RMPL Rafhan Maize Products Company Limited

Rafhan Maize Products Company Limited (RMPL) financial ratios

Rafhan Maize Products Company Limited earned a net margin of 8.9% in FY2025 against a five-year average of 11.1% (Food & Personal Care Products median 3.0%). Return on equity was 23.3%, compared with a sector median of 12.0%. The current ratio stood at 1.69× and debt was 29.8% of equity. Cash took about 126 days to cycle through receivables, inventory and payables.

FY2025 vs the Food & Personal Care Products median

Gross margin: 18.8%; Sector median 20.8%
Operating margin: 14.2%; Sector median 7.3%
Net margin: 8.9%; Sector median 3.0%
Return on equity (ROE): 23.3%; Sector median 12.0%
Return on assets (ROA): 11.8%; Sector median 4.5%
Current ratio: 1.69×; Sector median 1.21×
Debt to equity: 29.8%; Sector median 31.9%
Asset turnover: 1.32×; Sector median 1.30×
Dividend payout ratio: 67.8%; Sector median 8.4%

Median of the 25 companies in the sector with the figure for their latest fiscal year.

RMPL financial ratios (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Profitability
Gross margin	18.8%	20.9%	21.4%	20.1%	24.2%	27.3%	25.4%	27.7%	28.5%	26.8%	22.1%	18.5%	17.8%	20.3%	20.8%	23.7%	21.3%	25.5%	27.7%	25.6%
EBITDA margin	15.3%	17.7%	18.1%	17.2%	21.1%	24.0%	22.4%	24.0%	24.9%	24.1%	20.2%	16.9%	17.1%	18.0%	19.6%	22.4%	20.0%	23.8%	25.0%	24.6%
Operating margin	14.2%	16.6%	17.2%	16.3%	20.0%	22.7%	21.1%	22.5%	22.9%	22.3%	18.4%	15.2%	15.5%	16.9%	18.6%	21.2%	18.6%	22.5%	23.2%	21.6%
Pre-tax margin	14.6%	17.0%	18.1%	16.9%	21.0%	23.6%	21.9%	23.0%	23.3%	22.8%	18.7%	14.9%	15.2%	16.0%	17.6%	20.1%	17.6%	21.4%	22.2%	20.4%
Net margin	8.9%	10.7%	10.6%	10.5%	14.7%	17.0%	15.4%	16.1%	16.9%	15.5%	13.3%	10.0%	11.7%	10.4%	11.1%	6.3%	5.1%	6.4%	6.6%	6.0%
Effective tax rate	38.9%	37.0%	41.6%	37.7%	30.0%	28.1%	29.5%	29.7%	27.4%	32.0%	28.8%	33.0%	22.6%	34.7%	36.8%	68.7%	71.1%	70.2%	70.4%	70.8%
Returns
Return on equity (ROE)	23.3%	29.9%	32.9%	35.4%	39.1%	39.7%	39.2%	37.5%	34.7%	31.4%	30.7%	27.8%	36.4%	32.0%	37.5%	19.5%	15.4%	20.8%	17.3%	13.8%
Return on assets (ROA)	11.8%	14.5%	16.5%	21.8%	26.7%	29.4%	30.7%	28.4%	26.5%	25.0%	23.8%	20.3%	25.0%	21.9%	26.2%	14.0%	11.1%	14.9%	13.3%	10.4%
Return on invested capital (ROIC)	19.1%	24.4%	28.3%	33.1%	37.8%	39.4%	39.2%	37.5%	34.7%	31.4%	30.7%	28.4%	36.6%	31.5%	34.9%	18.5%	14.5%	19.4%	17.4%	13.4%
Liquidity
Current ratio	1.69×	1.81×	1.59×	2.02×	2.37×	2.82×	3.82×	3.31×	2.66×	3.87×	3.58×	3.04×	2.42×	1.79×	2.03×	2.05×	2.53×	2.14×	3.38×	3.08×
Quick ratio	0.59×	0.81×	0.59×	0.59×	0.96×	1.90×	2.34×	1.92×	1.26×	2.07×	1.77×	1.70×	0.41×	0.57×	0.37×	0.30×	1.05×	0.32×	1.01×	0.89×
Leverage
Debt to equity	29.8%	31.9%	27.8%	11.3%	5.6%	1.4%	0.0%	—	—	—	—	0.0%	1.0%	0.0%	6.8%	12.8%	0.0%	13.8%	0.0%	—
Debt to capital	23.0%	24.2%	21.7%	10.1%	5.3%	1.4%	0.0%	—	—	—	—	0.0%	0.9%	0.0%	6.3%	11.4%	0.0%	12.1%	0.0%	—
Debt to assets	14.7%	16.5%	12.5%	6.6%	3.7%	1.0%	0.0%	—	—	—	—	0.0%	0.7%	0.0%	4.8%	8.7%	0.0%	9.3%	0.0%	—
Assets to equity	1.98×	2.07×	2.00×	1.63×	1.47×	1.35×	1.28×	1.32×	1.31×	1.26×	1.29×	1.37×	1.45×	1.46×	1.43×	1.40×	1.39×	1.40×	1.30×	1.33×
Efficiency
Asset turnover	1.32×	1.36×	1.56×	2.07×	1.82×	1.73×	1.99×	1.76×	1.57×	1.62×	1.79×	2.03×	2.13×	2.10×	2.35×	2.23×	2.17×	2.33×	2.03×	1.74×
Receivable days days	17	17	18	16	16	18	17	16	16	16	16	15	15	15	11	11	12	13	15	15
Inventory days days	166	163	157	111	89	69	61	79	92	85	72	80	86	81	86	84	84	98	97	115
Payable days days	57	60	50	15	13	10	5	6	7	9	13	20	27	21	9	8	7	7	6	—
Cash conversion cycle days	126	120	125	112	92	76	73	89	101	92	76	75	73	75	89	87	89	104	107	131
Dividends
Dividend payout ratio	67.8%	46.3%	46.8%	52.3%	22.1%	83.4%	84.8%	82.3%	78.9%	71.4%	39.5%	51.4%	44.8%	56.6%	56.8%	121.3%	142.8%	134.7%	176.5%	88.3%
Earnings retention rate	0.32×	0.54×	0.53×	0.48×	0.78×	0.17×	0.15×	0.18×	0.21×	0.29×	0.61×	0.49×	0.55×	0.43×	0.43×	(0.21×)	(0.43×)	(0.35×)	(0.76×)	0.12×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

RMPL: frequently asked questions

What is RMPL's EPS?

Rafhan Maize Products Company Limited reported basic earnings per share of Rs 707.51 for FY2025 (Jan – Dec 2025).

What is RMPL's P/E ratio?

At the closing price of Rs 8,579.99 on 16 Oct 2026, RMPL trades at a P/E of 12.1× based on EPS of Rs 707.51 (FY2025).

Does RMPL pay dividends?

Yes. Rafhan Maize Products Company Limited declared a dividend of Rs 480.00 per share for FY2025. It has paid a dividend in each of the last 20 years. At Rs 8,579.99 that is a dividend yield of 5.6%.

What was RMPL's revenue and profit in FY2025?

Rafhan Maize Products Company Limited reported revenue of Rs 73.4 bn and profit attributable to shareholders of Rs 6.5 bn for FY2025 (Jan – Dec 2025).

What is RMPL's book value per share?

Rafhan Maize Products Company Limited's book value per share was Rs 3,157.70 at the end of FY2025. The shares trade at 2.72× book value.

Information only, not investment advice.