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Rushil Decor Reports Zero Deviation in Utilization of Rs 93.04 Cr Preferential Issue Funds
Rushil Decor Limited has successfully utilized the entire realized amount of Rs 93.04 crores from its preferential issue of convertible warrants. The company confirmed zero deviation from the intended objects, which primarily focused on expanding laminate manufacturing and MDF plant upgrades. While the total issue size was Rs 122.66 crores, the company forfeited Rs 9.87 crores due to non-conversion, resulting in a final realized amount of Rs 93.04 crores. This is the final disclosure on this matter as all funds are deployed and no warrants remain pending.
Key Highlights
Total realized proceeds of Rs 93.04 crores fully utilized as of December 31, 2025.
Rs 80.00 crores deployed for the Jumbo size decorative laminates manufacturing project at Mansa.
Rs 9.87 crores forfeited till December 31, 2025, under SEBI (ICDR) Regulations.
Audit Committee and CARE Ratings Limited confirmed zero deviation or variation in fund usage.
Final disclosure issued as the purpose of the fundraise is completed with no pending warrants.
💼 Action for Investors
Investors should take confidence in the company's disciplined capital allocation and the completion of funding for the Mansa laminate project. The lack of deviation suggests transparent management execution regarding growth-oriented capital expenditure.
Rushil Decor Q3 FY26: Revenue Up 2.3% to ₹216.5 Cr; Jumbo Laminate Phase 2 Commences
Rushil Decor reported a 2.3% YoY revenue growth to INR 2,165 million in Q3 FY26, though 9M FY26 revenue remains down 5.4% due to earlier operational disruptions. The company successfully commenced Phase 2 of its Jumbo Laminate facility, which contributed INR 6 crores this quarter and has a total revenue potential of INR 200 crores at 60% utilization. MDF margins faced pressure at 11.7% due to higher resin costs and competition, but domestic MDF revenue grew strongly by 29.4%. Management is pivoting towards value-added products, which now account for 54% of MDF revenue.
Key Highlights
Q3 FY26 Revenue grew 2.3% YoY to INR 2,165 million with an EBITDA margin of 10.7%
Domestic MDF revenue surged 29.4% YoY, while value-added products reached 54% of total MDF value
Laminate segment revenue increased 20.4% YoY to INR 585 million with a 9.8% EBITDA margin
Jumbo Laminate Phase 2 is now operational, targeting INR 200 crore revenue potential at 60% utilization
Net debt-to-equity remains comfortable at 0.41 as of December 2025
💼 Action for Investors
Investors should monitor the ramp-up of the Jumbo Laminate facility and the stabilization of resin prices, which are critical for margin recovery. The shift toward a 50% value-added MDF volume mix is a key metric to track for long-term profitability.
Rushil Decor Q3 Revenue up 2.3% to ₹2,165 Mn; PAT drops 54.7% on Margin Pressure
Rushil Decor reported a modest 2.3% YoY revenue growth in Q3 FY26, reaching ₹2,165 million, driven primarily by a strong 20.4% growth in the Laminates segment. However, profitability faced significant headwinds with EBITDA falling 15.4% to ₹231 million and PAT declining 54.7% to ₹52 million due to elevated resin prices and seasonal demand softness. The company is successfully transitioning towards value-added products, which now contribute 54% of MDF value. Notably, the balance sheet continues to strengthen with Net Debt to Equity improving to 0.41x from 1.10x in FY23.
Key Highlights
Q3 FY26 Revenue grew 2.3% YoY to ₹2,165 million, while PAT fell 54.7% to ₹52 million.
Laminates segment performed strongly with 20.4% YoY revenue growth and 52.1% EBITDA growth.
MDF segment saw domestic revenue growth of 29.4% YoY, though overall segment revenue dipped 3.5%.
Net Debt to Equity ratio significantly improved to 0.41x in 9M FY26 from 1.10x in FY23.
Phase 2 of Jumbo Laminates project commenced production in Q3 FY26, targeting high-margin export markets.
💼 Action for Investors
Investors should monitor the recovery in EBITDA margins as resin prices stabilize and the scale-up of the high-margin Jumbo Laminates segment. While short-term profitability is under pressure, the significant deleveraging and shift toward value-added products are positive long-term indicators.
Rushil Decor Q3 FY26 PAT Falls 54.7% YoY to ₹52 Mn; Laminates Revenue Up 20%
Rushil Decor reported a 2.3% YoY increase in Q3 FY26 revenue to ₹2,165 million, but PAT declined significantly by 54.7% to ₹52 million. Profitability was squeezed by elevated resin prices and forex losses, resulting in EBITDA margins contracting to 10.7% from 12.9% YoY. While the Laminates segment saw robust 20.4% revenue growth driven by domestic demand, the MDF segment faced a 3.5% revenue dip despite strong domestic volume growth of 31.3%. For the nine-month period, the company remains at a net loss of ₹37 million, primarily due to operational disruptions in Q1.
Key Highlights
Laminates segment revenue grew 20.4% YoY to ₹585 million with 93% capacity utilization.
Domestic MDF sales volume increased 31.3% YoY, though overall MDF revenue fell 3.5% to ₹1,486 million.
