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Latest filing: 2026-08-20 16:25
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Ruby Mills Sells 33rd Floor Commercial Premises in 'The Ruby' for Rs 124.08 Cr
The Ruby Mills Limited has sold vacant commercial premises on the 33rd floor of its commercial tower 'The Ruby' along with car parking spaces to Torrent Pharmaceuticals Limited. The total consideration received for the transaction is Rs 124.08 crore, which represents approximately 33.4% of the company's TTM revenue of Rs 371 crore. The agreement and completion of the sale were executed on August 19, 2026, with the buyer being a non-related party.
Confidence: HIGH
What changedRuby Mills has monetized its vacant commercial real estate assets on the 33rd floor of 'The Ruby' tower for a cash consideration of Rs 124.08 crore.
Why it mattersThe deal provides a substantial cash inflow (~33% of annual revenue and ~18% of net worth), significantly bolstering liquidity and offering room to deleverage against its Rs 375 crore debt load.
Total sale consideration: Rs. 124.08 CroresConsideration vs TTM Revenue: ~33.4%Consideration vs Total Debt: ~33.1%Sale completion date: August 19, 2026
📅 Short termStrongly positive for balance sheet liquidity and sentiment, likely driving significant one-off profits in the upcoming quarterly financials.
📈 Long termStrengthens capital structure if proceeds are used to reduce high-cost debt or reinvested into high-margin textile expansion.
⚠ Risk flags
- One-time asset sale gain rather than recurring operational revenue
Key Highlights
Commercial premises on 33rd floor of 'The Ruby' sold for Rs 124.08 crore
Sale completed on August 19, 2026 to buyer Torrent Pharmaceuticals Limited
Transaction is an arm's-length deal and not a related-party transaction
Consideration received of Rs 124.08 crore equals ~33.4% of Ruby Mills' TTM revenue
👀 What to Watch
Watch for the Q2 FY27 earnings to see the one-off gain on sale reflected in profitability and how the Rs 124.08 crore cash inflow is deployed towards debt reduction or core textile capex.
₹91.48 Cr Revenue in Q1; PAT flat at ₹11.82 Cr amid 10x spike in Finance Costs
Ruby Mills reported a 31.5% YoY increase in revenue to ₹91.48 Cr for Q1 FY27, primarily driven by a 233% surge in Real Estate segment revenue to ₹33.93 Cr. However, Net Profit remained nearly flat at ₹11.82 Cr (down 2% YoY) as the company faced a massive spike in Finance Costs (₹9.88 Cr vs ₹0.94 Cr) and Depreciation (₹12.89 Cr vs ₹2.69 Cr). The core Textile segment saw a marginal revenue decline of 3% YoY to ₹57.56 Cr with thin margins of 3.45%. The results are significantly impacted by the December 2025 cancellation of a Real Estate Development Agreement, making YoY comparisons for that segment non-comparable.
Confidence: HIGH
What changedThe company's financial structure has shifted following a real estate settlement in December 2025, resulting in higher reported revenue but significantly increased interest and depreciation burdens.
Why it mattersWhile the top line has expanded, the bottom line is stagnant due to high non-operating costs, and the core textile business is showing limited growth, testing the company's 'future-ready' strategy.
Revenue (Q1 FY27): ₹91.48 CrNet Profit (Q1 FY27): ₹11.82 CrFinance Cost YoY Increase: 954.8%Real Estate Revenue Growth: 233.6%Textile Segment Margin: 3.45%Q1 Revenue vs TTM Revenue: 32.5%
📅 Short termThe stock may see neutral to cautious sentiment as the market digests the flat profit growth despite the revenue jump and the sharp rise in interest expenses.
📈 Long termLong-term value depends on the company's ability to improve textile margins and successfully monetize its real estate assets to offset the increased debt servicing costs.
⚠ Risk flags
- Sharp increase in finance costs
- Stagnant growth in core textile segment
- Non-comparable real estate data due to agreement cancellation
Key Highlights
Revenue from operations increased 31.5% YoY to ₹91.48 Cr from ₹69.57 Cr.
Real Estate segment revenue grew to ₹33.93 Cr, up from ₹10.17 Cr in the previous year's quarter.
Finance costs surged by 955% YoY to ₹9.88 Cr compared to ₹0.94 Cr in Q1 FY26.
Depreciation and amortisation expenses rose to ₹12.89 Cr from ₹2.69 Cr in the year-ago period.
