Rushil Decor Limited has informed the Exchange about Investor Presentation
RDU015/2025-26 Date: 15.05.2025
To, National Stock Exchange of India Ltd. Exchange Plaza, Bandra - Kurla Complex, Bandra (E), Mumbai - 400051 NSE EQUITY SYMBOL: RUSHIL
••• ••• ••• RUSHIL
DECOR LIMITED
WE'LL MAKE IT
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 SCRIP CODE: 533470
Dear Sir/ Madam,
ISIN: INE573K01025
Sub: Investor Presentation on Audited Standalone and Consolidated Financial Results for the Quarter and Year ended March 31, 2025
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of Investor Presentation on Audited Standalone and Consolidated Financial Results and other highlights of the Company for the Quarter and year ended March 31, 2025.
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 NEELKANT H GREEN BUNGALOW,
OFF SINDHU BHAVAN ROAD, SHILAJ, AHMEDABAD-380058, GUJARAT, INDIA.
REGO. OFFICE: S. NO. 125, NEAR KALYANPURA PATIA, VILLAGE ITLA. 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
Q4 and 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
6
Distinct Brands
720+
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
2
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
• Extensive sales network of over 720 distributors and 4,600 retailers
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
• Manufacturing
facilities strategically ensuring consistent and reliable access to raw materials
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
4. Growth Expansion Plans
• Current manufacturing capacities: MDF boards 330,000 CBM/annum and
Laminates 3.49 million sheets/annum
• Laminates Expansion: A new project in Gandhinagar, Gujarat, for Jumbo- size laminates with a total capacity of 2.8 million P.A., of which operations commenced in Q4 FY25 with an initial capacity of 1.2 million sheets
•
Increasing focus on value-added MDF boards (50% quantity target contribution in FY2026)
• Plywood market entry: 51% joint venture in Chikmagalur, Karnataka, with a
production capacity of 300 boards per day
Rushil Decor Limited | Earnings Presentation
3
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 57
• 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 22% • EBITDA of 23% • PAT of 16%
8. Well Capitalized for Growth • Announced preferential funding approval of Rs. 122.66 crores through
convertible warrants in October 2023
• 52% of warrants issued have been converted to date
• Ongoing deleveraging Net Debt to Equity from 1.10x in FY23 to 0.41x
FY25
• 75% of total funds are primarily allocated to establish the Jumbo size Laminate facility at Gandhinagar, Gujarat (2.8 million sheets/year capacity)
Rushil Decor Limited | Earnings Presentation
4
Managing Director’s Message
“As FY2025 concludes, Rushil Decor has delivered a resilient performance despite a dynamic business environment. Consolidated revenue for FY2025 was Rs 8,979 million, marking a 6.4% year-on-year growth, while Profit After Tax increased by 11.1% to Rs 479 million. This performance reflects our disciplined strategy execution and operational efficiency.
The MDF division continued to be a key growth driver, with revenue of Rs 6,637 million, supported by a strong 42.8% year-on-year increase in export sales. Growing acceptance of our MDF products in international markets has further strengthened our global presence, leading to a 32.4% year-on-year increase in export volumes. Furthermore, our continued focus on value-added products remains central to our strategy for long-term margin improvement.
The Laminates division also delivered a stable performance, recording revenue of Rs 1,989 million, driven in by steady export demand. Commercial production at Gandhinagar commenced in the month of April, 2025 under Phase 1, with an initial installed capacity of 1.2 million sheets per annum. We have already secured initial orders for exports accounting for 15% of this capacity, marking a promising start for the new facility. Furthermore, we are on track to commence the phase 2 production by the month of October this year.
the Jumbo Laminates
facility
Mr. Rushil K. Thakkar
Despite the increase in industry MDF capacity from 2.3 million CBM to 3.5 to 4 million CBM over the past two years, we have maintained our market share, supported by strong brand recall and a customer-focused approach. Our distribution network continued to grow with the addition of new distributors and retailers throughout the year, further improving our market reach. We also closed FY2025 with a healthy net debt-to- equity ratio of 0.41x, reflecting our focus on maintaining a strong and stable financial position.
As we look ahead to FY2026, we are aiming to cross Rs. 11,000 million in consolidated revenues. Additionally, we are committed to capitalizing on emerging opportunities across domestic and international markets, backed by focused execution, strategic capacity augmentation and customer-led innovation.”
