Integrated Filing — IndAS



General information about company

Scrip Code 533470
NSE Symbol RUSHIL
MSEI Symbol NOTLISTED
ISIN INE573K01025
Name of company RUSHIL DECOR LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 08-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 29-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 08-11-2025   11:00:00
End date and time of board meeting 08-11-2025   13:15:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 23,564.90 41,480.50
Other income 63.30 107.50
Total income 23,628.20 41,588.00
2 Expenses
(a) Cost of materials consumed 13,339.40 23,028.10
(b) Purchases of stock-in-trade 2.80 13.50
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (365.30) 407.80
(d) Employee benefit expense 2,006.20 3,683.80
(e) Finance costs 703.80 1,547.80
(f) Depreciation, depletion and amortisation expense 855.60 1,692.20
(f) Other Expenses
1 Other Expenses 6,332.80 12,314.80
Total other expenses 6,332.80 12,314.80
Total expenses 22,875.30 42,688.00
3 Total profit before exceptional items and tax 752.90 (1,100.00)
4 Exceptional items 0.00 0.00
5 Total profit before tax 752.90 (1,100.00)
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 239.90 (206.10)
9 Total tax expenses 239.90 (206.10)
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 513.00 (893.90)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 513.00 (893.90)
17 Other comprehensive income net of taxes 1.50 3.00
18 Total Comprehensive Income for the period 514.50 (890.90)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 518.10 (859.60)
Total profit or loss, attributable to non-controlling interests (25.20) (34.30)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 519.60 (856.60)
Total comprehensive income for the period attributable to owners of parent non-controlling interests (25.20) (34.30)
21 Details of equity share capital
Paid-up equity share capital 2,934.20 2,934.20
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.19 -0.31
Diluted earnings (loss) per share from continuing operations 0.19 -0.31
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 0.19 -0.31
Diluted earnings (loss) per share from continuing and discontinued operations 0.19 -0.31
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1 The above unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their respective meetings held on November 08, 2025. 2 The above unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 have been prepared in accordance with Indian AS as prescribed under section 134 of the Companies Act, 2013. 3 The company has declared Final Dividend of Rs. 0.10 per equity share (Face Value of Rs. 1/- per share) for the year ended March 31, 2025 as approved by the shareholders in 31st Annual General Meeting held on September 20, 2025. 4 The Company raised the funds by way of issue of Convertible Warrants on Preferential Basis to the Promoter Group and Non-Promoters in the board meeting held on October 26, 2023 and the same was approved in the Extraordinary General Meeting held on November 18, 2023. On December 23, 2023, the Company allotted 41,30,000 Convertible Warrants at an issue price of Rs.297/- per warrant to Promoter Group and Non-Promoters as approved by the general body and in terms of the In-Principle approval accorded by the exchanges on December 12, 2023. Further, the equity shares of the Company were sub-divided from 1 share of Rs.10 each to 10 shares of Rs.1 each having record date August 09, 2024. During the previous quarter, the company received an amount of Rs.147.02 Million. The Company has received total amount of Rs.930.35 Million till September 30, 2025. 5.The company has received proceeds from preferential allotment till September 30, 2025 amounting to Rs.930.35 Million. The Utilization of the Net Proceeds towards the Objects of the Preferential issue through Convertible Warrants is summarized below: Particulars Amount to be funded from the Net Proceeds Amount Utilised till 30.09.2025 (Rs. in Million) (Rs. in Million) Decorative laminates including bigger size (Jumbo size) laminates manufacturing Project at Mansa 900.00 773.20 Working Capital Margin Requirement 100.00 0.00 MDF Plant & Machinery as well as Civil Work for existing MDF Manufacturing Plants 100.00 95.30 General Corporate Purpose 126.61 33.70 Total 1226.61 902.20 Balance Unutilized as on 30.09.2025 28.15 6.The Competent Authority “Securities Appellate Tribunal, Mumbai” has vide its Order dated October 15, 2025, dismissed the appeal filed by Vespera Fund Limited against the order of the Securities and Exchange Board of India (SEBI) of March, 2025. The said appeal related to Vespera Fund Limited’s application under Regulation43B of the SEBI (Foreign Portfolio Investors) Regulations, 2019, seeking relaxation to pay the balance 75% of the consideration amount towards convertible warrants and to exercise conversion into equity shares of the Company. The SAT has upheld SEBI’s order and dismissed the appeal filed by Vespera Fund Limited. Further, upon pronouncement of the above order, the SAT has, on request of the appellant, extended the earlier status quo direction for a further period of six weeks from October 15, 2025. Accordingly, the Company has not forfeited the 10,00,000 convertible warrants of Vespera Fund Limited even though it has not paid the balance 75% amount to the Company. On getting final order of Securities Appellate Tribunal, Mumbai, Company will act according to order of authority. 