Rushil Decor LimitedUnclassifiedRUSHIL
Q1 FY27 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 | INR 2,920 million | 27.8% | |
| Consolidated EBITDA Margin | 7.9% | — | |
| Consolidated PAT | INR 20 million | — | |
| Laminate Revenue | INR 736 million | 65.3% | |
| MDF Revenue | INR 1,456 million | 17.2% | |
| Jumbo Laminate Revenue | INR 110 million | 25% |
Financials
| 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.