Rushil Decor Ltd. (RUSHIL) AI Stock Analysis

• Market Cap: ₹4.60B
• Dividend Yield: 0.42%
• Average Volume (3M): 28.77K
• Price to Earnings (P/E): 29.4
• Beta (1Y): 1.05
• Revenue Growth: -4.97%
• EPS Growth: -65.55%
• Country: IN
• Employees: 833
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.18
• Shares Outstanding: 293,416,800
• 10 Day Avg. Volume: 25,194
• 30 Day Avg. Volume: 28,765
• PEG Ratio: 2.88
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 0.74
• P/FCF Ratio: -4.46K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: ₹17.00 ▼(-23.90% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is held up by fairly solid operating performance and margins in the financial statements, but is meaningfully weighed down by a pronounced bearish technical setup (below all major moving averages with negative MACD) and an expensive valuation (P/E 51.67 with a low ~0.59% dividend yield). Cash flow is a secondary risk due to negative free cash flow despite strong operating cash conversion.

Positive Factors

High gross & EBIT margins

Sustained high gross and EBIT margins indicate durable cost control and value capture in manufacturing and product mix. These margins provide structural buffer against raw material swings, supporting reinvestment and pricing flexibility that benefit profitability over the next several quarters.

Strong operating cash conversion

An OCF/net income ratio of 2.25 shows the business converts accounting profits into cash efficiently. This structural cash-generating ability supports working capital cycles and funds operations, reducing reliance on external financing over a multi-quarter horizon.

Integrated wood panel & surface products

A diversified product portfolio across MDF and laminates serves multiple customers in furniture, retail and industrial channels. Vertical exposure to both boards and surface finishes gives durable revenue resilience from cross-selling and end-market cycles in construction and furnishing.

Negative Factors

Negative free cash flow

Negative free cash flow signals capital expenditure or working capital needs outpacing cash from operations. Over months, persistent negative FCF can constrain reinvestment, limit flexibility for growth initiatives, and raise the need for debt or equity financing if not addressed.

Low net profit margin

A modest net margin of 5.4% suggests limited bottom-line capture after operating efficiencies. This reduces the cushion against demand shocks or input cost inflation and makes earnings more sensitive to adverse shifts, limiting long-term surplus available for shareholders.

Earnings volatility

A steep EPS decline reflects volatile profitability or one-off pressures. Such volatility undermines predictability of earnings and planning, raising execution risk for capital allocation and complicating multi-quarter forecasting for investors and lenders.

Rushil Decor Ltd. Business Overview & Revenue Model

Company Description

Rushil Décor Limited manufactures and sells wood panels and decorative laminates for use in residential and commercial spaces in India. It offers laminate sheets, medium density fibre boards, pre-laminated medium density fibre boards, and polyvinyl chloride boards under the VIR Laminates, Signor, VIR MDF, VIR prelam, VIR PVC, and VIR HDFWR brands. The company also exports its products. Rushil Décor Limited was incorporated in 1993 and is based in Ahmedabad, India.

How the Company Makes Money

Rushil Decor Ltd. generates revenue primarily through the sale of its decorative laminates, veneers, and engineered wood products. The company operates on a B2B model, selling its products to manufacturers, retailers, and contractors in the furniture and construction industries. Key revenue streams include direct sales to large distributors and retailers, as well as exports to international markets. Additionally, RUSHIL benefits from partnerships with interior design firms and construction companies, which help to promote and integrate its products into various projects. The company's focus on innovation and quality, along with effective marketing strategies, contributes to its profitability and market presence.

Rushil Decor Ltd. Financial Statement Overview

Summary

Income statement strength (revenue up 6.4% YoY and strong gross margin at 46.4% with robust EBIT margin at 38.8%) is partly offset by modest net margin (5.4%), moderate balance sheet returns (ROE 7.6% with manageable debt-to-equity of 0.43), and weaker cash flow quality due to negative free cash flow despite strong operating cash conversion (OCF/net income 2.25).

