💰 Financial Performance

Revenue Growth by Segment

For H1 FY26, the Textile segment revenue grew 63.6% YoY to INR 134.27 Cr (from INR 82.08 Cr), while the Real Estate segment grew 25.7% YoY to INR 20.95 Cr (from INR 16.67 Cr). Total revenue from operations for H1 FY26 reached INR 155.22 Cr, a 57.2% increase YoY.

Geographic Revenue Split

The company serves a global client base across North America, Europe, Africa, South Asia, and Southeast Asia, though specific percentage contribution by region is not disclosed in available documents.

Profitability Margins

Profit Before Tax (PBT) margin for H1 FY26 improved significantly to 19.8% (INR 30.71 Cr) from 14.6% (INR 14.39 Cr) in H1 FY25. This was driven by a massive turnaround in the Textile segment, which saw results jump from INR 1.04 Cr to INR 7.69 Cr (a 637% increase).

EBITDA Margin

Core profitability improved as segment results (before interest and tax) for H1 FY26 reached INR 25.59 Cr compared to INR 14.83 Cr in H1 FY25, representing a 72.5% YoY increase in operational segment profit.

Capital Expenditure

The company invested in state-of-the-art equipment for capacity augmentation and operational efficiency, though the exact INR Cr value for planned CapEx is not disclosed. Capital Work-in-progress stood at INR 17.98 Cr as of September 30, 2025.

Credit Rating & Borrowing

Acuite expects the financial risk profile to improve further due to better operating performance. Finance costs for H1 FY26 were reduced to INR 1.73 Cr from INR 4.75 Cr in the previous full year, indicating a significant reduction in borrowing costs or debt levels.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents, though the business relies on textile inputs for shirting and blended fabrics.

Capacity Expansion

The company has undertaken capacity augmentation and investments in state-of-the-art equipment to boost output and quality consistency in response to sustained demand across product categories.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company focuses on integrated capabilities to manage costs.

Manufacturing Efficiency

Capacity utilization metrics are not disclosed, but the company emphasizes 'strategic agility' and 'operational efficiencies' to grow the topline.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved through product diversification (moving from traditional white shirting to fashion-forward and eco-conscious textiles), capacity augmentation, and team expansion. The company is also focusing on brand partnerships and leveraging its integrated capabilities to meet global demand for sustainable fabrics.

Products & Services

Traditional white shirting, fashion-forward fabrics, eco-conscious textiles, functional fabrics, and commercial real estate (The Ruby Tower).

Brand Portfolio

The Ruby Mills.

New Products/Services

Eco-conscious textiles and functional fabrics are expected to be key growth drivers, though specific revenue contribution percentages are not disclosed.

Market Expansion

Targeting growth in global markets including North America and Europe by leveraging expertise in sustainable and blended fabrics.

Strategic Alliances

Execution of a Settlement Agreement on December 11, 2025, with Mindset Estates Private Limited for the cancellation of a Development Agreement and settlement of accounts.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable and blended fabrics. Ruby Mills is positioning itself as a 'future-ready textile powerhouse' by focusing on these eco-conscious categories.

Competitive Landscape

Competes with other integrated Indian textile manufacturers and global fabric suppliers.

Competitive Moat

The company's moat is built on its 'rich legacy' in white shirting and integrated manufacturing capabilities, which allow for strategic agility and quality consistency.

Macro Economic Sensitivity

Highly sensitive to real estate cycles and global textile demand trends.

Consumer Behavior

Shift in consumer preference toward eco-conscious and functional textiles is driving demand for the company's new product segments.

Geopolitical Risks

Global trade barriers could affect the export of fabrics to North America and Europe.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to textile manufacturing standards and real estate development regulations in Mumbai.

Legal Contingencies

A civil suit is pending in the court of the Civil Judge (J.D.), Thane, with an order dated December 22, 2024. The company also settled a major dispute with Mindset Estates Private Limited in December 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timely receipt of INR 456.74 Cr in dues from developers, which has been 'sporadic' in the past.

Geographic Concentration Risk

While global, the real estate revenue is 100% concentrated in Mumbai (Dadar).

Third Party Dependencies

High dependency on Mindset Estates Private Limited for the recovery of real estate advances.

Technology Obsolescence Risk

Mitigated by recent investments in state-of-the-art equipment and R&D team expansion.

Credit & Counterparty Risk

Significant credit exposure to real estate developers; receivables quality is a noted weakness by credit rating agencies.