Ramky Infrastructure Limited (RAMKY) AI Stock Analysis

• Market Cap: ₹30.80B
• Dividend Yield: N/A
• Average Volume (3M): 33.74K
• Price to Earnings (P/E): 12.3
• Beta (1Y): 1.89
• Revenue Growth: -15.09%
• EPS Growth: -15.98%
• Country: IN
• Employees: 1,054
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 11.35
• Shares Outstanding: 69,197,790
• 10 Day Avg. Volume: 83,797
• 30 Day Avg. Volume: 33,744
• PEG Ratio: -0.45
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 1.55
• P/FCF Ratio: 13.97
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹463.00 ▼(-16.43% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is primarily driven by mid-range financial performance supported by healthy cash flow but constrained by leverage and profitability volatility. Technical signals are notably bearish (below key moving averages with negative MACD), which pulls the overall score down despite a reasonable P/E valuation.

Positive Factors

Diversified EPC business across resilient sectors

Ramky's end-to-end EPC footprint across water, wastewater, roads, buildings and industrial works provides structural revenue diversification and repeat public-sector demand. Serving multiple infrastructure verticals and government clients supports backlog resilience and reduces reliance on any single sector over months.

Strong operating cash flow and positive free cash flow

Operating cash flow consistently outpacing net income and positive free cash flow indicate durable cash generation from project execution. This cash strength supports working-capital needs, funds capex and debt servicing, and provides financial flexibility during multi-month project cycles.

Stable gross margins and moderate operational efficiency

Relatively stable gross margins and mid-range EBIT/EBITDA margins reflect ability to control project-level costs and deliver reasonable operating leverage. That operational steadiness aids margin sustainability across contract flows and provides a base for profit recovery when volumes normalize.

Negative Factors

High leverage and reliance on debt

A high debt-to-equity profile raises refinancing and interest-rate sensitivity over the coming months. Heavy reliance on debt can constrain capital allocation, elevate fixed financial costs, and limit flexibility to absorb project delays or to invest in new bids without deleveraging.

Recent revenue and EPS declines

Negative recent revenue and EPS growth indicate headwinds in contract wins, execution or pricing. Sustained declines reduce internal cash generation potential and make it harder to rebuild equity and reduce leverage, requiring operational improvement to restore multi-month earnings momentum.

Execution and working-capital sensitivity

Profitability and cash flows are highly sensitive to execution speed, receivable certification and retentions. Delays, cost overruns or slow client payments can rapidly strain liquidity and margins, creating recurring volatility in results and complicating medium-term planning and debt reduction.

Ramky Infrastructure Limited Business Overview & Revenue Model

Company Description

Ramky Infrastructure Limited, together with its subsidiaries, provides integrated construction, infrastructure development, and management services primarily in India. It operates through two segments, Construction Business and Developer Business. The company 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; and irrigation projects, including cross-drainage works, lift irrigation projects, canals, feeder channels, dams, and barrages. It also undertakes industrial construction projects comprising industrial parks, SEZs, and related 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, integrated townships projects, and related infrastructure facilities, including hospitals and shopping malls; and power transmission and distribution projects comprising electricity transmission networks, substation feeder lines, and low tension distribution lines. In addition, the company develops various development projects based on public private partnership. Further, it offers consultancy services in the areas of infrastructure development, waste management, and environment and property development. Ramky Infrastructure Limited was incorporated in 1994 and is headquartered in Hyderabad, India.

How the Company Makes Money

Ramky Infrastructure Limited makes money through a diversified revenue model that primarily revolves around infrastructure development projects. The company's key revenue streams include construction contracts for roads, bridges, and industrial infrastructure, as well as urban infrastructure projects like water supply and sewage treatment plants. Additionally, RAMKY generates earnings from its waste management solutions, which involve the collection, treatment, and disposal of waste. Significant partnerships with government bodies and private entities for large-scale infrastructure projects also contribute to its revenue. The company's ability to secure and execute public-private partnership (PPP) projects further enhances its financial performance.

Ramky Infrastructure Limited Financial Statement Overview

Summary

Mixed fundamentals: revenue growth and solid operating/free cash flow support the score, but profitability volatility and a high debt-to-equity profile elevate financial risk despite improving equity.

Income Statement

Ramky Infrastructure has shown a variable performance in terms of income statement metrics. While the company has managed to increase its total revenue over the years, this growth trajectory isn't linear. Gross profit margins have been fairly stable, but the net profit margin has shown some volatility due to fluctuations in net income. The EBIT and EBITDA margins indicate moderate operational efficiency, though there is room for improvement. Nonetheless, a significant revenue growth from prior years indicates potential for future performance enhancement, though past inconsistencies present some risk.

Balance Sheet

The balance sheet reveals key insights into Ramky Infrastructure's financial health. The company has a high debt-to-equity ratio, signaling a reliance on debt financing, which could pose risks in a rising interest rate environment. However, there is a positive trend in stockholders' equity, which is a strong sign of financial solidity. The equity ratio suggests an acceptable level of financial stability, yet the reliance on debt indicates potential vulnerability to financial stress. Overall, the company displays balanced financial metrics but should work on improving its leverage.

