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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
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.