Textile segment profit remained low at ₹1.99 Cr on a revenue base of ₹57.56 Cr.
👀 What to Watch
Investors should monitor the sustainability of the Real Estate segment's revenue following the settlement of the development agreement and watch for any stabilization in finance costs, which are currently consuming a large portion of operating profits.
Work Stoppage at Dhamni Weaving Division Due to Wage Dispute Since June 29, 2026
The Ruby Mills Limited has reported a disruption of operations at its Dhamni Weaving Division starting June 29, 2026. Certain workmen have abstained from duty following a disagreement over a draft wage settlement that was previously negotiated. While the work stoppage is currently confined to one department, the company is undergoing conciliation proceedings before the Assistant Labour Officer to restore normalcy. Other manufacturing units, including the Spinning and Processing divisions, remain fully operational.
Confidence: HIGH
What changedWorkmen in one department of the Dhamni Weaving Division have stopped reporting for duty following a breakdown in the execution of a draft wage settlement.
Why it mattersWhile localized, labor unrest in a manufacturing setup can lead to production bottlenecks, delayed deliveries, and potential increases in long-term employee benefit expenses once a settlement is reached.
Stoppage Start Date: June 29, 2026TTM Revenue: ₹281 CrMarket Cap: ₹1094 CrReal Estate Receivables (Mar 2024): ₹456.74 Cr
📅 Short termThe stock may face minor pressure or volatility until the labor dispute is resolved and normalcy is restored at the Dhamni unit.
📈 Long termLimited structural impact unless the wage settlement results in a significant and permanent increase in the cost-to-revenue ratio, affecting the current 22.3% OPM.
⚠ Risk flags
- Labor unrest contagion to other divisions
- Potential production delays
- Increased employee benefit costs post-settlement
Key Highlights
Work stoppage initiated on June 29, 2026, at the Dhamni Weaving Division in Raigad.
Disruption is localized to one department; Spinning and Processing divisions are operating normally.
Conciliation process is active before the Assistant Labour Officer to resolve the wage settlement dispute.
Company reports TTM revenue of ₹281 Cr, which could be impacted if the stoppage extends or spreads.
Management stated they do not presently expect a material loss, though financial impact is still being assessed.
👀 What to Watch
Monitor the duration of the work stoppage and the outcome of the conciliation proceedings. Investors should watch for any signs of the labor dispute spreading to the Spinning or Processing divisions, which would more significantly impact the company's ₹281 Cr annual revenue base.
Ruby Mills Recommends Rs 2.50 Final Dividend for FY26
The Ruby Mills Limited has recommended a final dividend of Rs. 2.5 per equity share for the financial year 2025-26, representing a 50% payout on the face value of Rs. 5. This announcement accompanied the approval of the company's audited financial results for the year ended March 31, 2026. A notable highlight in the balance sheet is the significant jump in investment property value to Rs. 68,084.43 lakhs from Rs. 3,037.99 lakhs in the previous year. The dividend remains subject to shareholder approval at the upcoming Annual General Meeting.
Key Highlights
Recommended a final dividend of Rs. 2.5 per equity share (50% of face value)
Investment property value surged to Rs. 68,084.43 lakhs from Rs. 3,037.99 lakhs year-on-year
Total non-current assets increased to Rs. 1,00,215.72 lakhs as of March 31, 2026
Capital work-in-progress rose significantly to Rs. 9,317.36 lakhs from Rs. 1,837.24 lakhs
Appointed Shri. Dakshesh H. Zaveri as the Cost Auditor for the financial year 2026-27
👀 What to Watch
Investors should monitor the record date for the Rs. 2.50 dividend and investigate the cause of the substantial increase in investment property assets, which may indicate a revaluation or major project completion.
Ruby Mills Recommends ₹2.5 Dividend and Reports Significant Growth in Investment Property
The Ruby Mills Limited has recommended a final dividend of ₹2.5 per equity share (50% of face value) for the financial year 2025-26. The company's standalone balance sheet shows a massive increase in Investment Property to ₹680.84 crore from ₹30.38 crore in the previous year, suggesting a major reclassification or asset addition. Total non-current assets have crossed ₹1,002 crore, while Capital Work-in-Progress has surged to ₹93.17 crore. Additionally, the board has appointed Shri Dakshesh H. Zaveri as the Cost Auditor for FY 2026-27.
Key Highlights
Recommended a final dividend of ₹2.5 per equity share of face value ₹5 each.
