• The Ramco Cements Q3FY25 earnings missed our estimates. Revenues stood at INR 19,835 Mn, down 6.0% YoY (-3.0% QoQ).• EBITDA declined by 29.6% YoY (-11.2% QoQ) to INR 2,791 Mn; EBITDA margin stood at 14.1% (-472bps YoY/ -130bps QoQ).