Rushil Decor Limited has informed the Exchange about Investor Presentation
RDL/038/2025-26 Date: 11.08.2025
To, National Stock Exchange of India Ltd. Exchange Plaza, Bandra – Kurla Complex, Bandra (E), Mumbai – 400 051 NSE EQUITY SYMBOL: RUSHIL
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 SCRIP CODE: 533470
Dear Sir / Madam,
ISIN: INE573K01025
Sub: Investor Presentation on Unaudited Standalone and Consolidated Financial Results for the First Quarter ended June 30, 2025
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 First Quarter ended June 30, 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
Rushil Decor Limited
A beautiful concept
Q1 FY2026 | Earnings Presentation
Rushil Decor: MDF Boards, Laminates and Plywood
100+ Years
lineage of wood engineering.
32+ Years
in MDF Boards and Laminates
One of the Largest
manufacturer of MDF Boards and Laminates in organized markets
6 Manufacturing Facilities
across India, strategically positioned to deliver customised products
1,200+
Designs
6
Distinct Brands
700+
Direct Distributors
4,675+
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, PVC 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 700 distributors and 4,675 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
countries
use 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
• 76% 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
“During the first quarter of FY2026, Rushil Decor reported consolidated Revenue from Operations of Rs. 1,792 million. The quarterly performance was impacted by an unfortunate fire incident at the Andhra Pradesh MDF manufacturing facility on 9th April. I am relieved to report that there were no fatalities or injuries. Importantly, the fire occurred outside the main manufacturing premise and did not cause any damage to the core machinery or any inventory.
Production was temporarily disrupted, resulting in a negative impact on our financial results, and resumed on 14th May. The earlier announced estimate of Rs. 7 crore relates to material damage at the site. The Company has adequate insurance coverage in place, which includes both material damage and loss of profit, and is already in the process of filing the insurance claim related to the incident.
The MDF business reported revenue of Rs. 1,242 million in Q1 FY2026 as compared to Rs 1,692 in Q1 FY2025. Although the loss of production over the 43 days shut down period which also includes 8 days of planned annual maintenance shutdown, resulted in reduced revenues and volume, the MDF business rapidly normalized. While total volumes were down, blended realizations improved by 4.5% YoY, driven by pricing discipline and product mix.
The Laminates business reported revenue of Rs. 445 million in Q1 FY2026 as compared to Rs. 471 million in Q1 FY2025. The decline was primarily due to lower export volumes, which were down 16.9% YoY. However, blended realizations improved by 5.0% YoY, with export market realizations rising 5.7% YoY and Indian market realisation increasing 7.3% YoY, driven by selective price adjustments and a favourable product mix.
During the quarter, commercial production commenced under Phase 1 of the Jumbo Laminates facility in Gandhinagar, Gujarat, with an annual installed capacity of 1.2 million sheets (if considered as 1 mm sheet of single side decorative Laminate). However, dispatches were deferred as the Company was in the process of securing mandatory certifications required for exports to key international markets such as Europe. With the certifications now in place and the machinery aligned to the targeted product mix, the Company is on track to begin dispatches from Q2 FY2026. Building on this momentum, we are focused on starting phase 2 the Project which will add another 1.6 million sheets of capacity by Q3 FY26.
On the funding side, the Company received Rs. 930.4 million out of the total Rs. 1,226.6 million through the preferential allotment. A portion of warrants was forfeited due to non-conversion by some allottees for very particular reasons. However, this has not affected the progress of the Jumbo Laminates phase 2 expansion plan.
As part of long-standing commitment to sustainability, Rushil Decor has successfully planted 24 million saplings across Andhra Pradesh, including in Anakapalli, Visakhapatnam, Vizianagaram and East Godavari districts. This initiative supports environmental preservation while empowering small and marginal farmers through agroforestry integration, technical assistance and subsidy-backed eucalyptus plantation programs.
Looking ahead, while Q1 FY2026 was impacted by a one-off event, we expect Q2 FY2026 to reflect significantly improved performance compared with the same quarter in the prior year. This improvement will be driven by higher capacity utilization at the Andhra Pradesh MDF plant, along with increased contribution from value-added products, increased profitability in the PVC business and full quarter of revenue from jumbo laminates Phase 1. We remain focused on disciplined execution, improving operational efficiency and enhancing long-term value for all stakeholders.”