Rushil Decor Limited | Earnings Presentation
5
Performance Highlights: Q4 FY2025 Consolidated
Financial Highlights Y-o-Y
MDF Boards Y-o-Y
Laminates Y-o-Y
• Rushil Decor:
• MDF Boards :
•
Laminates:
• Revenue Rs. 2,307 Mn (1.2)% • EBITDA Rs. 231 Mn (21.1)% • EBITDA Margin 10.0% • PAT Rs. 126 Mn 40.0% • PAT Margin 5.5%
• Revenue Rs. 1,688 Mn (4.4)% • EBITDA Rs. 181 Mn (28.4)%
• Revenue Rs. 530 Mn 5.9% • EBITDA Rs. 45 Mn 7.4%
• Export market dynamics:
• Export market dynamics:
• Price realization is Rs. 21,961 11.6%
• Price realization of Rs. 701 0.9%
• Added 20 retail distributors
•
Indian market dynamics: • Price realization of Rs. 24,424 (0.9)%
•
Indian market dynamics: • Price realization of Rs. 681 24.5%
Revenue Contribution
EBITDA Contribution
4%
23%
2,307 Mn
73%
19%
2%
231 Mn
78%
10.7% EBITDA Margin
81% Capacity Utilisation
8.5% EBITDA Margin
83% Capacity Utilisation
Revenue Contribution
Sales Volume Contribution
Revenue Contribution
Sales Volume Contribution
30%
33%
33%
34%
MDF Boards
Laminates
Other
70%
67%
67%
66%
Rushil Decor Limited | Earnings Presentation
India
Exports
India
Exports
6
Performance Highlights: FY2025 Consolidated
Financial Highlights Y-o-Y
MDF Boards Y-o-Y
Laminates Y-o-Y
• Rushil Decor:
• MDF Boards :
•
Laminates:
• Revenue Rs. 8,979 Mn 6.4% • EBITDA Rs. 1,057 Mn (11.8)% • EBITDA Margin 11.8% • PAT Rs. 479 Mn 11.1% • PAT Margin 5.3%
• Revenue Rs. 6,637 Mn 5.2% • EBITDA Rs. 851 Mn (16.5)%
• Revenue Rs. 1,989 Mn 4.7% • EBITDA Rs. 190 Mn (0.5)%
• Export market dynamics:
• Export market dynamics:
• Price realization is Rs. 21,279 7.9%
• Price realization of Rs. 691 (4.8)%
•
Indian market dynamics: • Price realization of Rs. 24,419 (4.7)%
•
Indian market dynamics: • Price realization of Rs. 587 6.9%
Revenue Contribution
EBITDA Contribution
4%
22%
8,979 Mn
74%
2%
18%
1,057 Mn
81%
MDF Boards
Laminates
Other
Rushil Decor Limited | Earnings Presentation
12.8% EBITDA Margin
87% Capacity Utilisation
9.5% EBITDA Margin
86% Capacity Utilisation
Revenue Contribution
Sales Volume Contribution
Revenue Contribution
Sales Volume Contribution
26%
29%
33%
74%
71%
67%
63%
India
Exports
India
Exports
37%
7
Q4 and FY25 Financial Highlights: Consolidated
Revenue (Rs. Million)
EBITDA (Rs. Million) / Margin (%)
8,440
8,979
12.5%
12.9%
10.0%
14.2%
11.8%
1,199
1,057
2,334
2,117
2,307
292
273
231
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
PBT (Rs. Million) / Margin (%)
6.8%
7.3%
5.7%
7.3%
613
6.7%
605
PAT (Rs. Million) / Margin (%)
3.9%
5.4%
5.5%
5.1%
431
5.3%
479
159
155
131
90
115
126
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Rushil Decor Limited | Earnings Presentation
8
Q4 and FY25 Division Overview: MDF Boards
Revenue (Rs. Million)
EBITDA (Rs. Million) / Margin (%)
6,308
6,637
14.3%
15.2%
10.7%
16.2%
1,019
12.8%
851
1,765
1,540
1,688
253
234
181
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Revenue Contribution
Sales Volume (CBM)
6,308
19%
6,637
26%
Total
Exports
India
81%
74%
2,60,380
24%
2,79,500
29%
74,982
22%
78%
26%
74%
64,800 33% 67%
68,608
33% 67%
75%
76%
71%
1,765
19%
81%
1,540 30%
70%
1,688 30%
70%
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
Total
Exports
India
9
Q4 and FY25 Division Overview: MDF Boards
Average Capacity Utilisation (%)
Blended Realisation (Rs. Per CBM)
88
87
87
23,846
23,768
23,602
24,225
23,501
81
77
Q2FY25
Q3FY25
Q4FY24
FY24
FY25
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Indian Market Realisation (Rs. Per CBM)
