The Ramco Cements Limited (RAMCOCEM) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

The Ramco Cements, a South India-focused cement producer, reports Q2 FY 2026-2027 results with volumes carrying strong momentum but margins under pressure from West Asia conflict-driven fuel costs. The print will speak to whether EBITDA/ton recovers from Q1's ₹681 trough toward prior-year levels, helped by the ₹160/tonne Tamil Nadu land tax ceasing from 22 August 2026 and September price gains.

The Ramco Cements Limited Q2 Results Date and Time

Board Meeting No. 5/2026 is scheduled Thursday, 5 November 2026 in Chennai to approve unaudited standalone and consolidated results for the quarter and six months ended 30 September 2026, filed under Regulations 29 and 50 of SEBI LODR. The trading window is closed for directors and designated persons till 9 November 2026.

What to expect from The Ramco Cements Limited's Q2 FY27 results

The quarter's test is margin recovery: Q1 FY27 saw revenue rise 10% YoY to Rs. 2,276.18 Cr on 12% YoY volume growth to 4.48 million tons, yet EBITDA fell 22% to Rs. 314.38 Cr (14% ratio) as power & fuel cost rose Rs. 104/T YoY and packing materials 30% YoY amid the West Asia conflict.

The ₹160/tonne Tamil Nadu mineral bearing land tax ceased effective 22 August 2026 — it weighed only about 7 weeks of Q2 after a Rs. 39 Cr (Rs. 84/ton) Q1 impact — which the company stated will reduce operating costs and favourably impact profitability and cash flows. Fuel costs look set to stay near Q1's elevated Rs. 1,326/T, with pet coke re-spiking 19% in the month to 30 September and the rupee near 96/USD, though cement prices turned up in September (all-India +Rs.

7/bag, South +Rs. 11/bag) after a roughly flat Q2 average. Volume growth should be supported by an easy 2QFY26 base of 44.00 Lac Tons (up only 1% YoY) and core-sector cement production up 12.5% YoY in August 2026, though southern reservoirs at 54.52% full versus 73% normal cap the rural demand tail. On the execution front, Jayanthipuram de-bottlenecking completed 29 September 2026, taking capacity to 16.95 MTPA clinker / 27.17 MTPA cement, with FY27 capex guided at Rs. 800 Cr toward ~31 MTPA.

The call is also likely to cover the CCI Rs. 258.63 Cr penalty pending before the Supreme Court and progress on the remaining ~Rs. 150 Cr of non-core asset disposals.

Key Things To Watch

Land-tax relief flow-through: The MMDR Amendment Act, 2026 exempted the company from the Rs. 160/tonne Tamil Nadu land tax effective 22 August 2026.

• Management's quantification of the Q2/H1 benefit — the levy applied only from 1 July to 21 August 2026, with FY27-till-date payments of Rs. 79.07 Cr (FY26: Rs. 171.78 Cr)
• Raw-material cost/ton step-down from late August; Q1 impact was Rs. 84/ton

Margin recovery and EBITDA/ton bridge

• Whether the EBITDA ratio recovers from 14% in 1QFY27 toward the 18% prior-year level, and EBITDA/ton from Rs. 681 toward Rs. 866 (2QFY26)
• Power & fuel/ton vs Q1's Rs. 1,326/T and blended fuel cost/Kcal vs Rs. 1.85, with pet coke up 19% in the month to 30 September
• Packing cost after the +30% YoY Q1 spike; polymer prices were up 16-41% YoY in September; green-power share vs 37%

Volume momentum vs the easy base

• Whether double-digit YoY growth holds after Q1's +12% YoY (4.48 MnT), against a 2QFY26 base of 44.00 Lac Tons up only 1% YoY
• Post-election demand normalisation in Tamil Nadu, Kerala and West Bengal
• Construction chemicals trajectory: Q1 sales 1.35 Lac Tons (+13% YoY) and revenue Rs. 86.11 Cr (+10% YoY) toward the Rs. 2,000 Cr target

Performance vs Guidance Tracking

• Cement capacity ~31 MTPA during FY27 (by Mar-27) — on track; Jayanthipuram de-bottlenecking completed 29 September 2026, aggregate capacity now 16.95 MTPA clinker / 27.17 MTPA cement
• Kolimigundla Line II brownfield (+3.15 MTPA clinker, +3.00 MTPA cement, +15 MW WHRS) — completion before March 2027; 15 MW WHRS and Kiln Line-2 to be commissioned in FY27
• FY27 capex Rs. 800 Cr — 1QFY27 spend was Rs. 176 Cr; watch the 1HFY27 run-rate
• Non-core asset disposal — remaining ~Rs. 150 Cr vs 'near term' guidance (Rs. 1,098 Cr realized over two years to March 2026; Rs. 24 Cr in 1QFY27)

CCI penalty and Karnataka Green Field

• Any update on the Rs. 258.63 Cr CCI penalty (alleged cartelization), sub judice before the Supreme Court; 10% (Rs. 25.86 Cr) re-deposited with no provision made
• Karnataka Green Field land acquisition progress beyond 59% of mining lands and 13% of factory lands (as of the 4QFY26 update)