Investment property value increased sharply to ₹68,084.43 lakhs from ₹3,037.99 lakhs YoY.
Total non-current assets grew to ₹1,00,215.72 lakhs as of March 31, 2026.
Capital Work-in-progress (CWIP) rose significantly to ₹9,317.36 lakhs from ₹1,837.24 lakhs.
Shri Dakshesh H. Zaveri appointed as Cost Auditor for the 2026-27 financial year.
👀 What to Watch
Investors should monitor the company's transition toward real estate/investment property monetization given the massive jump in asset value. The dividend provides a steady yield, but the primary focus should be on the utilization of the newly recognized investment properties.
Ruby Mills FY26 Results: Board Recommends ₹2.5 Dividend; Investment Property Surges
The Ruby Mills Limited has reported its audited financial results for the fiscal year ended March 31, 2026, recommending a final dividend of ₹2.5 per share (50% of face value). The company's balance sheet shows a massive increase in Investment Property to ₹68,084.43 lakhs from ₹3,037.99 lakhs in the previous year, likely due to project completions or reclassifications. Total non-current assets grew significantly to ₹1,00,215.72 lakhs, indicating a substantial expansion in the company's asset base. Additionally, Capital Work-in-progress rose to ₹9,317.36 lakhs, suggesting ongoing development projects.
Key Highlights
Recommended a final dividend of ₹2.5 per equity share of face value ₹5 for FY 2025-26.
Investment Property value surged to ₹68,084.43 lakhs from ₹3,037.99 lakhs year-on-year.
Total Non-current assets increased by 24.6% to ₹1,00,215.72 lakhs as of March 31, 2026.
Capital Work-in-progress grew significantly to ₹9,317.36 lakhs from ₹1,837.24 lakhs.
Appointed Shri. Dakshesh H. Zaveri as the Cost Auditor for the Financial Year 2026-27.
👀 What to Watch
Investors should focus on the revenue potential of the newly capitalized investment properties which now dominate the balance sheet. The dividend recommendation provides a positive yield signal while the company transitions its asset mix.
Ruby Mills Promoters Declare Zero Share Encumbrance for FY26; Hold 74.90% Stake
The Ruby Mills Limited's promoters and Persons Acting in Concert (PAC) have filed their annual disclosure for the financial year ended March 31, 2026. The promoter group collectively holds 2,50,47,640 equity shares, representing a substantial 74.90% of the company's total share capital. Most importantly, the promoters have declared that they have not made any encumbrance or pledge on these shares, directly or indirectly, during the entire financial year.
Key Highlights
Promoters and PAC hold a total of 2,50,47,640 equity shares as of March 31, 2026.
The total promoter shareholding is maintained at a high level of 74.90%.
Official declaration confirms zero shares were pledged or encumbered during FY 2025-26.
Major corporate promoter entities include Manubhai And Sons, Hiren Brothers, and M.C Shah And Sons, each holding roughly 14.29%.
👀 What to Watch
Investors should take confidence in the high promoter holding and the absence of any share pledges, which indicates financial stability and management commitment. No immediate action is required as this is a routine but positive annual compliance filing.
Ruby Mills Appoints Paras Khimji Savla as Independent Director for 5-Year Term
The Ruby Mills Limited has received shareholder approval for the appointment of Shri. Paras Khimji Savla as a Non-Executive Independent Director. His term is set for five years, effective from December 27, 2025, through December 26, 2030. Mr. Savla is a highly qualified Chartered Accountant with over 25 years of experience in taxation, M&A, and insolvency resolution. This strategic addition to the board is expected to enhance the company's financial oversight and regulatory compliance.
Key Highlights
Appointment of Shri. Paras Khimji Savla as Independent Director for a 5-year tenure ending December 2030.
Appointee brings over 25 years of professional experience in international taxation, valuation, and transaction structuring.
Mr. Savla holds dual CA qualifications from ICAI (India) and ICAEW (UK) and has prior Big Four experience.
The appointment was officially approved by shareholders during the Extra-Ordinary General Meeting on March 26, 2026.
👀 What to Watch
Investors should view this as a positive governance move that brings high-level financial and M&A expertise to the board. No immediate portfolio changes are necessary based on this administrative update.
Ruby Mills Shareholders Approve Appointment of Paras K. Savla as Independent Director with 99.97% Vote
The Ruby Mills Limited held an Extra Ordinary General Meeting (EOGM) on March 26, 2026, to finalize a key board appointment. Shareholders passed a special resolution to appoint Shri Paras K. Savla as an Independent Director of the company. The resolution received overwhelming support, with 99.97% of the 2,23,74,603 total votes cast in favor. This move strengthens the company's corporate governance framework and board composition.
