Financial Performance Highlights (Standalone)

  • Revenue from Operations: ₹8,561.33 million (FY25: ₹8,913.39 million) - decrease of 4%
  • Profit Before Tax: ₹115.68 million (FY25: ₹629.61 million)
  • Profit After Tax: ₹81.93 million (FY25: ₹483.04 million) - decrease of 83%
  • Earnings Per Share (Basic): ₹0.28 (FY25: ₹1.77)
  • EBITDA: ₹764.32 million (FY25: ₹1,178.08 million)
  • Total Equity: ₹6,519.96 million (FY25: ₹6,327.79 million)
  • Total Liabilities: ₹12,923.36 million (FY25: ₹12,300.22 million)

Consolidated Financials (₹ in Millions)

  • Revenue from Operations: ₹8,622.42 (FY25: ₹8,979.44)
  • Net Profit Attributable to Owners: ₹67.26 (FY25: ₹480.86)
  • Non-Controlling Interest: (₹3.43) (FY25: (₹2.09))

Key Financial Position Figures (Standalone as at March 31, 2026)

  • Total Assets: ₹12,923.36 million
  • Property, Plant and Equipment (Net): ₹7,263.16 million
  • Inventories: ₹2,620.00 million
  • Trade Receivables: ₹1,953.95 million
  • Cash and Cash Equivalents: ₹3.69 million
  • Borrowings: ₹2,598.85 million (Current: ₹1,628.34 million, Non-current: ₹970.51 million)
  • Trade Payables: ₹2,663.21 million

Segment Performance

  • MDF Division: Revenue ₹6,288.12 million (73.45% of total sales), EBITDA margin 9.9%, capacity utilization 75%
  • Laminates Division: Revenue ₹2,144.21 million (6.3% YoY increase), EBITDA ₹190.6 million, capacity utilization 89%
  • Polyvinyl Chloride Boards: Revenue ₹360.11 million

Operational Highlights

  • Manufacturing Facilities: 6 plants across Gujarat, Andhra Pradesh, and Karnataka
  • Export Presence: 57+ countries, export income ₹1,798 million (21% of total revenue)
  • Distribution Network: 700+ direct distributors, 4,700+ retailers/dealers, 116+ VIR Studdio centers
  • Workforce: 942 employees, 1,206 workers
  • Capacity: MDF - 3.30 lakh CBM per annum; Laminates - 6.29 million sheets per annum (including Jumbo)

Jumbo Laminate Project

  • Phase 1: Commissioned April 2025, capacity 1.2 million sheets p.a.
  • Phase 2: Commissioned December 2025, capacity 1.6 million sheets p.a.
  • Total Capacity: 2.8 million sheets p.a., primarily targeting export markets (USA, EU)
  • Current Utilization: 15% of Phase 1 capacity utilized immediately at launch

Capital Structure Changes

  • Equity Share Capital: Increased to ₹293.42 million from ₹286.82 million
  • Shares Outstanding: 293,416,820 equity shares of ₹1 each (Previous year: 286,816,820)
  • Preferential Allotment: Issued 6,600,000 equity shares during the year through warrant conversion
  • Preferential Issue: 41,30,000 convertible warrants issued at ₹297 per warrant on December 23, 2023
  • Conversion: 28,00,000 warrants converted into 2,80,00,000 equity shares, receiving ₹62.37 crores
  • Forfeiture: 13,30,000 warrants forfeited due to non-payment, including 10,00,000 warrants of Vespera Fund Limited after SAT order

Dividend Recommendation

  • Final Dividend: ₹0.05 per equity share (5%) for FY 2025-26, subject to shareholder approval
  • Record Date: September 8, 2026
  • Payment Date: On or after September 29, 2026

Audit Findings

Auditor: Pankaj R Shah & Associates (Firm Regn.No.107361W)

Partner: CA Nilesh Shah (Membership No. 107414)

Opinion: Unmodified (clean) audit opinion for both standalone and consolidated financial statements

Key Audit Matters

1. Revenue Recognition: Verified appropriate recognition of revenue from sale of decorative laminates and MDF boards

2. Internal Financial Controls: Found adequate and operating effectively

Significant Audit Observations

  • No fraud reported by or on the company
  • No material uncertainty about company's ability to continue as going concern
  • No defaults in loan repayments
  • No undisputed statutory dues outstanding
  • No material discrepancies in physical verification of assets
  • Related party transactions compliant with applicable sections of Companies Act

Corporate Governance

  • Board Composition: 6 directors including 3 independent directors and 1 woman director
  • Board Meetings: 5 meetings held during FY 2025-26
  • Committee Structure: Audit, Nomination & Remuneration, Stakeholders Relationship, CSR, and Risk Management committees established
  • Key Managerial Personnel: Mr. Krupesh G. Thakkar (Chairman), Mr. Rushil K. Thakkar (Managing Director), Mr. Keyur M. Gajjar (CEO), Mr. Hiren B. Padhya (CFO), Mr. Hasmukh K. Modi (Company Secretary)

Statutory Appointments

  • Statutory Auditors: M/s. Pankaj R. Shah & Associates completing term, proposed appointment of M/s. Parikh & Majmudar for 5 years from 32nd AGM
  • Secretarial Auditor: M/s. SPANJ & Associates continued for FY 2026-27

AGM Details

  • 32nd Annual General Meeting: September 28, 2026 at 10:30 AM through VC/OAVM
  • Business Items: Adoption of financial statements, dividend declaration, director appointments, auditor appointment, reappointment of Mr. Rushil K. Thakkar as Managing Director

CSR Initiatives

  • Agroforestry Program: 140+ million trees planted in Karnataka and Andhra Pradesh, 1,000+ farmer partnerships
  • Community Welfare: Women empowerment, healthcare assistance, food distribution, animal welfare programs
  • CSR Expenditure: ₹1.32 crores against obligation of ₹1.30 crores

Subsidiary Updates

  • Rushil Decor Pte. Ltd.: Wholly owned subsidiary in Singapore incorporated November 6, 2024
  • Rushil Modala Ply Limited: Converted from subsidiary to associate company after shareholding reduced from 51% to 41%

Contingent Liabilities

  • Bank Guarantees Outstanding: ₹87.51 million
  • Letters of Credit Outstanding: ₹5.24 million
  • Capital Commitments: ₹14.90 million (net of advances)

Forward-looking Statements

The management highlighted challenges including fire incident at AP MDF plant, geopolitical conflicts affecting Gulf region, rising raw material costs, and increasing competition. The company remains focused on Jumbo Laminate ramp-up, export momentum, and domestic network expansion for FY 2026-27.