Novel polyester composites for neutron shielding have been formulated by using processed red mud which is an aluminium industry waste and pure phase material. A method for making neutron shielding materials utilizing processed red mud with boric acid with polyester matrix has been developed. The developed neutron shielding materials have been studied for fast and thermal neutron shielding by using 12 Ci Am-Be radiation source. The total macroscopic cross section of red mud-polyester composites has been calculated and compared in this paper. Developed composites were characterised by X-ray powder diffraction, SEM, FTIR, and thermal analysis etc. Mechanical properties were also measured.