Consolidated Financial Performance Q2 FY27

  • Revenue from operations: ₹2,953 million, increased 25.3% YoY and 29.0% QoQ
  • Gross profit: ₹1,178 million with gross profit margin of 39.9%
  • EBITDA: ₹280 million, increased 24.5% YoY with EBITDA margin of 9.5%
  • Profit before tax: ₹106 million
  • Profit after tax: ₹101 million, increased 96.6% YoY with PAT margin of 3.4%

Consolidated Financial Performance H1 FY27

  • Revenue from operations: ₹5,243 million, increased 26.4% YoY
  • Gross profit: ₹2,070 million with margin of 39.5%
  • EBITDA: ₹462 million (vs ₹203 million in H1 FY26) with margin improving to 8.8% from 4.9%
  • Profit after tax: ₹121 million with margin of 2.3%

MDF Business Performance Q2 FY27

  • Revenue: ₹1,962 million (highest ever quarterly), increased 15.8% YoY
  • Domestic India revenue: increased 41% YoY
  • Export sales: zero during quarter (calibrated approach due to global trade uncertainties)
  • Capacity utilization: improved to 87% from 66% in previous quarter
  • EBITDA: ₹194 million, increased 6% YoY with EBITDA margin of 9.9%
  • Value-added products: contributed 44% of volumes and 55% of revenues
  • Target: Achieve 50% volumes and 60% revenues from value-added products in FY27

MDF Business Performance H1 FY27

  • Revenue: ₹3,418 million, increased 16.4% YoY
  • EBITDA: ₹317 million (vs ₹110 million in H1 FY26) with margin improving to 9.3% from 3.7%

Laminate Business Performance Q2 FY27

  • Revenue: ₹884 million (highest ever quarterly), increased 61.7% YoY
  • India laminates revenue: ₹404 million, increased 82.1% YoY
  • Export revenue: ₹480 million, increased 47.7% YoY
  • Total sales volume: 10.4 lakh sheets, increased 32.8% YoY
  • Blended realization: ₹847 per sheet, improved 21.7% YoY
  • EBITDA: ₹85 million (more than doubled from ₹42 million in Q2 FY26) with margin improving to 9.6% from 7.7%

Jumbo Laminates Performance Q2 FY27

  • Revenue: ₹217 million, increased 97.3% sequentially
  • Sales volumes: more than tripled sequentially
  • Capacity utilization: reached 41%
  • EBITDA: ₹42 million (from ₹23 million in Q1 FY27) with EBITDA margin of 19.4%

Laminate Business Performance H1 FY27

  • Revenue: ₹1,622 million, increased 63.3% YoY
  • EBITDA: ₹137 million, increased 56.6% with margin of 8.4%
  • Blended realizations: improved 25.1% YoY

PVC Business Performance Q2 FY27

  • Revenue: ₹103 million, increased 14.3% YoY
  • Sales volumes: increased 11.8%
  • Blended realization: improved 2.3% YoY
  • EBITDA: ₹2 million with margin of 2.4%

PVC Business Performance H1 FY27

  • Revenue: ₹200 million, increased 13.7% YoY
  • EBITDA: ₹10 million with margin of 5.1%

Balance Sheet Position

  • Net debt as of September 30, 2026: ₹2,715 million (vs ₹2,546 million as of March 31, 2026)
  • Net debt equity ratio: 0.41 (vs 0.39 at March 31, 2026)

Working Capital Efficiency H1 FY27

  • Inventory days: reduced to 146 from 195 in FY26
  • Receivable days: improved to 78 from 81
  • Payable days: reduced to 157 from 189

Operational Updates

  • Distribution network strengthened: added 8 new direct distributors and 27 dealers during quarter
  • Jumbo Laminates certifications: obtained European exterior facade certification (80° temperature, 2,400 hours testing) and Australian fire retardant test certification
  • Export markets expanded: now exporting to 63 countries (from 52-54 previously), targeting 7 more countries in H2
  • BIS standards: Provide protection against imports from Malaysia, Vietnam, Thailand, Indonesia (only 2-3 companies have BIS certification)

Capex Guidance

  • FY27 capex: ₹15-20 crores maximum (from internal accruals only)
  • H1 capex: ₹14 crores already spent
  • Future expansion: Under review for FY28/FY29, decision expected by end of Q3 FY27

Management Guidance and Commentary

  • Jumbo Laminates: Targeting 80-85% capacity utilization by March 2027
  • At full utilization, Jumbo Laminates could generate ₹80-100 crores revenue with 12-14% EBITDA margin
  • MDF: Targeting 82-85% capacity utilization for full year
  • H2 FY27 performance expected to be better than H1
  • Laminate segment expected to become equal to or bigger than MDF segment in next couple of years
  • Price hike implemented in laminate business in October 2026 (Q3 FY27)

Market Conditions

  • Export challenges: Elevated freight costs (USD 8,000 vs normal USD 800-900), global trade uncertainties
  • Raw material prices: Volatile chemical prices creating pressure
  • Domestic competition: Pricing pressure in MDF business expected to continue for one more quarter
  • Import threat: Reduced due to high freight costs and BIS implementation

Q&A Highlights

  • MDF realizations affected by raw material volatility and domestic competition (5-10% pressure)
  • Jumbo Laminates has contractual business visibility for Q3 and Q4 FY27
  • Focus geographies: Europe, Russia, and southeastern markets
  • OEM vs retail mix: 40% MDF to OEM market, 60% to trade and retail market
  • No immediate plans for white labeling partnerships in Jumbo Laminates
  • Brownfield expansion lead time: 8 months for machinery