RUSHILNSE28 January 2025

Rushil Decor Limited has informed the Exchange about Investor Presentation

Rushil Decor Limited

RDL/120/2024-25 Date: 28.01.2025

To, National Stock Exchange of India Ltd. Exchange Plaza, Bandra - Kurla Complex, Bandra {E), Mumbai - 400 051 NSE EQUITY SYMBOL: RUSHIL

••• ••• ••• RUSHIL

DECOR LIMITED

WE LL MA KE IT

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 SCRIPT CODE: 533470

Dear Sir/Madam,

ISIN: INE573K01025

Sub: Investor Presentation on Unaudited Standalone and Consolidated Financial Results for the third quarter/nine months ended December 31, 2024

Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of Investor Presentation on Unaudited Standalone and Consolidated Financial Results and other highlights of the Company for the Third Quarter/Nine months ended December 31, 2024.

The same will also be available on the website of the Company at www.rushil.com.

Kindly take the same in your records and do the needful.

Thanking you

Yours Faithfully,

For, Rushil Decor Limited

Hasmukh K. Modi Company Secretary

Encl: as above

••• RUSHIL DECOR LTD., RUSHIL HOUSE, NEAR NEELKANTH GREEN BUNGALOW,

OFF. SINDHU BHAVAN ROAD, SHILAJ, AHMEDABAD-380058, GUJARAT, INDIA.

REGO. OFFICE:$. NO. 125, NEAR KALYANP URA PAT/A, VILLAGE I TLA, GANDHINAGAR-MANSA ROAD, TA. KALOL, DIST. GANDHINAGAR-382845, GUJARAT, INDIA. I CIN: L25209GJ1993PLC019532

PH: +91-79-61400400 I FAX: +91-79-61400401 I EMAIL: INFO@RUSHIL.COM I WWW.RUSHIL.COM

Rushil Decor Limited

A beautiful concept

Q3 and 9M FY2025 | Earnings Presentation

Rushil Decor: MDF Boards, Laminates and Plywood

100+ Years

lineage of wood engineering.

30+ Years

in MDF Boards and Laminates

One of the Largest

manufacturer of MDF Boards and Laminates in organized markets

6 State-of-the-art

manufacturing facilities across India, strategically positioned to deliver customised products

1,200+

Designs

Distinct Brands

700+

Direct Distributors

4,600+

Retailers / Dealers

3 Star

Export House Recognition

3,000+

Workforce

Rushil Decor is a prominent company in the wood panel sector, manufacturing branded MDF Boards, Laminates and Plywood

Rushil Decor Limited | Earnings Presentation

Rushil Decor: Investment Case (1/2)

1. Wood Panel Market Position • One of the leading manufacturers of MDF boards and Laminates in India

• Recently entered the Plywood market through a Joint Venture

• 3rd largest market share in MDF Boards

3. Integrated Operating Platform

• Manufacturing facilities: 1 MDF plant in Andra Pradesh and 1 in Karnataka,

and 3 Laminate plants in Gujarat

• 1 Plywood manufacturing unit in Chikmagalur, Karnataka

• Extensive sales network of over 700 distributors and 4,600 retailers

ensuring consistent and reliable access to raw materials

• Manufacturing facilities strategically located near agroforestry sites,

• Planted over 140 million trees in Karnataka and Andhra Pradesh for

sustainable wood supply to date

2. Branded Product Range • 1,200+ designs in Laminates and range of MDF Boards

• Applications across commercial and residential

furniture, wall paneling,

cabinet doors, wardrobes and others

• Entire product range marketed under the umbrella Vir brand

•

Increasing focus on value-added MDF boards (50% quantity target contribution in FY2025)

4. Growth Expansion Plans

• Current manufacturing capacities: MDF boards 330,000 CBM/annum and

Laminates 3.49 million sheets/annum

• Laminates expansion: New project in Gandhinagar, Gujarat, for Jumbo size

laminates with capacity of 2.80 million sheets/year

• Plywood market entry: 51% joint venture in Chikmagalur, Karnataka, with a

production capacity of 300 boards per day

Rushil Decor Limited | Earnings Presentation

Rushil Decor: Investment Case (2/2)

