Business Overview

Rushil Decor Limited is one of the leading manufacturers of Laminates and MDF in India with global footprint across 59 countries. The company operates three product categories:

  • Laminates: Capacity of 62,92,000 sheets per annum across 3 manufacturing plants in Gandhinagar, Gujarat. FY2026 revenue was ₹2,111 million.
  • MDF: Capacity of 3,30,000 CBM per annum across 2 manufacturing plants in Andhra Pradesh and Chikmagalur, Karnataka. FY2026 revenue was ₹6,091 million.
  • PVC: Capacity of 5,400 tonne per annum at 1 manufacturing plant in Chikmagalur, Karnataka. FY2026 revenue was ₹359 million.

Q2 FY2027 Consolidated Financial Performance

Revenue from Operations: ₹2,953 million, representing 25.3% YoY growth

EBITDA: ₹280 million, representing 24.5% YoY growth with margin of 9.5%

Profit After Tax: ₹101 million, representing 96.6% YoY growth with margin of 3.4%

Adjusted EBITDA (excluding forex gain/loss): ₹281 million with margin of 9.5%

H1 FY2027 Consolidated Financial Performance

Revenue from Operations: ₹5,243 million, representing 26.4% YoY growth

EBITDA: ₹462 million, representing 127.4% YoY growth with margin of 8.8%

Profit After Tax: ₹121 million compared to loss of ₹89 million in H1 FY26, with margin of 2.3%

Segment-wise Performance Q2 FY2027

Laminates (Including Jumbo)

  • Revenue: ₹884 million (61.7% YoY growth)
  • Sales Volume: 10,44,392 sheets (32.8% YoY growth)
  • EBITDA: ₹85 million (102.0% YoY growth)
  • EBITDA Margin: 9.6%
  • Blended Realisation: ₹847 per sheet (21.7% YoY growth)
  • Capacity Utilisation: 63%

Jumbo Laminates (Sub-segment)

  • Revenue: ₹217 million (97.3% sequential growth from Q1 FY27)
  • Sales Volume: 3,59,446 sheets (216.9% sequential growth)
  • EBITDA: ₹42 million (86.5% sequential growth)
  • EBITDA Margin: 19.4%
  • Blended Realisation: ₹603 per sheet
  • Capacity Utilisation: 41%

MDF Business

  • Revenue: ₹1,962 million (15.8% YoY growth)
  • Sales Volume: 76,099 CBM (19.8% YoY growth)
  • EBITDA: ₹194 million (6.0% YoY growth)
  • EBITDA Margin: 9.9%
  • India Realisation: ₹25,786 per CBM
  • Capacity Utilisation: 87%
  • No exports during the quarter

PVC Business

  • Revenue: ₹103 million (14.3% YoY growth)
  • Sales Volume: 1,045 tonne (11.8% YoY growth)
  • EBITDA: ₹2 million (-57.6% YoY)
  • EBITDA Margin: 2.4%
  • Realisation: ₹98,793 per tonne (2.3% YoY growth)
  • Capacity Utilisation: 78%

Balance Sheet Position (as of September 30, 2026)

Total Equity: ₹6,619 million (₹6,509 million as of March 31, 2026)

Total Debt: ₹2,788 million (Long-term: ₹859 million, Short-term: ₹1,929 million)

Cash & Cash Equivalents: ₹74 million

Net Debt: ₹2,715 million

Net Debt-to-Equity: 0.41x (0.39x as of March 31, 2026)

Total Assets: ₹13,477 million (₹12,913 million as of March 31, 2026)

Operational Highlights

  • Achieved highest ever quarterly revenue across both Laminates and MDF businesses
  • Jumbo Laminates business showed significant sequential growth with sales volume growing more than 3x
  • MDF business achieved record revenue despite zero exports during the quarter
  • Added 8 direct distributors and 27 new dealers during the quarter
  • Capacity utilisation improved across all segments: Laminates 63% (from 62% in Q1), MDF 87% (from 66% in Q1), PVC 78% (from 61% in Q1)

Management Commentary

Managing Director Rushil K Thakkar stated that the company achieved its highest ever quarterly revenue in Q2 FY27, reflecting improved performance across businesses. He highlighted the progress in scaling newer product categories, particularly Jumbo Laminates, which gained significant momentum during the quarter. Management remains focused on sustaining improvement through higher capacity utilisation, scaling Jumbo Laminates business, and increasing share of value-added MDF products.

Forward-looking Strategy

The company is strategically focused on increasing contribution of value-added MDF products to enhance product mix and improve realisations, targeting value-added MDF products to contribute 60% of MDF revenues and 50% of MDF volumes in FY2027.