Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Rushil Decor Limited submitted its investor presentation for Q1 FY2027 (quarter ended June 30, 2026).

Business Overview

Rushil Decor is one of India's leading manufacturers of Laminates and MDF with global footprint across 59 countries. The company operates three product segments:

  • Decorative Surface solutions (Laminates): Capacity of 62,92,000 sheets per annum across 3 manufacturing plants in Gandhinagar, Gujarat. FY2026 revenue: ₹2,111 million.
  • Engineered Wood Panel Solutions (MDF): Capacity of 3,30,000 CBM per annum from plants in Vishakhapatnam, Andhra Pradesh and Chikmagalur, Karnataka. FY2026 revenue: ₹6,091 million.
  • Waterproof Panel Solutions (PVC): Capacity of 5,400 tonne per annum from one plant in Chikmagalur, Karnataka. FY2026 revenue: ₹359 million.

Company-wide FY2026 financials: Revenue from Operations ₹8,622 million, EBITDA ₹697 million, CFO ₹887 million, Net Debt to Equity 0.39x.

Q1 FY2027 Consolidated Financial Performance

Financial Highlights (YoY comparison):

  • Revenue from Operations: ₹2,290 million (27.8% increase from ₹1,792 million in Q1 FY26)
  • EBITDA: ₹182 million (improved from negative ₹22 million in Q1 FY26)
  • EBITDA Margin: 7.9% (improved from -1.2% in Q1 FY26)
  • PAT: ₹20 million (improved from negative ₹141 million in Q1 FY26)
  • PAT Margin: 0.9% (improved from -7.9% in Q1 FY26)

Segment-wise Performance (YoY):

Laminates (Including Jumbo):

  • Revenue: ₹736 million (65.3% growth)
  • Sales Volume: 8,80,319 sheets (27.9% growth)
  • Blended Realisation: ₹836 per sheet (29.3% increase)
  • EBITDA: ₹52 million
  • EBITDA Margin: 7.0%
  • Capacity Utilisation: 51%

MDF:

  • Revenue: ₹1,456 million (17.2% growth)
  • Sales Volume: 52,417 CBM (0.7% growth)
  • Blended Realisation: ₹27,781 per CBM (16.4% increase)
  • EBITDA: ₹123 million (improved from negative ₹73 million)
  • EBITDA Margin: 8.4% (improved from -5.9%)
  • Capacity Utilisation: 66% (from 58%)

PVC:

  • Revenue: ₹96 million (13.1% growth)
  • Sales Volume: 944 tonne (6.9% growth)
  • Blended Realisation: ₹1,02,145 per tonne (5.8% increase)
  • EBITDA: ₹8 million
  • EBITDA Margin: 7.9%
  • Capacity Utilisation: 61%

Jumbo Laminates Business Highlights (QoQ comparison)

  • Total Revenue: ₹110 million (25.0% increase from ₹88 million in Q4 FY26)
  • India Revenue: ₹9 million (6.5% increase)
  • Exports Revenue: ₹101 million (27.0% increase)
  • Total Sales Volume: 1,13,429 sheets (20.4% increase)
  • EBITDA: ₹23 million (significant improvement from ₹1 million)
  • EBITDA Margin: 20.6% (improved from 1.6%)
  • Blended Realisation: ₹969 per sheet (3.8% increase)

Detailed Profit and Loss Statement

| Rs. Million | Q1 FY27 | Q1 FY26 | YoY (%) | Q4 FY26 | QoQ (%) |

| Revenue from Operations | 2,290 | 1,792 | 27.8% | 2,309 | (0.8)% |

| Cost of Materials Consumed | 1,384 | 969 | - | 1,376 | - |

| Changes in Inventories | 13 | 77 | - | (176) | - |

| Employee Cost | 184 | 168 | - | 207 | - |

| Other Expenses | 525 | 598 | - | 637 | - |

| Reported EBITDA | 182 | (22) | nm | 263 | (30.8)% |

| Reported EBITDA Margin | 7.9% | (1.2)% | - | 11.4% | - |

| Forex (Gain)/Loss | (8) | 57 | - | 23 | - |

| Adj. EBITDA | 174 | 35 | 390.4% | 286 | (39.2)% |

| Adj. EBITDA Margin | 7.6% | 2.0% | - | 12.4% | - |

| Depreciation | 89 | 84 | - | 87 | - |

| Finance Cost | 78 | 84 | - | 77 | - |

| PAT | 20 | (141) | nm | 101 | (80.4)% |

| PAT Margin | 0.9% | (7.9)% | - | 4.4% | - |

Management Commentary

Managing Director Rushil K Thakkar stated that the improved performance was supported by normalized operations at the Andhra Pradesh MDF facility and improved contribution from the Laminates business. The company experienced temporary production downtime during a week of planned annual maintenance in April.

Key operational highlights:

  • Laminates business benefited from improved domestic demand and export market traction
  • Jumbo Laminates business recorded EBITDA margin of 20.6%
  • MDF capacity utilization improved to 66% after maintenance shutdown
  • Company added 15 direct distributors and 46 retailers/dealers during quarter
  • Expanded to two new export markets: Honduras and Greece

Challenges included elevated chemicals and raw material prices, higher freight costs, and shipping route disruptions from West Asia conflict.

Forward Outlook

Management will focus on:

  • Improving capacity utilization in Jumbo Laminates business
  • Increasing share of value-added MDF products (targeting 60% of MDF revenues and 50% of MDF volumes in FY2027)
  • Optimizing business through improved product mix
  • Improving working capital and reducing debt
  • No major capital expenditure planned beyond maintenance capex

Corporate Governance

Board of Directors includes:

  • Mr. Krupesh G Thakkar (Chairman and Whole Time Director)
  • Mr. Rushil K Thakkar (Managing Director)
  • Mr. Ramanik T Kansagara (Whole Time Director)
  • Mr. Kantilal A Puj (Independent Director)
  • Ms. Shreya M Shah (Independent Director)
  • Mr. Hiren S Mahadevia (Independent Director)

Key management team:

  • Mr. Hiren Padhya (Chief Financial Officer)
  • Mr. Keyur Gajjar (Chief Executive Officer)
  • Mr. Hasmukh Modi (Company Secretary)

Distribution Network

Strong distribution network of 700+ distributors and 4,700+ retailers across domestic and international markets.