5. Accessing Global Markets •

India is the leading manufacturer of Laminates across the world with quality and cost-effective workmanship

7. Attractive Industry Dynamics • Growth in the real estate sector, ongoing urbanization and modernization of

furniture underpin significant growth opportunity

• Jumbo sized laminates is a new product

line for Rushil Decor which

• MDF boards end customers

include large scale B2B furniture

provides access to key markets in Europe, USA and Australia

manufacturers for both office and residential end use

• Expanding Vir brand presence through distribution networks in over 56

• Vir MDF boards: 50% end use in residential; Vir Laminates 30-40% end use

countries

in residential

• Rushil Decor’s focus on product quality and manufacturing certifications is

• Current focus on new and high-end housing, although renovations are an

a distinct advantage in driving export sales growth

increasing component over time

6. Robust Financial Performance • Last 5 year CAGR growth:

• Revenues of 20% • EBITDA of 27% • PAT of 25%

8. Well Capitalized for Growth • Announced preferential

funding approval of Rs. 122.66 crores through

convertible warrants in October 2023

• 24% of warrants issued have been converted to date

• Ongoing deleveraging Net Debt to Equity from 1.44x in FY22 to 0.44x in 9M

• 75% of

total funds are primarily allocated to establish the Jumbo size

FY25

Laminate facility at Gandhinagar, Gujarat (2.8 million sheets/year capacity)

Rushil Decor Limited | Earnings Presentation

Managing Director’s Message

“Rushil Decor delivered consolidated revenues of Rs. 6,672 million in 9M FY2025, reflecting a year-on-year growth of 9.3%, and PAT of Rs. 353 million, representing a 3.4% increase. Our MDF division contributed Rs. 4,949 million in revenue, an 8.9% year-on-year growth. The Vizag MDF plant is operating at 86%, resulting in 89% capacity utilization for the MDF division, highlighting our operational efficiency and ability to meet increasing demand.

Exports have been a significant driver of performance across both MDF and Laminates. MDF export volumes grew by 30.7% year-on-year, with price realizations improving by 6.5%. Following the completion of export obligations in MDF, we are now strategically positioned to capture better realizations in global markets, enhancing future profitability. Laminates, export volumes rose by 13.6% year-on-year, reflecting consistent demand in international markets.

We are actively exploring new export markets while enhancing our presence in existing regions. Strategic participation in global exhibitions and targeted customer engagements have laid the foundation for expanding our geographic footprint and revenue base.

Our Jumbo Laminates expansion project in Gandhinagar is progressing as scheduled, with operations expected to commence by the end of Q4 FY2025. This facility, with an annual production capacity of 2.8 million sheets, is designed to address the growing demand in export markets, particularly in the USA, Europe and Australia.

As we approach the end of FY2025, we remain committed to optimizing our operations, leveraging export opportunities, and delivering long-term value to all stakeholders. Thank you for your continued trust and support as we work toward new milestones.”

Mr. Rushil K. Thakkar

Rushil Decor Limited | Earnings Presentation

Performance Highlights: Q3 FY2025 Consolidated

Financial Highlights Y-o-Y

MDF Boards Y-o-Y

Laminates Y-o-Y

• Rushil Decor:

• Export market dynamics:

• Volume of 21,372 CBM 38.2% • Price realization is Rs. 21,415 9.3%

• Export market dynamics:

• Volume of 5,13,239 Sheet 13.8% • Price realization of Rs. 684 (9.3)%

• Revenue Rs. 2,117 Mn (0.7)% • EBITDA Rs. 273 Mn (10.9)% • EBITDA Margin 12.9% • PAT Rs. 115 Mn 1.1% • PAT Margin 5.4%

• MDF Boards :

• Revenue Rs. 1,540 Mn (2.5)% • EBITDA Rs. 234 Mn (7.8)% • EBITDA Margin 15.2%

•

Laminates:

• Revenue Rs. 486 Mn (1.7)% • EBITDA Rs. 38 Mn (27.7)% • EBITDA Margin 7.7%

• Added 50+ retail distributors

•

Indian market dynamics: • Volume of 43,428 CBM (13.9)% • Price realization of Rs. 24,926 (1.5)%

