Rushil Decor Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the National Stock Exchange of India Ltd and BSE Limited on August 31, 2026. The report outlines the company’s environmental, social, and governance disclosures for the financial year ending March 31, 2026.

The filing covers operational data across its manufacturing facilities in Gujarat, Andhra Pradesh, and Karnataka. Rushil Decor reported a turnover of ₹856.13 crore and a net worth of ₹637.14 crore for the period. The company confirmed that Corporate Social Responsibility (CSR) provisions under Section 135 of the Companies Act, 2013 are applicable.

Operational and Environmental Metrics

Rushil Decor operates six plants and nine offices across India. Its product portfolio consists primarily of Medium Density Fibre Boards (MDF), which accounted for 74% of turnover, and Decorative Laminate Sheets, contributing 25%. Exports represented 22% of total turnover, reaching 39 countries.

Energy intensity rose to 16.29 GJ per lakh rupees of turnover from 11.69 in the prior year, despite a reduction in total water withdrawal by nearly 57% to 1,29,015 kilolitres. The company maintains a Zero Liquid Discharge (ZLD) framework across all facilities, resulting in zero water discharge.

What the Numbers Show

A divergence exists between rising energy intensity and declining total waste generation. While energy consumption per unit of revenue increased significantly, total waste generated fell to 71,755.22 metric tonnes from 73,837.68 metric tonnes in FY25. This suggests that while production efficiency regarding material usage improved slightly, the energy required per rupee of sales became more intensive during the period.

Employee Welfare and Safety

The company employed 942 permanent employees and 1,206 workers as of the end of FY26. Female representation among permanent employees stood at 3.20%, while 16.67% of the Board of Directors were women. The turnover rate for permanent employees decreased to 27% in FY26 from 32% in FY25.

Safety performance improved with zero lost-time injuries per million person-hours worked for both employees and workers in FY26, compared to 0.133 and 0.16 respectively in FY25. No fatalities or high-consequence injuries were recorded.

Governance and Compliance

Rushil Decor paid a penalty of ₹40,000 to the NSE for a two-day delay in allotting equity shares upon conversion of warrants. The company received 60 customer complaints in FY26, a decline from 91 in FY25, with all resolved by year-end. One shareholder complaint remained pending resolution.

Rushil Decor Limited reported standalone revenue from operations of ₹8,561.33 Mn for FY 2025-26, a marginal decline of 3.9% from ₹8,913.39 Mn in FY 2024-25, as a fire incident at its Andhra Pradesh MDF plant and geopolitical supply chain disruptions weighed on profitability.

The company's 32nd Annual General Meeting is scheduled for September 28, 2026 via video conferencing. The Integrated Annual Report for FY 2025-26 has been submitted to stock exchanges pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance — FY 2025-26

Standalone profit before tax fell sharply to ₹115.68 Mn from ₹629.61 Mn in FY 2024-25, while profit after tax declined to ₹81.93 Mn from ₹483.04 Mn. The PAT margin contracted to 0.96% from 5.42% in the prior year. On a consolidated basis, revenue from operations was ₹8,622.42 Mn, with consolidated PAT at ₹63.83 Mn.

The following table summarises the three-year standalone financial trend:

Segment Performance

The MDF division remained the primary revenue driver, contributing approximately 73.45% of total standalone sales. MDF revenue in FY 2025-26 was ₹6,288.12 Mn, with blended capacity utilisation of 75% across the Chikmagalur (90,000 CBM p.a.) and Vizag (2,40,000 CBM p.a.) facilities.

The Laminates division recorded revenue of ₹2,144.21 Mn in FY 2025-26, a 6.3% increase compared to the prior year. Blended capacity utilisation for regular laminates stood at 89% in FY 2025-26.

Jumbo Laminate Capacity Commissioned

A key development in FY 2025-26 was the commissioning of the integrated Jumbo Size Laminate manufacturing facility at Itla, Taluka Mansa, Gujarat. Phase 1, with a capacity of 1.2 Mn sheets per annum, commenced commercial production in April 2025. Phase 2, adding 1.6 Mn sheets per annum, commenced production in December 2025. Combined installed capacity now stands at 2.8 Mn sheets per annum.

The facility targets export markets including the USA and EU, where demand for large-format laminates is growing. India leads globally in High Pressure Laminate (HPL) manufacturing, and the Jumbo Laminate segment represents an export-led growth opportunity.

Export Presence and Global Footprint

Rushil Decor exports to 57+ countries, generating ₹1,798 Mn in export income in FY 2025-26, representing approximately 21% of total revenue. The company holds a Three-Star Export House designation. During FY 2025-26, it participated in five international trade exhibitions: Interzum (Cologne, Germany, May 2025), Intermob (Istanbul, Turkey, September 2025), PUU (Helsinki, Finland, September 2025), KAZ Build (Almaty, Kazakhstan, September 2025), and Architect Show (Greece, December 2025).

Dividend and Capital Structure

The Board of Directors recommended a final dividend of ₹0.05 (Five Paisa) per equity share of face value ₹1 each for FY 2025-26, subject to shareholder approval at the 32nd AGM. The record date for dividend entitlement is Tuesday, September 8, 2026. If approved, the dividend will be paid on or after Tuesday, September 29, 2026.

As on March 31, 2026, paid-up equity share capital stood at ₹29,34,16,820 (divided into 29,34,16,820 equity shares of ₹1 each). During FY 2025-26, the company allotted 66,00,000 fully paid equity shares of ₹1 each on conversion of 6,60,000 convertible warrants.

Key Risks and Challenges

Chairman Mr. Krupesh G. Thakkar noted in the annual report that FY 2025-26 was marked by a fire incident at the Andhra Pradesh MDF manufacturing plant, ongoing geopolitical conflict affecting Gulf-region supply chains, rising raw material costs, and intensifying competition. The company received a fine of ₹40,000 (plus 18% GST) from the National Stock Exchange for a 2-day delay in allotment of equity shares upon conversion of warrants.

The net debt-to-equity ratio improved marginally to 0.40x in FY 2025-26 from 0.41x in FY 2024-25, reflecting continued financial discipline. Foreign exchange earned during FY 2025-26 was ₹1,867.13 Mn, while foreign exchange outgo was ₹1,065.56 Mn.