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1. At a Glance
Gloster Ltd has made jute cloth since 1923, and now makes power cables as well. Revenue for the three months to June 2026 came to ₹427.39 crore. That is 39.8 per cent above the ₹305.63 crore of a year earlier. Operating profit rose to ₹37.16 crore from ₹30.04 crore. The operating margin, which is operating profit as a share of sales, was 8.69 per cent. Net profit was minus ₹2.34 crore, against ₹3.00 crore in the June 2025 quarter. Screener, the financial data site, records that swing as a profit variation of minus 178 per cent.
Two charges sit between the operating profit line and the profit line. Depreciation, the yearly write-down of plant and machinery, was ₹16.53 crore. Finance costs, the interest the company pays on its borrowings, came to ₹21.74 crore. The interest bill is now larger than the depreciation charge for the quarter. The asset base has grown by ₹1,040 crore in two years.
The company reports two segments. Jute Goods brought in ₹354.38 crore of revenue and a segment result of ₹29.37 crore. Cables and Other Electrical Products brought in ₹73.02 crore and a segment result of minus ₹5.78 crore. That second segment did not exist before the quarter to June 2024.
The 104th annual general meeting approved a 200 per cent final dividend on 7 August 2026. A nominee director of LIC, the state-owned insurer, resigned the same day. A trademark dispute over the word Gloster reached the Supreme Court in January 2026. The Supreme Court sent the matter back down to begin again elsewhere.
2. Introduction
Gloster Ltd was incorporated in 1923 and works with jute, cotton and allied fibres and their blends. The company’s letterhead claims over 150 years of excellence with the golden fibre. By that account the 1923 incorporation date is the young number on the page. Few listed Indian companies can treat their own century as a rounding error.
For most of that history the shape of the business held still. It made hessian, the coarse woven cloth sold abroad as burlap, along with sacking and yarn. Standalone jute production was 49,158 tonnes in the year to March 2016. It was 49,104 tonnes in the year to March 2025, nine years later.
The additions came from new subsidiaries rather than from the original mill. Gloster Nuvo Limited, a wholly owned subsidiary, built an integrated jute mill at Bauria, Howrah. The site runs across more than 30 acres and cost about ₹300 crore in its first phase. Commercial production of jute products started on 30 March 2024, six days before the financial year closed. Group jute capacity is recorded at 78,000 tonnes a year against 50,000 tonnes standalone. Gloster Nuvo is running at 65 per cent of what it can make.
Then the company did something a jute mill does not usually do. Fort Gloster Industries Limited, another wholly owned subsidiary, began commercial production of power cables on 30 May 2024. On 29 May 2025 that subsidiary disclosed to the exchange a ₹1,153 crore contract. The order covers power cables and installation services for Salasar Techno Engineering. Consolidated revenue for the year to March 2026 was ₹1,426.73 crore, against ₹734.78 crore before.
The shares were listed on the National Stock Exchange on 24 April 2024. Two more wholly owned subsidiaries, Gloster Lifestyle and Gloster Specialities, are being merged into the parent. The scheme carries an appointed date of 1 April 2025, the day the merger counts from. The National Company Law Tribunal at Kolkata, which approves such schemes, allowed the first motion on 22 May 2026. It reserved the matter for order after a hearing on 14 February 2026.
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3. Business Model: WTF Do They Even Do?
The raw material is a plant, beaten into fibre and then woven into whatever will sell. The traditional line is hessian, sacking and yarn, the burlap end of the textile world. Hessian is the coarse cloth, and sacking is the heavier weave that becomes bags. In the year to March 2023 hessian was about 47 per cent of sales and sacking about 48. Government sacking contributes about 30 per cent of revenues and is a regulated business. Prices and terms there are set outside the company, in rooms where it is one voice among many.
The technical list is where a jute mill starts to look like a materials laboratory. It includes geo-textiles, which are fabrics laid into soil for civil and agricultural work, and agro-textiles. There are fabrics treated to resist fire and fabrics treated against microbial attack. There are hydrocarbon-free jute bags, jute leno fabrics, washed jute canvas and coated fabrics for soft luggage. Coated molleton fabrics, a soft napped cloth, are made as well. Somewhere in Howrah a person makes a plant fireproof, waterproof and inedible to microbes.
The lifestyle arm sells floor coverings, furnishing fabrics, jute mats and bags under Gloster Lifestyle. Made-ups, meaning finished stitched home textiles, are sold under the same name. Products made from pure jute or blended fibres carry Oeko-Tex Standard 100 certification. That
