Gloster Limited shareholders approved a final dividend of ₹20 per equity share for the financial year ended March 31, 2026, alongside the reappointment of Chairman Hemant Bangur, at its 104th Annual General Meeting (AGM) held on August 7, 2026. The meeting, conducted via video conferencing, witnessed strong shareholder support with over 99.99% of votes cast in favor of key resolutions, signaling confidence in the company’s governance and financial direction.

The Board of Directors recommended a dividend of 200%, equivalent to ₹20 per equity share of face value ₹10 each. This recommendation was approved by shareholders with 99.9998% of votes polled in favor. Additionally, Hemant Bangur, who retires by rotation, offered himself for reappointment and was duly elected by shareholders with 99.9997% support. The meeting also ratified the remuneration of Cost Auditors for the financial year 2026-27.

Key Resolutions Passed

All six resolutions presented at the AGM were passed with requisite majority. The voting results, scrutinized by Practising Company Secretary Sweety Kapoor under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, reflect high participation from promoter and institutional investors.

M/s Singhi & Co., Chartered Accountants (Firm Registration No. 302049E), was appointed as the Statutory Auditors of the Company. The appointment received 99.9998% support from shareholders. The record date for determining voting entitlements was July 31, 2026, with a total of 8,331 shareholders on record.

Voting Participation and Process

The AGM was conducted in compliance with Ministry of Corporate Affairs (MCA) and SEBI circulars permitting meetings via Video Conferencing (VC) or Other Audio Visual Means (OAVM). Remote e-voting was facilitated by Central Depository Services (India) Limited (CDSL) from August 4 to August 6, 2026.

A total of 9,199,322 votes were polled out of 10,943,250 shares held by shareholders on the record date, representing an 84.06% participation rate. Promoter group shareholders held 7,953,823 shares and voted in favor of all resolutions. Institutional investors held 1,538,619 shares, while non-institutional public shareholders held 1,450,808 shares. Only 23 votes were cast against any resolution across all items, indicating minimal dissent.

What the Numbers Show

The near-unanimous approval of the dividend and board appointments underscores strong alignment between management and shareholders. With promoters holding approximately 72.7% of the total share capital (7,953,823 out of 10,943,250 shares), their consistent support drives the overwhelming majority in voting outcomes. The high e-voting participation rate of 84.06% suggests robust engagement from the shareholder base, particularly among institutional and promoter groups who collectively accounted for over 99% of the votes cast.

Gloster Limited reported a standalone net profit of ₹10.09 crore for the quarter ended June 30, 2026 (Q1FY27), marking an 88% increase from ₹5.38 crore in the corresponding period last year. The improvement was driven by a 71% year-on-year surge in revenue from operations, which reached ₹291.87 crore. However, the group's consolidated results revealed a net loss of ₹23.36 crore, contrasting with a net profit of ₹30.02 crore in Q1FY26, as higher finance costs and operational losses in the cables segment offset gains in the core jute business.

The Board of Directors approved the unaudited standalone and consolidated financial results at a meeting held on August 7, 2026, in compliance with Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Singhi & Co., the statutory auditors, issued a limited review report on the financial statements, confirming they were prepared in accordance with Ind AS 34 and other generally accepted accounting principles. The audit covered the amortization of goodwill aggregating ₹14,165.59 lakhs, as mandated by the National Company Law Tribunal (NCLT), Kolkata order dated January 19, 2018.

Financial Performance Highlights

Standalone revenue from operations jumped to ₹291.87 crore from ₹170.19 crore in Q1FY26. Total income stood at ₹299.75 crore, while total expenses were ₹286.67 crore, resulting in a profit before tax of ₹13.07 crore. After tax expenses of ₹2.97 crore, the net profit for the period was ₹10.10 crore. Earnings per share (basic) rose to ₹9.23 from ₹4.92 in the previous year.

On a consolidated basis, revenue from operations increased to ₹4.3B Rupees from ₹3B Rupees in the prior year period. Consolidated EBITDA stood at ₹372M Rupees, compared to ₹300M Rupees in Q1FY26, while EBITDA margin contracted to 8.69% from 9.83% year-on-year. However, profit before tax fell sharply to ₹2.13 crore from ₹5.27 crore, largely due to finance costs rising to ₹21.74 crore from ₹15.84 crore. The tax expense was ₹4.47 crore, leading to a net loss of ₹23.36 crore. Consolidated basic EPS declined to -₹2.13 from ₹2.74.

Consolidated Key Metrics

The table below summarises the key consolidated performance indicators for the quarter.

Segmental Analysis

The group operates in two segments: Jute Goods and Cables & Other Electrical Products. Jute Goods contributed ₹354.38 crore in revenue, up 84% year-on-year, with a segment result of ₹29.37 crore. In contrast, the Cables & Other Electrical Products segment, operated by subsidiary Fort Gloster Industries Limited, reported revenue of ₹73.02 crore, down 35% from ₹112.54 crore, and incurred a segment loss of ₹5.78 crore compared to a profit of ₹7.93 crore in Q1FY26.

What the Numbers Show

The divergence between standalone profitability and consolidated losses highlights the impact of financing costs on the group's bottom line. While the core jute business generated strong operating profits, the consolidated result was dragged down by finance costs that exceeded the total pre-tax profit. The contraction in consolidated EBITDA margin to 8.69% from 9.83% further underscores the pressure on operating efficiency at the group level. Additionally, the decline in the cables segment's contribution suggests ongoing challenges in that vertical, despite its inclusion since Q4FY25.

Regulatory and Legal Updates

The company noted that the Scheme of Amalgamation of Gloster Lifestyle Limited and Gloster Specialities Limited into Gloster Limited is pending approval by the NCLT, Kolkata, which reserved its order after hearing the matter on February 14, 2026. No effect of the scheme has been given in these results. Furthermore, regarding the trademark "Gloster," the Supreme Court of India disposed of appeals on January 22, 2026, holding that neither NCLT nor NCLAT has jurisdiction, directing parties to litigate in appropriate courts. The carrying value of the trademark remains at ₹10.91 crore, with no adjustments made to the financial results pending legal recourse.