Cash Flow

Ramky Infrastructure's cash flow statement is generally strong. The company has maintained a healthy operating cash flow, which often exceeds the net income, indicating effective cash management. Free cash flow has been positive, supporting financial flexibility. However, fluctuations in free cash flow growth and significant capital expenditures require attention to ensure sustained cash flow stability. Despite these challenges, the company's cash flow management appears robust, providing a solid base for operational and financial activities.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	18.55B	20.45B	21.61B	17.05B	14.59B	10.56B
Gross Profit	15.49B	4.60B	6.01B	3.95B	11.95B	9.03B
EBITDA	4.87B	5.02B	6.70B	17.94B	5.27B	2.87B
Net Income	2.04B	1.97B	3.08B	11.41B	236.21M	195.63M
Balance Sheet
Total Assets	0.00	41.90B	42.62B	46.51B	45.55B	43.83B
Cash, Cash Equivalents and Short-Term Investments	1.60B	2.02B	846.70M	7.98B	2.73B	2.04B
Total Debt	0.00	5.70B	8.34B	16.50B	21.24B	23.03B
Total Liabilities	-20.69B	21.21B	23.98B	31.03B	41.54B	40.21B
Stockholders Equity	20.69B	19.04B	17.12B	14.12B	2.76B	3.40B
Cash Flow
Free Cash Flow	0.00	2.27B	2.60B	24.72B	1.80B	1.81B
Operating Cash Flow	0.00	3.73B	3.70B	26.11B	2.78B	2.22B
Investing Cash Flow	0.00	-109.63M	-719.43M	-2.15B	-853.74M	12.02M
Financing Cash Flow	0.00	-3.80B	-10.11B	-16.50B	-3.27B	-2.27B

Ramky Infrastructure Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 554.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RAMKY, the sentiment is Negative. The current price of 554 is above the 20-day moving average (MA) of 467.68, above the 50-day MA of 498.48, and below the 200-day MA of 555.58, indicating a bearish trend. The MACD of -13.46 indicates Positive momentum. The RSI at 31.60 is Neutral, neither overbought nor oversold. The STOCH value of 7.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RAMKY.

Ramky Infrastructure Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AHLUCONT	68 Neutral	₹50.41B	30.38	―	0.06%	5.56%	-22.59%
JKIL	67 Neutral	₹36.36B	13.34	―	0.67%	13.96%	12.91%
PSPPROJECT	62 Neutral	₹27.23B	48.21	―	―	-2.24%	-70.79%
RAMKY	58 Neutral	₹30.80B	12.27	―	―	-15.09%	-15.98%
SPMLINFRA	58 Neutral	₹12.54B	17.55	―	―	-35.16%	115.70%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
BLKASHYAP	52 Neutral	₹11.37B	25.32	―	―	-4.30%	-99.86%

Ramky Infrastructure Limited Corporate Events

Ramky Infrastructure Gets NCLT Nod to Merge Toll Road Subsidiaries

Ramky Infrastructure Limited has received a sanctioning order from the National Company Law Tribunal, Hyderabad Bench, approving the amalgamation of its wholly owned subsidiaries Sehore Kosmi Tollways Limited and Ramky Elsamex Hyderabad Ring Road Limited with the parent company, effective from April 1, 2024. The tribunal’s approval enables the automatic transfer of all assets, liabilities, and ongoing legal and tax matters of the transferor entities to Ramky Infrastructure, subject to full compliance with statutory, tax, accounting, and regulatory requirements, marking a key step in simplifying the group structure and potentially improving operational and financial consolidation for stakeholders.

Ramky Infrastructure Shareholders Clear Extension of Promoter-Group Deposit Tenure

Ramky Infrastructure Limited has announced the outcome of a postal ballot conducted to seek shareholder approval for changes to a material related-party transaction. The board had earlier approved extending the tenure of an inter-corporate deposit from promoter group entity Ardha Holdings Private Limited by three years from 31 January 2026, necessitating shareholder consent as the terms go beyond prior AGM approvals.

To formalise this, the company conducted e-voting between 8 January and 6 February 2026 and appointed an independent scrutinizer to oversee the process and report on the results. Based on the scrutinizer’s report dated 10 February 2026, the chairman declared that the resolution to change the terms and conditions of the inter-corporate deposit was passed as an ordinary resolution, reinforcing board flexibility in managing group financing while signalling shareholder endorsement of the related-party funding arrangement.

Ramky Infrastructure Publishes Q3 and Nine-Month FY25-26 Investor Update

Ramky Infrastructure Limited has released an investor presentation detailing its financial performance for the third quarter and nine months ended 31 December 2025, in compliance with disclosure requirements under SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. By formally sharing these performance updates with the stock exchanges, the company aims to provide greater transparency to investors and other stakeholders, potentially influencing market perception of its operational progress and financial health in the current financial year.

Ramky Infrastructure Posts Steady Q3 FY26 Results with Strong Margins and Robust Balance Sheet

Ramky Infrastructure Limited reported a steady performance for the third quarter of FY26, with total income of INR 5,507 million, EBITDA of INR 1,377 million at a robust 25% margin, and profit after tax of INR 780 million translating into a 14% margin. Revenue from operations rose both sequentially and year-on-year, while profitability remained resilient, reflecting stable execution, efficiency-led delivery, and strong cost control. Management highlighted continued momentum across water and wastewater, industrial parks, and buildings verticals, supported by a disciplined bidding strategy, focus on long-tenure O&M as a value driver, and a flexible, robust balance sheet aimed at positioning the company to benefit from the next cycle of infrastructure growth.

Ramky Infrastructure Closes Trading Window Ahead of Q3 FY26 Results

Ramky Infrastructure Limited has notified stock exchanges that it is closing its trading window for directors, key management personnel, designated employees and their immediate relatives from 1 January 2026 until 48 hours after the declaration of its unaudited financial results for the quarter ended 31 December 2025, in line with SEBI regulations on insider trading and listing obligations. The move is a routine compliance step aimed at preventing insider trading around the forthcoming earnings announcement and underscores the company’s adherence to regulatory norms governing trading by insiders during sensitive financial disclosure periods.