NSE: GLOSTERLTD · BSE: 542351
GLOSTER LIMITED
Manufactures jute goods and cables & other electrical products, with jute accounting for the bulk of sales. In FY26 (period ending 31 March 2026), Jute Goods generated Rs 1,051.41 crore of revenue, or 73.7% of segment revenue, while Cables & Other Electrical Products contributed Rs 375.31 crore, or 26.3%. The jute segment operates with self-generated process energy, using jute waste as boiler fuel in place of coal and rice bran oil in place of jute batching oil, alongside a 1.39 MW rooftop solar installation at the Ananya unit. The cables and electrical products line, housed in subsidiary Fort Gloster Industries, began commercial operations in Q2 FY24 and is still scaling, with segment-level EBIT of only Rs 9.13 crore against Rs 93.22 crore for jute. Materials are the single largest cost item at 57.5% of revenue, followed by other operating expenses at 20.0% and employees at 11.3%. Exports contributed 19% of consolidated turnover, and the consolidated workforce comprises 353 permanent employees and 3,699 workers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jute Goods (74%), Cables & Other Electrical Products (26%). Long-established jute manufacturer that has added a cables and electrical products line via subsidiary Fort Gloster Industries.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 734 | 710 | 646 | 735 | 1,427 |
| EBITDA (ex other income) | 107 | 83 | 65 | 47 | 147 |
| margin % | 14.6 | 11.7 | 10.0 | 6.3 | 10.3 |
| Owners' profit | 0 | 54 | 0 | 0 | 18 |
| EPS, as reported (₹) | 119.31 | 49.70 | 22.25 | (12.20) | 16.57 |
| ROE % · ROCE % | 6.1 · 9.4 | 5.0 · 6.0 | 2.2 · 3.0 | (1.2) · 1.4 | 1.7 · 6.3 |
| Debt / equity (x) | 0.01 | 0.07 | 0.17 | 0.52 | 0.83 |
| Cash from operations | 126 | 67 | 38 | (99) | (142) |
| Capex | (86) | (152) | (145) | (229) | (138) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 143 | 178 | 278 | 306 | 360 | 383 | 378 | 427 |
| Profit before tax | 0 | 4 | 2 | 5 | 10 | 4 | 13 | 2 |
| Net profit | (3) | 1 | (2) | 3 | 8 | (1) | 8 | (2) |
| EPS (₹) | (3.11) | 0.76 | (2.12) | 2.74 | 7.01 | (0.68) | 7.50 | (2.13) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Jute Goods | 1,051 | 73.7 |
| Cables & Other Electrical Products | 99 | 6.9 |
| Cables and Other Electrical Products | 65 | 4.5 |
| Cables & Other Electricals Products | 99 | 6.9 |
| Cables | 113 | 7.9 |
| Total, before eliminations | 1,427 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CHEVIOT COMPANY LIMITED | 626 | 9.2 | 0.89 | — | 7.3 | 9.5 | — | 33.7 |
| GLOSTER LIMITED ◆ | 564 | 44.0 | 0.52 | 8.8 | 1.7 | 1.9 | 23.7 | 9.5 |
| LUDLOW JUTE & SPECIALITIES LTD | 313 | 16.1 | 1.68 | — | 8.7 | 8.8 | — | 7.7 |
| AI CHAMPDANY INDUSTRIES LTD. | 58 | — | 1.33 | — | (90.2) | (23.8) | — | (78.3) |
| GRAMEVA LIMITED | 34 | 11.9 | 2.99 | — | 26.9 | 28.9 | — | 2.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.0 | 14.5 | 16 of 18 | 12% |
| P/B | 0.5 | 0.6 | 8 of 21 | 65% |
| ROCE | 1.9 | 3.3 | 14 of 22 | 38% |
| ROE | 1.7 | 3.8 | 14 of 21 | 35% |
| Debt / Equity | 0.8 | 0.4 | 17 of 21 | 20% |
| EBITDA margin | 9.4 | 12.7 | 17 of 24 | 30% |
| Revenue growth | 39.8 | 12.6 | 4 of 23 | 86% |
| Profit growth | (177.8) | 50.0 | 22 of 22 | 0% |
| Market cap | 564 | 449 | 12 of 24 | 52% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Newspaper publication of NCLT amalgamation scheme notice | compliance | minimal | — | — |
| 7 Oct 2026 · Reg 74(5) Depository Certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Acuite reaffirms credit ratings, assigns on new Rs 50 Cr facility | credit debt | medium | — | — |
| 24 Sept 2026 · Trading Window Closed from October 1, 2026 Pending Q2 FY26 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Postal Ballot Result: Meeta Khare appointed as Director | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Postal Ballot result: Meeta Khare appointed as Non-Executive Non-Independent Director | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · LIC nominee director change at Gloster Limited | management changes | medium | — | — |
| 25 Aug 2026 · Gloster 36th AGM notice published in newspapers; postal ballot for director appointment | compliance | minimal | — | — |
| 19 Aug 2026 · Postal ballot to appoint Mrs Meeta Khare as Non-Executive Director | management changes | medium | — | — |
| 7 Aug 2026 · 104th AGM results: all 6 resolutions passed, 200% dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.