•

Indian market dynamics: • Volume of 2,55,170 Sheet (10.8)% • Price realization of Rs. 528 (1.9)%

• Capacity utilization in Q3 FY25 is 87%

• Capacity utilization in Q3 FY25 is 83%

•

54% of MDF Boards revenue contributed by Value Added products

15.2% EBITDA Margin

7.7% EBITDA Margin

Rushil Decor Limited | Earnings Presentation

Performance Highlights: 9M FY2025 Consolidated

Financial Highlights Y-o-Y

MDF Boards Y-o-Y

Laminates Y-o-Y

• Rushil Decor:

• Export market dynamics:

• Volume of 58,841 CBM 30.7% • Price realization is Rs. 21,014 6.5%

• Export market dynamics:

• Volume of 14,22,240 Sheet 13.6% • Price realization of Rs. 687 (6.8)%

• Revenue Rs. 6,672 Mn 9.3% • EBITDA Rs. 827 Mn (8.8)% • EBITDA Margin 12.4% • PAT Rs. 353 Mn 3.4% • PAT Margin 5.3%

• MDF Boards :

• Revenue Rs. 4,949 Mn 8.9% • EBITDA Rs. 670 Mn (11.7)% • EBITDA Margin 13.5%

•

Laminates:

• Revenue Rs. 1,460 Mn 4.3% • EBITDA Rs. 145 Mn 5.2% • EBITDA Margin 9.9%

• Net Debt to Shareholder Equity of 0.44x

•

Indian market dynamics: • Volume of 1,52,051 CBM 8.3% • Price realization of Rs. 24,417 (6.2)%

•

Indian market dynamics: • Volume of 8,62,521 Sheet (0.5)% • Price realization of Rs. 559 1.6%

• Capacity utilization in 9M FY25 is 89%

• Capacity utilization in 9M FY25 is 87%

13.5% EBITDA Margin

9.9% EBITDA Margin

Rushil Decor Limited | Earnings Presentation

Q3 and 9M FY25 Financial Highlights: Consolidated

Revenue (Rs. Million)

EBITDA (Rs. Million) / Margin (%)

6,105

6,672

14.4%

12.9%

14.9%

907

12.4%

827

2,131

2,304

2,117

307

296

273

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

PBT (Rs. Million) / Margin (%)

PAT (Rs. Million) / Margin (%)

7.1%

6.7%

7.3%

7.4%

454

7.1%

475

5.3%

4.9%

5.4%

5.6%

341

5.3%

353

152

154

155

114

115

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Rushil Decor Limited | Earnings Presentation

Q3 and 9M FY25 Financial Contribution: By Business Division

Q3 FY25

9M FY25

Revenue Contribution

EBITDA Contribution

Revenue Contribution

EBITDA Contribution

23%

2,117 Rs. Mn

73%

Margin 7.7%

Margin 15.2%

Margin 9.9%

Margin 13.5%

14%

273 Rs. Mn

86%

22%

6,672 Rs. Mn

74%

18%

827 Rs. Mn

81%

MDF Boards

Laminates Other

MDF Boards

Laminates Other

*Other include PVC Boards and Plywood

Rushil Decor Limited | Earnings Presentation

Q3 and 9M FY25 Division Overview: MDF Boards

Revenue (Rs. Million)

EBITDA (Rs. Million) / Margin (%)

4,543

4,949

16.1%

13.2%

15.2%

16.7% 759

13.5%

670

1,580

1,717

1,540

254

226

234

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Revenue Contribution

Sales Volume (CBM)

4,543

20%

4,949

25%

Total

Exports

80%

75%

India

1,85,398

24%

25%

2,10,892

28%

75%

76%

72%

65,896 23%

77%

72,013

26%

74%

64,800

33%

67%

1,580 19%

81%

1,717 23%

77%

1,540

30%

70%

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

*CBM: Cubic Meter

Rushil Decor Limited | Earnings Presentation

Total

Exports

India

Q3 and 9M FY25 Division Overview: MDF Boards

Average Capacity Utilisation (%)

Blended Realisation (Rs. Per CBM)

