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.

Rushil Decor has scheduled its 32nd Annual General Meeting for September 28, 2026, at 10:30 am via video conferencing. The meeting will address the adoption of financial statements for FY26 and key governance resolutions.

The Board proposes a final dividend of ₹0.05 per equity share of face value ₹1 each for the financial year ended March 31, 2026. Shareholders on record as of September 8, 2026, will be eligible for the payout, subject to approval at the AGM. The cut-off date for remote e-voting is September 21, 2026.

Auditor Rotation

The company seeks shareholder approval to appoint M/s. Parikh & Majmudar, Chartered Accountants, as Statutory Auditors for a five-year term ending in 2031. This follows the decision by the incumbent auditors, M/s. Pankaj R. Shah & Associates, to decline reappointment for a second term after completing their initial five-year tenure.

Parikh & Majmudar had previously served as statutory auditors until the conclusion of the 27th AGM in 2021. The cooling-off period mandated under the Companies Act, 2013, has now lapsed, making them eligible for reappointment. The Audit Committee recommended the change based on the firm’s qualifications and independence.

Management Reappointment

Shareholders will also vote on the reappointment of Mr. Rushil Krupesh Thakkar as Managing Director for a three-year period from August 13, 2026, to August 12, 2029.

The proposed aggregate remuneration for Mr. Thakkar is ₹15,00,000 per month, with a ceiling of ₹25,00,000 per month including salary and perquisites. This structure excludes leave benefits, provident fund contributions, and other non-taxable allowances. The Nomination and Remuneration Committee approved the terms, citing his 13 years of experience in the laminate and MDF board industries.

Voting Details

Remote e-voting will be open from September 24, 2026, at 9:00 am until September 27, 2026, at 5:00 pm. Institutional shareholders must submit scanned copies of board resolutions or authority letters to the scrutinizer via email. Physical attendance is dispensed with in compliance with Ministry of Corporate Affairs circulars.