Rushil Decor is a family-run Indian manufacturer that makes the panels and surfaces inside homes, offices, and furniture - laminate sheets, MDF (engineered wood boards), PVC boards, and plywood - all sold under the single “VIR” brand. Founded in 1993 by the Thakkar family, whose wood-engineering lineage stretches back over a century, the company has spent three decades expanding from a laminates business into a multi-product interior-infrastructure supplier, adding MDF, PVC, and plywood in sequence. The recurring pattern is to enter a wood-panel category, build manufacturing scale near raw-material sources in South India or Gujarat, and then push the product through a shared nationwide distributor-and-showroom network - a “one-stop shop” logic that lets a single dealer order laminates, MDF, and boards from the same truck. # Business segments Four engines built on a shared distribution backbone - a laminates origin that funded an MDF scale-up, a fledgling plywood venture now being partly sold, and a small PVC line - all routed through one brand and one dealer network. ## 1. MDF boards: the volume engine that pays the bills **MDF is an engineered wood panel that costs roughly a third less than plywood, and Rushil runs two large South Indian plants to supply furniture makers and interior projects across India and 57 export countries.** - **Cheaper substitute for plywood** - MDF (Medium Density Fibreboard, made from wood fibres bonded under heat and pressure) is about 30-35% cheaper than B- and C-grade plywood, which is why it has captured 30% of India’s wood-panel market even though penetration is still only 7% of the plywood industry, versus 80% globally. - **Two plants, 330,000 cubic metres a year** - the older Chikmagalur unit (Karnataka) can make 90,000 CBM annually and ran at 96% utilisation in FY26; the larger Visakhapatnam unit (Andhra Pradesh), commissioned in 2021, adds 240,000 CBM using continuous-press technology that cuts raw-material waste. - **Value-added boards earn a 10-15% premium** - standard MDF sells for about INR 33,000-34,000 per unit, but pre-laminated, high-density, and exterior-grade versions under sub-brands like VIR PRO and VIR PRELAM fetch roughly INR 38,000, and in FY26 these value-added products delivered 54% of MDF revenue on 42% of volumes. - **Raw material comes from farmers, not forests** - both plants sit in agroforestry belts where eucalyptus, acacia, and silver oak are grown by coffee-region farmers as a second income; the company has planted over 140 million trees across 27,000 hectares to secure supply. - **Third-largest in a market that still imports a third of its needs** - Rushil holds the number-three position in Indian MDF, but roughly 33% of the country’s requirement is met by imports from China, Malaysia, Thailand, and Sri Lanka, which means domestic producers are still filling a gap. ## 2. Laminates: the original business and the surface-design engine **Decorative high-pressure laminate sheets - the thin, tough surface layer on kitchen counters, wardrobes, and office furniture - are made across three Gujarat plants with over 1,200 designs, and the company is one of the largest organised players in a market that is still 60% unorganised.** - **Three plants, 3.49 million sheets a year** - all three laminate units sit in Gandhinagar, Gujarat, and in FY26 they ran at 89% utilisation, producing 3.1 million sheets. - **Design library as competitive moat** - an in-house design-and-merchandising team maintains a library of concepts, textures, and material specifications, and stays in contact with architects, interior designers, and carpenters to forecast trends; the portfolio spans 50-plus textures and sub-brands for doors, exteriors, labs, and fire-retardant applications. - **Jumbo laminates are the export-only extension** - a dedicated brownfield facility next to the existing laminate plants makes large-format panels (up to 14 feet by 6 feet) under three brands for exterior facades, kitchen tops, and toilet cubicles, with a combined Phase 1 and 2 capacity of 2.8 million sheets a year and a focus on Europe, the US, and Latin America. ## 3. Plywood: a joint-venture side bet now being partly sold **Rushil entered eco-friendly plywood in 2024 through a 51:49 joint venture with the Modala Group, using an existing Karnataka plant, but has since decided to divest up to 29% of its stake, turning the subsidiary into an associate.** - **Bought, not built from scratch** - the joint venture, Rushil Modala Ply Limited, took over an operating facility in Chikmagalur that started commercial production in April 2024 at 300 boards a day, with plans to scale to 3,000 boards a day. - **Sustainable-wood story** - the plywood is made from trees cultivated on wasteland through agroforestry, marketed under the VIR Modala brand and displayed in VIR Studio showrooms. - **Stake sale underway** - in November 2025 the board approved selling up to 29% to the Modala family at Rs. 10 per share within 18 months; the venture contributed less than 1% of consolidated turnover in FY25, so the divestment tidies the portfolio without disrupting the core. ## 4. PVC and WPC boards: the small waterproof line **PVC (polyvinyl chloride) and WPC (wood-plastic composite) boards are a complementary, recyclable alternative to wood-based panels, made in a Karnataka plant and sold through the same VIR distribution channels.** - **Waterproof substitute for wood** - PVC boards are positioned as fire-retardant, economical, and fully recyclable, with LEED-certification carbon credits, used in home interiors, automotive, and construction. - **Small but growing fast** - the PVC segment grew 96% year-on-year to Rs. 23 crore in FY24, and together with allied products it contributed 5% of total revenue in FY26. # The shared distribution backbone **Every product - MDF, laminates, jumbo laminates, plywood, and PVC - flows through one nationwide network of over 700 distributors, 4,700 retailers, and more than 100 VIR Studio experience centres, with exports handled through a Singapore subsidiary.** - **One brand, one truck** - because all products carry the VIR brand and ship from the same company, a single dealer can order laminates and MDF in one truckload, saving logistics cost and simplifying inventory. - **VIR Studios are the physical catalogue** - over 100 signature showrooms across India display the full range in live, end-use settings, targeting carpenters, interior decorators, and contractors who influence purchase decisions on site. - **Exports reach over 57 countries** - 34% of turnover comes from exports, supported by a 3-Star Export House status and a wholly owned Singapore subsidiary incorporated in late 2024 to distribute across Southeast Asia. - **Demand rides on urbanisation and real estate** - end-markets split between B2B furniture manufacturers and residential projects, with tailwinds from retail, hospitality, healthcare, co-working, and furniture-rental growth. # Group structure and partners **Rushil Decor is a publicly listed Thakkar-family-controlled company with two subsidiaries - a Singapore trading arm and a plywood joint venture that is being partly divested - and no other entities.** - **Listed, family-led** - shares trade on BSE and NSE; Chairman Krupesh Thakkar and Executive Director Rushil Thakkar are the promoter group, and in late 2023 the company allotted convertible warrants to promoter members and two public funds. - **Singapore subsidiary for Southeast Asia** - Rushil Décor Pte. Ltd., incorporated in November 2024 with paid-up capital of SGD 100, imports and distributes the company’s products to Thailand, Laos, Philippines, Cambodia, Vietnam, Malaysia, Indonesia, Myanmar, Brunei and Papua New Guinea. - **Plywood JV transitioning to associate** - Rushil Modala Ply Limited (51% owned) will drop to a minority stake once the 29% divestment to the Modala Group completes within 18 months from November 2025.