NSE: RUSHIL · BSE: 533470
RUSHIL DECOR LIMITED
Manufactures medium-density fiberboard (MDF), decorative laminates, and PVC boards from production facilities in Andhra Pradesh, Karnataka, and Gujarat (Mansa and Gandhinagar). MDF is the largest line at 71.5% of segment revenue (628.812 cr), followed by laminates and allied products at 24.4% (214.421 cr) and PVC boards at 4.1% (36.011 cr). The laminates business exports to over 57 countries via the Gandhinagar Jumbo Laminates facility, with active markets in Russia, Portugal, Slovakia, Romania, Israel, and Latin America. In FY26, India MDF revenues grew 12.5% and India Laminates grew 21.0% YoY, supported by the addition of 67 new distributors and 131 retailers/dealers during the year. Total FY26 revenue was 862.242 cr with an EBITDA margin of 8.75%. Raw materials, the largest cost component at 57.9% of revenue, were pressured by elevated resin prices, and a fire incident at the Andhra Pradesh MDF facility further weighed on profitability. Effective April 1, 2026, prices were raised by ~15% for MDF and ~10% for laminates to counter input cost inflation, and the company targets 60% value contribution from value-added MDF products by FY2027. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Medium Density Fiber Board (72%), Laminates & allied products (24%), Polyvinyl Chloride Board (4%). Asset-heavy, cyclical consumer-durables manufacturer of wood panels and laminates
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 898 | 862 |
| EBITDA (ex other income) | 108 | 70 |
| margin % | 12.0 | 8.1 |
| Owners' profit | 48 | 7 |
| EPS, as reported (₹) | 1.75 | 0.22 |
| ROE % · ROCE % | 7.5 · 10.5 | 1.0 · 5.0 |
| Debt / equity (x) | 0.42 | 0.40 |
| Cash from operations | 108 | 89 |
| Capex | (108) | (68) |
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 | 230 | 212 | 231 | 179 | 236 | 217 | 231 | 229 |
| Profit before tax | 15 | 15 | 15 | (19) | 8 | 7 | 14 | 3 |
| Net profit | 11 | 11 | 13 | (14) | 5 | 5 | 10 | 2 |
| EPS (₹) | 0.42 | 0.42 | 0.45 | (0.49) | 0.19 | 0.19 | 0.34 | 0.07 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Laminates & allied products | 215 | 24.3 |
| Medium Density Fiber Board | 629 | 71.0 |
| Polyvinyl Chloride Board | 10 | 1.1 |
| Plywood | 6 | 0.6 |
| Polyvinayl Chloride Board | 26 | 2.9 |
| Total, before eliminations | 885 | 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. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 14,622 | 50.2 | 5.56 | 24.8 | 10.2 | 11.0 | 20.4 | 12.8 |
| STYLAM INDUSTRIES LIMITED | 5,459 | 32.2 | 6.76 | 23.8 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENLAM INDUSTRIES LTD. | 5,259 | 56.5 | 4.46 | 19.1 | 4.8 | 4.5 | 20.5 | 10.8 |
| GREENPLY INDUSTRIES LTD | 3,822 | 38.6 | 4.27 | 15.6 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 1,879 | 13.2 | 1.43 | 7.8 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED ◆ | 439 | 18.9 | 0.67 | 9.3 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 200 | 15.3 | 1.79 | 9.0 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 163 | — | 7.25 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.9 | 26.0 | 4 of 10 | 67% |
| P/B | 0.7 | 3.1 | 1 of 13 | 100% |
| ROCE | 1.2 | 4.5 | 10 of 13 | 25% |
| ROE | 1.0 | 4.8 | 10 of 13 | 25% |
| Debt / Equity | 0.4 | 0.4 | 7 of 13 | 50% |
| EBITDA margin | 8.4 | 7.5 | 6 of 13 | 58% |
| Revenue growth | 27.8 | 18.2 | 4 of 13 | 75% |
| Profit growth | 114.1 | 32.2 | 3 of 13 | 83% |
| Market cap | 439 | 200 | 6 of 13 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Rushil Decor: RTA confirms all shares held in demat form for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · SDD Compliance Certificate submitted for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Voting Results of the 32nd Annual General Meeting | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Scrutinizer Report for the AGM held on 28th September 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Rushil Decor 32nd AGM: All 6 resolutions approved, Rs 0.05 dividend declared | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Shareholders approve re-appointment of Mr. Rushil Thakkar as Managing Director | management changes | high | — | — |
| 28 Sept 2026 · Shareholders Approve Appointment of Statutory Auditor at 32nd AGM | management changes | medium | — | — |
| 28 Sept 2026 · 32nd AGM held; final dividend of Rs 0.05 per share declared | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Rushil Decor 32nd AGM held on 28 Sep 2026; final dividend of Rs 0.05 per share declared | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
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.