22,837

23,846

23,768

24,505

23,468

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Indian Market Realisation (Rs. Per CBM)

Exports Market Realisation (Rs. Per CBM)

23,720

24,723

24,926

26,033

24,417

20,276

21,308

21,415

19,739

21,014

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

*CBM: Cubic Meter

Rushil Decor Limited | Earnings Presentation

Q3 and 9M FY25 Division Overview: Laminates

Revenue (Rs. Million)

10.5%

EBITDA (Rs. Million) / Margin (%) 12.9%

9.8%

7.7%

1,400

1,460

138

494

503

486

9.9%

145

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Revenue Contribution

Sales Volume (Sheet)

1,400

1,460

64%

66%

67%

34%

36%

33%

Total

Exports

India

21,19,320

22,84,761

7,37,024

7,51,670

7,68,409

61%

39%

57%

43%

67%

33%

58%

42%

59%

62%

41%

38%

Total

Exports

India

494

69%

31%

503

59%

41%

486

72%

28%

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Q3FY24

Q2FY25

Q3FY25

9MFY24

9MFY25

Rushil Decor Limited | Earnings Presentation

Q3 and 9M FY25 Division Overview: Laminates

Average Capacity Utilisation (%)

Blended Realisation (Rs. Per Sheet)

616

669

632

661

639

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Indian Market Realisation (Rs. Per Sheet)

Exports Market Realisation (Rs. Per Sheet)

626

508

528

550

559

680

701

684

737

687

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Q1FY25

Q2FY25

Q3FY25

9MFY24

9MFY25

Rushil Decor Limited | Earnings Presentation

MDF Boards Value Added: Quantity and Value Targets

43%

42%

45%

44%

Quantity %

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

52%

51%

55%

54%

Value %

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Value added products target 55% of revenue and 50% of volumes of MDF Boards in FY2025

Rushil Decor Limited | Earnings Presentation

Profit & Loss Statement: Q3 and 9M FY25

Rs. Million

Revenue

Q3 FY254

Q3 FY24

Y-o-Y (%)

Q2 FY25

Q-o-Q (%)

9M FY254

9M FY24

Y-o-Y (%)

2,117.2

2,131.2

(0.7)%

2,304.3

(8.1)%

6,672.1

6,105.4

9.3%

Cost of Materials Consumed

1,179.5

Changes in Inventories

Employee Cost

Other Expenses

EBITDA

(79.1)

169.6

573.8

273.2

973.3

131.0

150.2

570.1

306.5

EBITDA Margin

12.9%

14.4%

Other Income

Depreciation

Finance Cost

Exceptional Items

PBT

Tax

PAT

PAT Margin

Rushil Decor Limited | Earnings Presentation

32.4

75.6

75.4

154.5

39.7

114.9

5.4%

3.6

73.8

84.1

152.1

38.5

113.6

5.3%

1,245.1

3,696.5

3,118.1

(55.5)

171.6

646.7

296.4

12.9%

10.8

75.5

77.6

154.1

40.2

113.9

4.9%

(10.9)%

1.6%

1.1%

(7.8)%

0.3%

0.9%

(178.0)

503.7

37.5

418.7

1,823.3

1,624.4

826.6

12.4%

77.0

224.7

204.3

474.6

121.9

352.7

5.3%

906.8

14.9%

9.7

219.8

242.8

454.0

112.9

341.1

5.6%

(8.8)%

4.5%

3.4%

Capital Structure: Net Debt to Equity Ratio

4,003

1.10

3,116

3,023

2,820

2,861

2,563

2,575

2,682

0.65

0.61

0.53

0.45

0.44

31-03-2023

30-06-2023

30-09-2023

31-12-2023

31-03-2024

30-06-2024

30-09-2024

31-12-2024

Net Debt (Rs. Mn)

D/E Ratio

Rushil Decor Limited | Earnings Presentation

Specialized Products Offerings: Distinct Brands

Application

• Industrial Products • Residential furniture • Commercial furniture • Wall Paneling • Architectural Moldings • Sports Goods • Display Cabinets • CNC Routing • Flooring • Doors and Partition Cornices

• Home Furniture • Cabinet Doors • Desktops • Wardrobes • Wall Paneling • Commercial Furniture