7. During the reporting quarter ended September 30, 2025, the Company recognized a foreign exchange loss of Rs.17.08 million and for half yearly ending September 30, 2025, Company recognized foreign exchange loss of Rs.74.17 million, primarily on account of the revaluation of its ECA loan in EURO. This loss was driven by an adverse movement in the EURO-INR exchange rate. This has been recorded under other expenses as foreign exchange fluctuation loss in the financial results. Table showing details of Profit Before tax (PBT) after eliminating the effect of foreign exchange fluctuation. (Rs. in Million) Particular Quarter Ended Half Year Ended Year Ended Sep’25 Jun’25 Sep’24 Sep’25 Sep’24 Mar’25 Profit / (Loss) before tax 83.65 (181.37) 156.05 (97.72) 320.97 609.65 Add: Effect of foreign exchange fluctuation loss/(gain) 17.08 57.09 28.30 74.17 14.77 (22.81) Profit / (Loss) before tax but without considering foreign exchange fluctuation effect 100.73 (124.28) 184.35 (23.55) 335.74 586.84 Profit / (Loss) before tax in % after giving forex effect 3.58% (10.21%) 6.79% (2.37%) 7.03% 6.97% Profit / (Loss) after tax in % before giving forex effect 4.31% (6.99%) 8.03% (0.57%) 7.35% 6.49% 8.On April 9, 2025, a fire occurred in the Energy Plant area of the Company’s MDF Manufacturing Plant located in Andhra Pradesh, which resulted in a temporary disruption of production activities. Production resumed on May 14, 2025. The Company maintains adequate insurance coverage for property, plant and equipment, as well as for loss of profit due to business interruption. The Company is in the process of submission of insurance claims for both property damage and business interruption losses arising from the incident. Pending final assessment and approval of the claim amount by the insurance company, no adjustments have been made in the accompanying financial statements. Appropriate accounting entries will be recorded in the period in which the claim amount is approved and becomes virtually certain of realization, in accordance with the requirements of Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 70,312.50
Capital work-in-progress 2,588.30
Investment property 0.00
Goodwill 0.00
Other intangible assets 449.30
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 1.30
Trade receivables, non-current 1,160.00
Loans, non-current 16.70
Other non-current financial assets 932.50
Total non-current financial assets 2,110.50
Deferred tax assets (net) 0.00
Other non-current assets 1,043.90
Total non-current assets 76,504.50
2 Current assets
Inventories 24,171.00
Current financial asset
Current investments 0.00
Trade receivables, current 18,085.30
Cash and cash equivalents 35.60
Bank balance other than cash and cash equivalents 761.60
Loans, current 0.00
Other current financial assets 7,981.20
Total current financial assets 26,863.70
Current tax assets (net) 0.00
Other current assets 0.00
Total current assets 51,034.70
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 1,27,539.20
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,934.20
Other equity 60,636.20
Total equity attributable to owners of parent 63,570.40
Non controlling interest 410.30
Total equity 63,980.70
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 11,419.90
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 1,258.00
Total non-current financial liabilities 12,677.90
Provisions, non-current 403.50
Deferred tax liabilities (net) 5,969.70
Deferred government grants, Non-current 0.00
Other non-current liabilities 166.20
Total non-current liabilities 19,217.30
Current liabilities
Current financial liabilities
Borrowings, current 16,284.60
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 2,566.40
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 20,823.80
Total Trade payable 23,390.20
Other current financial liabilities 36.00
Total current financial liabilities 39,710.80
Other current liabilities 748.40
Provisions, current 3,882.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 44,341.20
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 63,558.50
Total equity and liabilites 1,27,539.20
Disclosure of notes on assets and liabilities Textual Information(1)