5
Mr. Rushil K. Thakkar
Rushil Decor Limited | Earnings Presentation
Performance Highlights: Q1 FY2026 Consolidated
Financial Highlights Y-o-Y
MDF Boards Y-o-Y
Laminates Y-o-Y
• Rushil Decor:
• MDF Boards :
•
Laminates:
• Revenue Rs. 1,792 Mn (20.4)% • EBITDA Rs. (22) Mn • EBITDA Margin (1.2)% • PAT Rs. (141) Mn • PAT Margin (7.9)%
• Revenue Rs. 1,242 Mn (26.6)% • EBITDA Rs. (73) Mn
• Revenue Rs. 445 Mn (5.6%) • EBITDA Rs. 45 Mn 5.9%
• Export market dynamics:
• Export market dynamics:
• Price realization is Rs. 21,476 5.9%
• Price realization of Rs. 719 5.7%
• Added 90 retail distributors
•
Indian market dynamics: • Price realization of Rs. 24,238 2.2%
•
Indian market dynamics: • Price realization of Rs. 545 7.3%
Revenue Contribution
6%
25%
1,792 Mn
69%
(5.9)% EBITDA Margin
58% Capacity Utilisation
10.2% EBITDA Margin
83% Capacity Utilisation
Revenue Contribution
Sales Volume Contribution
Revenue Contribution
Sales Volume Contribution
12%
14%
35%
65%
42%
58%
MDF Boards
Laminates
Other
88%
86%
Rushil Decor Limited | Earnings Presentation
India
Exports
India
Exports
6
Q1 FY2026 Financial Highlights: Consolidated
The quarterly performance was impacted by fire incident at the Andhra Pradesh MDF manufacturing facility
Revenue (Rs. Million)
2,251
2,307
1,792
11.4%
257
10.0%
231
EBITDA (Rs. Million) / Margin (%)
(1.2)%
(22) Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
PBT (Rs. Million) / Margin (%)
7.4%
166
5.7%
131
Q1 FY25
Q4 FY25
(10.3)%
(185) Q1 FY26
PAT (Rs. Million) / Margin (%)
5.5%
124
5.5%
126
(7.9)%
Q1 FY25
Q4 FY25
(141)
Q1 FY26
Rushil Decor Limited | Earnings Presentation
7
Q1 FY26 EBITDA Without Forex Loss was Rs. 35 Mn; Margin of 2.0%
Q1 FY2026 Division Overview: MDF Boards
Revenue (Rs. Million)
1,692
1,688
1,242
EBITDA (Rs. Million) / Margin (%)
12.4% 210
10.7%
181
(5.9)%
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Revenue Contribution
Sales Volume (CBM)
1,692
23%
77%
30%
70%
1,688
30%
70%
19%
1,242
12%
88%
Total
Exports
India
74,079
26%
68,608
33%
26%
74%
67%
75%
86%
33% 67%
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
Total
Exports
India
8
(73) Q1 FY26
52,074 14%
Q1 FY26 Division Overview: MDF Boards
Average Capacity Utilisation (%)
Blended Realisation (Rs. Per CBM)
87
81
23,768
23,602
23,858
58
Q3 FY25
Q4 FY25
Q1 FY26
Q3 FY25
Q4 FY25
Q1 FY26
Indian Market Realisation (Rs. Per CBM)
Exports Market Realisation (Rs. Per CBM)
24,926
24,424
24,238
21,415
21,961
21,476
Q3 FY25
Q4 FY25
Q1 FY26
Q3 FY25
Q4 FY25
Q1 FY26
*CBM: Cubic Meter Rushil Decor Limited | Earnings Presentation
9
Q1 FY26 Capacity Utilisation at Chikmagalur Plant was 99%
MDF Boards: Continued Growth in Exports Volume and Realisation
Exports Sales Volume (CBM)
15,467
16,701
18,982
18,487
21,372
22,879
7,150
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Export Realisation (Rs. Per CBM)
21,308
21,415
21,961
21,476
19,586
19,684
20,276
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Exports volume in Q1 FY26 was strategically lowered to counter the production loss due to fire
and to maintain blended realisation
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
10
Q1 FY2026 Division Overview: Laminates
Revenue (Rs. Million)
471
530
445
EBITDA (Rs. Million) / Margin (%) 10.2%
8.5%
9.1%
45
45
43
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Revenue Contribution
Sales Volume (Sheet)
471
70%
530
67%
64%
30%
