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Ramky Infrastructure Limited (RAMKY) Fair Value & Analysis

Industrials · IN · Market cap ₹28.2B

RI Ramky Infrastructure Limited RAMKY · NSE
Price₹390.05
Fair Value₹533.68
Upside+36.8%
Quality44/100
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Mixed Growth
Solidly profitable · 14.7% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/13)
Narrow moat 36/100
Evidence: High Range ₹266.86 – ₹667.10 Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated 4 days ago

Share price +1.6% over the past month.

Below-average quality, screening 37% undervalued on our models.

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What matters now

  • The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
  • A fairly wide model range (₹266.86 to ₹667.10) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹992.10 ₹73.70 Fair Value ₹533.68 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹73.70 – ₹992.10 · fair‑value band ₹266.86 – ₹667.10 · the ₹390.05 price screens below the ₹533.68 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Ramky Infrastructure Limited (RAMKY) currently trades at ₹390.05, while our model-based Fair Value estimate is ₹533.68, implying the stock looks roughly 36.8% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Ramky Infrastructure Limited generated revenue of ₹18.5B at a net margin of 14.7%. Revenue grew 3.6% year over year. It earns a return on equity of 13.4%. Net debt stands at ₹3.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹266.86 (bear case) to ₹667.10 (bull case); at ₹390.05, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 45% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 37%, RAMKY screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income ₹292.66 ₹365.39 ₹1,015 76
ROIC Compounder ₹128.14 ₹151.45 ₹171.84 72
Gordon GGM ₹5.85 ₹12.17 ₹19.30 70
All 17 models by family
DCF Models
Owner Earnings ₹650.74 ₹1,496 ₹3,270 31
Earnings-Based
Graham-Dodd ₹266.37 ₹1,858 ₹2,607 54
Lynch FV ₹959.72 ₹1,371 ₹1,782 50
PEG = 1.0 ₹959.72 ₹1,371 ₹1,782 46
EPV ₹128.14 ₹151.45 ₹171.84 59
Dividend Discount
Gordon GGM ₹5.85 ₹12.17 ₹19.30 70
DDM Multi-Stage ₹5.85 ₹10.26 ₹12.77 61
Multiples
P/E Multiple ₹616.96 ₹822.61 ₹1,028 63
P/S Multiple ₹400.26 ₹533.68 ₹667.10 58
P/B Multiple ₹499.44 ₹665.93 ₹832.41 55
EV/EBIT ₹306.89 ₹413.08 ₹519.27 53
EV/EBITDA ₹312.73 ₹420.87 ₹529.02 54
EV/Revenue ₹215.69 ₹313.13 ₹410.58 43
Asset-Based
NCAV (Graham) ₹156.25 ₹209.37 ₹312.50 50
Economic Profit
Residual Income ₹292.66 ₹365.39 ₹1,015 76
ROIC Compounder ₹128.14 ₹151.45 ₹171.84 72
Growth Earnings
Growth-Adj P/E ₹1,255 ₹1,793 ₹2,331 68

Widest divergence: Growth Earnings (₹1,793) versus Dividend Discount (₹10.26). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹18.5B
Revenue growth (YoY) +3.6%
Net margin 14.7%
Return on equity 13.4%
Free cash flow −₹3.5B FY2026
P/E ratio 10.0
More key figures
Operating margin -3.6%
EPS (TTM) ₹39.18
EPS growth (YoY) +39.3%
Net debt ₹3.2B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 41 · Market factors (momentum, volatility) 31

Profitability 41
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Ramky Infrastructure Limited, together with its subsidiaries, provides integrated construction, infrastructure development, and management services primarily in India. The company operates through Construction Business and Developer Business segments.

Full company description

Ramky Infrastructure Limited, together with its subsidiaries, provides integrated construction, infrastructure development, and management services primarily in India. The company operates through Construction Business and Developer Business segments. It constructs water and waste water projects, such as water treatment plants, water transmission and distribution systems, elevated and ground level service reservoirs, sewage treatment plants, common effluent treatment plants, tertiary treatment plants, underground drainage systems, and lake restorations. The company also engages in the irrigation projects, including cross-drainage works, lift irrigation projects, canals, feeder channels, and barrages. In addition, it undertakes industrial construction projects comprising industrial parks, SEZs, and related industrial infrastructure works; roads and bridges projects, such as expressways, highways, bridges, flyovers, rural roads, terminals, and dedicated service corridors; commercial, residential, public, institutional, corporate buildings, mass housing projects, healthcare infrastructure, high-rise, integrated townships projects, and related infrastructure facilities, including hospitals and shopping malls; and power transmission and distribution projects comprising electricity transmission networks, substations, feeder lines, and high and low tension distribution lines. Further, the company develops various development projects based on public-private partnership comprising transportation and transportation terminals, industrial parks and industrial solutions, urban water and waste water management solutions, urban solutions, and integrated townships. Ramky Infrastructure Limited was incorporated in 1994 and is based in Hyderabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Ramky Infrastructure Limited reported revenue of ₹18.5B in FY2026 versus ₹14.6B in FY2022, a compound +6.1%/yr. Reported net income was ₹2.7B in FY2026, compounding +84.1%/yr from FY2022.

Growth Quality 49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹18.5B
Latest YoY
−9.7%
Avg. growth/yr (3Y) 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.
+2.7%
Avg. growth/yr (5Y) 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.
+11.8%
Avg. growth/yr (19Y) 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.
+5.0%
Revenue +6.1%/yr
FY22 ₹14.6B
FY23 ₹17.1B
FY24 ₹21.6B
FY25 ₹20.4B
FY26 ₹18.5B
Net income +84.1%/yr
FY22 ₹236M
FY23 ₹11.4B
FY24 ₹3.1B
FY25 ₹2.0B
FY26 ₹2.7B

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Cite: Fair Value Calculator (2026). "Ramky Infrastructure Limited Fair Value". https://www.fairvalue-calculator.com/stock/RAMKY

Peer Group

Engineering & Construction · 838 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 44 · Below median
Fair Value upside +37% · Above median
Return on equity (TTM) 13% · Above median
Return on assets 3% · Above median
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) -4% · Bottom 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.16× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than 75% of peers
P/B 1.30× · Pricier than median
P/S (TTM) 1.53× · Pricier than 75% of peers
EV/EBITDA 12.6× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 82 · sector 15
FUTURE 18 · sector 14
PAST 54 · sector 26
HEALTH 92 · sector 94
DIVIDEND 3 · sector 43

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Ramky Infrastructure Limited (RAMKY) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹533.68 versus a price of ₹390.05, about +37% (undervalued).
What is the fair value of RAMKY?
Our model-based fair value for Ramky Infrastructure Limited is ₹533.68 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹390.05.
What is the quality score of RAMKY?
Ramky Infrastructure Limited has a Quality Score of 44/100. 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 revenue of Ramky Infrastructure Limited (RAMKY)?
Ramky Infrastructure Limited reported trailing-twelve-month revenue of about ₹18.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of RAMKY?
The net profit margin of Ramky Infrastructure Limited is about 14.7%, meaning it keeps roughly 14.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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