Performance Overview: FY2026 Consolidated

Rushil Decor reported a challenging FY2026. Consolidated Revenue from Operations was ₹8,622.4 million, a decrease of 4.0% year-on-year (YoY) from ₹8,979.4 million in FY25. EBITDA was ₹801 million, down 22.6% YoY from ₹1,034 million, resulting in an EBITDA margin of 9.3%. Profit After Tax (PAT) was ₹64 million, a significant decline of 86.7% YoY from ₹479 million, with a PAT margin of 0.7%.

Performance Overview: Q4 FY2026 Consolidated

For Q4 FY2026, Revenue was nearly flat at ₹2,309 million (up 0.1% YoY). EBITDA saw an improvement, rising 18.6% YoY to ₹286 million, yielding an EBITDA margin of 12.4%. PAT for the quarter was ₹101 million, a decrease of 19.7% YoY, with a PAT margin of 4.4%.

Segment Performance: FY2026

  • MDF Boards Business: Revenue was ₹6,091 million, down 8.2% YoY. EBITDA was ₹601 million, down 29.0% YoY. In the Indian market, price realization improved 4.8% YoY to ₹25,596 per cubic meter (CBM). For exports, price realization was ₹23,344 per CBM, up 9.7% YoY.
  • Laminates Business: Revenue was ₹2,111 million, up 6.1% YoY. EBITDA was ₹182 million, up 5.5% YoY. In the Indian market, price realization was ₹597 per sheet, up 1.7% YoY. For exports, price realization was ₹786 per sheet, up 13.7% YoY.

Segment Performance: Q4 FY2026

  • MDF Boards Business: Revenue was ₹1,668 million, down 1.2% YoY. EBITDA was ₹233 million, up 18.8% YoY. Indian market realization was ₹25,866 per CBM (up 5.9% YoY). Export realization was ₹26,998 per CBM (up 22.9% YoY).
  • Laminates Business: Revenue was ₹534 million, up 0.8% YoY. EBITDA was ₹41 million, up 3.5% YoY. Export realization was ₹794 per sheet (up 13.3% YoY). Indian market realization was ₹644 per sheet (down 5.4% YoY).

Management Commentary & Challenges

The Managing Director, Mr. Rushil K. Thakkar, stated FY2026 was challenging due to a fire incident at the Andhra Pradesh MDF facility, elevated resin prices, volatile raw material costs, and global geopolitical uncertainties impacting exports and logistics. Despite this, the company focused on operational stability and strengthening its product portfolio.

Strategic Initiatives and Business Updates

  • Jumbo Laminates: The ramp-up of the Jumbo Laminates facility at Gandhinagar was a key focus. The company established export presence for this new product in markets including Russia, Portugal, Slovakia, Romania, Israel, Central America, and Latin America.
  • Distribution Network: The company expanded its domestic network by adding 67 new direct distributors and over 131 retailers/dealers during FY2026. In Q4 alone, 20 direct distributors and 45 retail dealers were added.
  • Price Increase: In response to inflationary pressures, the company implemented price increases effective April 1, 2026: approximately 15% for MDF and 10% for Laminates.
  • Value-Added Products: The company is targeting for value-added products to contribute 60% of revenue and 50% of volumes for the MDF Boards business in FY2027.
  • Capacity: The Jumbo Laminates facility has a total capacity of 2,800,000 sheets per annum (Phase 1: 1,200,000; Phase 2: 1,600,000). Commercial production for both phases commenced in December 2025.

Financial Statement Details (Consolidated)

Profit & Loss Statement (₹ Million):

| Line Item | Q4 FY26 | Q4 FY25 | YoY % | FY26 | FY25 | YoY % |

| Revenue | 2,309.0 | 2,307.3 | 0.1% | 8,622.4 | 8,979.4 | (4.0)% |

| Adjusted EBITDA* | 285.7 | 240.9 | 18.6% | 800.7 | 1,034.3 | (22.6)% |

| Adjusted EBITDA Margin | 12.4% | 10.4% | | 9.3% | 11.5% | |

| Depreciation | 87.1 | 75.4 | | 343.1 | 300.1 | |

| Finance Cost | 76.5 | 72.2 | | 312.1 | 276.5 | |

| Adjusted PBT* | 158.9 | 141.2 | 12.6% | 200.9 | 582.6 | (65.5)% |

| Tax | 34.9 | 24.7 | | 33.8 | 146.6 | |

| PAT | 101.2 | 126.1 | (19.7)% | 63.8 | 478.8 | (86.7)% |

| PAT Margin | 4.4% | 5.5% | | 0.7% | 5.3% | |

*Adjusted figures exclude foreign exchange loss.

Balance Sheet Highlights (₹ Million as of Mar 31, 2026):

  • Total Assets: ₹12,913.4 (Mar 25: ₹12,390.5)
  • Property, Plant and Equipment: ₹7,263.2 (Mar 25: ₹6,996.8)
  • Inventories: ₹2,620.0 (Mar 25: ₹2,411.9)
  • Trade Receivables: ₹1,954.4 (Mar 25: ₹1,869.7)
  • Short Term Borrowings: ₹1,628.3 (Mar 25: ₹1,283.5)
  • Long Term Borrowings: ₹970.5 (Mar 25: ₹1,387.7)
  • The Net Debt-to-Equity ratio improved to 0.39x in FY26 from 0.53x in FY24.