Key Highlights
Special resolution for the appointment of Shri Paras K. Savla as Independent Director was passed with requisite majority.
A total of 2,23,74,603 valid votes were polled, representing approximately 66.91% of the total 3,34,40,000 shares.
Approval was nearly unanimous with 2,23,67,335 votes (99.97%) in favor and only 7,268 votes (0.03%) against.
The EOGM was conducted via Video Conferencing with 31 shareholders in attendance.
Promoter and Promoter Group accounted for 2,23,22,760 of the votes cast in favor.
👀 What to Watch
Investors should note the strong shareholder consensus regarding board leadership; no immediate action is required as this is a positive governance update.
Ruby Mills Incorporates Two Green Energy and Waste Management Subsidiaries
The Ruby Mills Limited has incorporated two wholly-owned subsidiaries, Ruby Greentech K Private Limited and Ruby Greentech T Private Limited, on March 18, 2026. These new entities will focus on high-growth sectors including water and effluent treatment, waste-to-energy solutions, and renewable power generation such as solar and wind. Each subsidiary has been established with an authorized share capital of Rs 10,00,000 and an initial paid-up capital of Rs 1,00,000. This move marks a strategic diversification for the company into environmental services and the green energy market.
Key Highlights
Incorporated two 100% wholly-owned subsidiaries: Ruby Greentech K and Ruby Greentech T
Ruby Greentech K to focus on water treatment, waste management, and waste-to-energy solutions
Ruby Greentech T dedicated to renewable power generation, transmission, and distribution
Each subsidiary has an authorized capital of Rs 10,00,000 and initial investment of Rs 1,00,000
Strategic shift towards ESG-compliant business lines beyond traditional textile operations
👀 What to Watch
Investors should monitor the company's capital expenditure plans and execution timelines for these new green ventures. While the initial investment is small, the diversification into renewable energy and waste management could provide long-term growth catalysts.
India Ratings Upgrades Ruby Mills' Bank Loan Facilities to 'IND BBB+'/Stable
India Ratings and Research has upgraded The Ruby Mills' bank loan facilities of INR 2,482 million to 'IND BBB+' from 'IND BBB', removing the 'Rating Watch' status. The upgrade follows the closure of a Memorandum of Agreement in December 2025, which is expected to improve revenue scale in FY26 and FY27. While the company reported 1HFY26 revenue of INR 1,552 million with a 17.41% EBITDA margin, net leverage deteriorated to 4.91x in FY25 due to increased borrowings for real estate development. Liquidity remains adequate with over INR 1.16 billion in liquid investments and a Debt Service Coverage Ratio expected to stay above 1.20x.
Key Highlights
Credit rating for INR 2,482 million bank facilities upgraded to 'IND BBB+'/Stable from 'IND BBB'
1HFY26 revenue stood at INR 1,552 million with absolute EBITDA of INR 270 million
Net leverage increased to 4.91x in FY25 from 2.53x in FY24, expected to exceed 5.0x in FY26
Real estate occupancy at 'The Ruby Tower' was 67% as of January 2026 with key tenants like E&Y and DSP
Company holds liquid investments in mutual funds and government securities worth INR 1,168.49 million
👀 What to Watch
Investors should view the rating upgrade as a sign of improved cash flow visibility from the real estate segment, but remain cautious of the high net leverage and the pending Enforcement Directorate attachment of INR 26 million.
Ruby Mills Credit Rating Upgraded to 'IND BBB+' with Stable Outlook; Rating Watch Removed
India Ratings has upgraded The Ruby Mills' bank loan facilities of INR 2,482 million to 'IND BBB+' from 'IND BBB', removing the 'Rating Watch' status. The upgrade follows the closure of a Memorandum of Agreement in December 2025, which transferred ownership of leased assets to the company, expected to boost FY26 revenue. While FY25 EBITDA declined to INR 454 million with margins at 18.74%, the company maintains stable rental income from blue-chip tenants like EY and DSP. However, net leverage has increased significantly to 4.91x due to new borrowings for facility upgrades.
Key Highlights
Credit rating upgraded to 'IND BBB+'/Stable for facilities totaling over INR 3,800 million.
1HFY26 revenue reported at INR 1,552 million with an EBITDA margin of 17.41%.
