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1. At a Glance
Rushil Decor makes decorative laminates, medium-density fibreboard and PVC panels — the flat surfaces that furniture is built from.
Revenue for the three months to June 2026 was ₹228.87 crore, against ₹177.29 crore a year earlier. That is a rise of 29.1%. Operating profit came in at ₹18.22 crore, against a loss of ₹2.00 crore in the same quarter last year. A base below zero does much of the work in that comparison. Net profit was ₹2.03 crore, and earnings per share were ₹0.07.
Against the previous quarter the top line barely moved. Revenue was ₹228.87 crore against ₹230.38 crore in the three months to March 2026, a gap of ₹1.51 crore. Operating margin, which is operating profit as a share of sales, was 7.96% against 11.45% in the March quarter.
The company disclosed a planned shutdown at its Mansa unit in Gujarat from 1 April 2026 for technological upgradation. It ran until around 20 April, with an estimated sales loss of ₹4 crore. Management described the quarter’s operating environment as affected by elevated chemical and raw material prices, higher freight costs and shipping route disruption arising from the conflict in West Asia.
Market capitalisation stands at ₹501 crore. Borrowings at March 2026 were ₹259.88 crore, down from ₹295.77 crore two years earlier. The newest line, Jumbo Laminates, recorded ₹11 crore of revenue in the quarter. Its EBITDA margin — earnings before interest, tax and depreciation, set against sales — was 20.6%.
2. Introduction
Rushil Decor Ltd was incorporated in 1993 and began by manufacturing decorative laminates. Per Infomerics, a credit-rating agency, the company was promoted by the Ahmedabad-based Thakkar family. The same agency says it moved into MDF — medium-density fibreboard, a panel pressed from wood fibre — in 2012. In Infomerics’ phrasing, it became one of the largest MDF players in the country within a short span. Thirty-two years on, the business presses paper together very hard and presses wood fibre together very hard.
The manufacturing base now runs to six facilities. Laminates are made at Gandhinagar in Gujarat. MDF comes from Chikmagalur in Karnataka and Vishakhapatnam in Andhra Pradesh, and PVC from Chikmagalur. Installed capacity is 62,92,000 laminate sheets a year, including 28,00,000 sheets of Jumbo Laminates. MDF capacity is 3,30,000 cubic metres a year and PVC 5,400 tonnes a year. Per Infomerics, the Vishakhapatnam MDF plant began commercial operations on 5 March 2021. The agency also states that the PVC plant was commissioned during the year to March 2018, with a capacity of 12,480 cubic metres.
The recent chapter is mostly one project. The company inaugurated its jumbo laminate plant in Gujarat on 30 April 2025, with 1.2 million sheets of annual capacity. It announced Phase 2 trial production on 10 October 2025, adding 1.6 million sheets a year. Per Infomerics, commercial production has now started across both phases. Funding involved a preferential issue of ₹122.66 crore, meaning shares sold to selected buyers rather than on the open market. The monitoring agency report of 28 January 2026 said ₹93.04 crore had been received. It also recorded 10,00,000 warrants forfeited and a shortfall of 24%. A warrant is a right to buy a share later at a fixed price.
The year-ago quarter carried a fire. The company’s press release of 11 August 2025 disclosed a fire at the MDF plant, causing a 43-day shutdown, with an insurance claim filed. That 43-day stoppage falls inside the quarter now used as the comparison base.
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3. Business Model: WTF Do They Even Do?
Three products, all sold under the VIR family of brands, and all of them flat rectangles that furniture is built from.
Laminates are high-pressure laminates: layers of kraft paper and decorative sheets stacked, heated and squeezed until they behave like a table top. The company lists more than 1,200 designs, which is a great many available opinions about wood grain. They go into residential and commercial furniture, table tops, wall panelling and cabinet doors. Laminate revenue in the year to March 2026 was ₹211.1 crore.
MDF is engineered wood panel, made by processing wood fibres into boards of even density. It is the largest of the three lines, at ₹609.1 crore of revenue in the year to March 2026. Per Infomerics, the credit-rating agency, MDF is a logistics-intensive industry. The agency says the company mainly serves Andhra Pradesh, Tamil Nadu, Karnataka and Kerala from its Chikmagalur and Visakhapatnam units. Wood, resin and wax go in one end. Boards for doors, partitions and architectural mouldings come out of the other.
PVC is the smallest line, at ₹35.9 crore of revenue in the same year. It is a waterproof panel made at a single Chikmagalur plant, rated at 5,400 tonnes a year. Two of the three lines are counted in sheets and cubic metres; this one insists on tonnes.
Distribution runs through more than 700 direct distributors and more than 4,700 retailers and dealers. Sales reach 59 countries, and the workforce is above 3,000. Per Infomerics, exports contribute roughly 30%