Income Statement

Rushil Decor Ltd. has shown a solid revenue growth trajectory with a 6.4% increase in revenue from 2024 to 2025. The gross profit margin is strong at 46.4%, indicating efficient cost management. However, net profit margin is relatively low at 5.4%, suggesting room for improvement in profitability. The EBIT margin is robust at 38.8%, reflecting strong operational efficiency.

Balance Sheet

The company's debt-to-equity ratio is 0.43, indicating moderate leverage, which is manageable but should be monitored for any significant increases. The return on equity stands at 7.6%, showcasing a moderate return on shareholder investments. The equity ratio is 51.0%, suggesting a balanced capital structure with a healthy proportion of equity financing.

Cash Flow

Operating cash flow has improved significantly, but free cash flow growth is negative, indicating challenges in maintaining positive free cash flow after capital expenditures. The operating cash flow to net income ratio is 2.25, showing strong cash conversion, but the free cash flow to net income ratio is negative, highlighting issues in capital expenditure management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.57B	8.98B	8.44B	8.38B	6.17B	3.35B
Gross Profit	3.54B	4.16B	3.14B	4.23B	2.16B	1.13B
EBITDA	749.76M	1.06B	1.20B	1.49B	753.54M	408.16M
Net Income	156.33M	480.84M	431.09M	776.71M	228.05M	137.18M
Balance Sheet
Total Assets	12.75B	12.39B	10.99B	9.98B	8.87B	8.08B
Cash, Cash Equivalents and Short-Term Investments	79.72M	5.96M	4.92M	54.11M	61.00M	116.33M
Total Debt	2.82B	2.72B	2.96B	4.06B	4.20B	3.79B
Total Liabilities	6.36B	6.03B	5.57B	6.34B	6.00B	5.44B
Stockholders Equity	6.36B	6.33B	5.43B	3.63B	2.87B	2.64B
Cash Flow
Free Cash Flow	-54.99M	-1.48M	164.50M	417.75M	-371.01M	143.50M
Operating Cash Flow	283.67M	1.08B	409.18M	1.15B	-66.85M	770.89M
Investing Cash Flow	-355.71M	-970.87M	-353.19M	-760.92M	-149.14M	-385.83M
Financing Cash Flow	69.64M	-108.54M	-56.13M	-387.99M	205.55M	-376.01M

Rushil Decor Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 22.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RUSHIL, the sentiment is Negative. The current price of 22.34 is above the 20-day moving average (MA) of 16.80, above the 50-day MA of 18.99, and below the 200-day MA of 24.46, indicating a bearish trend. The MACD of -1.08 indicates Negative momentum. The RSI at 32.62 is Neutral, neither overbought nor oversold. The STOCH value of 34.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RUSHIL.

Rushil Decor Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RPPL	63 Neutral	₹1.13B	16.55	―	―	10.14%	73.18%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
AIROLAM	57 Neutral	₹1.31B	26.42	―	―	6.84%	198.93%
NAHARSPING	53 Neutral	₹7.56B	-13.61	―	0.51%	3.67%	―
RUSHIL	52 Neutral	₹4.60B	29.37	―	0.42%	-4.97%	-65.55%
SARVESHWAR	51 Neutral	₹3.92B	14.95	―	―	29.26%	46.09%
KOKUYOCMLN	49 Neutral	₹7.71B	57.19	―	0.55%	-3.15%	-15.95%

Rushil Decor Ltd. Corporate Events

Rushil Decor Publishes Q3 FY26 Earnings Call Transcript for Investors

Rushil Decor Limited has released the transcript of its earnings conference call with investors and analysts discussing the unaudited standalone and consolidated financial results for the quarter ended 31 December 2025. The call, held on 29 January 2026 and led by Managing Director Rushil Thakkar and Chief Financial Officer Hiren Padhya, underscores the company’s ongoing disclosure practices under SEBI’s listing regulations, with the full transcript now made accessible to stakeholders via the company’s website for information and record-keeping purposes.