Value-added MDF products contributed 54% of the segment's total value during 9M FY26.
Consolidated EBITDA margin stood at 10.7%, impacted by high raw material costs and seasonal demand softness.
Net Debt to Shareholder Equity remains stable at a healthy 0.41x.
💼 Action for Investors
Investors should monitor the company's ability to pass on high resin costs and the progress of its high-margin jumbo laminate exports. While the YoY profit drop is significant, the strong domestic volume growth and shift toward value-added products provide a basis for long-term recovery.
Rushil Decor Q3 Standalone Net Profit Drops 50.7% YoY to ₹56.73 Million
Rushil Decor reported a weak performance for Q3 FY26, with standalone net profit falling 50.7% YoY to ₹56.73 million despite a marginal 2.3% increase in revenue to ₹2,152.25 million. For the nine-month period ended December 2025, the company reported a standalone net loss of ₹20.36 million, a sharp reversal from the ₹354.22 million profit in the same period last year. Profitability was severely impacted by declining margins in both the MDF and Laminates segments, alongside rising finance costs. The core MDF segment saw a revenue decline to ₹1,523.80 million compared to ₹1,556.75 million in the previous year's quarter.
Key Highlights
Standalone Q3 Net Profit plummeted 50.7% YoY to ₹56.73 million from ₹115.12 million.
Standalone Revenue for Q3 FY26 grew marginally by 2.3% YoY to ₹2,152.25 million.
MDF segment revenue declined to ₹1,523.80 million in Q3 FY26 from ₹1,556.75 million YoY.
Reported a standalone net loss of ₹20.36 million for the 9-month period ended Dec 2025 vs ₹354.22 million profit YoY.
Finance costs rose to ₹79.93 million in Q3 FY26 compared to ₹74.12 million in the corresponding quarter last year.
💼 Action for Investors
Investors should exercise caution as the company's profitability has significantly eroded, leading to a net loss on a nine-month basis. It is advisable to wait for signs of margin recovery in the MDF segment before considering fresh positions.
RUSHIL forfeits ₹7,42,50,000 from convertible warrants of Vespera Fund Limited
Rushil Decor Limited has announced the forfeiture of ₹7,42,50,000 related to 10,00,000 convertible warrants held by Vespera Fund Limited. This decision was made due to non-receipt of 75% of the amount due on these warrants, as per Regulation 169(3) of SEBI regulations. The Fund Raising Committee approved this forfeiture in their meeting held on December 12, 2025. Vespera Fund Limited has agreed to the company's decision to forfeit the warrants.
Key Highlights
Forfeiture of ₹7,42,50,000 from convertible warrants
10,00,000 convertible warrants held by Vespera Fund Limited
25% of amount paid forfeited due to non-receipt of 75% amount
Fund Raising Committee meeting held on December 12, 2025
Regulation 169(3) of SEBI (ICDR) Regulations, 2018 invoked
💼 Action for Investors
Investors should note the forfeiture of warrants and its potential impact on the company's financials. Monitor further announcements from the company regarding fund raising and warrant conversions.
Rushil Decor forfeits ₹7,42,50,000 from convertible warrants of Vespera Fund
Rushil Decor Limited's Fund Raising Committee has approved the forfeiture of ₹7,42,50,000 related to 10,00,000 convertible warrants held by Vespera Fund Limited. This forfeiture represents 25% of the amount paid on these warrants. The decision was made due to non-receipt of the remaining 75% amount as per regulatory provisions. The company had communicated with Vespera Fund Limited, who agreed with the forfeiture decision. The meeting to approve this was held on December 12, 2025, concluding at 05:40 PM.
Key Highlights
Forfeiture of ₹7,42,50,000 from convertible warrants.
10,00,000 convertible warrants held by Vespera Fund Limited are affected.
25% of the amount paid on warrants is forfeited.
Meeting concluded at 05:40 PM on December 12, 2025.
💼 Action for Investors
Investors should note the impact of this forfeiture on the company's financials. Monitor future announcements regarding fund raising activities.
Rushil Decor Starts Phase 2 Production, Total Jumbo Laminate Capacity Reaches 2.8M Sheets
Rushil Decor Limited has successfully commenced commercial production for Phase 2 of its Jumbo Size Laminate sheets project at its Gandhinagar, Gujarat plant. This phase adds a significant production capacity of approximately 1.6 million sheets per annum. With the completion of both Phase 1 and Phase 2, the total installed capacity for this specific unit now stands at 2.8 million sheets per annum. This expansion is expected to drive volume growth and enhance the company's market share in the decorative laminates segment.
Key Highlights
Commencement of commercial production for Phase 2 of Jumbo Size Laminate sheets in Gujarat.
Phase 2 adds approximately 1.6 million sheets per annum (1 mm thickness basis).
Total installed capacity for the unit increased to 2.8 million sheets per annum.
The project was completed following previous progress updates in April and October 2025.
💼 Action for Investors
Investors should view this as a positive growth catalyst that will likely reflect in higher revenue and improved economies of scale in the coming quarters. Monitor the capacity utilization levels and the impact on EBITDA margins as the new production line ramps up.