Q1 FY25
72%
33%
Q4 FY25
36%
445
65%
35%
Q1 FY26
Total
Exports
India
7,64,682
7,63,296
63%
37%
66%
34%
6,88,457
58%
42%
Total
Exports
India
Q1 FY25
67% 33%
42%
Q4 FY25
Q1 FY26
Rushil Decor Limited | Earnings Presentation
11
Laminates EBITDA Margin Improving in Line with the Guidance
Q1 FY26 Division Overview: Laminates
Average Capacity Utilisation (%)
Blended Realisation (Rs. Per Sheet)
83
83
83
632
694
647
Q3 FY25
Q4 FY25
Q1 FY26
Q3 FY25
Q4 FY25
Q4 FY26
Indian Market Realisation (Rs. Per Sheet)
Exports Market Realisation (Rs. Per Sheet)
681
528
545
684
701
719
Q3 FY25
Q4 FY25
Q1 FY26
Q3 FY25
Q4 FY25
Q4 FY26
Rushil Decor Limited | Earnings Presentation
12
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
13
Profit & Loss Statement: Q1 FY26
Rs. Million
Revenue
Cost of Materials Consumed
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
Q1 FY264
Q1 FY25
1,791.6
968.9
1.1
77.3
167.8
598.2
(21.7)
(1.2)%
4.4
83.7
84.4
(185.3)
-
(44.6)
(140.7)
(7.9)%
2,250.9
1,267.9
3.9
(43.6)
162.5
602.9
257.1
11.4%
33.8
73.6
51.2
166.0
-
42.1
124.0
5.5%
Y-o-Y (%)
(20.4)%
nm
nm
nm
Q4 FY25
Q-o-Q (%)
2,307.3
1,272.2
(0.1)
23.9
175.2
605.6
230.6
10.0%
47.8
75.4
72.2
130.8
20.0
24.7
126.1
5.5%
(22.4)%
nm
nm
nm
Rushil Decor Limited | Earnings Presentation
14
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
2,565
0.65
0.61
0.53
0.53
0.45
0.44
0.44
0.41
0.40
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-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
15
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
16
Production Capacity and Utilization
Laminates Gujarat
Installed Capacity 34,92,000 sheets per annum
No. of Units 3 Gandhinagar
Q1 FY26 Capacity Utilisation 83%
Q1 FY26 Production Volume (Sheets) 7,24,222
Gandhinagar
Vizag
Chikmagalur
MDF Boards Karnataka & Andhra Pradesh
Installed Capacity 3,30,000 CBM* per annum
No. of Units 2 Chikmagalur & Vizag
Q1 FY26 Capacity Utilisation 58%
Q1 FY26 Production Volume (CBM*) 47,983
*CBM: Cubic Meter
Rushil Decor Limited | Earnings Presentation
17
Q1 FY26 Capacity Utilisation at Chikmagalur Plant was 99%
Laminates Manufacturing: Expansion Plan
Laminates Manufacturing Platform
Total Capacity
34,92,000 Sheets Per Annum
Additional Capacity
28,00,000 Sheets Per Annum
(Phase 1 and 2)
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 export orders from Russia, Chile and Brazil
• On track to commence the phase 2 production by Q3 FY26
Rushil Decor Limited | Earnings Presentation
18
Expanding Sales Footprints: 57 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
19
Led by Strong and Experienced Management Team
Mr. Krupeshbhai G. Thakkar Chairman and Whole Time Director
Bachelor‘s degree in commerce from Gujarat University
Over 30 years of experience in laminates and other allied products
Manages and leads operations
Mr. Rushil K. Thakkar Managing Director
Mr. Hiren Padhya Chief Financial Officer
Qualified Chartered Accountant, Company Secretary and Cost Accountant
Over 31 years of experience in financial management
Mr. Hasmukh K. Modi Company Secretary
Graduate with over 10 years of experience
Associated with Company for the last 15 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
20
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
21
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 Abhishek Dakoria / Jatin Babani
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