Net leverage deteriorated to 4.91x in FY25 from 2.53x in FY24 due to a new INR 2,500 million loan.
Real estate occupancy at 'The Ruby' tower stands at 67% with major lease renewals due in FY27.
Strong liquidity cushion with liquid investments of INR 1,168 million in mutual funds and securities.
👀 What to Watch
Investors should monitor the company's ability to improve occupancy levels and manage its high leverage, which is expected to exceed 5.0x in FY26. The resolution of the minor Enforcement Directorate attachment of INR 26 million is also a key monitorable for governance.
Ruby Mills Q3 FY26 Net Profit Drops 19% YoY to ₹9.46 Cr Despite 23% Revenue Growth
The Ruby Mills Limited reported a 23% YoY increase in revenue from operations to ₹79.99 crore for the quarter ended December 31, 2025. However, Net Profit declined by 19.1% YoY to ₹9.46 crore, down from ₹11.70 crore in the same period last year, as total expenses surged significantly. While the Textile segment showed healthy growth, the Real Estate segment's profit contribution saw a decline. A key strategic update includes the closure of a development agreement with Mindset Estate Private Limited, with the premises now vesting solely with Ruby Mills.
Key Highlights
Revenue from operations grew 23% YoY to ₹7,999.51 lakhs, though it fell 6.6% sequentially from Q2 FY26.
Net Profit for the quarter stood at ₹946.23 lakhs, a 19.1% decline compared to ₹1,170.15 lakhs in Q3 FY25.
Textile segment revenue increased to ₹6,865.89 lakhs from ₹5,654.40 lakhs YoY, showing operational strength in the core business.
Other Income included a one-time profit of ₹218 lakhs from the sale of property, which partially cushioned the bottom line.
Total expenses rose sharply to ₹7,214.61 lakhs from ₹5,474.97 lakhs YoY, driven by higher material and other costs.
👀 What to Watch
Investors should be cautious about the margin compression as expenses are rising faster than revenue growth. Monitor the impact of the newly consolidated real estate assets on future rental or sale income to see if it offsets textile volatility.
Ruby Mills to Incorporate 3 Wholly Owned Subsidiaries for Solar Open Access Project
The Ruby Mills Limited's board has approved the incorporation of three wholly owned subsidiaries in Mumbai, India. These entities will function as Special Purpose Vehicles (SPVs) for the company's planned investment in a Solar Open Access project. The move is designed to provide the company with increased flexibility in managing its renewable energy investments at a later stage. While specific financial details are yet to be disclosed, the project signifies a strategic shift toward sustainable energy sourcing.
Key Highlights
Board approved the incorporation of 3 new wholly owned subsidiaries in Mumbai.
The subsidiaries will act as SPVs for a Solar Open Access project investment.
The structure is intended to provide operational and financial flexibility for future management.
Board meeting was held at shorter notice on January 19, 2026, and concluded in 17 minutes.
Further disclosures regarding the subsidiaries will be made upon their formal incorporation.
👀 What to Watch
Investors should watch for subsequent disclosures regarding the capital expenditure and the expected impact on power cost savings from the solar project. This move into renewable energy infrastructure is a positive long-term strategic development for operational efficiency.
Ruby Mills Executes Settlement Agreement to Terminate Development Pact with Mindset Estates
The Ruby Mills Limited has finalized a binding Settlement Agreement with Mindset Estates Private Limited to terminate their existing Revenue Share Development Agreement. Mediated by a retired High Court Justice, the agreement resolves all financial obligations and asset allocations related to the cessation of the project. This settlement is considered full and final, ensuring no further claims can be made by either party. While the specific financial settlement amount was not disclosed in the filing, the resolution removes a significant legal and operational overhang regarding the company's real estate assets.
Key Highlights
Settlement Agreement executed on December 11, 2025, to formally terminate the Revenue Share Development Agreement.
Mediated by Hon’ble Justice Mr. Sharukh J. Kathawala (Retd.) to determine final amounts due for cessation.
The agreement covers all rights, obligations, and asset allocations, making it binding on both parties.
Constitutes a full and final settlement with no further claims subsisting outside the scope of the agreement.
Follows a previous intimation regarding this development matter dated January 03, 2025.
👀 What to Watch
Investors should monitor for future disclosures regarding the specific financial impact of this settlement on the company's balance sheet. The resolution provides clarity on land assets, but the future strategy for these real estate holdings remains a key performance driver.
