Ludlow Jute & Specialities Ltd (526179)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ludlow Jute's revenue was ₹189 Cr (+67.6% year on year, +27.9% on the previous quarter), and net profit ₹6.4 Cr (+43.2% year on year); the operating margin was 7.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹189 | +67.6% | +27.9% |
| Operating profit | ₹14.4 | +27.8% | +84.7% |
| Net profit | ₹6.4 | +43.2% | +365.9% |
| EPS (₹) | 5.97 | +43.2% | +366.4% |
| Operating margin | 7.6% | — | — |
📢 Recent Corporate Announcements
Ludlow Jute & Specialities Limited has issued a dispatch notice to shareholders regarding the 47th Annual General Meeting (AGM) and Annual Report for FY 2025-26. The AGM is scheduled for Friday, September 11, 2026, at 11:30 AM IST via Video Conferencing. The cut-off date to determine e-voting eligibility is Friday, September 4, 2026, with remote e-voting open from September 8 to September 10, 2026.
- 47th Annual General Meeting scheduled for September 11, 2026, at 11:30 AM IST via VC/OAVM
- Cut-off date for e-voting eligibility fixed as Friday, September 4, 2026
- Remote e-voting window opens September 8, 2026, and concludes September 10, 2026
- Weblink intimation sent on August 20, 2026, to shareholders with unregistered email addresses
Ludlow Jute & Specialities Ltd has submitted its 47th Annual Report for FY2025-26 along with the notice convening the Annual General Meeting (AGM) on September 11, 2026. Key special resolutions include the re-appointment of Managing Director Ashish Chandrakant Agrawal for a 3-year term and an amendment to the Articles of Association to create the post of Chairman Emeritus. The company proposes appointing Mr. Awanti Kumar Kankaria as Chairman Emeritus with an advisory remuneration of Rs 12,00,000 per month (constituting a related party transaction).
- 47th Annual General Meeting scheduled to be held on Friday, September 11, 2026 via video conferencing.
- Proposed re-appointment of Mr. Ashish Chandrakant Agrawal as Managing Director for a 3-year term.
- Special resolution to appoint Mr. Awanti Kumar Kankaria as Chairman Emeritus at a monthly remuneration of Rs 12,00,000.
- Ratification of FY2026-27 cost auditor remuneration of Rs 40,000 payable to M/s SPK Associates.
Ludlow Jute & Specialities has issued its Annual Report for FY 2025–26 and scheduled its 47th Annual General Meeting for September 11, 2026. Key special resolutions include the re-appointment of Mr. Ashish Chandrakant Agrawal as Managing Director for a 3-year term and an amendment to the Articles of Association to introduce the role of Chairman Emeritus. The company proposes appointing Mr. Awanti Kumar Kankaria as Chairman Emeritus at an advisory remuneration of ₹12 lakh per month (₹1.44 crore per annum) under a Related Party Transaction. The Board confirmed no dividend recommendation for FY26.
- 47th Annual General Meeting scheduled for September 11, 2026 at 11:30 AM via video conferencing
- Special resolution proposed to re-appoint Managing Director Ashish Chandrakant Agrawal for a 3-year term
- Proposed appointment of Awanti Kumar Kankaria as Chairman Emeritus with ₹12,00,000 per month remuneration (₹1.44 Cr/year)
- Board did not recommend any dividend for the financial year ended March 31, 2026
Ludlow Jute & Specialities Ltd has announced its 47th Annual General Meeting (AGM) to be held on September 11, 2026. To facilitate the meeting, the company will close its register of members and share transfer books from September 5 to September 11, 2026. This follows a significant financial turnaround in FY26, where the company reported a revenue of • 532 Cr and a PAT of • 16 Cr, compared to a loss in the previous year. The meeting will be a key event for shareholders to review the progress of the Kankaria Group's turnaround strategy.
- 47th Annual General Meeting (AGM) to be held on September 11, 2026, at 11:30 A.M.
- Book closure period set for 7 days from September 5, 2026, to September 11, 2026.
- Board meeting finalizing these dates concluded at 3:00 PM on August 12, 2026.
