Rushil Decor Ltd(RUSHIL)

NSE: RUSHILBSE: 533470

₹ 15.35+8.63%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 450 crNext results: 3 Nov 2026Website: www.rushil.comUpdated: 24 Oct 2026

About

Rushil Decor, established in 1993, makes MDF panel boards, laminates and PVC boards, sold under the VIR brand. It reported revenue of Rs 862.24 Cr in FY26, with MDF making up 71.0% of segment revenue. The company says it ranks among the top five MDF board manufacturers in India.^[1][2][3]

Business segments

Medium Density Fiber Board: Rs 628.81 Cr revenue, 71.0% of the total in FY26.^[3]
Laminates & allied products: Rs 215.02 Cr revenue, 24.3% of the total in FY26.^[3]
Polyvinyl Chloride Board: Rs 36.01 Cr revenue, 4.1% of the total in FY26.^[3]

Products and brands

Products sold under the VIR brand: VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards, VIR pre-laminated MDF/HDFWR boards, VIR Ply, VIR PVC and VIR WPC boards/doors (FY25 annual report).^[1]
As of FY25, the laminate range had more than 1,200 SKUs and more than 50 textures.^[1]
Value-added MDF made up 45% of MDF volume and 54% of MDF revenue in Q1 FY27. The company targets 50% of volume and 60% of revenue in FY27.^[4]

Plants and capacity

MDF plant in Vizag, Andhra Pradesh: capacity of 2,40,000 CBM per annum (FY25).^[1]
MDF plant in Chikmagalur, Karnataka: capacity of 90,000 CBM per annum (FY25).^[1]
Laminate facility in Gujarat: capacity of 34.93 lakh sheets a year (FY25).^[1]
Jumbo Laminate facility in Gandhinagar: Phase 1 adds 1.2 mn sheets/yr and Phase 2 adds 1.6 mn sheets/yr, for 2.8 mn sheets/yr in total. Both phases were running by Q3 FY26.^[5][6][7]
Raw material for MDF comes from agro-forestry plantations backed by more than 140 million planted trees (FY25).^[1]

Key operating numbers

MDF capacity utilisation was 66% in Q1 FY27, up from 58% in Q1 FY26. A planned shutdown in April affected Q1 FY27.^[4]
Utilisation in Q1 FY27: laminates 51%, PVC 61%, Jumbo Laminates 29%.^[4]
MDF sales volume was 52,417 CBM in Q1 FY27, up 0.7% YoY. Blended realisation was ₹27,781/CBM, up 16.4% YoY.^[4]
Laminate sales volume was 8,80,319 sheets in Q1 FY27, up 27.9% YoY. Blended realisation was ₹836/sheet, up 29.3% YoY.^[4]
Jumbo Laminates sold about 1.13 lakh sheets in Q1 FY27, with an EBITDA margin of 20.6%.^[4]
Resin prices rose about 35-40% in Q1 FY27, while wood prices stayed flat.^[4]

Customers, distribution and exports

As of FY25, the company had more than 720 direct distributors, more than 4,600 retailers/dealers and over 100 VIR Studios across India.^[1]
In Q1 FY27, the company added 15 direct distributors and 46 retailers/dealers, and entered two new export markets: Honduras and Greece.^[4]
Exports were 34% of turnover in FY25: ₹298.2 crore of export income, with products reaching more than 55 countries.^[1]
MDF exports were 255 CBM in Q1 FY27, against 7,150 CBM in Q1 FY26. The company cited container shortages and high freight costs.^[4]
Export orders for Jumbo Laminates came from Russia, Chile and Brazil (Q1 FY26).^[5]

Expansion and capex

No major capex is planned for FY27. Maintenance capex is put at INR 5-10 crore.^[4]
Target utilisation for Jumbo Laminates: 55-60% in FY27 and 70-75% in FY28. Peak revenue potential is about INR 140 crore at about 90% utilisation.^[4]
The company aims to be debt-free, including working capital, by Q2 FY29, repaying about INR 55 crore a year.^[4]

Subsidiaries and recent developments

A fire at the Andhra Pradesh MDF plant in April 2025 stopped production for 43 days. The company filed an insurance claim.^[5]
Of the Rs. 122.7 cr preferential warrant issue, Rs. 93 cr was received. The rest was forfeited because the warrants were not converted (Q1 FY26).^[5]
A wholly owned subsidiary, Rushil Decor Pte. Ltd., was set up in Singapore. It began operating in Q2 FY26 to serve the Far East.^[1][6]
Rushil Modala Ply, the 51:49 plywood joint venture in Chikmagalur, is being changed from a subsidiary into an associate (Q3 FY26).^[1][7]

Market Cap

₹450 Cr

High / Low

₹28 / 13

Stock P/E

19.9

Price / Book

0.7

Book Value

₹22

EPS

₹0.2

No. of Shares

29.34 Cr

ROCE

4.5%

ROE

1.1%

OPM

4.7%

Debt / Equity

0.40

Sales

₹862 Cr

Net Profit

₹6 Cr

Promoter holding

55.1%

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Rushil Decor Ltd(RUSHIL)

About

Business segments

Products and brands

Plants and capacity

Key operating numbers

Customers, distribution and exports

Expansion and capex

Subsidiaries and recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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