Ahmedabad, May 16, 2025
Rushil Decor Limited (BSE: 533470, NSE: RUSHIL), a leading manufacturer of eco-friendly MDF Boards, Laminates, and Plywood, has announced its audited financial results for the fourth quarter and full year ended March 31, 2025.
FY25 Financial Highlights
Rushil Decor posted a
Profit After Tax (PAT) of ₹479 million, registering a
11.1% year-on-year growth. Revenue from operations for FY25 stood at ₹8,979 million, up 6.4% from the previous fiscal.
| Metric | FY25 | FY24 | YoY Growth |
|---|
| Revenue from Operations | ₹8,979 mn | ₹8,440 mn | 6.4% |
| Gross Profit | ₹4,165 mn | ₹4,012 mn | 3.8% |
| Gross Margin (%) | 46.4% | 47.5% | — |
| EBITDA | ₹1,057 mn | ₹1,199 mn | -11.8% |
| EBITDA Margin (%) | 11.8% | 14.2% | — |
| PBT | ₹605 mn | ₹613 mn | -1.2% |
| PBT Margin (%) | 6.7% | 7.3% | — |
| PAT | ₹479 mn | ₹431 mn | 11.1% |
| PAT Margin (%) | 5.3% | 5.1% | — |
Q4 FY25 Performance Snapshot
Despite a slight dip in revenue from operations to ₹2,307 million (down 1.2% YoY), Q4 FY25 PAT stood at ₹126 million, surging 40% YoY.
| Metric | Q4 FY25 | Q4 FY24 | YoY | Q3 FY25 | QoQ |
|---|
| Revenue from Operations | ₹2,307 mn | ₹2,334 mn | -1.2% | ₹2,117 mn | 9.0% |
| Gross Profit | ₹1,011 mn | ₹1,063 mn | -4.8% | ₹1,016 mn | -0.5% |
| EBITDA | ₹231 mn | ₹292 mn | -21.1% | ₹273 mn | -15.6% |
| PBT | ₹131 mn | ₹159 mn | -17.6% | ₹155 mn | -15.3% |
| PAT | ₹126 mn | ₹90 mn | 40.0% | ₹115 mn | 9.7% |
Segment-wise Revenue Performance
| Division | FY25 Revenue (₹ mn) | FY24 Revenue (₹ mn) | YoY Growth |
|---|
| MDF Boards | 6,637 | 6,308 | 5.2% |
| Laminates | 1,989 | 1,900 | 4.7% |
| Others | 353 | 232 | 52.2% |
| Total | 8,979 | 8,440 | 6.4% |
Volume Highlights
| Division | FY25 Volume | FY24 Volume | YoY Growth |
|---|
| MDF Boards (CBM) | 2,79,500 | 2,60,380 | 7.3% |
| Laminates (Sheets) | 30,48,067 | 29,08,388 | 4.8% |
Notably,
MDF export sales volumes rose 32.4% YoY, underlining the company’s expanding global footprint.
Operational Highlights
- MDF Division:
- EBITDA of ₹181 million with a 10.7% margin
- Export price realization: ₹21,961/CBM; Domestic: ₹24,424/CBM
- Capacity utilization stood at 81%
- Laminates Division:
- EBITDA of ₹45 million with 8.5% margin
- Export price realization: ₹681/sheet; Domestic: ₹701/sheet
- Capacity utilization at 83%
- Net debt-to-equity ratio: 0.41x
- EPS: Basic ₹0.45, Diluted ₹0.42
- Added 20 new retail distributors
Strategic Developments
The company commenced commercial production at its new
Jumbo Laminates facility in Gandhinagar under Phase 1 in April 2025, with an initial installed capacity of 1.2 million sheets per annum. Export orders for 15% of this capacity have already been secured. Phase 2 of the project is expected to launch by
October 2025.
Despite rising industry MDF capacity in India from 2.3 million CBM to 3.5–4 million CBM over the last two years, Rushil Decor has successfully retained its market share, aided by brand loyalty and a growing distribution network.
Outlook
Commenting on the performance,
Managing Director Rushil Thakkar stated:
“We’ve achieved resilient growth in a dynamic environment, with FY25 revenue at ₹8,979 million and PAT up by 11.1%. Our MDF division led the charge, particularly with strong export momentum. Looking forward, we are targeting consolidated revenues of ₹11,000 million in FY26, supported by strategic capacity expansions and customer-centric innovations.”
About Rushil Decor
Established in 1993,
Rushil Decor Limited is a global leader in eco-friendly composite wood panels and modern interior infrastructure solutions. Operating six manufacturing units, the company offers a broad product portfolio including MDF, Laminates, PVC and WPC boards across 56+ countries. The company’s brands include
VIR Laminates, VIR MDF, VIR MAXPRO, VIR Modala Ply, and more.