- Company maintains a market capitalization of • 395 Cr with a TTM revenue of • 532 Cr.
Ludlow Jute & Specialities Ltd has announced its 47th Annual General Meeting (AGM) to be held on September 11, 2026. The company will observe a book closure period from September 5 to September 11, 2026, for the purpose of the meeting. This follows a significant financial turnaround in FY26, where the company reported a net profit of Rs 16 crore compared to a loss of Rs 11 crore in FY25. The board finalized these dates in a meeting held on August 12, 2026.
- 47th Annual General Meeting scheduled for September 11, 2026, at 11:30 AM
- Book closure period of 7 days from September 5 to September 11, 2026
- Board meeting finalizing the AGM dates concluded at 3:00 PM on August 12, 2026
- Company reported TTM revenue of Rs 532 crore as of the latest financial context
Ludlow Jute & Specialities has appointed Mr. Awanti Kumar Kankaria as Chairman Emeritus effective August 12, 2026, subject to shareholder approval. Mr. Kankaria is the significant beneficial owner of the company's 67.21% promoter stake and brings over 40 years of experience in jute mill turnarounds. He will receive a fixed monthly remuneration of Rs 12 lakh (Rs 1.44 crore annually), which represents approximately 9% of the company's FY26 PAT of Rs 16 crore. This move formalizes the strategic involvement of the Kankaria Group's veteran leadership following their 2024 acquisition of the company.
- Appointment of Mr. Awanti Kumar Kankaria as Chairman Emeritus effective August 12, 2026
- Fixed monthly remuneration of Rs 12,00,000 (Rs 12 Lakhs) without profit-based commission
- Mr. Kankaria is the beneficial owner of the 67.21% equity held by Panchjanya Distributors Private Limited
- Appointee brings over 40 years of experience in reviving underperforming jute mills
- Annual remuneration of Rs 1.44 crore equates to ~9% of the FY26 Net Profit of Rs 16 crore
Ludlow Jute reported a robust Q1 FY27 with revenue from operations surging 67.6% YoY to ₹189.47 Cr, compared to ₹113.03 Cr in the year-ago period. Net profit increased 43.6% YoY to ₹6.45 Cr, despite a rise in finance costs to ₹4.21 Cr. The results were bolstered by a one-time insurance claim settlement of ₹1.31 Cr related to a 2010-11 fire incident. The quarterly revenue represents a significant 35.6% of the total TTM revenue, indicating a strong start to the fiscal year.
- Revenue from operations grew 67.6% YoY to ₹189.47 Cr from ₹113.03 Cr.
- Net profit increased to ₹6.45 Cr, up 43.6% from ₹4.49 Cr in June 2025.
- Quarterly EPS improved to ₹5.97 from ₹4.17 in the corresponding previous year quarter.
- Finance costs rose to ₹4.21 Cr, a 16.6% increase over the ₹3.61 Cr reported in June 2025.
- Included a one-time insurance claim settlement of ₹1.31 Cr pursuant to a NCDRC order.
Ludlow Jute & Specialities reported a strong start to FY27, with Q1 revenue growing 67.6% YoY to ₹189.47 crore, representing approximately 35.6% of its TTM revenue. Net profit for the quarter rose 43.6% YoY to ₹6.45 crore, significantly higher than the ₹1.38 crore reported in the preceding March quarter. The results were aided by a one-time insurance claim settlement of ₹1.31 crore related to a 2010-11 fire incident. Despite higher material costs of ₹127.91 crore, the company achieved an EPS of ₹5.97 for the quarter.
- Revenue from operations increased 67.6% YoY to ₹189.47 crore from ₹113.03 crore.
- Net profit rose 43.6% YoY to ₹6.45 crore, up from ₹4.49 crore in Q1 FY26.
- Earnings Per Share (EPS) improved to ₹5.97 from ₹4.17 in the year-ago period.
- Other income includes a ₹1.31 crore settlement for a fire insurance claim from FY 2010-11.
- Cost of materials consumed stood at ₹127.91 crore, accounting for 67.5% of total revenue.