Exports Market Realisation (Rs. Per CBM)
24,723
24,926
24,424
25,624
24,419
21,308
21,415
21,961
21,279
19,724
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
10
MDF Boards: Continued Growth in Exports Volume and Realisation
Exports Sales Volume (CBM)
81,720
61,716
15,467
16,701
18,982
18,487
21,372
22,879
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Export Realisation (Rs. Per CBM)
21,308
21,415
21,279
21,961
19,586
19,684
20,276
19,724
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY24
FY24
FY25
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
11
Q4 and FY25 Division Overview: Laminates
Revenue (Rs. Million)
EBITDA (Rs. Million) / Margin (%)
8.4%
7.7%
8.5%
10.0%
1,900
1,989
191
9.5%
190
500
486
530
42
38
45
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Revenue Contribution
Sales Volume (Sheet)
1,900
1,989
64%
66%
67%
500
64% 36%
486
72% 28%
530
67% 33%
36%
34%
Q4FY24
Q3FY25
Q4FY25
FY24
33%
FY25
Total
Exports
India
29,08,388
30,48,067
59%
63%
58%
7,89,068
7,68,409
57%
7,63,296
59% 41%
67% 33%
66% 34%
41%
42%
37%
Q4FY24
Q3FY25
Q4FY25
FY24
FY25
Rushil Decor Limited | Earnings Presentation
Total
Exports
India
12
Q4 and FY25 Division Overview: Laminates
Average Capacity Utilisation (%)
Blended Realisation (Rs. Per Sheet)
90
83
83
83
86
669
632
694
653
653
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Indian Market Realisation (Rs. Per Sheet)
Exports Market Realisation (Rs. Per Sheet)
626
528
681
549
587
701
684
701
726
691
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Q2FY25
Q3FY25
Q4FY25
FY24
FY25
Rushil Decor Limited | Earnings Presentation
13
MDF Boards Value Added: Quantity and Value Targets
27%
FY23
37%
FY23
40%
FY24
50%
FY24
Quantity %
Value %
43%
FY25
53%
FY25
Value added products target 60% of revenue and 50% of volumes of MDF Boards in FY2026
Rushil Decor Limited | Earnings Presentation
14
Profit & Loss Statement: Q4 and FY25
Rs. Million
Revenue
Q4 FY254
Q4 FY24
Y-o-Y (%)
Q3 FY25
Q-o-Q (%)
2,307.3
2,334.2
(1.2)%
9.0%
Cost of Materials Consumed
1,272.2
1,275.0
Purchase of Stock in Trade
Changes in Inventories
Employee Cost
Other Expenses
EBITDA
EBITDA Margin
Other Income
Depreciation
Finance Cost
PBT
Exceptional Items
Tax
PAT
PAT Margin
Rushil Decor Limited | Earnings Presentation
2,117.2
1,178.7
1.0
(79.1)
169.6
573.8
273.2
12.9%
32.4
75.6
75.4
(0.1)
23.9
175.2
605.6
230.6
-
(3.3)
163.5
606.7
292.3
10.0%
12.5%
(21.1)%
18.9
72.9
79.7
47.8
75.4
72.2
130.8
20.0
24.7
126.1
5.5%
158.7
(17.6)%
154.5
(15.3)%
-
68.7
90.0
3.9%
40.0%
-
39.6
114.9
5.4%
9.7%
(15.6)%
1,057.2
1,199.2
(11.8)%
11.8%
14.2%
FY254
8,979.4
FY24
Y-o-Y (%)
8,439.7
6.4%
4,964.1
4,393.1
4.5
(154.1)
678.8
-
34.1
582.2
2,429.0
2,231.0
124.8
300.1
276.5
605.4
20.0
146.6
478.8
5.3%
28.7
292.7
322.5
612.7
-
181.6
431.1
5.1%
(1.2)%
11.1%
15
As on 31st Mar 2025
As of 31st Mar 2024
286.8
6,038.8
37.9
265.4
5,162.4
-
Rs. Million
Non-Current Assets
As on 31st Mar 2025
As of 31st Mar 2024
Property, Plant and Equipment
6,996.8
6,238.3
Balance Sheet: As on 31st March 2025
Rs. Million
Equity
Equity Share Capital
Other Equity
Non-Controlling Interest
Non-Current Liabilities
Long Term Borrowings
Lease Liabilities
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-Current Liabilities
Current Liabilities
Short Term Borrowings
Lease Liabilities
Trade Payables
Dues to micro & small enterprises
Dues to other than micro & small enterprises
Other Financial Liabilities
Other Current Liabilities
