limited worth?
The market values Ramco Industries Limited at about ₹26.3B (market capitalisation, as of Sep 24, 2026). Per share that is ₹302.60; our models calculate a fair value of ₹188.02 per share.
What do the bullish and bearish scenarios say about 532369?
Our models span a range for Ramco Industries Limited: cautious scenario ₹116.21, base ₹188.02, optimistic ₹271.41 per share (as of Sep 24, 2026, price ₹302.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532369?
Ramco Industries Limited trades at a price-to-earnings ratio of 8.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹188.02 is built from several models across several years. Other multiples: P/B 0.6, P/S 2.6, EV/EBITDA 19.0.
How solid is the balance sheet of Ramco Industries Limited (532369)?
Balance-sheet figures for Ramco Industries Limited (as of Sep 24, 2026): return on equity 6.1%, debt of 0.02 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 532369 from its 52-week high?
Ramco Industries Limited trades at ₹302.60, about 20% below its 52-week high of ₹377.30 and 29% above the low of ₹233.80 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹188.02 is for.
Which stocks are comparable to Ramco Industries Limited?
From the same area (Industrial Goods) we also value Keerthi Industries Limited, Inani Marbles and Industries Limited, SOLIDSTON, Ecoboard Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ramco Industries Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹302.60, calculated fair value ₹188.02 (−38%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532369 calculated?
We run Ramco Industries Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹188.02, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Ramco Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ramco Industries Limited (532369)?
The closing price on Oct 1, 2026 was ₹302.60. Our model-based fair value is ₹188.02, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ramco Industries Limited right now?
The price sits above even our optimistic bull case (₹271.41). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹116.21 to ₹271.41) leaves room in how you read the outcome.
Key figures of Ramco Industries Limited
How large is the market capitalisation of Ramco Industries Limited (532369)?
The market capitalisation of Ramco Industries Limited is ₹26.3B (≈ $273M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ramco Industries Limited (532369)?
The price-to-sales ratio of Ramco Industries Limited is 0.93 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ramco Industries Limited (532369)?
Earnings per share at Ramco Industries Limited are ₹23.77 (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ramco Industries Limited (532369)?
The dividend yield of Ramco Industries Limited is 0.3% (payout 4.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ramco Industries Limited (532369)?
The net margin of Ramco Industries Limited is 10.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ramco Industries Limited (532369)?
The return on equity (ROE) of Ramco Industries Limited is 6.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ramco Industries Limited (532369)?
On an EBIT basis the return on assets of Ramco Industries Limited is 3.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ramco Industries Limited (532369)?
The operating margin of Ramco Industries Limited is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ramco Industries Limited (532369)?
Revenue at Ramco Industries Limited is growing +18.5% versus a year earlier (3y avg +4.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ramco Industries Limited (532369)?
Earnings per share at Ramco Industries Limited are growing +55.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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