Text Block

Textual Information(1) 9.Earnings Per Share (EPS) for the unaudited financial results for the quarter ended September 30, 2025, has been computed after giving effect to the stock split. The company’s equity shares were subdivided from one share of Rs.10 each into ten shares of Rs.1 each, with the record date being August 9, 2024. The company has not given effect of the warrants issued to Vespera Fund Limited while calculating the diluted EPS, as the matter is pending before the Securities Appellate Tribunal. 10.During the Quarter, the Company has provided a loan of SGD 50,000 to its wholly owned subsidiary, Rushil Decor Pte. Ltd. (Singapore). 11.Segment Information as per Ind-AS 108, “Operating Segments” is disclosed in Segment Reporting. 12.Subsequent to the reporting date: i.The Company received a total of Rs.114.17 million from the Government of Andhra Pradesh as incentives under the scheme of INDUSTRIAL DEVELOPMENT POLICY 2015-20 in October 2025. This amount includes Rs.103.77 million towards power subsidy, out of which Rs 88.82 million had already been recognized and disclosed as receivable under “Other Current Assets” in the financial year 2024–25 and remaining Rs.14.95 million has been recognized in current quarter ended September 30, 2025. And Rs.10.40 million towards stamp duty reimbursement, which will be adjusted against the land value. ii.To meet the growing demand in the overseas market for jumbo-size laminates and to enhance overall production capacity, the Company successfully commenced Phase I of its Jumbo Plant on April 30, 2025, with an installed capacity of ~1.2 million sheets per annum (considered on a 1 mm thickness basis). Further, in line with this expansion strategy, the Company initiated trial production under Phase II of its Jumbo Size Laminate Sheets Project in October 2025 at its newly established manufacturing facility located at Village Itla, near Kalyanpura Patia, Gandhinagar–Mansa Road, Taluka Mansa, District Gandhinagar, Gujarat. Phase II adds an additional production capacity of ~1.6 million sheets per annum (on a 1 mm thickness basis). With the successful implementation of both phases, the total installed capacity of the Jumbo Plant stands at ~2.8 million sheets per annum (on a 1 mm thickness basis). iii.Rushil Decor Limited (“the Company”) presently holds 48,45,400 equity shares, representing 51% of the paid-up share capital of its subsidiary, Rushil Modala Ply Limited (“the Subsidiary Company”). In alignment with the Company’s strategic objective to optimize its investment portfolio and enhance overall operational efficiency, the Board has approved the dilution of the Company’s shareholding in the Subsidiary Company by up to 29% of its total paid-up share capital, at a consideration of Rs.10/- (Rupees Ten only) per equity share. This decision reflects the Company’s proactive approach towards focusing resources on core growth areas and improving shareholder value. 13.Previous period figures have been re-arranged/re-grouped wherever necessary.



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Laminates & allied products 5,625.70 10,078.50
2 Medium Density Fiber Board 17,472.90 30,331.90
3 Polyvinayl Chloride Board 0.009043 1,763.60
4 Plywood 0.002405 0.004279
5 Unallocated 0.00 0.00
Total Segment Revenue 24,243.40 42,601.90
Less: Inter segment revenue 678.50 1,121.40
Revenue from operations 23,564.90 41,480.50
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Laminates & allied products 279.00 574.70
2 Medium Density Fiber Board 1,173.50 (183.80)
3 Polyvinayl Chloride Board 41.40 99.40
4 Plywood (37.20) (42.50)
5 Unallocated 0.00 0.00
Total Profit before tax 1,456.70 447.80
i. Finance cost 703.80 1,547.80
ii. Other Unallocable Expenditure net off Unallocable income 0.00 0.00
Profit before tax 752.90 (1,100.00)
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Laminates & allied products 39,188.70 39,188.70
2 Medium Density Fiber Board 83,622.10 83,622.10
3 Polyvinayl Chloride Board 3,311.70 3,311.70
4 Plywood 1,416.70 1,416.70
5 Unallocated 0.00 0.00
Total Segment Asset 1,27,539.20 1,27,539.20
Un-allocable Assets 0.00 0.00
Net Segment Asset 1,27,539.20 1,27,539.20
4 Segment Liabilities
Segment Liabilities
1 Laminates & allied products 8,256.80 8,256.80
2 Medium Density Fiber Board 26,244.00 26,244.00
3 Polyvinayl Chloride Board 1,051.60 1,051.60
4 Plywood 572.60 572.60
5 Unallocated 27,433.50 27,433.50
Total Segment Liabilities 63,558.50 63,558.50
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 63,558.50 63,558.50
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Amount of items that will not be reclassified to profit and loss 200000 400000
Total Amount of items that will not be reclassified to profit and loss 2.00 4.00
2 Income tax relating to items that will not be reclassified to profit or loss 0.50 1.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 1.50 3.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (1,100.00)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1,547.70
Adjustments for decrease (increase) in inventories (51.40)
Adjustments for decrease (increase) in trade receivables, current (124.70)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (1,148.30)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current (332.30)
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 1,330.90
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (696.70)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1,692.20
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 2,058.30
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (95.80)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) (13.20)
Other adjustments for non-cash items (4.10)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 4,162.60
Net cash flows from (used in) operations 3,062.60
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 225.90
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 2,836.70
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 21.40
Purchase of property, plant and equipment 3,386.60
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (191.90)
Net cash flows from (used in) investing activities (3,557.10)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 2,025.80
Proceeds from issuing other equity instruments (490.00)
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 3,449.20
Repayments of borrowings 2,456.80
Payments of lease liabilities 0.00
Dividends paid 293.40
Interest paid 1,547.70
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 9.30
Net cash flows from (used in) financing activities 696.40
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (24.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (24.00)
Cash and cash equivalents cash flow statement at beginning of period 59.60
Cash and cash equivalents cash flow statement at end of period 35.60





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Pankaj R. Shah & Associates Yes 31-10-2027