Rushil Decor LimitedInfrastructure & ConstructionRUSHIL
Q1 FY27 concall · earnings callRushil Decor Limited
The quarter saw steady improvement driven by normalized MDF operations and strong laminate growth, but profitability was impacted by elevated raw material and freight costs.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹292 Cr | 27.8% | |
| Consolidated EBITDA Margin | 7.9% | — | |
| Consolidated PAT | ₹2 Cr | — | |
| Laminate Revenue | ₹73.6 Cr | 65.3% | |
| MDF Revenue | ₹145.6 Cr | 17.2% | |
| Jumbo Laminate Revenue | ₹11 Cr | 25% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹211.69 Cr— YoY-8.1% QoQ | ₹11.49 Cr— YoY+0.9% QoQ | ₹0.42— YoY0% QoQ |
| Q2 FY25 | ₹230.43 Cr— YoY+2.4% QoQ | ₹11.39 Cr— YoY-8.1% QoQ | ₹0.42— YoY-90.9% QoQ |
| Q1 FY25 | ₹225.09 Cr— YoY— QoQ | ₹12.39 Cr— YoY— QoQ | ₹4.64— YoY— QoQ |
| Q4 FY24 | ₹233.43 Cr+9.1% YoY+9.5% QoQ | ₹9.00 Cr-33.6% YoY-20.8% QoQ | ₹3.36-50.7% YoY-21.1% QoQ |
| Q3 FY24 | ₹213.12 Cr+1.3% YoY+4.2% QoQ | ₹11.36 Cr+11% YoY+7.7% QoQ | ₹4.26-17.1% YoY+9.8% QoQ |
TL;DR
- Consolidated revenue grew 27.8% YoY to INR 2,920 million, with EBITDA margin at 7.9%.
- Laminate revenue surged 65.3% YoY to INR 736 million, led by exports and Jumbo laminates.
- MDF revenue grew 17.2% YoY to INR 1,456 million, with capacity utilization at 66% due to planned shutdown.
- Jumbo laminate revenue was INR 110 million with a strong EBITDA margin of 20.6%.
- Debt stands at around INR 260 crores, with a plan to be debt-free by FY29.
- Management expects to improve Jumbo laminate utilization to 55-60% this year.
Said on the call
“So practically, In FY29 will be debt-free company.”
From the Q&A
| Topic | What management said |
|---|---|
| MDF Business Mix | Management said domestic MDF sales pattern is 35% to 40% of volume to OEMs, with the rest through distribution and retail. |
| Debt Reduction Plan | CFO stated debt is around INR 260 crores, with INR 18 crores repaid in Q1 and a plan to be debt-free by approximately Q2 FY29. |
| Jumbo Laminate Capacity & Revenue Potential | Jumbo laminate capacity utilization is at 29%, with an aspiration to reach 55-60% this year (potential revenue ~INR 75 crores) and full potential revenue of ~INR 140 crores at 90% utilization. |
| MDF Capacity Utilization | MDF capacity utilization was 66% in Q1 due to a planned annual shutdown; management expects it to go up for the full year. |
| Laminate Margins and Outlook | Management attributed lower margins in older laminate business (around 5%) to plant shutdown, chemical price hikes, and Gulf region impact, but expects normal margins of 9-10% and an improvement in the combined laminate segment. |
| Raw Material Price Inflation | Wood prices remained flat, but resin prices rose 35-40% in Q1, with only a very marginal correction in July. |
| Pricing and Market Dynamics | Management stated a 15% price hike for MDF and a 10% hike for laminates have been taken and are being sustained to cover inflation, but the market is not expected to accept further hikes. |
Guidance
- Focus for FY27 remains on improving capacity utilization in Jumbo Laminates business and increasing the share of value-added MDF business.
- Aspiration is to utilize Jumbo laminate capacity at 55% to 60% this year.
- Plan to be debt-free by approximately Q2 FY29.
- No major capital expenditure plan beyond maintenance capex of INR 5 crores to INR 10 crores.
Source
Summary written from the transcript filed by Rushil Decor Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 21:09 IST.
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