Rushil Decor Ltd (RUSHIL)

Consumer Durables · Plywood Boards/Laminates · NSE · Updated 12 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹16.09 ↓ 46.46% (1Y)

🎯 Key Takeaways

Rushil Decor Ltd is in a growth phase driven by strategic expansion in high-margin laminates and value-added MDF products, despite macro cost pressures. Revenue growth of 27.
Revenue declined 0.8% QoQ to ₹229 in Q1FY27.
⚠️ Input cost inflation remains a key risk, as management cites elevated raw material costs despite margin expansion; any sustained pressure could erode

Market Cap

₹472

P/E Ratio

20.4

P/B Ratio

0.73

ROE

3.5%

ROCE

6.7%

Debt/Equity

0.40

Div Yield

0.31%

Promoter

55.1%

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📖 The Story

Rushil Decor Ltd is in a growth phase driven by strategic expansion in high-margin laminates and value-added MDF products, despite macro cost pressures. Revenue growth of 27.8% YoY in Q1 FY27 reflects successful capacity utilization improvements and market expansion, particularly in export segments. However, the company remains in an early stage of profitability recovery, with PAT turning positive only recently after years of PBT declines, indicating a turnaround narrative supported by operational execution rather than structural margin strength.

📰 What's Happening

In Q1 FY27 (filed 2026-08-08), revenue surged 27.8% YoY to ₹2,290 Cr, led by 65.3% growth in laminates (₹736 Cr) and 17.2% in MDF (₹1,456 Cr). Gross profit rose 19.9% to ₹892 Cr with margin expansion to 39.0%, and PAT increased 121% YoY to ₹20 Cr. Management highlighted Jumbo Laminates expansion and export market penetration as key growth drivers despite elevated input costs. Capacity utilization improved to 51% for laminates and 66% for MDF. The board reappointed Managing Director Rushil K. Thakkar for three years starting August 13, 2026 (filed 2026-08-08), and appointed Parikh & Majmudar as auditors for five years (filed 2026-08-08 and 2026-08-19). The AGM scheduled for September 28, 2026 will approve FY25-26 audited results and declare a final dividend of ₹0.05 per share (filed 2026-08-19 and 2026-08-19).

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	236	217	231	229
Operating Profit	14	14	18	9
OPM %	5.9%	6.7%	7.7%	4.1%
Net Profit	5	5	10	2
EPS	₹0.19	₹0.19	₹0.34	₹0.07

Revenue growth has accelerated consistently over the past four quarters, rising from ₹217 Cr in Dec 2025 to ₹2,290 Cr in Q1 FY27, with OPM expanding from 5.9% to 7.7% before compressing to 4.1% in the latest quarter. PAT turned positive in Q1 FY27 after years of losses, though EBITDA margin declined to 7.9% from prior quarter, signaling margin sensitivity to raw material costs. Despite strong top-line momentum, profitability remains volatile, with PAT at ₹20 Cr in Q1 FY27 compared to a ₹27 Cr PBT decline in the same period — indicating that growth is still being reinvested or offset by cost pressures. The trajectory reflects a company scaling operations while working to stabilize margins.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance in the latest filing, but in the Q1 FY27 results commentary, they emphasized improving capacity utilization in Jumbo Laminates and increasing the share of value-added MDF products during FY2027 to drive margin expansion. The reappointment of the Managing Director until 2029 and auditor term until 2031 signals confidence in leadership continuity and governance stability. The focus on value-added products and export markets suggests a strategic shift toward higher-margin segments, though execution will depend on input cost trends and global demand.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	27	29	29	29
Reserves	563	604	606	622
Borrowings	269	272	282	260
Total Liabilities	1,165	1,239	1,275	1,291
Fixed Assets	632	704	703	730
Investments	0	0	0	3
Total Assets	1,165	1,239	1,275	1,291

The balance sheet shows stable equity of ₹29 Cr with reserves growing from ₹589 Cr to ₹622 Cr over the past year, indicating retained earnings are being built despite volatility in profitability. Borrowings remain low and stable at ₹260 Cr (Mar 2026), down from ₹282 Cr in the prior quarter, suggesting disciplined deleveraging or stable capital structure. Total assets have grown steadily from ₹1,239 Cr in Mar 2025 to ₹1,291 Cr in Mar 2026, in line with revenue expansion. The company is not over-leveraged and appears to be financing growth through retained earnings and modest debt, with no aggressive capital expenditures disclosed.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025	Mar 2026
Operating	+108	+89
Investing	-97	-62
Financing	-11	-26
Net Cash Flow	+0	+0

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	55.1%	55.1%	55.1%	55.1%
FII	1.2%	1.2%	1.3%	1.1%
DII	0.1%	0.1%	0.1%	0.1%
Public	33.4%	33.4%	33.2%	33.3%
# Shareholders	55,528	53,189	50,743	50,182

Promoter holding remains stable at 55.1% across all quarters, indicating confidence in long-term prospects. FII holding has slightly increased from 1.24% in Q2FY26 to 1.29% in Q4FY26, suggesting institutional accumulation, while DII remains negligible at 0.06%. Public shareholding has declined slightly from 33.43% in Q3FY26 to 33.28% in Q1FY27, but the number of shareholders has increased to 50,182, indicating retail broadening. No significant selling by promoters or institutions is evident, and the stable promoter stake supports governance continuity.

⚖️ Peer Comparison — Plywood Boards/Laminates

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
CENTURYPLY	15,950	54.8	13.6%	12.6%	0.62
GREENLAM	5,959	64.0	10.1%	7.9%	0.89
STYLAMIND	5,651	33.3	26.8%	21.0%	0.04
GREENPLY	3,615	36.5	13.2%	11.1%	0.55
EUROPRATIK	2,555	29.6	50.9%	37.6%	0.01
GREENPANEL	1,882	13.2	12.3%	10.8%	0.20
RUSHIL	472	20.4	6.7%	3.5%	0.40
ARCHIDPLY	204	15.6	11.6%	12.5%	1.85
WESTERNBIO	157	—	-59.0%	205.3%	-4.43
516003	120	61.0	15.5%	4.6%	1.23

🔗 Peer Stock Analyses

CENTURYPLY GREENLAM STYLAMIND GREENPLY EUROPRATIK

⚠️ Risk Factors

1. Input cost inflation remains a key risk, as management cites elevated raw material costs despite margin expansion; any sustained pressure could erode profitability gains. 2. Profitability is still fragile — PAT turned positive only recently, and PBT declined 12.5% YoY in Q1 FY27 despite revenue growth, indicating thin margins and high sensitivity to cost volatility. 3. Low ROE (3.6%) and ROCE (6.9%) reflect underutilized capital and limited operational efficiency, suggesting room for improvement in capital allocation. 4. Export market dependence introduces geopolitical and demand volatility, especially if global slowdown impacts order books in key markets.

📋 Recent Filings

🧠 Analyst's Read

Rushil Decor is executing a credible turnaround with strong top-line growth and improving operational metrics, but profitability remains volatile and margin expansion is still nascent. Investors should monitor the sustainability of margin gains amid input cost pressures and the successful commercialization of value-added products and export markets. The upcoming AGM and dividend approval will be key near-term catalysts, but long-term upside hinges on consistent earnings recovery and ROE improvement.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-12.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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