Provisions
Current Tax Liability (Net)
Total Equity & Liabilities
Rushil Decor Limited | Earnings Presentation
Capital WIP
Right-of-use Asset
1,387.7
1,618.2
Other Intangible Assets
41.8
93.6
42.2
617.6
24.3
1,283.5
3.6
65.1
2,140.0
1.5
132.4
182.4
11.3
-
89.8
32.6
561.4
27.1
1,339.6
-
30.0
1,680.4
1.0
111.4
69.1 5.8
Financial Assets
Investments
Trade Receivables
Loans
Other Financial Assets
Other Non-Current Assets
Current Assets
Inventories
Financial Assets
Trade Receivables
Cash & Cash Equivalent
Bank Balance other than Cash
Other Current Assets / Loans
12,390.5
10,994.2
Total Assets
74.8
43.3
52.2
0.1
41.5
0.8
93.6
79.9
64.6
-
62.7
0.1
48.4
0.8
88.7
178.8
2,411.9
2,250.6
1,869.7
6.0
46.8
673.1
12,390.5
1,640.7
4.0
109.7
306.8
10,994.2
16
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
2,620
0.65
0.61
0.53
0.53
0.45
0.44
0.44
0.41
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Net Debt (Rs. Mn)
D/E Ratio
Continued focus on deleveraging, with Net Debt-to-Equity ratio improving from 1.10x in FY23 to 0.41x in FY25
Rushil Decor Limited | Earnings Presentation
17
Specialized Products Offerings: Distinct Brands
Application
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
18
Production Capacity and Utilization
Laminates Gujarat
Installed Capacity 34,92,000 sheets per annum
No. of Units 3 Gandhinagar
FY25 Capacity Utilisation 86%
FY25 Production Volume (Sheets) 30,08,459
Gandhinagar
Vizag
Chikmagalur
MDF Boards Karnataka & Andhra Pradesh
Installed Capacity 3,30,000 CBM* per annum
No. of Units 2 Chikmagalur & Vizag
FY25 Capacity Utilisation 87%
FY25 Procustion Volume (CBM*) 2,85,701
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
19
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 brownfield 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
• Commenced commercial production of Jumbo-size laminates in Q4 FY25 under Phase 1,
with an initial installed capacity of 1.2 million sheets per annum
• Secured initial export orders accounting for 15% of Phase 1 capacity for Jumbo Laminates
• On track to commence the phase 2 production by the month of October 2025
Rushil Decor Limited | Earnings Presentation
20
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
21
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 32 years of experience in financial management
Mr. Rushil K. Thakkar Managing Director
Graduate with over 10 years of experience
Responsible for strategic planning, expansion, logistics & warehousing, exports and branding
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
Mr. Hasmukh K. Modi Company Secretary
Associated with Company for the last 17 years
Commerce graduate, Company Secretary and Cost &
Management Accountant by Qualification
Rushil Decor Limited | Earnings Presentation
22
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
23
future
the Company’s
world- wide, competition, the company’s ability to successfully implement its 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 this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
third parties
included
in
This presentation has been prepared by Rushil Decor Limited (the “Company”) solely for information purposes and does not constitute any offer, recommendation or 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
hiren.padhya@rushil.com
Email: hiren.padhya@rushil.com
rushil@churchgatepartners.com
Email: rushil@churchgatepartners.com
Phone: +91 79 6140 0400
Phone: +91 22 6169 5988