Overview

Detailed Summary

Rushil Decor Limited manufactures decorative high pressure laminates, medium density fibreboard (MDF), pre-laminated MDF and PVC boards from multiple manufacturing sites in Gujarat, Karnataka and Andhra Pradesh, and recently commenced jumbo laminate production in April 2025, expanding its premium product portfolio and international supply footprint.
Jumbo Laminates have become the strategic growth engine: Phase 2 is now operational, initial commercial shipments began and management reported INR 6.27 crore revenue in the quarter from early jumbo dispatches; the company expects jumbo margins of 14%–16% and sees combined phase potential of about INR 200 crore at sustained utilization levels around 60%.
Q3 FY26 consolidated revenue was INR 2,165 million with gross profit INR 1,011 million and gross margin of 46.7%; EBITDA was INR 231 million (10.7%) and PAT INR 52 million (2.4%). For 9M FY26 revenue was INR 6,313 million, with EBITDA INR 434 million and a marginal PBT/PAT loss, while net debt to equity stood at a comfortable 0.41 as of December 2025.
Management is prioritising premiumisation and value‑added MDF, targeting 50% value‑added contribution by volume by year end, expanding distribution with new direct distributors and retailers, and diversifying exports into new markets such as Russia, Portugal, Uzbekistan, Poland and Denmark to improve realizations and reduce reliance on price‑sensitive markets.

Sector: Plywood Boards/Laminates
Industry: Decoratives - Wood-based
Market Cap: 480 Cr
Volatility: Low Risk
P/E Ratio: 11.2
Industry P/E: 39.5
PEG Ratio: 0.0
P/B Ratio: 0.8
52W High: 33.80
52W Low: 15.40

Sales CAGR

1Y: 5.61%
3Y: 12.61%
5Y: 21.58%
10Y: 12.04%

Profit CAGR

1Y: 12.06%
3Y: 28.43%
5Y: 15.95%
10Y: 23.65%

ROE

TTM: 2.20%
3Y: 10.99%
5Y: 9.84%
10Y: 10.55%

ROCE

TTM: 5.15%
3Y: 13.27%
5Y: 11.00%
10Y: 11.29%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ORIRAIL	117.95	791 Cr	22.12	2.00	0.08	7.45	10.99	4.92
RUSHIL	16.84	480 Cr	11.23	0.77	0.60	2.20	5.15	0.70
SPITZE	224.25	323 Cr	69.86	9.10	0.00	16.00	18.92	11.21
TRANSTEEL	146.65	321 Cr	23.35	3.04	0.00	15.08	17.90	7.92
ELGNZ	74.60	168 Cr	8.14	1.10	0.00	8.71	11.37	4.90
ARCHIDPLY	77.00	154 Cr	32.35	1.43	0.00	1.27	7.25	1.19
DUROPLY	130.20	142 Cr	-12.20	0.93	0.00	4.62	7.10	2.45

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	225	230	212	231	179	236	217
Expenses	199	201	184	208	181	213	193
Operating Profit	26	30	27	23	-2.16	22	23
OPM %	11.42	12.86	12.91	9.99	-1.21	9.54	10.68
Other Income	3.38	1.08	3.24	6.78	0.44	0.63	0.79
Interest	5.12	7.76	7.54	7.22	8.44	7.04	8.09
Depreciation	7.36	7.55	7.56	7.54	8.37	8.56	8.68
Profit Before Tax	17	15	15	15	-19	7.53	7.15
Tax %	25.36	26.09	25.70	16.38	24.07	31.87	27.27
Net Profit	12	11	11	13	-14	5.13	5.20
EPS in Rs	0.38	0.36	0.36	0.41	-0.49	0.19	0.19

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2025
Sales	898
Expenses	792
Operating Profit	106
OPM %	11.77
Other Income	14
Interest	28
Depreciation	30
Profit Before Tax	63
Tax %	23.45
Net Profit	48
EPS in Rs	1.50
Dividend Payout %	6.13

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2025
Equity Capital	29
Reserves	604
Borrowings	272
Other Liabilities	335
Total Liabilities	1,239
Fixed Assets	709
CWIP	7.48
Investments	0.01
Other Assets	522
Total Assets	1,239

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2025
Cash from Operating Activity	108
Cash from Investing Activity	-97
Cash from Financing Activity	-11
Net Cash Flow	0.20

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	May 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	56.40%	56.39%	56.39%	56.39%	56.39%	55.34%	54.81%	54.63%	56.37%	55.10%	55.10%	55.10%
FIIs	0.92%	0.92%	0.95%	1.17%	1.17%	2.15%	1.95%	1.96%	1.88%	1.18%	1.24%	1.23%
DIIs	0.00%	0.00%	0.00%	0.01%	0.00%	0.07%	0.07%	0.07%	0.06%	0.06%	0.06%	0.06%
Public	42.69%	42.69%	42.66%	42.42%	42.44%	42.45%	43.17%	43.34%	41.68%	43.65%	43.60%	43.61%
Total Shareholders	16,109	17,293	18,565	22,257	24,293	26,427	45,708	54,363	54,955	56,394	55,528	53,189

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Q3 FY26

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