Ramky Infrastructure Limited (RAMKY) AI Stock Analysis

• Market Cap: ₹36.96B
• Dividend Yield: N/A
• Average Volume (3M): 33.74K
• Price to Earnings (P/E): 17.8
• Beta (1Y): 1.70
• Revenue Growth: -15.09%
• EPS Growth: -15.98%
• Country: IN
• Employees: 1,054
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 10.87
• 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: 67 Neutral
• Price Target: ₹579.00 ▲(4.51% Upside)

Ramky Infrastructure's overall stock score is driven by its strong technical indicators and solid cash flow management. However, the company's high leverage and moderate valuation slightly offset these positives. Addressing leverage and profitability issues could enhance its financial performance and stock attractiveness.

Positive Factors

Strong operating cash flow and positive free cash flow

Consistent operating cash flow that often exceeds reported net income and positive free cash flow provide durable internal financing for capex, working capital and debt service. This reduces reliance on external funding and supports resilience across multi-year infrastructure project cycles.

Diversified infrastructure services and PPP expertise

A portfolio spanning waste, water and urban infrastructure plus experience in PPPs creates durable competitive advantages: long-duration contracts, repeatable execution capabilities and multiple end markets. Diversification reduces single-sector cyclicality and supports steady medium-term revenue visibility.

Stable gross margins and moderate operational efficiency

Fairly stable gross margins signal lasting project execution discipline and pricing control in core EPC activities. Moderate EBIT/EBITDA margins show operational competence and the potential to convert scale into improved profitability if revenue volatility eases, supporting long-term margin sustainability.

Negative Factors

High debt-to-equity and reliance on debt financing

Elevated leverage increases refinancing and interest-rate sensitivity, constraining financial flexibility for bidding and scaling projects. In a rising rate environment or under project delays, servicing higher debt burdens can strain cash flow and limit the company's ability to fund growth or absorb shocks over the medium term.

Negative recent revenue and EPS growth

Sustained negative top-line and EPS trends erode economies of scale, reduce reinvestment capacity and may compress margins. Without a reversal, declining revenue and earnings hinder long-term project financing, weaken competitive positioning for large bids, and increase execution risk across multi-year contracts.

Concentration in government-funded projects and PPPs

Heavy dependence on government contracts and PPPs creates structural exposure to policy shifts, procurement cycles and payment timing. Such concentration can produce uneven revenue recognition, longer receivable cycles and higher working capital needs, increasing medium-term operational and cash-flow risk.

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

Ramky Infrastructure shows a mixed financial picture with commendable revenue growth and cash flow management. However, inconsistencies in profitability and high leverage pose risks. The company needs to address its leverage and profitability issues to optimize financial performance.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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 553.05, below the 50-day MA of 585.60, and below the 200-day MA of 554.01, indicating a bearish trend. The MACD of -10.28 indicates Positive momentum. The RSI at 35.65 is Neutral, neither overbought nor oversold. The STOCH value of 7.90 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	₹61.14B	23.59	―	0.06%	5.56%	-22.59%
JKIL	67 Neutral	₹45.36B	11.09	―	0.67%	13.96%	12.91%
RAMKY	67 Neutral	₹36.96B	17.85	―	―	-15.09%	-15.98%
PSPPROJECT	62 Neutral	₹34.75B	120.72	―	―	-2.24%	-70.79%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SPMLINFRA	54 Neutral	₹13.55B	27.06	―	―	-35.16%	115.70%
BLKASHYAP	52 Neutral	₹11.77B	13,123.68	―	―	-4.30%	-99.86%

Ramky Infrastructure Limited Corporate Events

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.

Ramky Infrastructure Limited Approves Financial Statements for September 2025

Ramky Infrastructure Limited’s Board of Directors approved the un-audited financial statements for the quarter and half-year ending September 30, 2025, during their meeting on November 13, 2025. This approval, along with the review of the limited review report, underscores the company’s commitment to transparency and regulatory compliance, potentially impacting its market perception and stakeholder confidence.