Financial Performance Summary

Consolidated Financial Results (₹ Mn)

| Metric | Q2 FY27 | Q2 FY26 | YoY % | Q1 FY27 | QoQ % | H1 FY27 | H1 FY26 | YoY % |

| Revenue | 2,953 | 2,356 | 25.3% | 2,290 | 29.0% | 5,243 | 4,148 | 26.4% |

| Gross Profit | 1,178 | 1,059 | 11.3% | 892 | 32.0% | 2,070 | 1,803 | 14.8% |

| Gross Margin % | 39.9% | 44.9% | - | 39.0% | - | 39.5% | 43.5% | - |

| EBITDA | 280 | 225 | 24.5% | 182 | 53.9% | 462 | 203 | 127.4% |

| EBITDA Margin % | 9.5% | 9.5% | - | 7.9% | - | 8.8% | 4.9% | - |

| PBT | 106 | 75 | 40.7% | 25 | 323.0% | 131 | (110) | nm |

| PBT Margin % | 3.6% | 3.2% | - | 1.1% | - | 2.5% | (2.7%) | - |

| PAT | 101 | 51 | 96.6% | 20 | 408.6% | 121 | (89) | nm |

| PAT Margin % | 3.4% | 2.2% | - | 0.9% | - | 2.3% | (2.2%) | - |

Division-wise Revenue Performance (₹ Mn)

| Division | Q2 FY27 | Q2 FY26 | YoY % | Q1 FY27 | QoQ % | H1 FY27 | H1 FY26 | YoY % |

| Laminate (Incl. Jumbo) | 884 | 547 | 61.7% | 736 | 20.1% | 1,620 | 992 | 63.3% |

| MDF | 1,962 | 1,695 | 15.8% | 1,456 | 34.8% | 3,418 | 2,938 | 16.4% |

| PVC | 103 | 90 | 14.3% | 96 | 7.0% | 200 | 176 | 13.7% |

| Other | 4 | 24 | (85.3%) | 1 | 165.8% | 5 | 43 | (88.6%) |

| Total | 2,953 | 2,356 | 25.3% | 2,290 | 29.0% | 5,243 | 4,148 | 26.4% |

Sales Volume Metrics

| Product | Q2 FY27 | Q2 FY26 | YoY % | Q1 FY27 | QoQ % | H1 FY27 | H1 FY26 | YoY % |

| Laminate (Sheets)* | 10,44,392 | 7,86,158 | 32.8% | 8,80,319 | 18.6% | 19,24,711 | 14,74,615 | 30.5% |

| MDF (CBM) | 76,099 | 63,505 | 19.8% | 52,417 | 45.2% | 1,28,516 | 1,15,578 | 11.2% |

| PVC (Tonne) | 1,045 | 934 | 11.8% | 944 | 10.7% | 1,988 | 1,817 | 9.4% |

*Laminates sales volume includes Jumbo Laminates normalized to 1.0 mm equivalent sheet thickness

Operational Highlights for Q2 FY27

Laminates Division (Including Jumbo)

  • EBITDA: ₹85 million with margin of 9.6%
  • Price realization: ₹731 per sheet (export) and ₹1,042 per sheet (India)
  • Capacity utilization: 63% (including Jumbo Laminates)

MDF Division

  • EBITDA: ₹194 million with margin of 9.9%
  • Price realization: ₹25,786 per CBM (India)
  • Capacity utilization: 87%
  • No MDF exports during the quarter due to global trade uncertainties and elevated freight costs
  • India MDF revenue increased 41.0% YoY

PVC Division

  • EBITDA: ₹2 million with margin of 2.4%
  • Price realization: ₹98,793 per tonne
  • Capacity utilization: 78%

Jumbo Laminates Specific Performance

  • Revenue: ₹217 million (97.3% sequential growth)
  • EBITDA: ₹42 million (86.5% sequential growth)
  • EBITDA Margin: 19.4%
  • Sales volume grew more than 3x sequentially
  • Capacity utilization: 41% during Q2 FY27

Business Development Activities

  • Added 8 direct distributors and 27 new dealers during the quarter
  • Participation in international exhibitions to widen overseas market reach
  • Products exported to 59 countries globally
  • Over 700 distributors and 4,700 retailers in distribution network

Management Commentary

Mr. Rushil Thakkar, Managing Director, commented on the performance:

  • Company achieved highest ever quarterly revenue in Q2 FY27
  • Performance driven by improved operations and scaling newer product categories
  • Laminates business showed strong growth momentum with 61.7% YoY revenue increase
  • Jumbo Laminates gained significant momentum with 97.3% sequential revenue growth
  • MDF business achieved record quarterly revenue despite no exports
  • Focus on sustaining improvement through higher capacity utilization
  • Scaling Jumbo Laminates business and increasing value-added MDF products
  • Progress in product development and market expansion translating to better financial performance

Company Background

Rushil Decor Limited is a prominent Indian manufacturer in the wood panel industry, specializing in MDF boards, laminates and allied products. Founded in 1993, the company offers over 1,200 designs under six distinct brands under the "VIR" brand. Operates six manufacturing facilities across India, strategically located near agroforestry zones in Karnataka and Andhra Pradesh. Ranks third in the Indian MDF market and one of the largest organized manufacturers in this segment.

Conference Call Details

Date: Wednesday, November 04, 2026

Time: 3:30 PM IST

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