Rushil Decor Ltd
NSE:RUSHIL

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Rushil Decor Ltd Logo
Rushil Decor Ltd
NSE:RUSHIL
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Price: 19.24 INR -0.67% Market Closed
Market Cap: ₹5.6B

Rushil Decor Ltd
Investor Relations

Rushil Décor Ltd. engages in the manufacture and sale of fiber board and laminated products. The company is headquartered in Ahmedabad, Gujarat. The company went IPO on 2011-07-07. Its segments include Decorative Laminated Sheets, Medium Density Fiber Board and Polyvinyl Chloride Board. The Company’s brands include VIR Laminate, VIR MDF, Signor and VIR PVC. Its VIR Laminate product range includes 1 millimeters, Master Series, Compact, Ext-Lam, Digital Layer, Unicolor, Sync Series, H2 Series, Mar Resistance Grade, Primelam (0.8 millimeters), Lab Grade, and Sleek. The firm also provides VIR high density fiber water resistant boards (HDFWR). The company has manufacturing facilities at Itla, Mansa and Dholakuva in (Gujarat), Chikkamagaluru (Karnataka) and Atchutapuram (Andhra Pradesh). The firm operates across the geographies of India and also exports its products in various Countries like Gulf and Middle East, Australia, Indonesia, and Rest of Asia Pacific.

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Last Earnings Call
Fiscal Period
Q3 2026
Call Date
Jan 29, 2026
AI Summary
Q3 2026

Revenue Growth: Q3 FY '26 revenue rose 2.3% YoY to INR 2,165 million, with strong contributions from the Laminate segment.

Laminate Momentum: Laminate business drove growth, with Q3 revenue up 20.4% YoY and realizations at a 14-quarter high, aided by premium product mix and rising exports.

Jumbo Laminates Scaling: Phase 2 of the Jumbo Laminate facility commenced, with Q4 revenue expected to jump to INR 20–25 crores as capacity utilization increases.

MDF Challenges: MDF exports declined by design, as the company focused on better-margin markets; domestic MDF volumes and realizations improved but margins were pressured by competition and high input costs.

Margin Pressures: Resin prices remained above normalized levels, impacting margins, though some easing is expected in coming quarters.

FY Guidance: FY '26 revenue is guided at INR 900 crores (8–9% EBITDA margin), rising to over INR 1,000 crores in FY '27 (10–11% EBITDA margin) as new capacities ramp up.

Value-Added Focus: Value-added MDF products accounted for 43% of volumes and 54% of value in 9M FY '26; company targets 50% by year-end.

Key Financials
Revenue from Operations (Q3 FY '26)
INR 2,165 million
Revenue from Operations (9M FY '26)
INR 6,313 million
Gross Profit (9M FY '26)
INR 2,815 million
Gross Margin (9M FY '26)
44.6%
EBITDA (Q3 FY '26)
INR 231 million
EBITDA Margin (Q3 FY '26)
10.7%
EBITDA (9M FY '26)
INR 434 million
EBITDA Margin (9M FY '26)
6.9%
MDF Revenue (Q3 FY '26)
INR 1,486 million
MDF EBITDA (Q3 FY '26)
INR 174 million
MDF EBITDA Margin (Q3 FY '26)
11.7%
MDF Revenue (9M FY '26)
INR 4,423 million
MDF EBITDA (9M FY '26)
INR 284 million
MDF EBITDA Margin (9M FY '26)
6.4%
Laminate Revenue (Q3 FY '26)
INR 585 million
Laminate EBITDA (Q3 FY '26)
INR 57 million
Laminate EBITDA Margin (Q3 FY '26)
9.8%
Laminate Revenue (9M FY '26)
INR 1,577 million
Laminate EBITDA (9M FY '26)
INR 145 million
Laminate EBITDA Margin (9M FY '26)
9.2%
Jumbo Laminate Revenue (Q3 FY '26)
INR 6.27 crores
Blended Realization (MDF, Q3 FY '26)
up 8.3% year-on-year
Blended Realization (MDF, 9M FY '26)
up 72% year-on-year
Branded Laminate Realization (Q3 FY '26)
up 16% year-on-year
Export Laminate Realization (Q3 FY '26)
up 24% year-on-year
MDF Value-added Product Volume Contribution (9M FY '26)
43%
MDF Value-added Product Value Contribution (9M FY '26)
54%
Capacity Utilization (MDF, Q3 FY '26)
79%
Capacity Utilization (Laminate, Q3 FY '26)
over 90%
Net Debt to Equity Ratio (Dec '25)
0.41
FY '26 Revenue Guidance
INR 900 crores
Other Earnings Calls

Management

Mr. Krupesh Ghanshyambhai Thakkar
MD & Executive Chairman
No Bio Available
Mr. Keyurbhai Mrunal Gajjar
Chief Executive Officer
No Bio Available
Mr. Hiren Bachubhai Padhya
Chief Financial Officer
No Bio Available
Mr. Hasmukh Kanubhai Modi A.C.S, B.Com., Inter(ICWAI)
Compliance Officer & Company Secretary
No Bio Available
Mr. Ramanikbhai Tejabhai Kansagara S.Y. B.Com.
Whole-Time Director
No Bio Available
Ms. Krupaben Krupeshbhai Thakkar
Senior Vice President
No Bio Available
Mr. Rushil Krupesh Thakkar
Additional & Whole Time Director
No Bio Available
Mr. Prosanta Kumar Ghosh
Vice President
No Bio Available
Mr. Rahul Pareek B.A., MBA
Manager of Marketing
No Bio Available

Contacts

Address
GUJARAT
Ahmedabad
Rushil House, Near Neelkanth Green Bungalow, Off. Sindhu Bhavan Road Shilaj,
Contacts
+917961400400
www.virlaminate.com