Rushil Decor Q4 FY26 EBITDA Up 20% Sequentially

This was an earnings conference call held on Wednesday, June 03, 2026, hosted by Asian Market Securities, to discuss the company's audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026.
The call was moderated by Mr. Karan Bhatelia from Asian Market Securities. Management participants included Mr. Rushil Thakkar, Managing Director and Mr. Hiren Padhya, Chief Financial Officer.
The stated purpose was to provide an overview of the company's performance and the operating environment during FY26, followed by a detailed financial review and a Q&A session.
The event was held after the earnings announcement, as referenced by the company's earlier intimation No. RDL/018/2026-27 dated June 03, 2026.
The transcript of the call was filed with the stock exchanges and is also available on the company's website at www.rushil.com.
The company did not include any specific compliance language stating that no unpublished price sensitive information (UPSI) would be shared.

Consolidated FY26 Performance:

Consolidated Q4 FY26 Performance:

Revenue from Operations: INR 2,309 million (up 6.6% QoQ; largely stable YoY)
Gross Profit: INR 1,109 million (Gross Margin: 48%)
EBITDA: INR 286 million (up 20.2% QoQ; up 18.6% YoY; EBITDA Margin: 12.4%)
Profit Before Tax (PBT): INR 159 million (PBT Margin: 6.9%)
Profit After Tax (PAT): INR 101 million (PAT Margin: 4.4%)

Segmental Performance - FY26:

MDF Business: Revenue: INR 6,091 million; EBITDA: INR 601 million (EBITDA Margin: 9.9%); Domestic revenue grew 12.5% YoY; Capacity Utilization: 75% for the year.
Laminate Business: Revenue: INR 2,111 million (up 6.1% YoY); EBITDA: INR 182 million (EBITDA Margin: 8.6%); Domestic revenue grew 21% YoY; Capacity Utilization: above 89%.

Segmental Performance - Q4 FY26:

MDF Business: Revenue: INR 1,668 million; Domestic revenue grew 37.3% YoY; EBITDA: INR 233 million (EBITDA Margin: 14%); Capacity Utilization: 83%.
Laminate Business: Revenue: INR 534 million; Domestic revenue grew 18.1% YoY; EBITDA: INR 41 million (EBITDA Margin: 7.7%); Capacity Utilization: above 91%.

FY26 Challenges: The year was challenging, starting with a fire incident at the Andhra Pradesh MDF facility in Q1, followed by elevated resin and raw material prices, global trade uncertainties, logistical disruptions, and geopolitical developments in the Middle East impacting shipping.
Jumbo Laminate Business: Both phases of the Jumbo Laminate facilities are operational. Products are being supplied to Russia, Portugal, Slovakia, Romania, Israel, Kosovo, and others. The portfolio is categorized into three brands: VIR KLADS (exterior facade), VIR TOPAZ (interior applications like kitchen tops), and VIR VAULT (interior partitions).
Value-Added Products: In the MDF business, value-added products contributed 42% of volumes and 54% of value in FY26. The target for FY27 is 50% of volumes and 60% of value from value-added products.
Price Increase: Effective April 1, 2026, the company implemented a 15% price increase in MDF and a 10% increase in Laminates to offset a ~40% rise in chemical (resin) costs.
Distribution Network: The company added 67 new direct distributors and over 131 retailers and dealers during the year.

Net Debt as of March 31, 2026: INR 2,544 million.
Net Debt to Equity improved to 0.39 from 0.41 as of March 31, 2025.
A scheduled debt repayment of approximately INR 50 crores is planned for FY27, with no plans for new debt.

Focus on increasing capacity utilization to 90% across businesses.
Scale up the Jumbo Laminate business.
Increase the share of value-added products (target: 50% of MDF volumes, 60% of MDF value).
Drive cost optimization initiatives.
Target EBITDA margin of 10-12% for the MDF business.
Target Jumbo Laminate capacity utilization of 60-65% in FY27, aiming for 85% thereafter.

The document is the official transcript of the earnings conference call, filed as a regulatory disclosure.
The transcript includes detailed financial figures for Q4 and FY26, management commentary, and a full Q&A session with analysts.
The transcript notes that it has been edited for readability and that figures have been rounded off.