Thread by @TheFitNiveshak

#RUSHIL Mcap - 1054 Crores

PE - 18

Rushil Decor Ltd is primarily engaged in manufacturing and sale of

▶️Laminate Sheets,

▶️Medium Density Fibre Board

▶️Prelaminated Medium Density

▶️Fibre Board boards,

▶️Polyvinyl Chloride (PVC) Board

▶️Particle Board.

💢Demand of MDF in India

Indian Plywood market - 180 Billion

Huge replacement beneficiary is MDF

Huge opportunity in Laminates
💢Industry Size - 6000+ CR

40% organized sector
60% unorganised sector

Consumption of Indian panel products has grown at CAGR of 15-20% for organised segment

Increasing consumerism and urbanization are key growth drivers

💢MDF Board Segment (50% of revenues)
400+ Distributors
2 Consignment stockists
4,000+ Dealers
8 Branches (including 5 Flooring)

70+ OEMs

1 unit at Karnataka and 1 unit at Andhra Pradesh
✅Capacity- 33 lacs CBM per annum
Utilisation- Q1FY23 ~80%

Quarterly Segmental Highlights - MDF

Quarterly Highlights – MDF Geographical Break-up

Huge opportunity in MDF too
💢Industry size - 5500 Cr

CAGR of 15% - 20% presently

Significant advantages over plywood spurring popularity

💢Laminates Segment (48% of Revenue)
80+ Distributors
7 Consignment stockists
1 Depots
8 Branches
1600 Dealers

3 units at Gandhinagar, Gujarat
✅Capacity-34.92 lakh sheets per annum
Utilisation - Q1FY23 - 83%

Quarterly Segmental Highlights - Laminates

Quarterly Highlights – Laminates Geographical Break-up

💢PVC Boards Segment (2% of revenues)

The company entered into the production of PVC boards through its facility which started operations in 2018.

💢Board approved fund raising of upto Rs. 200 crores

Valuation looks reasonable imo.
From here on one can expect rerating.

-Invested and biased

Opinions welcomed.

@varinder_bansal @connectgurmeet @Finstor85 @sidd1307 @AI_Feb21 @drprashantmish6 @PrasadWakchaure @VVVStockAnalyst @suru27
@AdeptMarket

3X investment over Plant Machinery.
Will keep watch over couple of quarters.