Ludlow Jute & Specialities has scheduled a board meeting for August 12, 2026, to consider and approve unaudited financial results for the quarter ended June 30, 2026. This follows a strong FY26 performance where the company achieved a turnaround, reporting a revenue of ₹532 Cr and a PAT of ₹16 Cr compared to a loss in FY25. Investors will be monitoring if the company can sustain its 7.9% operating margins and growth momentum under the Kankaria Group management. The company currently carries a debt of ₹214 Cr against a net worth of ₹186 Cr.
- Board meeting scheduled for August 12, 2026, to approve quarterly results
- Reporting period covers the first quarter ended June 30, 2026
- Company reported a significant revenue jump to ₹532 Cr in FY26 from ₹301 Cr in FY25
- TTM EPS stands at ₹15.00 as of the latest financial context
- Promoter holding remains steady at 67.21% as of June 2026
Ludlow Jute & Specialities Ltd has acquired a 100% stake in SEVA BY TARA FOUNDATION, a Section 8 (non-profit) company. The acquisition involves the purchase of 1,00,000 equity shares at a face value of Rs 10 each, totaling a cash consideration of Rs 10 Lakhs. The target entity is involved in veterinary activities, educational support, and social work, which are outside the company's core jute manufacturing business. Given the negligible transaction size relative to the company's Rs 532 Cr TTM revenue, this move appears to be for CSR or social initiatives.
- Acquired 100% equity stake (1,00,000 shares) in SEVA BY TARA FOUNDATION
- Total cash consideration for the acquisition is Rs 10,00,000 (Rs 10 Lakhs)
- Target is a Section 8 company focused on veterinary and educational support services
- Transaction value represents approximately 0.002% of the company's TTM revenue of Rs 532 Cr
- The acquisition is classified as a related party transaction as the target becomes a wholly-owned subsidiary
Financial Performance
Revenue Growth by Segment
Ludlow Jute & Specialities Limited (LJSL) reported revenue of INR 300.97 Cr in FY25, a decline of 36.7% from INR 475.63 Cr in FY24. The combined Kankaria Group revenue was INR 1,097.82 Cr in FY25, down 5.2% from INR 1,158.21 Cr in FY24.
Geographic Revenue Split
Exports contributed INR 48.28 Cr (FOB value) in FY25, representing approximately 16.1% of LJSL's total sales of INR 298.29 Cr. Domestic sales accounted for the remaining 83.9%.
Profitability Margins
LJSL reported a Net Profit Ratio of -4% in FY25 compared to -3% in FY24. However, post-acquisition by Kankaria Group, operating margins have exceeded 10% in every quarter since March 2025, a significant turnaround from previous negative margins.
EBITDA Margin
The Kankaria Group's operating profitability was healthy at over 8.5% in fiscal 2025. LJSL's individual operating margins improved to over 10% per quarter post-September 2024 acquisition due to operational stabilization.
Capital Expenditure
The company recently installed 50 No. N4A automatic loom machines to improve manufacturing efficiency. Specific planned INR Cr expenditure for future periods is not disclosed in available documents.
Credit Rating & Borrowing
Crisil assigned a long-term rating of 'Crisil A-/Stable' and a short-term rating of 'Crisil A2+' to bank loan facilities totaling INR 148.71 Cr. Interest coverage for the group is estimated to improve to over 2.9 times for H1 FY2026.
Operational Drivers
Raw Materials
Raw Jute (specifically TD-3 grade) is the primary raw material. The Cabinet Committee on Economic Affairs (CCEA) approved a Minimum Support Price (MSP) of INR 5,650 per quintal for FY26, a 5.9% increase from INR 5,335 in the previous season.
Import Sources
Raw materials are primarily sourced domestically from jute-growing states in India, with pricing highly regulated by the government through the MSP mechanism.
Key Suppliers
Not disclosed in available documents; however, the Office of the Jute Commissioner regulates the supply and procurement orders (PCSO).
Capacity Expansion
Current production was 25,573 M.T. in FY25, down 43.2% from 45,043 M.T. in FY24. The company has recently modernized by installing 50 automatic loom machines.
