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Technical Report on Rushil Decor Ltd By Shyam Advisory

March 28, 2022

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 and Particle Board.
MDF Board Segment (50% of revenues)
The company is a leading manufacturer of medium density fibre board (MDF) in India and
operates through its brands Vir MDF, Vir Prelam, Vir HDFWR.
The company has a distribution network of 150+ distributors and 1,100+ dealers for this
It operated at 94.7% capacity utilization in FY20.
Laminates Segment (48% of revenues)
The company produces laminates and operates through its key brands Vir Laminates and
It has a portfolio of 500+ designs and 50+ textures and finishes under this segment.
It has a network of ~50 distributors and ~2,000 dealers across India.
PVC Boards Segment (2% of revenues)
The company entered into the production of PVC boards through its facility which started
operations in 2018.
It operates through its existing distribution channels of its laminates segment.
Manufacturing Capabilities
Presently, the company owns 6 manufacturing facilities across Gujarat, Karnataka and
Andhra Pradesh.
Its capacities are:-
Laminates – ~35 lakh sheets p.a.
MDF Boards – 1,100 CBM per day.
PVC – 5,760 TPA.
Recent Expansion
The company undertook major expansion plan to build a new manufacturing unit for thin &
thick MDF boards in Andhra Pradesh with a capacity of 800 CBM per day.
The total cost of the project was ~341 crores which was funded through a debt of
~280 crores and equity infusion of ~40 crores through internal accruals.
The unit started regular commercial production from March 2021.
RUSHI 1 - Shyam Advisory
Technical View: Rushil Decor Ltd , is in to formation of clsscal cup and handle
pattern last session we hve seen stock have close with strong Bullish candle , RSI
divergence indicate Buying signal, where; MACD crossover supporting the trend.
Long term structure look positive.Overall structure indicate postive .
Volume analysis: – 1 Day Delivery volume Increase by 37.91% over 5 day average,
However; 1 Month: Delivery volume fell by -4.99% , Delivery volume increase which
is at 50.85%.As per volume gerneration stock may atract more volumes in upcoming
session, hence;We recommend BUY signal for this share. Buying only be possible
over and obove 520; for the Immediate target of 590 and long term target of 682,
Stop loss can be kept at 450.
Moving Averages: -Rushil Decor Ltd. is trading higher than 5 day, 20 day, 50 day, 100 day
and 200 day moving averages.
5 Day 465.40 50 Day 385.33 200 Day 317.71
20 Day 413.12 100 Day 367.87
Shareholding pattern:-
RUSHI 2 - Shyam Advisory
The Promoter holdings 55.02% . No change in Promoter holdings. No change in
Promoter pledged shares.
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(Best) P/E Ratio
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Last Dividend