Rushil Decor Limited | Earnings Presentation

Production Capacity and Utilization

Laminates Gujarat

Installed Capacity 34,92,000 sheets per annum

No. of Units 3 Gandhinagar

9MFY25 Capacity Utilisation 87%

9MFY25 Volume (Sheets) 22,80,166

Gandhinagar

Vizag

Chikmagalur

MDF Boards Karnataka & Andhra Pradesh

Installed Capacity 3,30,000 CBM* per annum

No. of Units 2 Chikmagalur & Vizag

9MFY25 Capacity Utilisation 89%

9MFY25 Volume (CBM*) 2,19,200

*CBM: Cubic Meter

Rushil Decor Limited | Earnings Presentation

Laminates Manufacturing: Expansion Plan

Laminates Manufacturing Platform

Total Capacity

Additional Capacity

34,92,000 Sheets Per Annum

28,00,000 Sheets Per Annum

Future Capacity

62,92,000 Sheets Per Annum

• A greenfield project has been started in Gandhinagar, Gujarat, adjacent to the existing

facilities

•

The new facility will have a flexible product line with focus on the production of Jumbo size Laminates and exclusively target export markets, mainly USA and Europe

• Operations are now anticipated to commence by end of Q4 FY2025

•

The later start date is due to delays in the supply of machinery along with disruptions due to heavy rainfall

Total capital expenditure remains unaffected, as contingencies were incorporated into the original expansion plan

Rushil Decor Limited | Earnings Presentation

Expanding Sales Footprints: 56 Countries

Europe

Gulf & Middle East

Russia

North America

India

Indonesia

Africa

Latin America

Saudi Arabia

Rest of Asia Pacific

With expansion into newer regions, there are significant opportunities for our value-added products. New Jumbo Laminates will exclusively target export markets and expand presence especially in USA and Europe.

Rushil Decor Limited | Earnings Presentation

Led by Strong and Experienced Management Team

Mr. Krupeshbhai G. Thakkar Chairman and Whole Time Director

Mr. Hiren Padhya Chief Financial Officer

Bachelor‘s degree in commerce from Gujarat University

30+ years of experience in laminates and other allied products

Manages and leads operations

Qualified Chartered Accountant, Company Secretary and Cost Accountant

Over 31 years of experience in financial management

Mr. Rushil K. Thakkar Managing Director

Mr. Hasmukh K. Modi Company Secretary

Graduate with over 10 years of experience

Associated with Company for the last 17 years

Responsible for strategic planning, expansion, logistics & warehousing, exports and branding

Commerce graduate and Company Secretary qualifications

Completed ICMAI in 2011

Mr. Keyur M. Gajjar Chief Executive Officer

Bachelor's degree in engineering and MBA

Over 2 decade of experience

Responsible for planning and overall functioning of organization

Rushil Decor Limited | Earnings Presentation

Board of Directors

Mr. Krupeshbhai G. Thakkar Chairman and Whole Time Director

Mr. Rushil K.Thakkar Managing Director

Mr. Ramanik T. Kansagara Whole Time Director

Audit Committee

Stakeholders Relationship Committee

Nomination and Remuneration Committee

Corporate Social Responsibility Committee

Mr. Kantilal A. Puj Independent Director

Ms. Shreya M. Shah Independent Director

Mr. Hiren S. Mahadevia Independent Director

Rushil Decor Limited | Earnings Presentation

the Company’s

world- wide, competition, the company’s ability to successfully implement its future levels of growth and expansion, strategy, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward- looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

recommendation or

This presentation has been prepared by Rushil Decor Limited (the “Company”) solely for information purposes and does not constitute any offer, invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward- looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and

Rushil Decor Limited Hiren Padhya, Chief Financial Officer

Churchgate Partners Rajiv Pandya / Abhishek Dakoria

Email: hiren.padhya@rushil.com

Email: rushil@churchgatepartners.com

Phone: +91 79 6140 0400

Phone: +91 22 6169 5988

← All Transcripts RUSHIL Stock Page →

Rushil Decor Limited has informed the Exchange about Investor Presentation

Market Movers