Raw Material Costs
Raw material costs are a major component of revenue; the MSP increase of INR 315 per quintal (5.9%) directly impacts input costs, though the industry expects arrears from retrospective price calculations for government supply.
Manufacturing Efficiency
Production efficiency is being addressed through the installation of automatic looms. Production volume fell 43.2% YoY in FY25 due to operational inefficiencies prior to the Kankaria Group acquisition.
Strategic Growth
Expected Growth Rate
12.5%
Growth Strategy
Growth will be achieved through the turnaround of acquired underperforming mills (like LJSL), leveraging the Kankaria Group's 40+ years of experience. The strategy includes improving operating margins to >10% and maintaining a strong market position with a 9.6% share of government PCSO orders.
Products & Services
Jute Goods including B-Twill jute bags for government packaging, Jute sacking, Board & Jute Horticultural Pots, and diversified jute products for export.
Brand Portfolio
Ludlow Jute & Specialities Limited.
New Products/Services
The company has recently introduced Board & Jute Horticultural Pots and is focusing on manufacturing diversified jute products to cater to global demand for sustainable materials.
Market Expansion
The company targets the global jute market, which is projected to grow at a CAGR of 12.5% through 2029, by focusing on sustainable and biodegradable materials for export.
Market Share & Ranking
The Kankaria Group holds a strong market position with over 9.6% of the monthly jute production control-cum-supply order (PCSO) procurement as of November 2025.
Strategic Alliances
LJSL is part of the Kankaria Group, which includes Bally Fabs International Ltd, Ambica Jute Mills Ltd, Bally Jute Co Ltd, and Kelvin Jute Ltd, providing operational and financial linkages.
External Factors
Industry Trends
The global jute market is evolving toward sustainable and biodegradable packaging, with a projected CAGR of 12.5% (2025-2029). The industry is shifting from manual to automated processes to improve productivity.
Competitive Landscape
Key competition comes from synthetic packaging manufacturers and other large jute groups. The industry is highly regulated, which limits pure market-based competition.
Competitive Moat
The company's moat is built on its 9.6% share of government-mandated procurement orders and the promoters' 40-year track record in turning around distressed jute assets. This is sustainable as long as the Jute Packaging Material Act remains in force.
Macro Economic Sensitivity
Highly sensitive to government agricultural policies and the Jute Packaging Material Act 1987, which mandates jute usage for essential commodities.
Consumer Behavior
Increasing global consumer preference for eco-friendly and biodegradable products is driving demand for jute-based horticultural pots and diversified products.
Geopolitical Risks
Global demand for sustainable materials is a positive driver, but the industry is exposed to international competition from synthetic alternatives and other jute-producing nations.
Regulatory & Governance
Industry Regulations
Operations are governed by the Jute Packaging Material Act 1987 (mandatory 100% jute for food grains, 20% for sugar) and the Jute & Jute Textiles Control Orders 2000 & 2016 issued under the Essential Commodities Act, 1955.
Environmental Compliance
The company focuses on sanitation and hygiene as part of staff welfare; however, specific ESG compliance costs in INR are not disclosed.
Legal Contingencies
The company identifies litigation as a factor that could impact results, but specific pending court cases or case values in INR are not disclosed in the available documents.
Risk Analysis
Key Uncertainties
The regulated nature of the industry exposes the group to policy changes (e.g., changes to the Jute Packaging Act). Climate change risks to jute cultivation could impact raw material availability by 10-15%.
Geographic Concentration Risk
Revenue is heavily concentrated in India due to government procurement orders, with exports representing approximately 16.1% of sales.
Third Party Dependencies
High dependency on the Office of the Jute Commissioner for PCSO allocations, which ensure baseline revenue for the group.
Technology Obsolescence Risk
The industry relies on manual processes; the company is mitigating this by installing automatic looms, but the overall lack of industry R&D remains a risk.
Credit & Counterparty Risk
Trade receivables turnover ratio declined to 10.24 in FY25 from 16.18 in FY24, indicating a slowdown in collections, although receivables are generally maintained at 30 days.
