A 107-Year-Old Mill That’s Having a Very Eventful Quarter

The Mill That Survived Two World Wars, Now Fighting the ED

Established in 1917 — when the British were still running this country and Mahatma Gandhi was just warming up — Ruby Mills has been weaving fabric and collecting rent for over a century. To put it in perspective: this company is older than independent India, older than the internet, and older than most of your family’s financial planning.

For most of its history, Ruby Mills was content being a textile manufacturer in Maharashtra, churning out cotton and synthetic fabrics from its plants in Dhamni and Kharsundi. Then someone had the brilliant idea of also developing a commercial tower in Dadar, Mumbai — The Ruby Tower — and renting it out to multinationals like Ernst & Young and Cathay Pacific. Suddenly, a textile company had a real estate revenue stream. The garment stitched itself into a diversified play.

Today the business splits roughly 87% textiles, 13% real estate. The real estate segment is the wild card — high-margin lease rentals that swing dramatically with occupancy. As of January 2026, The Ruby Tower sits at 67% occupancy. The remaining 33% is just… waiting for a tenant to call back, apparently.

Q3 FY26 was the quarter where costs finally caught up with revenue growth. The MOA with Mindset Estates got executed in December 2025, transferring leased asset ownership to Ruby Mills — which looks great on paper but also brought depreciation and interest baggage along for the ride. Add one ED attachment order, one credit rating upgrade, and one new Independent Director appointment, and you have a quarter that would stress out even the calmest chartered accountant.

They Weave Fabric. They Also Collect Rent. It’s a Vibe.

Let’s break this down simply. Ruby Mills does two things. First: it makes fabric. All kinds — cotton, polyester, viscose, modal, lyocell, linen, rayon, lycra, and blends thereof. They sell through 10,000+ retail outlets via 200 dealers and 19 agents. Their production capacity is 1.25 lakh metres per day from plants in Raigad district, Maharashtra. They also make interlining — that stiff material inside your shirt collar that makes you look like you have your life together. Ruby Mills claims to be the only vertically integrated interlining manufacturer in India. That’s a niche title nobody else is fighting for, so congratulations to them.

Second: they own The Ruby Tower in Dadar, Mumbai. Prime location, reputed tenants — EY, DSP Asset Managers, Cathay Pacific, IMCD India. 0.412 million square feet of carpet area. Currently 67% occupied, which in Mumbai commercial real estate speak means “we are actively speaking to people about the remaining floors.” Lease renewals coming up in FY27 are a key monitorable, per India Ratings.

The December 2025 MOA execution with Mindset Estates transferred ownership of the leased assets to Ruby Mills. Translation: Ruby Mills now directly earns lease rentals that were previously credited to MEPL. This unlocks additional rental income — but also brings associated debt, depreciation, and renovation costs.

Q3 FY26: The Numbers Behind the Drama